Raf+: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Raf+
Largest movements
- Financial fixed assets +€201,255
up €201,255 (+1264.9%), from €15,910 to €217,165
- Receivables within one year -€123,947
down €123,947 (-81.1%), from €152,807 to €28,860
of which Other amounts receivable: -€123,947
- Receivables after one year -€42,572
down €42,572 (-37.7%), from €113,000 to €70,428
- Cash -€42,372
down €42,372 (-67.1%), from €63,102 to €20,730
mainly Investment in fixed assets (net) (-€268,409) and Contributions, distributions and other (-€39,708)
- Tangible fixed assets +€22,275
up €22,275 (+3.2%), from €688,756 to €711,032
of which Land and buildings: +€18,809
- Other debts +€81,093
up €81,093 (+143.2%), from €56,618 to €137,711
- Debts after one year -€34,638
down €34,638 (-5.9%), from €583,006 to €548,368
- Reserves -€24,644
down €24,644 (-7.5%), from €330,089 to €305,445
- Trade debts -€16,138
down €16,138 (-82.8%), from €19,480 to €3,342
- Gross operating margin -€71,824
down €71,824 (-43.0%), from €167,043 to €95,219
- Taxes -€24,196
down €24,196 (-72.1%), from €33,572 to €9,377
- Depreciation +€11,445
up €11,445 (+34.2%), from €33,434 to €44,879
- Financial charges +€2,723
up €2,723 (+11.8%), from €23,132 to €25,854
- Financial income -€2,406
down €2,406 (-32.1%), from €7,486 to €5,080
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,037,320 | €1,049,460 | +€12,140 | +1.2% |
| Fixed assets | 21/28 | €704,667 | €928,197 | +€223,530 | +31.7% |
| Tangible fixed assets | 22/27 | €688,756 | €711,032 | +€22,275 | +3.2% |
| Land and buildings | 22 | €683,581 | €702,390 | +€18,809 | +2.8% |
| Plant, machinery and equipment | 23 | €1,879 | €1,325 | -€554 | -29.5% |
| Furniture and vehicles | 24 | €3,297 | €7,317 | +€4,020 | +121.9% |
| Financial fixed assets | 28 | €15,910 | €217,165 | +€201,255 | +1264.9% |
| Current assets | 29/58 | €332,653 | €121,263 | -€211,390 | -63.5% |
| Amounts receivable after more than one year | 29 | €113,000 | €70,428 | -€42,572 | -37.7% |
| Other amounts receivable | 291 | €113,000 | €70,428 | -€42,572 | -37.7% |
| Amounts receivable within one year | 40/41 | €152,807 | €28,860 | -€123,947 | -81.1% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €152,807 | €28,860 | -€123,947 | -81.1% |
| Cash at bank and in hand | 54/58 | €63,102 | €20,730 | -€42,372 | -67.1% |
| Deferred charges and accrued income | 490/1 | €3,745 | €1,246 | -€2,499 | -66.7% |
| Total equity and liabilities | 10/49 | €1,037,320 | €1,049,460 | +€12,140 | +1.2% |
| Equity | 10/15 | €331,089 | €306,445 | -€24,644 | -7.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €330,089 | €305,445 | -€24,644 | -7.5% |
| Distributable reserves | 133 | €330,089 | €305,445 | -€24,644 | -7.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €706,231 | €743,015 | +€36,784 | +5.2% |
| Amounts payable after more than one year | 17 | €583,006 | €548,368 | -€34,638 | -5.9% |
| Financial debts | 170/4 | €583,006 | €548,368 | -€34,638 | -5.9% |
| Amounts payable within one year | 42/48 | €122,736 | €192,167 | +€69,431 | +56.6% |
| Current portion of amounts payable after more than one year | 42 | €33,287 | €34,638 | +€1,351 | +4.1% |
| Trade debts | 44 | €19,480 | €3,342 | -€16,138 | -82.8% |
| Suppliers | 440/4 | €19,480 | €3,342 | -€16,138 | -82.8% |
| Taxes, remuneration and social security | 45 | €13,351 | €16,476 | +€3,125 | +23.4% |
| Taxes | 450/3 | €13,351 | €13,626 | +€275 | +2.1% |
| Remuneration and social security | 454/9 | €0 | €2,850 | +€2,850 | |
| Other amounts payable | 47/48 | €56,618 | €137,711 | +€81,093 | +143.2% |
| Accrued charges and deferred income | 492/3 | €488 | €2,479 | +€1,991 | +408.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,434 | €44,879 | +€11,445 | +34.2% |
| Other operating charges | 640/8 | €6,422 | €5,125 | -€1,297 | -20.2% |
| Gross operating margin | 9900 | €167,043 | €95,219 | -€71,824 | -43.0% |
| Operating profit (loss) | 9901 | €127,187 | €45,215 | -€81,971 | -64.4% |
| Financial income | 75/76B | €7,486 | €5,080 | -€2,406 | -32.1% |
| Recurring financial income | 75 | €7,486 | €5,080 | -€2,406 | -32.1% |
| Financial charges | 65/66B | €23,132 | €25,854 | +€2,723 | +11.8% |
| Recurring financial charges | 65 | €23,132 | €25,854 | +€2,723 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | €111,541 | €24,440 | -€87,100 | -78.1% |
| Income taxes | 67/77 | €33,572 | €9,377 | -€24,196 | -72.1% |
| Profit (loss) for the period | 9904 | €77,969 | €15,064 | -€62,905 | -80.7% |
| Profit (loss) for the period to be appropriated | 9905 | €77,969 | €15,064 | -€62,905 | -80.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.