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
- Deferred charges and accrued income -€89,730
down €89,730 (-60.0%), from €149,592 to €59,862
- Cash +€70,984
up €70,984 (+104.3%), from €68,068 to €139,052
mainly Net result for the year (+€159,332) and Deferred charges and accrued income (+€89,730)
- Receivables within one year -€10,028
down €10,028 (-13.6%), from €73,861 to €63,833
of which Trade receivables: -€9,297
- Stocks and contracts +€8,527
up €8,527 (+32.4%), from €26,344 to €34,871
- Tangible fixed assets -€4,322
down €4,322 (-26.5%), from €16,298 to €11,976
of which Furniture and vehicles: -€3,604
- Profit (loss) carried forward +€159,332
up €159,332 (+19.2%), from -€830,210 to -€670,878
- Trade debts -€88,963
down €88,963 (-76.2%), from €116,769 to €27,806
- Accrued charges and deferred income -€65,948
down €65,948 (-65.6%), from €100,470 to €34,523
- Debts after one year -€44,910
down €44,910 (-30.4%), from €147,653 to €102,743
- Tax, wage and social debts +€28,269
up €28,269 (+123.3%), from €22,929 to €51,199
of which Taxes: +€24,981
- Financial charges -€256,785
down €256,785 (-92.5%), from €277,752 to €20,968
of which Financial charges: -€156,785
- Gross operating margin +€240,411
up €240,411 (+220.0%), from €109,299 to €349,710
- Staff costs +€49,294
up €49,294 (+60.7%), from €81,167 to €130,461
- Write-downs +€39,616
up €39,616, from -€13,715 to €25,902
- Other operating charges -€16,191
down €16,191 (-81.7%), from €19,823 to €3,632
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 | €334,560 | €309,991 | -€24,569 | -7.3% |
| Fixed assets | 21/28 | €16,695 | €12,373 | -€4,322 | -25.9% |
| Tangible fixed assets | 22/27 | €16,298 | €11,976 | -€4,322 | -26.5% |
| Plant, machinery and equipment | 23 | €7,063 | €4,550 | -€2,513 | -35.6% |
| Furniture and vehicles | 24 | €4,265 | €661 | -€3,604 | -84.5% |
| Other tangible fixed assets | 26 | €4,970 | €6,765 | +€1,795 | +36.1% |
| Financial fixed assets | 28 | €398 | €398 | = | 0.0% |
| Current assets | 29/58 | €317,865 | €297,618 | -€20,247 | -6.4% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €26,344 | €34,871 | +€8,527 | +32.4% |
| Stocks | 30/36 | €26,344 | €34,871 | +€8,527 | +32.4% |
| Amounts receivable within one year | 40/41 | €73,861 | €63,833 | -€10,028 | -13.6% |
| Trade receivables | 40 | €72,656 | €63,358 | -€9,297 | -12.8% |
| Other amounts receivable | 41 | €1,205 | €475 | -€730 | -60.6% |
| Cash at bank and in hand | 54/58 | €68,068 | €139,052 | +€70,984 | +104.3% |
| Deferred charges and accrued income | 490/1 | €149,592 | €59,862 | -€89,730 | -60.0% |
| Total equity and liabilities | 10/49 | €334,560 | €309,991 | -€24,569 | -7.3% |
| Equity | 10/15 | -€125,210 | €34,122 | +€159,332 | |
| Contributions | 10/11 | €705,000 | €705,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€830,210 | -€670,878 | +€159,332 | +19.2% |
| Amounts payable | 17/49 | €459,770 | €275,870 | -€183,900 | -40.0% |
| Amounts payable after more than one year | 17 | €147,653 | €102,743 | -€44,910 | -30.4% |
| Financial debts | 170/4 | €147,653 | €102,743 | -€44,910 | -30.4% |
| Amounts payable within one year | 42/48 | €211,647 | €138,604 | -€73,042 | -34.5% |
| Current portion of amounts payable after more than one year | 42 | €60,828 | €42,662 | -€18,166 | -29.9% |
| Trade debts | 44 | €116,769 | €27,806 | -€88,963 | -76.2% |
| Suppliers | 440/4 | €116,769 | €27,806 | -€88,963 | -76.2% |
| Advances received on contracts in progress | 46 | €5,437 | €6,510 | +€1,073 | +19.7% |
| Taxes, remuneration and social security | 45 | €22,929 | €51,199 | +€28,269 | +123.3% |
| Taxes | 450/3 | €6,989 | €31,970 | +€24,981 | +357.4% |
| Remuneration and social security | 454/9 | €15,940 | €19,228 | +€3,288 | +20.6% |
| Other amounts payable | 47/48 | €5,684 | €10,428 | +€4,744 | +83.5% |
| Accrued charges and deferred income | 492/3 | €100,470 | €34,523 | -€65,948 | -65.6% |
| Remuneration, social security and pensions | 62 | €81,167 | €130,461 | +€49,294 | +60.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,735 | €9,322 | -€1,413 | -13.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€13,715 | €25,902 | +€39,616 | |
| Other operating charges | 640/8 | €19,823 | €3,632 | -€16,191 | -81.7% |
| Gross operating margin | 9900 | €109,299 | €349,710 | +€240,411 | +220.0% |
| Operating profit (loss) | 9901 | €11,288 | €180,393 | +€169,105 | +1498.0% |
| Financial income | 75/76B | €400 | €112 | -€288 | -72.0% |
| Recurring financial income | 75 | €400 | €112 | -€288 | -72.0% |
| Financial charges | 65/66B | €277,752 | €20,968 | -€256,785 | -92.5% |
| Recurring financial charges | 65 | €177,752 | €20,968 | -€156,785 | -88.2% |
| Non-recurring financial charges | 66B | €100,000 | €0 | -€100,000 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€266,064 | €159,537 | +€425,602 | |
| Income taxes | 67/77 | €112 | €206 | +€94 | +83.9% |
| Profit (loss) for the period | 9904 | -€266,176 | €159,332 | +€425,508 | |
| Profit (loss) for the period to be appropriated | 9905 | -€266,176 | €159,332 | +€425,508 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.