RAF: what changed
Two fiscal 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
- Stocks and contracts +€487,675
new in 2025: €487,675
- Receivables within one year +€159,343
up €159,343 (+255.4%), from €62,381 to €221,725
of which Trade receivables: +€159,318
- Receivables after one year -€130,308
down €130,308 (-35.3%), from €368,865 to €238,557
- Tangible fixed assets -€21,206
down €21,206 (-5.0%), from €425,730 to €404,524
of which Land and buildings: -€18,858
- Other debts +€412,924
up €412,924 (+69.2%), from €596,888 to €1.0m
- Trade debts +€139,454
up €139,454 (+621.9%), from €22,423 to €161,876
- Profit (loss) carried forward -€37,005
down €37,005 (-56.1%), from -€66,008 to -€103,014
- Debts after one year -€24,419
down €24,419 (-17.8%), from €137,378 to €112,959
- Gross operating margin -€46,151
down €46,151, from €41,395 to -€4,756
- Financial income -€4,856
down €4,856 (-35.3%), from €13,762 to €8,906
- Other operating charges +€3,583
up €3,583 (+74.0%), from €4,840 to €8,423
- Financial charges -€2,860
down €2,860 (-31.8%), from €8,981 to €6,121
- Depreciation +€747
up €747 (+2.9%), from €25,521 to €26,269
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 | €885,256 | €1,368,598 | +€483,342 | +54.6% |
| Fixed assets | 21/28 | €425,730 | €404,524 | -€21,206 | -5.0% |
| Tangible fixed assets | 22/27 | €425,730 | €404,524 | -€21,206 | -5.0% |
| Land and buildings | 22 | €399,273 | €380,415 | -€18,858 | -4.7% |
| Furniture and vehicles | 24 | €23,606 | €21,377 | -€2,230 | -9.4% |
| Other tangible fixed assets | 26 | €2,850 | €2,732 | -€119 | -4.2% |
| Current assets | 29/58 | €459,527 | €964,075 | +€504,548 | +109.8% |
| Amounts receivable after more than one year | 29 | €368,865 | €238,557 | -€130,308 | -35.3% |
| Other amounts receivable | 291 | €368,865 | €238,557 | -€130,308 | -35.3% |
| Stocks and contracts in progress | 3 | - | €487,675 | +€487,675 | |
| Stocks | 30/36 | - | €487,675 | +€487,675 | |
| Amounts receivable within one year | 40/41 | €62,381 | €221,725 | +€159,343 | +255.4% |
| Trade receivables | 40 | €52,749 | €212,067 | +€159,318 | +302.0% |
| Other amounts receivable | 41 | €9,633 | €9,658 | +€25 | +0.3% |
| Cash at bank and in hand | 54/58 | €27,426 | €14,480 | -€12,947 | -47.2% |
| Deferred charges and accrued income | 490/1 | €855 | €1,639 | +€784 | +91.8% |
| Total equity and liabilities | 10/49 | €885,256 | €1,368,598 | +€483,342 | +54.6% |
| Equity | 10/15 | €91,492 | €54,486 | -€37,005 | -40.4% |
| Contributions | 10/11 | €27,500 | €27,500 | = | 0.0% |
| Reserves | 13 | €130,000 | €130,000 | = | 0.0% |
| Distributable reserves | 133 | €130,000 | €130,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€66,008 | -€103,014 | -€37,005 | -56.1% |
| Amounts payable | 17/49 | €793,765 | €1,314,112 | +€520,347 | +65.6% |
| Amounts payable after more than one year | 17 | €137,378 | €112,959 | -€24,419 | -17.8% |
| Financial debts | 170/4 | €137,378 | €112,959 | -€24,419 | -17.8% |
| Amounts payable within one year | 42/48 | €656,387 | €1,201,153 | +€544,766 | +83.0% |
| Current portion of amounts payable after more than one year | 42 | €31,756 | €24,419 | -€7,337 | -23.1% |
| Trade debts | 44 | €22,423 | €161,876 | +€139,454 | +621.9% |
| Suppliers | 440/4 | €22,423 | €161,876 | +€139,454 | +621.9% |
| Taxes, remuneration and social security | 45 | €5,320 | €5,045 | -€275 | -5.2% |
| Taxes | 450/3 | €5,320 | €5,045 | -€275 | -5.2% |
| Other amounts payable | 47/48 | €596,888 | €1,009,813 | +€412,924 | +69.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,521 | €26,269 | +€747 | +2.9% |
| Other operating charges | 640/8 | €4,840 | €8,423 | +€3,583 | +74.0% |
| Gross operating margin | 9900 | €41,395 | -€4,756 | -€46,151 | |
| Operating profit (loss) | 9901 | €11,034 | -€39,448 | -€50,481 | |
| Financial income | 75/76B | €13,762 | €8,906 | -€4,856 | -35.3% |
| Recurring financial income | 75 | €13,762 | €8,906 | -€4,856 | -35.3% |
| Financial charges | 65/66B | €8,981 | €6,121 | -€2,860 | -31.8% |
| Recurring financial charges | 65 | €8,981 | €6,121 | -€2,860 | -31.8% |
| Profit (loss) for the period before taxes | 9903 | €15,815 | -€36,663 | -€52,478 | |
| Income taxes | 67/77 | €367 | €342 | -€25 | -6.8% |
| Profit (loss) for the period | 9904 | €15,447 | -€37,005 | -€52,453 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,447 | -€37,005 | -€52,453 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.