RAF AT WORK: 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 AT WORK
Largest movements
- Tangible fixed assets -€3,762
down €3,762 (-36.6%), from €10,286 to €6,524
of which Other tangible fixed assets: -€2,586
- Deferred charges and accrued income +€3,396
up €3,396 (+223.0%), from €1,523 to €4,919
- Cash +€2,321
up €2,321 (+3.0%), from €78,352 to €80,674
mainly Net result for the year (+€76,354) and Other debts (+€66,818)
- Receivables within one year +€1,325
up €1,325 (+6.6%), from €20,119 to €21,444
of which Trade receivables: +€1,768
- Reserves -€76,513
down €76,513 (-100.0%), from €76,513 to €0
of which Distributable reserves: -€74,653
- Other debts +€66,818
up €66,818 (+1800.0%), from €3,712 to €70,530
- Tax, wage and social debts +€10,937
up €10,937 (+126.0%), from €8,682 to €19,618
- Short-term financial debts +€2,242
new in 2025: €2,242
- Gross operating margin +€4,935
up €4,935 (+5.1%), from €97,624 to €102,560
- Depreciation -€1,967
down €1,967 (-70.8%), from €2,779 to €812
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 | €110,530 | €113,811 | +€3,280 | +3.0% |
| Fixed assets | 21/28 | €10,536 | €6,774 | -€3,762 | -35.7% |
| Tangible fixed assets | 22/27 | €10,286 | €6,524 | -€3,762 | -36.6% |
| Furniture and vehicles | 24 | €7,700 | €6,524 | -€1,175 | -15.3% |
| Other tangible fixed assets | 26 | €2,586 | €0 | -€2,586 | -100.0% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €99,994 | €107,037 | +€7,042 | +7.0% |
| Amounts receivable within one year | 40/41 | €20,119 | €21,444 | +€1,325 | +6.6% |
| Trade receivables | 40 | €14,591 | €16,359 | +€1,768 | +12.1% |
| Other amounts receivable | 41 | €5,528 | €5,085 | -€442 | -8.0% |
| Cash at bank and in hand | 54/58 | €78,352 | €80,674 | +€2,321 | +3.0% |
| Deferred charges and accrued income | 490/1 | €1,523 | €4,919 | +€3,396 | +223.0% |
| Total equity and liabilities | 10/49 | €110,530 | €113,811 | +€3,280 | +3.0% |
| Equity | 10/15 | €95,113 | €18,600 | -€76,513 | -80.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €76,513 | €0 | -€76,513 | -100.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €74,653 | €0 | -€74,653 | -100.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €15,417 | €95,211 | +€79,794 | +517.6% |
| Amounts payable within one year | 42/48 | €15,370 | €95,196 | +€79,826 | +519.4% |
| Financial debts | 43 | - | €2,242 | +€2,242 | |
| Credit institutions | 430/8 | - | €2,242 | +€2,242 | |
| Trade debts | 44 | €2,976 | €2,806 | -€170 | -5.7% |
| Suppliers | 440/4 | €2,976 | €2,806 | -€170 | -5.7% |
| Taxes, remuneration and social security | 45 | €8,682 | €19,618 | +€10,937 | +126.0% |
| Taxes | 450/3 | €8,682 | €19,618 | +€10,937 | +126.0% |
| Other amounts payable | 47/48 | €3,712 | €70,530 | +€66,818 | +1800.0% |
| Accrued charges and deferred income | 492/3 | €47 | €14 | -€33 | -69.4% |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,779 | €812 | -€1,967 | -70.8% |
| Other operating charges | 640/8 | €715 | €968 | +€253 | +35.4% |
| Non-recurring operating charges | 66A | - | €4,429 | +€4,429 | |
| Gross operating margin | 9900 | €97,624 | €102,560 | +€4,935 | +5.1% |
| Operating profit (loss) | 9901 | €94,130 | €96,351 | +€2,220 | +2.4% |
| Financial income | 75/76B | €90 | €8 | -€81 | -90.8% |
| Recurring financial income | 75 | €90 | €8 | -€81 | -90.8% |
| Financial charges | 65/66B | €94 | €90 | -€4 | -4.3% |
| Recurring financial charges | 65 | €94 | €90 | -€4 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €94,125 | €96,268 | +€2,143 | +2.3% |
| Income taxes | 67/77 | €19,472 | €19,915 | +€442 | +2.3% |
| Profit (loss) for the period | 9904 | €74,653 | €76,354 | +€1,701 | +2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €74,653 | €76,354 | +€1,701 | +2.3% |
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 6 October 2026 via checked.be.