RAF BEX: 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 BEX
Largest movements
- Current investments +€29,826
up €29,826 (+21.1%), from €141,083 to €170,908
- Tangible fixed assets -€25,126
down €25,126 (-7.4%), from €340,458 to €315,332
of which Land and buildings: -€24,025
- Cash -€22,929
down €22,929 (-22.7%), from €100,905 to €77,976
mainly Debts after one year (-€53,758) and Current investments (-€29,826)
- Debts after one year -€53,758
down €53,758 (-48.9%), from €109,926 to €56,168
- Reserves +€26,822
up €26,822 (+44.0%), from €60,974 to €87,796
of which Distributable reserves: +€26,822
- Trade debts +€9,424
up €9,424 (+60.0%), from €15,696 to €25,120
- Financial charges -€6,095
down €6,095 (-43.5%), from €14,020 to €7,925
- Gross operating margin -€4,883
down €4,883 (-6.8%), from €72,256 to €67,373
- Taxes +€1,605
up €1,605 (+16.5%), from €9,752 to €11,357
- Depreciation -€783
down €783 (-3.0%), from €25,909 to €25,126
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €669,764 | €653,737 | -€16,027 | -2.4% |
| Fixed assets | 21/28 | €340,458 | €315,332 | -€25,126 | -7.4% |
| Tangible fixed assets | 22/27 | €340,458 | €315,332 | -€25,126 | -7.4% |
| Land and buildings | 22 | €336,471 | €312,446 | -€24,025 | -7.1% |
| Plant, machinery and equipment | 23 | €1,719 | €1,146 | -€573 | -33.3% |
| Furniture and vehicles | 24 | €2,269 | €1,741 | -€528 | -23.3% |
| Current assets | 29/58 | €329,306 | €338,405 | +€9,099 | +2.8% |
| Stocks and contracts in progress | 3 | €55,346 | €56,559 | +€1,213 | +2.2% |
| Stocks | 30/36 | €55,346 | €56,559 | +€1,213 | +2.2% |
| Amounts receivable within one year | 40/41 | €23,976 | €24,981 | +€1,005 | +4.2% |
| Trade receivables | 40 | €22,764 | €23,210 | +€445 | +2.0% |
| Other amounts receivable | 41 | €1,212 | €1,772 | +€560 | +46.2% |
| Current investments | 50/53 | €141,083 | €170,908 | +€29,826 | +21.1% |
| Cash at bank and in hand | 54/58 | €100,905 | €77,976 | -€22,929 | -22.7% |
| Deferred charges and accrued income | 490/1 | €7,996 | €7,980 | -€16 | -0.2% |
| Total equity and liabilities | 10/49 | €669,764 | €653,737 | -€16,027 | -2.4% |
| Equity | 10/15 | €202,793 | €229,615 | +€26,822 | +13.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €60,974 | €87,796 | +€26,822 | +44.0% |
| Non-distributable reserves | 130/1 | €2,553 | €2,553 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,553 | €2,553 | = | 0.0% |
| Distributable reserves | 133 | €58,421 | €85,243 | +€26,822 | +45.9% |
| Profit (loss) carried forward | 14 | €91,820 | €91,820 | = | 0.0% |
| Amounts payable | 17/49 | €466,971 | €424,122 | -€42,849 | -9.2% |
| Amounts payable after more than one year | 17 | €109,926 | €56,168 | -€53,758 | -48.9% |
| Financial debts | 170/4 | €109,926 | €56,168 | -€53,758 | -48.9% |
| Amounts payable within one year | 42/48 | €351,597 | €363,020 | +€11,423 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €51,300 | €53,500 | +€2,200 | +4.3% |
| Trade debts | 44 | €15,696 | €25,120 | +€9,424 | +60.0% |
| Suppliers | 440/4 | €15,696 | €25,120 | +€9,424 | +60.0% |
| Taxes, remuneration and social security | 45 | €2,000 | €2,080 | +€80 | +4.0% |
| Taxes | 450/3 | - | €80 | +€80 | |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €282,600 | €282,321 | -€280 | -0.1% |
| Accrued charges and deferred income | 492/3 | €5,449 | €4,934 | -€515 | -9.5% |
| Non-recurring operating income | 76A | €2,419 | - | -€2,419 | |
| Remuneration, social security and pensions | 62 | €43 | €44 | +€2 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,909 | €25,126 | -€783 | -3.0% |
| Other operating charges | 640/8 | €2,709 | €3,211 | +€502 | +18.5% |
| Gross operating margin | 9900 | €72,256 | €67,373 | -€4,883 | -6.8% |
| Operating profit (loss) | 9901 | €43,596 | €38,992 | -€4,604 | -10.6% |
| Financial income | 75/76B | €6,567 | €7,112 | +€545 | +8.3% |
| Recurring financial income | 75 | €6,542 | €7,112 | +€570 | +8.7% |
| Non-recurring financial income | 76B | €25 | - | -€25 | |
| Financial charges | 65/66B | €14,020 | €7,925 | -€6,095 | -43.5% |
| Recurring financial charges | 65 | €14,020 | €7,925 | -€6,095 | -43.5% |
| Profit (loss) for the period before taxes | 9903 | €36,142 | €38,179 | +€2,037 | +5.6% |
| Income taxes | 67/77 | €9,752 | €11,357 | +€1,605 | +16.5% |
| Profit (loss) for the period | 9904 | €26,390 | €26,822 | +€432 | +1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €26,390 | €26,822 | +€432 | +1.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.