RAF & Co: 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 & Co
Largest movements
- Cash +€723,199
up €723,199 (+483.1%), from €149,702 to €872,901
mainly Net result for the year (+€685,437) and Investment in fixed assets (net) (+€134,282)
- Tangible fixed assets -€195,982
down €195,982 (-26.6%), from €735,760 to €539,778
of which Land and buildings: -€102,319
- Receivables within one year +€84,613
up €84,613 (+173.9%), from €48,646 to €133,259
of which Other amounts receivable: +€105,179
- Reserves +€685,437
up €685,437 (+86.4%), from €793,276 to €1.5m
of which Distributable reserves: +€685,437
- Other debts -€69,358
no longer reported in 2025 (was €69,358)
- Gross operating margin +€842,672
up €842,672 (+362.4%), from €232,515 to €1.1m
- Taxes +€260,001
up €260,001 (+473.4%), from €54,927 to €314,928
- Financial income -€143,171
down €143,171 (-98.1%), from €145,888 to €2,716
of which Non-recurring financial income: -€145,849
- Financial charges -€13,102
down €13,102 (-97.2%), from €13,484 to €382
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 | €935,198 | €1,547,359 | +€612,160 | +65.5% |
| Fixed assets | 21/28 | €735,760 | €539,778 | -€195,982 | -26.6% |
| Tangible fixed assets | 22/27 | €735,760 | €539,778 | -€195,982 | -26.6% |
| Land and buildings | 22 | €517,593 | €415,274 | -€102,319 | -19.8% |
| Plant, machinery and equipment | 23 | €1,179 | €785 | -€394 | -33.4% |
| Furniture and vehicles | 24 | €216,989 | €123,719 | -€93,270 | -43.0% |
| Current assets | 29/58 | €199,438 | €1,007,580 | +€808,142 | +405.2% |
| Amounts receivable within one year | 40/41 | €48,646 | €133,259 | +€84,613 | +173.9% |
| Trade receivables | 40 | €48,507 | €27,941 | -€20,566 | -42.4% |
| Other amounts receivable | 41 | €139 | €105,318 | +€105,179 | +75505.4% |
| Current investments | 50/53 | €401 | €401 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €149,702 | €872,901 | +€723,199 | +483.1% |
| Deferred charges and accrued income | 490/1 | €688 | €1,019 | +€330 | +48.0% |
| Total equity and liabilities | 10/49 | €935,198 | €1,547,359 | +€612,160 | +65.5% |
| Equity | 10/15 | €811,868 | €1,497,305 | +€685,437 | +84.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €793,276 | €1,478,713 | +€685,437 | +86.4% |
| Tax-exempt reserves | 132 | €4,216 | €4,216 | = | 0.0% |
| Distributable reserves | 133 | €789,060 | €1,474,497 | +€685,437 | +86.9% |
| Amounts payable | 17/49 | €123,330 | €50,054 | -€73,277 | -59.4% |
| Amounts payable after more than one year | 17 | €38,001 | €37,062 | -€940 | -2.5% |
| Other amounts payable | 178/9 | €38,001 | €37,062 | -€940 | -2.5% |
| Amounts payable within one year | 42/48 | €80,465 | €8,128 | -€72,337 | -89.9% |
| Trade debts | 44 | €222 | €1,205 | +€983 | +443.0% |
| Suppliers | 440/4 | €222 | €1,205 | +€983 | +443.0% |
| Taxes, remuneration and social security | 45 | €10,885 | €6,923 | -€3,962 | -36.4% |
| Taxes | 450/3 | €10,885 | €6,923 | -€3,962 | -36.4% |
| Other amounts payable | 47/48 | €69,358 | - | -€69,358 | |
| Accrued charges and deferred income | 492/3 | €4,864 | €4,864 | = | 0.0% |
| Non-recurring operating income | 76A | - | €897,743 | +€897,743 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,298 | €61,700 | -€2,598 | -4.0% |
| Other operating charges | 640/8 | €9,257 | €9,672 | +€414 | +4.5% |
| Non-recurring operating charges | 66A | €1,829 | €5,785 | +€3,956 | +216.2% |
| Gross operating margin | 9900 | €232,515 | €1,075,187 | +€842,672 | +362.4% |
| Operating profit (loss) | 9901 | €157,130 | €998,030 | +€840,900 | +535.2% |
| Financial income | 75/76B | €145,888 | €2,716 | -€143,171 | -98.1% |
| Recurring financial income | 75 | €39 | €2,716 | +€2,677 | +6859.3% |
| Non-recurring financial income | 76B | €145,849 | - | -€145,849 | |
| Financial charges | 65/66B | €13,484 | €382 | -€13,102 | -97.2% |
| Recurring financial charges | 65 | €13,484 | €382 | -€13,102 | -97.2% |
| Profit (loss) for the period before taxes | 9903 | €289,534 | €1,000,365 | +€710,831 | +245.5% |
| Income taxes | 67/77 | €54,927 | €314,928 | +€260,001 | +473.4% |
| Profit (loss) for the period | 9904 | €234,607 | €685,437 | +€450,830 | +192.2% |
| Profit (loss) for the period to be appropriated | 9905 | €234,607 | €685,437 | +€450,830 | +192.2% |
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 8 October 2026 via checked.be.