Raf De Schepper: 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 De Schepper
Largest movements
- Cash +€156,532
up €156,532 (+93.6%), from €167,321 to €323,853
mainly Other debts (+€225,318) and Current investments (+€100,000)
- Current investments -€100,000
no longer reported in 2025 (was €100,000)
- Tangible fixed assets -€17,834
down €17,834 (-20.0%), from €89,020 to €71,186
of which Furniture and vehicles: -€11,570
- Other debts +€225,318
up €225,318 (+202.5%), from €111,287 to €336,604
- Reserves -€190,932
down €190,932 (-84.1%), from €227,113 to €36,181
- Gross operating margin -€65,784
down €65,784 (-27.7%), from €237,066 to €171,282
- Taxes -€16,633
down €16,633 (-44.4%), from €37,431 to €20,799
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 | €385,675 | €422,907 | +€37,233 | +9.7% |
| Fixed assets | 21/28 | €89,020 | €71,186 | -€17,834 | -20.0% |
| Tangible fixed assets | 22/27 | €89,020 | €71,186 | -€17,834 | -20.0% |
| Furniture and vehicles | 24 | €34,991 | €23,421 | -€11,570 | -33.1% |
| Other tangible fixed assets | 26 | €54,029 | €47,765 | -€6,264 | -11.6% |
| Current assets | 29/58 | €296,655 | €351,722 | +€55,067 | +18.6% |
| Amounts receivable within one year | 40/41 | €25,095 | €23,910 | -€1,185 | -4.7% |
| Trade receivables | 40 | €23,942 | €18,275 | -€5,667 | -23.7% |
| Other amounts receivable | 41 | €1,153 | €5,635 | +€4,482 | +388.7% |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €167,321 | €323,853 | +€156,532 | +93.6% |
| Deferred charges and accrued income | 490/1 | €4,239 | €3,958 | -€281 | -6.6% |
| Total equity and liabilities | 10/49 | €385,675 | €422,907 | +€37,233 | +9.7% |
| Equity | 10/15 | €245,713 | €54,781 | -€190,932 | -77.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | - | €18,600 | +€18,600 | |
| Other | 1109/19 | - | €18,600 | +€18,600 | |
| Reserves | 13 | €227,113 | €36,181 | -€190,932 | -84.1% |
| Distributable reserves | 133 | €227,113 | €36,181 | -€190,932 | -84.1% |
| Amounts payable | 17/49 | €139,962 | €368,126 | +€228,164 | +163.0% |
| Amounts payable within one year | 42/48 | €131,736 | €361,148 | +€229,412 | +174.1% |
| Trade debts | 44 | €6,246 | €8,504 | +€2,258 | +36.2% |
| Suppliers | 440/4 | €6,246 | €8,504 | +€2,258 | +36.2% |
| Taxes, remuneration and social security | 45 | €14,203 | €16,039 | +€1,836 | +12.9% |
| Taxes | 450/3 | €9,300 | €10,947 | +€1,647 | +17.7% |
| Remuneration and social security | 454/9 | €4,903 | €5,092 | +€189 | +3.9% |
| Other amounts payable | 47/48 | €111,287 | €336,604 | +€225,318 | +202.5% |
| Accrued charges and deferred income | 492/3 | €8,225 | €6,978 | -€1,248 | -15.2% |
| Remuneration, social security and pensions | 62 | €39,203 | €40,768 | +€1,565 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,634 | €26,315 | -€319 | -1.2% |
| Other operating charges | 640/8 | €1,272 | €1,447 | +€175 | +13.8% |
| Gross operating margin | 9900 | €237,066 | €171,282 | -€65,784 | -27.7% |
| Operating profit (loss) | 9901 | €169,957 | €102,752 | -€67,205 | -39.5% |
| Financial income | 75/76B | €838 | €2,516 | +€1,678 | +200.2% |
| Recurring financial income | 75 | €838 | €2,516 | +€1,678 | +200.2% |
| Financial charges | 65/66B | €10,506 | €8,513 | -€1,994 | -19.0% |
| Recurring financial charges | 65 | €8,960 | €8,513 | -€448 | -5.0% |
| Non-recurring financial charges | 66B | €1,546 | - | -€1,546 | |
| Profit (loss) for the period before taxes | 9903 | €160,289 | €96,756 | -€63,533 | -39.6% |
| Income taxes | 67/77 | €37,431 | €20,799 | -€16,633 | -44.4% |
| Profit (loss) for the period | 9904 | €122,858 | €75,957 | -€46,900 | -38.2% |
| Profit (loss) for the period to be appropriated | 9905 | €122,858 | €75,957 | -€46,900 | -38.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.