RAF EXPRESS: 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 EXPRESS
Largest movements
- Receivables within one year +€3,006
up €3,006 (+16.7%), from €18,043 to €21,049
of which Trade receivables: +€14,430
- Deferred charges and accrued income +€372
new in 2025: €372
- Other debts -€14,000
down €14,000 (-99.4%), from €14,087 to €87
- Short-term financial debts +€9,473
new in 2025: €9,473
- Tax, wage and social debts +€5,493
up €5,493 (+43.7%), from €12,571 to €18,063
of which Remuneration and social security: +€6,563
- Trade debts +€1,861
up €1,861 (+58.1%), from €3,201 to €5,062
- Profit (loss) carried forward +€665
up €665 (+185.6%), from €358 to €1,023
- Staff costs +€24,653
new in 2025: €24,653
- Taxes -€3,756
down €3,756 (-65.0%), from €5,775 to €2,020
- Gross operating margin +€3,423
up €3,423 (+12.5%), from €27,330 to €30,753
- Financial charges +€1,155
up €1,155 (+92.3%), from €1,252 to €2,407
- Other operating charges -€362
down €362 (-24.2%), from €1,499 to €1,137
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 | €30,217 | €33,708 | +€3,491 | +11.6% |
| Fixed assets | 21/28 | €12,168 | €11,793 | -€375 | -3.1% |
| Intangible fixed assets | 21 | €847 | €593 | -€254 | -30.0% |
| Tangible fixed assets | 22/27 | €121 | - | -€121 | |
| Plant, machinery and equipment | 23 | €121 | - | -€121 | |
| Financial fixed assets | 28 | €11,200 | €11,200 | = | 0.0% |
| Current assets | 29/58 | €18,049 | €21,915 | +€3,866 | +21.4% |
| Amounts receivable within one year | 40/41 | €18,043 | €21,049 | +€3,006 | +16.7% |
| Trade receivables | 40 | €2,727 | €17,157 | +€14,430 | +529.2% |
| Other amounts receivable | 41 | €15,317 | €3,892 | -€11,424 | -74.6% |
| Current investments | 50/53 | - | €194 | +€194 | |
| Cash at bank and in hand | 54/58 | €6 | €300 | +€294 | +5054.6% |
| Deferred charges and accrued income | 490/1 | - | €372 | +€372 | |
| Total equity and liabilities | 10/49 | €30,217 | €33,708 | +€3,491 | +11.6% |
| Equity | 10/15 | €358 | €1,023 | +€665 | +185.6% |
| Profit (loss) carried forward | 14 | €358 | €1,023 | +€665 | +185.6% |
| Amounts payable | 17/49 | €29,859 | €32,685 | +€2,826 | +9.5% |
| Amounts payable within one year | 42/48 | €29,859 | €32,685 | +€2,826 | +9.5% |
| Financial debts | 43 | - | €9,473 | +€9,473 | |
| Credit institutions | 430/8 | - | €9,473 | +€9,473 | |
| Trade debts | 44 | €3,201 | €5,062 | +€1,861 | +58.1% |
| Suppliers | 440/4 | €3,201 | €5,062 | +€1,861 | +58.1% |
| Taxes, remuneration and social security | 45 | €12,571 | €18,063 | +€5,493 | +43.7% |
| Taxes | 450/3 | €12,571 | €11,500 | -€1,071 | -8.5% |
| Remuneration and social security | 454/9 | - | €6,563 | +€6,563 | |
| Other amounts payable | 47/48 | €14,087 | €87 | -€14,000 | -99.4% |
| Remuneration, social security and pensions | 62 | - | €24,653 | +€24,653 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €436 | €375 | -€61 | -13.9% |
| Other operating charges | 640/8 | €1,499 | €1,137 | -€362 | -24.2% |
| Gross operating margin | 9900 | €27,330 | €30,753 | +€3,423 | +12.5% |
| Operating profit (loss) | 9901 | €25,395 | €4,588 | -€20,807 | -81.9% |
| Financial income | 75/76B | €315 | €504 | +€188 | +59.8% |
| Recurring financial income | 75 | €315 | €504 | +€188 | +59.8% |
| Financial charges | 65/66B | €1,252 | €2,407 | +€1,155 | +92.3% |
| Recurring financial charges | 65 | €1,252 | €2,407 | +€1,155 | +92.3% |
| Profit (loss) for the period before taxes | 9903 | €24,458 | €2,684 | -€21,774 | -89.0% |
| Income taxes | 67/77 | €5,775 | €2,020 | -€3,756 | -65.0% |
| Profit (loss) for the period | 9904 | €18,683 | €665 | -€18,018 | -96.4% |
| Profit (loss) for the period to be appropriated | 9905 | €18,683 | €665 | -€18,018 | -96.4% |
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 2 October 2026 via checked.be.