RAF HENS: what changed
RAF HENS
Largest movements
- Cash +€101,809
up €101,809 (+44.2%), from €230,259 to €332,068
mainly Depreciation (+€271,668) and Other debts (+€242,339)
- Tangible fixed assets +€63,777
up €63,777 (+7.3%), from €873,854 to €937,631
of which Leasing and similar rights: +€211,058
- Stocks and contracts -€37,991
down €37,991 (-70.5%), from €53,866 to €15,875
- Receivables within one year -€20,575
down €20,575 (-13.2%), from €155,767 to €135,193
of which Other amounts receivable: -€30,667
- Other debts +€242,339
up €242,339 (+136%), from €178,801 to €421,140
- Reserves -€168,135
down €168,135 (-33.8%), from €496,921 to €328,787
- Debts after one year +€81,806
up €81,806 (+24.1%), from €338,838 to €420,644
- Trade debts -€59,794
down €59,794 (-43.0%), from €139,071 to €79,276
- Current portion of long-term debt +€15,449
up €15,449 (+13.3%), from €116,443 to €131,892
- Gross operating margin +€102,964
up €102,964 (+15.1%), from €682,131 to €785,094
- Staff costs +€54,108
up €54,108 (+16.7%), from €323,972 to €378,080
- Depreciation +€26,352
up €26,352 (+10.7%), from €245,316 to €271,668
- Taxes +€8,101
up €8,101 (+46.9%), from €17,279 to €25,380
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,326,005 | €1,441,721 | +€115,717 | +8.7% |
| Fixed assets | 21/28 | €874,294 | €938,071 | +€63,777 | +7.3% |
| Tangible fixed assets | 22/27 | €873,854 | €937,631 | +€63,777 | +7.3% |
| Land and buildings | 22 | €98,349 | €89,408 | -€8,941 | -9.1% |
| Plant, machinery and equipment | 23 | €112,569 | €81,586 | -€30,983 | -27.5% |
| Furniture and vehicles | 24 | €535,065 | €439,470 | -€95,594 | -17.9% |
| Leasing and similar rights | 25 | - | €211,058 | +€211,058 | |
| Other tangible fixed assets | 26 | €127,871 | €116,108 | -€11,763 | -9.2% |
| Financial fixed assets | 28 | €440 | €440 | = | 0.0% |
| Current assets | 29/58 | €451,711 | €503,650 | +€51,939 | +11.5% |
| Stocks and contracts in progress | 3 | €53,866 | €15,875 | -€37,991 | -70.5% |
| Stocks | 30/36 | €53,866 | €15,875 | -€37,991 | -70.5% |
| Amounts receivable within one year | 40/41 | €155,767 | €135,193 | -€20,575 | -13.2% |
| Trade receivables | 40 | €116,675 | €126,768 | +€10,093 | +8.7% |
| Other amounts receivable | 41 | €39,093 | €8,425 | -€30,667 | -78.4% |
| Cash at bank and in hand | 54/58 | €230,259 | €332,068 | +€101,809 | +44.2% |
| Deferred charges and accrued income | 490/1 | €11,819 | €20,514 | +€8,696 | +73.6% |
| Total equity and liabilities | 10/49 | €1,326,005 | €1,441,721 | +€115,717 | +8.7% |
| Equity | 10/15 | €525,032 | €355,772 | -€169,260 | -32.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €496,921 | €328,787 | -€168,135 | -33.8% |
| Distributable reserves | 133 | €496,921 | €328,787 | -€168,135 | -33.8% |
| Profit (loss) carried forward | 14 | €21,910 | €20,785 | -€1,126 | -5.1% |
| Amounts payable | 17/49 | €800,973 | €1,085,950 | +€284,977 | +35.6% |
| Amounts payable after more than one year | 17 | €338,838 | €420,644 | +€81,806 | +24.1% |
| Financial debts | 170/4 | €338,838 | €420,644 | +€81,806 | +24.1% |
| Amounts payable within one year | 42/48 | €462,134 | €665,305 | +€203,171 | +44.0% |
| Current portion of amounts payable after more than one year | 42 | €116,443 | €131,892 | +€15,449 | +13.3% |
| Trade debts | 44 | €139,071 | €79,276 | -€59,794 | -43.0% |
| Suppliers | 440/4 | €139,071 | €79,276 | -€59,794 | -43.0% |
| Taxes, remuneration and social security | 45 | €27,820 | €32,997 | +€5,178 | +18.6% |
| Taxes | 450/3 | €9,471 | €15,159 | +€5,689 | +60.1% |
| Remuneration and social security | 454/9 | €18,349 | €17,838 | -€511 | -2.8% |
| Other amounts payable | 47/48 | €178,801 | €421,140 | +€242,339 | +136% |
| Remuneration, social security and pensions | 62 | €323,972 | €378,080 | +€54,108 | +16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €245,316 | €271,668 | +€26,352 | +10.7% |
| Other operating charges | 640/8 | €6,306 | €6,862 | +€555 | +8.8% |
| Gross operating margin | 9900 | €682,131 | €785,094 | +€102,964 | +15.1% |
| Operating profit (loss) | 9901 | €106,535 | €128,484 | +€21,949 | +20.6% |
| Financial income | 75/76B | €403 | €513 | +€110 | +27.3% |
| Recurring financial income | 75 | €403 | €513 | +€110 | +27.3% |
| Financial charges | 65/66B | €28,630 | €27,279 | -€1,351 | -4.7% |
| Recurring financial charges | 65 | €28,630 | €27,279 | -€1,351 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €78,308 | €101,718 | +€23,410 | +29.9% |
| Income taxes | 67/77 | €17,279 | €25,380 | +€8,101 | +46.9% |
| Profit (loss) for the period | 9904 | €61,030 | €76,338 | +€15,308 | +25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €61,030 | €76,338 | +€15,308 | +25.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.