Raf Huys: 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 Huys
Largest movements
- Cash +€35,053
up €35,053 (+32.4%), from €108,105 to €143,158
mainly Other debts (+€84,051) and Net result for the year (+€41,717)
- Tangible fixed assets +€31,279
up €31,279 (+48.3%), from €64,822 to €96,101
of which Furniture and vehicles: +€35,151
- Receivables within one year -€10,888
down €10,888 (-25.0%), from €43,555 to €32,666
of which Trade receivables: -€17,454
- Other debts +€84,051
up €84,051 (+632%), from €13,300 to €97,351
- Reserves -€62,077
down €62,077 (-36.2%), from €171,658 to €109,581
- Debts after one year +€33,379
new in 2025: €33,379
- Current portion of long-term debt +€6,742
up €6,742 (+704%), from €957 to €7,699
- Tax, wage and social debts -€6,726
down €6,726 (-30.7%), from €21,901 to €15,174
- Gross operating margin -€5,094
down €5,094 (-6.4%), from €79,761 to €74,667
- Taxes -€1,804
down €1,804 (-9.0%), from €20,027 to €18,223
- Other operating charges +€1,666
up €1,666 (+167%), from €998 to €2,665
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.
Derived cash bridge
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 | €216,482 | €271,925 | +€55,444 | +25.6% |
| Fixed assets | 21/28 | €64,822 | €96,101 | +€31,279 | +48.3% |
| Tangible fixed assets | 22/27 | €64,822 | €96,101 | +€31,279 | +48.3% |
| Land and buildings | 22 | €55,797 | €51,812 | -€3,986 | -7.1% |
| Plant, machinery and equipment | 23 | €2,523 | €2,637 | +€114 | +4.5% |
| Furniture and vehicles | 24 | €6,501 | €41,652 | +€35,151 | +541% |
| Current assets | 29/58 | €151,660 | €175,825 | +€24,165 | +15.9% |
| Amounts receivable within one year | 40/41 | €43,555 | €32,666 | -€10,888 | -25.0% |
| Trade receivables | 40 | €31,750 | €14,297 | -€17,454 | -55.0% |
| Other amounts receivable | 41 | €11,804 | €18,369 | +€6,565 | +55.6% |
| Cash at bank and in hand | 54/58 | €108,105 | €143,158 | +€35,053 | +32.4% |
| Total equity and liabilities | 10/49 | €216,482 | €271,925 | +€55,444 | +25.6% |
| Equity | 10/15 | €177,858 | €115,781 | -€62,077 | -34.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €171,658 | €109,581 | -€62,077 | -36.2% |
| Distributable reserves | 133 | €171,658 | €109,581 | -€62,077 | -36.2% |
| Amounts payable | 17/49 | €38,624 | €156,144 | +€117,521 | +304% |
| Amounts payable after more than one year | 17 | - | €33,379 | +€33,379 | |
| Financial debts | 170/4 | - | €33,379 | +€33,379 | |
| Amounts payable within one year | 42/48 | €38,624 | €122,765 | +€84,142 | +218% |
| Current portion of amounts payable after more than one year | 42 | €957 | €7,699 | +€6,742 | +704% |
| Trade debts | 44 | €2,466 | €2,541 | +€75 | +3.0% |
| Suppliers | 440/4 | €2,466 | €2,541 | +€75 | +3.0% |
| Taxes, remuneration and social security | 45 | €21,901 | €15,174 | -€6,726 | -30.7% |
| Taxes | 450/3 | €21,901 | €15,174 | -€6,726 | -30.7% |
| Other amounts payable | 47/48 | €13,300 | €97,351 | +€84,051 | +632% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,541 | €12,136 | +€595 | +5.2% |
| Other operating charges | 640/8 | €998 | €2,665 | +€1,666 | +167% |
| Gross operating margin | 9900 | €79,761 | €74,667 | -€5,094 | -6.4% |
| Operating profit (loss) | 9901 | €67,222 | €59,867 | -€7,356 | -10.9% |
| Financial income | 75/76B | €487 | €658 | +€171 | +35.1% |
| Recurring financial income | 75 | €487 | €658 | +€171 | +35.1% |
| Financial charges | 65/66B | €298 | €584 | +€287 | +96.2% |
| Recurring financial charges | 65 | €298 | €584 | +€287 | +96.2% |
| Profit (loss) for the period before taxes | 9903 | €67,411 | €59,940 | -€7,471 | -11.1% |
| Income taxes | 67/77 | €20,027 | €18,223 | -€1,804 | -9.0% |
| Profit (loss) for the period | 9904 | €47,384 | €41,717 | -€5,667 | -12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €47,384 | €41,717 | -€5,667 | -12.0% |
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 18 October 2026 via checked.be.