RAF INTERNATIONAL: 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 INTERNATIONAL
Largest movements
- Tangible fixed assets -€23,530
down €23,530 (-4.6%), from €509,024 to €485,494
of which Land and buildings: -€13,856
- Receivables within one year -€12,984
down €12,984 (-67.3%), from €19,303 to €6,319
of which Trade receivables: -€12,984
- Cash -€7,370
down €7,370 (-72.6%), from €10,156 to €2,786
mainly Other debts (-€29,151) and Current portion of long-term debt (-€22,886)
- Other debts -€29,151
down €29,151 (-31.6%), from €92,135 to €62,984
- Current portion of long-term debt -€22,886
no longer reported in 2025 (was €22,886)
- Profit (loss) carried forward +€20,145
up €20,145 (+10.2%), from €197,306 to €217,452
- Tax, wage and social debts -€7,152
down €7,152 (-45.4%), from €15,746 to €8,594
- Gross operating margin -€35,198
down €35,198 (-41.7%), from €84,380 to €49,182
- Depreciation -€11,529
down €11,529 (-31.6%), from €36,504 to €24,975
- Taxes -€10,861
down €10,861, from €10,500 to -€361
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 | €540,275 | €496,230 | -€44,045 | -8.2% |
| Fixed assets | 21/28 | €509,024 | €485,494 | -€23,530 | -4.6% |
| Tangible fixed assets | 22/27 | €509,024 | €485,494 | -€23,530 | -4.6% |
| Land and buildings | 22 | €484,140 | €470,284 | -€13,856 | -2.9% |
| Plant, machinery and equipment | 23 | €2,806 | €1,683 | -€1,123 | -40.0% |
| Furniture and vehicles | 24 | €18,289 | €11,381 | -€6,908 | -37.8% |
| Other tangible fixed assets | 26 | €3,789 | €2,147 | -€1,642 | -43.3% |
| Current assets | 29/58 | €31,251 | €10,735 | -€20,516 | -65.6% |
| Amounts receivable within one year | 40/41 | €19,303 | €6,319 | -€12,984 | -67.3% |
| Trade receivables | 40 | €19,290 | €6,306 | -€12,984 | -67.3% |
| Other amounts receivable | 41 | €13 | €13 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,156 | €2,786 | -€7,370 | -72.6% |
| Deferred charges and accrued income | 490/1 | €1,792 | €1,630 | -€162 | -9.0% |
| Total equity and liabilities | 10/49 | €540,275 | €496,230 | -€44,045 | -8.2% |
| Equity | 10/15 | €397,691 | €417,836 | +€20,145 | +5.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €181,792 | €181,792 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,209 | €7,209 | = | 0.0% |
| Distributable reserves | 133 | €172,724 | €172,724 | = | 0.0% |
| Profit (loss) carried forward | 14 | €197,306 | €217,452 | +€20,145 | +10.2% |
| Amounts payable | 17/49 | €142,584 | €78,394 | -€64,191 | -45.0% |
| Amounts payable within one year | 42/48 | €138,084 | €73,894 | -€64,191 | -46.5% |
| Current portion of amounts payable after more than one year | 42 | €22,886 | - | -€22,886 | |
| Trade debts | 44 | €7,317 | €2,315 | -€5,002 | -68.4% |
| Suppliers | 440/4 | €7,317 | €2,315 | -€5,002 | -68.4% |
| Taxes, remuneration and social security | 45 | €15,746 | €8,594 | -€7,152 | -45.4% |
| Taxes | 450/3 | €15,746 | €8,594 | -€7,152 | -45.4% |
| Other amounts payable | 47/48 | €92,135 | €62,984 | -€29,151 | -31.6% |
| Accrued charges and deferred income | 492/3 | €4,500 | €4,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,504 | €24,975 | -€11,529 | -31.6% |
| Other operating charges | 640/8 | €3,334 | €3,911 | +€577 | +17.3% |
| Gross operating margin | 9900 | €84,380 | €49,182 | -€35,198 | -41.7% |
| Operating profit (loss) | 9901 | €44,542 | €20,296 | -€24,246 | -54.4% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €735 | €512 | -€223 | -30.3% |
| Recurring financial charges | 65 | €735 | €512 | -€223 | -30.3% |
| Profit (loss) for the period before taxes | 9903 | €43,810 | €19,784 | -€24,026 | -54.8% |
| Income taxes | 67/77 | €10,500 | -€361 | -€10,861 | |
| Profit (loss) for the period | 9904 | €33,310 | €20,145 | -€13,164 | -39.5% |
| Profit (loss) for the period to be appropriated | 9905 | €33,310 | €20,145 | -€13,164 | -39.5% |
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 23 October 2026 via checked.be.