RAF MAES: 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 MAES
Largest movements
- Cash +€49,528
up €49,528 (+77.7%), from €63,729 to €113,257
mainly Net result for the year (+€44,342) and Depreciation (+€11,951)
- Receivables within one year +€3,063
up €3,063 (+32.6%), from €9,407 to €12,470
- Reserves +€44,300
up €44,300 (+40.6%), from €109,234 to €153,534
- Tax, wage and social debts +€6,161
up €6,161 (+214.9%), from €2,867 to €9,027
- Gross operating margin +€18,926
up €18,926 (+31.6%), from €59,877 to €78,804
- Taxes +€5,111
up €5,111 (+38.2%), from €13,367 to €18,478
- Depreciation +€4,238
up €4,238 (+54.9%), from €7,713 to €11,951
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 | €228,026 | €278,692 | +€50,666 | +22.2% |
| Fixed assets | 21/28 | €154,890 | €152,230 | -€2,660 | -1.7% |
| Tangible fixed assets | 22/27 | €154,740 | €152,080 | -€2,660 | -1.7% |
| Land and buildings | 22 | €85,296 | €82,690 | -€2,606 | -3.1% |
| Plant, machinery and equipment | 23 | €69,444 | €68,288 | -€1,156 | -1.7% |
| Furniture and vehicles | 24 | - | €1,102 | +€1,102 | |
| Other tangible fixed assets | 26 | - | €0 | = | |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €73,136 | €126,462 | +€53,326 | +72.9% |
| Amounts receivable within one year | 40/41 | €9,407 | €12,470 | +€3,063 | +32.6% |
| Trade receivables | 40 | €9,407 | €12,470 | +€3,063 | +32.6% |
| Cash at bank and in hand | 54/58 | €63,729 | €113,257 | +€49,528 | +77.7% |
| Deferred charges and accrued income | 490/1 | - | €735 | +€735 | |
| Total equity and liabilities | 10/49 | €228,026 | €278,692 | +€50,666 | +22.2% |
| Equity | 10/15 | €217,003 | €261,346 | +€44,342 | +20.4% |
| Contributions | 10/11 | €87,999 | €87,999 | = | 0.0% |
| Reserves | 13 | €109,234 | €153,534 | +€44,300 | +40.6% |
| Distributable reserves | 133 | €109,234 | €153,534 | +€44,300 | +40.6% |
| Profit (loss) carried forward | 14 | €19,771 | €19,813 | +€42 | +0.2% |
| Amounts payable | 17/49 | €11,023 | €17,346 | +€6,323 | +57.4% |
| Amounts payable within one year | 42/48 | €11,023 | €17,162 | +€6,139 | +55.7% |
| Trade debts | 44 | €8,156 | €8,135 | -€22 | -0.3% |
| Suppliers | 440/4 | €8,156 | €8,135 | -€22 | -0.3% |
| Taxes, remuneration and social security | 45 | €2,867 | €9,027 | +€6,161 | +214.9% |
| Taxes | 450/3 | €2,867 | €9,027 | +€6,161 | +214.9% |
| Accrued charges and deferred income | 492/3 | - | €185 | +€185 | |
| Non-recurring operating income | 76A | €12,100 | €1,588 | -€10,512 | -86.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,713 | €11,951 | +€4,238 | +54.9% |
| Other operating charges | 640/8 | €3,795 | €3,908 | +€113 | +3.0% |
| Non-recurring operating charges | 66A | €1,546 | - | -€1,546 | |
| Gross operating margin | 9900 | €59,877 | €78,804 | +€18,926 | +31.6% |
| Operating profit (loss) | 9901 | €46,824 | €62,945 | +€16,121 | +34.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €103 | €125 | +€22 | +20.9% |
| Recurring financial charges | 65 | €103 | €125 | +€22 | +20.9% |
| Profit (loss) for the period before taxes | 9903 | €46,721 | €62,820 | +€16,100 | +34.5% |
| Income taxes | 67/77 | €13,367 | €18,478 | +€5,111 | +38.2% |
| Profit (loss) for the period | 9904 | €33,354 | €44,342 | +€10,988 | +32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €33,354 | €44,342 | +€10,988 | +32.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.