RAF THIENPONT: 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 THIENPONT
Largest movements
- Cash +€44,005
up €44,005 (+57.3%), from €76,822 to €120,827
mainly Depreciation (+€23,756) and Net result for the year (+€9,863)
- Tangible fixed assets -€23,756
down €23,756 (-31.4%), from €75,579 to €51,822
of which Land and buildings: -€21,048
- Current investments -€9,322
down €9,322 (-18.9%), from €49,365 to €40,042
- Receivables within one year -€9,228
down €9,228 (-94.4%), from €9,780 to €553
of which Trade receivables: -€9,646
- Profit (loss) carried forward +€9,863
up €9,863 (+10.0%), from -€98,510 to -€88,647
- Other debts -€4,362
down €4,362 (-5.8%), from €75,654 to €71,291
- Financial income +€46,320
up €46,320 (+1,453%), from €3,188 to €49,508
- Gross operating margin -€21,080
down €21,080 (-90.9%), from €23,193 to €2,112
- Financial charges -€8,395
down €8,395 (-41.0%), from €20,479 to €12,084
- Write-downs +€3,360
up €3,360, from -€3,360 to €0
- Other operating charges -€3,144
down €3,144 (-35.4%), from €8,884 to €5,740
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 | €424,039 | €428,545 | +€4,505 | +1.1% |
| Fixed assets | 21/28 | €75,579 | €51,822 | -€23,756 | -31.4% |
| Tangible fixed assets | 22/27 | €75,579 | €51,822 | -€23,756 | -31.4% |
| Land and buildings | 22 | €72,758 | €51,710 | -€21,048 | -28.9% |
| Furniture and vehicles | 24 | €2,821 | €112 | -€2,709 | -96.0% |
| Current assets | 29/58 | €348,461 | €376,722 | +€28,262 | +8.1% |
| Amounts receivable after more than one year | 29 | €200,000 | €200,000 | = | 0.0% |
| Other amounts receivable | 291 | €200,000 | €200,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €9,780 | €553 | -€9,228 | -94.4% |
| Trade receivables | 40 | €9,646 | €0 | -€9,646 | -100% |
| Other amounts receivable | 41 | €134 | €553 | +€419 | +313% |
| Current investments | 50/53 | €49,365 | €40,042 | -€9,322 | -18.9% |
| Cash at bank and in hand | 54/58 | €76,822 | €120,827 | +€44,005 | +57.3% |
| Deferred charges and accrued income | 490/1 | €12,494 | €15,301 | +€2,806 | +22.5% |
| Total equity and liabilities | 10/49 | €424,039 | €428,545 | +€4,505 | +1.1% |
| Equity | 10/15 | €5,482 | €15,345 | +€9,863 | +180% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €91,592 | €91,592 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €55 | €55 | = | 0.0% |
| Distributable reserves | 133 | €91,537 | €91,537 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€98,510 | -€88,647 | +€9,863 | +10.0% |
| Amounts payable | 17/49 | €418,557 | €413,199 | -€5,358 | -1.3% |
| Amounts payable after more than one year | 17 | €338,555 | €338,555 | = | 0.0% |
| Financial debts | 170/4 | €338,555 | €338,555 | = | 0.0% |
| Amounts payable within one year | 42/48 | €78,484 | €73,408 | -€5,077 | -6.5% |
| Financial debts | 43 | €14 | €17 | +€3 | +24.9% |
| Credit institutions | 430/8 | €14 | €17 | +€3 | +24.9% |
| Trade debts | 44 | €1,229 | €1,221 | -€7 | -0.6% |
| Suppliers | 440/4 | €1,229 | €1,221 | -€7 | -0.6% |
| Taxes, remuneration and social security | 45 | €1,589 | €878 | -€710 | -44.7% |
| Taxes | 450/3 | €1,589 | €878 | -€710 | -44.7% |
| Other amounts payable | 47/48 | €75,654 | €71,291 | -€4,362 | -5.8% |
| Accrued charges and deferred income | 492/3 | €1,517 | €1,236 | -€281 | -18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,931 | €23,756 | -€174 | -0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€3,360 | €0 | +€3,360 | |
| Other operating charges | 640/8 | €8,884 | €5,740 | -€3,144 | -35.4% |
| Gross operating margin | 9900 | €23,193 | €2,112 | -€21,080 | -90.9% |
| Operating profit (loss) | 9901 | -€6,262 | -€27,384 | -€21,122 | -337% |
| Financial income | 75/76B | €3,188 | €49,508 | +€46,320 | +1,453% |
| Recurring financial income | 75 | €3,188 | €49,508 | +€46,320 | +1,453% |
| Financial charges | 65/66B | €20,479 | €12,084 | -€8,395 | -41.0% |
| Recurring financial charges | 65 | €20,479 | €12,084 | -€8,395 | -41.0% |
| Profit (loss) for the period before taxes | 9903 | -€23,553 | €10,040 | +€33,593 | |
| Income taxes | 67/77 | €159 | €177 | +€19 | +11.8% |
| Profit (loss) for the period | 9904 | -€23,712 | €9,863 | +€33,575 | |
| Profit (loss) for the period to be appropriated | 9905 | -€23,712 | €9,863 | +€33,575 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.