RAF VERSTRAETE: 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 VERSTRAETE
Largest movements
- Cash +€48,340
up €48,340 (+173%), from €27,944 to €76,284
mainly Debts after one year (+€49,267) and Net result for the year (+€42,047)
- Receivables within one year +€21,625
up €21,625 (+23.7%), from €91,237 to €112,861
of which Other amounts receivable: +€30,055
- Tangible fixed assets +€19,694
up €19,694 (+3.2%), from €624,871 to €644,565
of which Plant, machinery and equipment: +€33,425
- Debts after one year +€49,267
up €49,267 (+9.1%), from €542,042 to €591,309
- Tax, wage and social debts +€38,911
up €38,911 (+128%), from €30,379 to €69,290
of which Taxes: +€31,140
- Other debts -€35,026
no longer reported in 2025 (was €35,026)
- Reserves +€22,047
up €22,047 (+25.8%), from €85,520 to €107,567
- Trade debts +€11,534
up €11,534 (+52.7%), from €21,895 to €33,429
- Gross operating margin +€154,857
up €154,857 (+115%), from €135,034 to €289,891
- Staff costs +€95,969
up €95,969 (+108%), from €88,710 to €184,679
- Depreciation +€13,370
up €13,370 (+63.4%), from €21,072 to €34,443
- Taxes +€5,530
up €5,530 (+325%), from €1,701 to €7,232
- Financial charges +€4,623
up €4,623 (+29.8%), from €15,531 to €20,154
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 | €745,323 | €835,375 | +€90,052 | +12.1% |
| Fixed assets | 21/28 | €624,871 | €644,565 | +€19,694 | +3.2% |
| Tangible fixed assets | 22/27 | €624,871 | €644,565 | +€19,694 | +3.2% |
| Land and buildings | 22 | €512,268 | €496,400 | -€15,868 | -3.1% |
| Plant, machinery and equipment | 23 | €104,218 | €137,643 | +€33,425 | +32.1% |
| Furniture and vehicles | 24 | €8,384 | €10,522 | +€2,138 | +25.5% |
| Current assets | 29/58 | €120,453 | €190,810 | +€70,358 | +58.4% |
| Amounts receivable within one year | 40/41 | €91,237 | €112,861 | +€21,625 | +23.7% |
| Trade receivables | 40 | €90,612 | €82,181 | -€8,431 | -9.3% |
| Other amounts receivable | 41 | €625 | €30,681 | +€30,055 | +4,808% |
| Cash at bank and in hand | 54/58 | €27,944 | €76,284 | +€48,340 | +173% |
| Deferred charges and accrued income | 490/1 | €1,272 | €1,665 | +€393 | +30.9% |
| Total equity and liabilities | 10/49 | €745,323 | €835,375 | +€90,052 | +12.1% |
| Equity | 10/15 | €90,520 | €112,567 | +€22,047 | +24.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €85,520 | €107,567 | +€22,047 | +25.8% |
| Distributable reserves | 133 | €85,520 | €107,567 | +€22,047 | +25.8% |
| Amounts payable | 17/49 | €654,804 | €722,808 | +€68,004 | +10.4% |
| Amounts payable after more than one year | 17 | €542,042 | €591,309 | +€49,267 | +9.1% |
| Financial debts | 170/4 | €542,042 | €591,309 | +€49,267 | +9.1% |
| Amounts payable within one year | 42/48 | €112,761 | €131,499 | +€18,737 | +16.6% |
| Current portion of amounts payable after more than one year | 42 | €25,461 | €28,780 | +€3,318 | +13.0% |
| Trade debts | 44 | €21,895 | €33,429 | +€11,534 | +52.7% |
| Suppliers | 440/4 | €21,895 | €33,429 | +€11,534 | +52.7% |
| Taxes, remuneration and social security | 45 | €30,379 | €69,290 | +€38,911 | +128% |
| Taxes | 450/3 | €12,172 | €43,312 | +€31,140 | +256% |
| Remuneration and social security | 454/9 | €18,207 | €25,978 | +€7,771 | +42.7% |
| Other amounts payable | 47/48 | €35,026 | - | -€35,026 | |
| Remuneration, social security and pensions | 62 | €88,710 | €184,679 | +€95,969 | +108% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,072 | €34,443 | +€13,370 | +63.4% |
| Other operating charges | 640/8 | €2,715 | €1,387 | -€1,328 | -48.9% |
| Gross operating margin | 9900 | €135,034 | €289,891 | +€154,857 | +115% |
| Operating profit (loss) | 9901 | €22,537 | €69,383 | +€46,846 | +208% |
| Financial income | 75/76B | €17 | €50 | +€33 | +186% |
| Recurring financial income | 75 | €17 | €50 | +€33 | +186% |
| Financial charges | 65/66B | €15,531 | €20,154 | +€4,623 | +29.8% |
| Recurring financial charges | 65 | €15,531 | €20,154 | +€4,623 | +29.8% |
| Profit (loss) for the period before taxes | 9903 | €7,023 | €49,279 | +€42,256 | +602% |
| Income taxes | 67/77 | €1,701 | €7,232 | +€5,530 | +325% |
| Profit (loss) for the period | 9904 | €5,322 | €42,047 | +€36,725 | +690% |
| Profit (loss) for the period to be appropriated | 9905 | €5,322 | €42,047 | +€36,725 | +690% |
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 21 October 2026 via checked.be.