RAFA: 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.
RAFA
Largest movements
- Tangible fixed assets -€18,168
down €18,168 (-28.4%), from €63,946 to €45,777
of which Furniture and vehicles: -€11,332
- Cash +€10,954
up €10,954 (+13.2%), from €83,118 to €94,072
mainly Depreciation (+€20,508) and Net result for the year (+€17,856)
- Receivables within one year -€1,786
down €1,786 (-17.0%), from €10,502 to €8,716
- Profit (loss) carried forward +€17,856
up €17,856 (+29.7%), from €60,202 to €78,058
- Current portion of long-term debt -€13,573
down €13,573 (-52.9%), from €25,645 to €12,072
- Debts after one year -€12,072
down €12,072 (-40.0%), from €30,189 to €18,117
- Gross operating margin -€5,110
down €5,110 (-5.9%), from €86,328 to €81,217
- Staff costs +€4,328
up €4,328 (+15.1%), from €28,705 to €33,032
- Depreciation +€4,219
up €4,219 (+25.9%), from €16,289 to €20,508
- Financial charges +€1,532
up €1,532 (+54.3%), from €2,823 to €4,355
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 | €159,347 | €150,468 | -€8,879 | -5.6% |
| Fixed assets | 21/28 | €63,946 | €45,777 | -€18,168 | -28.4% |
| Tangible fixed assets | 22/27 | €63,946 | €45,777 | -€18,168 | -28.4% |
| Plant, machinery and equipment | 23 | €9,716 | €3,272 | -€6,444 | -66.3% |
| Furniture and vehicles | 24 | €53,148 | €41,817 | -€11,332 | -21.3% |
| Other tangible fixed assets | 26 | €1,082 | €689 | -€392 | -36.3% |
| Current assets | 29/58 | €95,402 | €104,691 | +€9,289 | +9.7% |
| Stocks and contracts in progress | 3 | €1,100 | €1,100 | = | 0.0% |
| Stocks | 30/36 | €1,100 | €1,100 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €10,502 | €8,716 | -€1,786 | -17.0% |
| Other amounts receivable | 41 | €10,502 | €8,716 | -€1,786 | -17.0% |
| Cash at bank and in hand | 54/58 | €83,118 | €94,072 | +€10,954 | +13.2% |
| Deferred charges and accrued income | 490/1 | €682 | €803 | +€121 | +17.7% |
| Total equity and liabilities | 10/49 | €159,347 | €150,468 | -€8,879 | -5.6% |
| Equity | 10/15 | €73,202 | €91,058 | +€17,856 | +24.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €60,202 | €78,058 | +€17,856 | +29.7% |
| Amounts payable | 17/49 | €86,146 | €59,411 | -€26,735 | -31.0% |
| Amounts payable after more than one year | 17 | €30,189 | €18,117 | -€12,072 | -40.0% |
| Financial debts | 170/4 | €30,189 | €18,117 | -€12,072 | -40.0% |
| Amounts payable within one year | 42/48 | €33,257 | €17,212 | -€16,045 | -48.2% |
| Current portion of amounts payable after more than one year | 42 | €25,645 | €12,072 | -€13,573 | -52.9% |
| Trade debts | 44 | €2,872 | €1,575 | -€1,297 | -45.2% |
| Suppliers | 440/4 | €2,872 | €1,575 | -€1,297 | -45.2% |
| Taxes, remuneration and social security | 45 | €4,740 | €3,564 | -€1,175 | -24.8% |
| Taxes | 450/3 | €26 | €1,296 | +€1,270 | +4936.8% |
| Remuneration and social security | 454/9 | €4,714 | €2,268 | -€2,446 | -51.9% |
| Accrued charges and deferred income | 492/3 | €22,700 | €24,082 | +€1,382 | +6.1% |
| Remuneration, social security and pensions | 62 | €28,705 | €33,032 | +€4,328 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,289 | €20,508 | +€4,219 | +25.9% |
| Other operating charges | 640/8 | €757 | €770 | +€13 | +1.8% |
| Non-recurring operating charges | 66A | €19,668 | - | -€19,668 | |
| Gross operating margin | 9900 | €86,328 | €81,217 | -€5,110 | -5.9% |
| Operating profit (loss) | 9901 | €20,909 | €26,907 | +€5,998 | +28.7% |
| Financial income | 75/76B | €5 | €27 | +€22 | +499.1% |
| Recurring financial income | 75 | €5 | €27 | +€22 | +499.1% |
| Financial charges | 65/66B | €2,823 | €4,355 | +€1,532 | +54.3% |
| Recurring financial charges | 65 | €2,823 | €4,355 | +€1,532 | +54.3% |
| Profit (loss) for the period before taxes | 9903 | €18,091 | €22,579 | +€4,488 | +24.8% |
| Income taxes | 67/77 | €4,458 | €4,723 | +€264 | +5.9% |
| Profit (loss) for the period | 9904 | €13,633 | €17,856 | +€4,223 | +31.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,633 | €17,856 | +€4,223 | +31.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.