Rafa Innovation: 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.
Rafa Innovation
Largest movements
- Receivables within one year +€150,828
up €150,828 (+511.6%), from €29,482 to €180,310
of which Other amounts receivable: +€151,878
- Tangible fixed assets -€73,870
down €73,870 (-3.6%), from €2.0m to €2.0m
of which Land and buildings: -€57,124
- Profit (loss) carried forward +€166,732
up €166,732 (+61.8%), from €269,972 to €436,704
- Debts after one year -€96,287
down €96,287 (-5.7%), from €1.7m to €1.6m
of which Financial debts: -€93,687
- Other operating charges -€112,056
down €112,056 (-92.0%), from €121,826 to €9,770
- Gross operating margin -€41,344
down €41,344 (-10.2%), from €405,411 to €364,068
- Depreciation +€21,255
up €21,255 (+36.7%), from €57,907 to €79,162
- Financial charges +€18,647
up €18,647 (+46.4%), from €40,198 to €58,844
- Taxes +€7,771
up €7,771 (+18.5%), from €41,902 to €49,673
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 | €2,092,816 | €2,177,284 | +€84,468 | +4.0% |
| Fixed assets | 21/28 | €2,043,248 | €1,969,378 | -€73,870 | -3.6% |
| Tangible fixed assets | 22/27 | €2,043,248 | €1,969,378 | -€73,870 | -3.6% |
| Land and buildings | 22 | €1,960,191 | €1,903,066 | -€57,124 | -2.9% |
| Plant, machinery and equipment | 23 | €4,162 | €2,351 | -€1,811 | -43.5% |
| Furniture and vehicles | 24 | €54,611 | €39,421 | -€15,190 | -27.8% |
| Other tangible fixed assets | 26 | €24,284 | €24,540 | +€255 | +1.1% |
| Current assets | 29/58 | €49,568 | €207,906 | +€158,338 | +319.4% |
| Amounts receivable within one year | 40/41 | €29,482 | €180,310 | +€150,828 | +511.6% |
| Trade receivables | 40 | €1,050 | - | -€1,050 | |
| Other amounts receivable | 41 | €28,433 | €180,310 | +€151,878 | +534.2% |
| Cash at bank and in hand | 54/58 | €18,366 | €26,024 | +€7,658 | +41.7% |
| Deferred charges and accrued income | 490/1 | €1,720 | €1,572 | -€148 | -8.6% |
| Total equity and liabilities | 10/49 | €2,092,816 | €2,177,284 | +€84,468 | +4.0% |
| Equity | 10/15 | €272,972 | €439,704 | +€166,732 | +61.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €269,972 | €436,704 | +€166,732 | +61.8% |
| Amounts payable | 17/49 | €1,819,844 | €1,737,579 | -€82,264 | -4.5% |
| Amounts payable after more than one year | 17 | €1,699,826 | €1,603,538 | -€96,287 | -5.7% |
| Financial debts | 170/4 | €1,688,226 | €1,594,538 | -€93,687 | -5.5% |
| Other amounts payable | 178/9 | €11,600 | €9,000 | -€2,600 | -22.4% |
| Amounts payable within one year | 42/48 | €120,018 | €134,041 | +€14,023 | +11.7% |
| Current portion of amounts payable after more than one year | 42 | €91,787 | €93,687 | +€1,900 | +2.1% |
| Financial debts | 43 | €15,266 | €15,076 | -€190 | -1.2% |
| Credit institutions | 430/8 | €15,266 | €15,076 | -€190 | -1.2% |
| Trade debts | 44 | €720 | €2,744 | +€2,024 | +281.0% |
| Suppliers | 440/4 | €720 | €2,744 | +€2,024 | +281.0% |
| Taxes, remuneration and social security | 45 | €12,245 | €22,534 | +€10,289 | +84.0% |
| Taxes | 450/3 | €12,245 | €22,534 | +€10,289 | +84.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,907 | €79,162 | +€21,255 | +36.7% |
| Other operating charges | 640/8 | €121,826 | €9,770 | -€112,056 | -92.0% |
| Gross operating margin | 9900 | €405,411 | €364,068 | -€41,344 | -10.2% |
| Operating profit (loss) | 9901 | €225,679 | €275,136 | +€49,457 | +21.9% |
| Financial income | 75/76B | €1,012 | €114 | -€898 | -88.8% |
| Recurring financial income | 75 | €1,012 | €114 | -€898 | -88.8% |
| Financial charges | 65/66B | €40,198 | €58,844 | +€18,647 | +46.4% |
| Recurring financial charges | 65 | €40,198 | €58,844 | +€18,647 | +46.4% |
| Profit (loss) for the period before taxes | 9903 | €186,493 | €216,405 | +€29,912 | +16.0% |
| Income taxes | 67/77 | €41,902 | €49,673 | +€7,771 | +18.5% |
| Profit (loss) for the period | 9904 | €144,591 | €166,732 | +€22,141 | +15.3% |
| Profit (loss) for the period to be appropriated | 9905 | €144,591 | €166,732 | +€22,141 | +15.3% |
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 10 October 2026 via checked.be.