Rafa Invest: what changed
Rafa Invest
Largest movements
- Financial fixed assets +€40,000
up €40,000 (+19.4%), from €206,520 to €246,520
- Receivables within one year +€8,376
up €8,376 (+93.1%), from €9,000 to €17,375
of which Other amounts receivable: +€13,192
- Cash +€7,531
up €7,531 (+20.9%), from €35,994 to €43,525
mainly Net result for the year (+€32,155) and Current portion of long-term debt (+€17,646)
- Tangible fixed assets -€4,546
down €4,546 (-28.7%), from €15,837 to €11,291
- Profit (loss) carried forward +€83,569
new in 2025: €83,569
- Reserves -€51,413
no longer reported in 2025 (was €51,413)
- Current portion of long-term debt +€17,646
up €17,646 (+50.1%), from €35,234 to €52,880
- Other debts -€5,908
down €5,908 (-100%), from €5,908 to €0
- Debts after one year +€3,387
up €3,387 (+2.3%), from €145,650 to €149,037
- Gross operating margin -€38,485
down €38,485 (-40.3%), from €95,461 to €56,976
- Financial charges -€7,810
down €7,810 (-51.4%), from €15,190 to €7,381
- Taxes -€7,147
down €7,147 (-35.4%), from €20,187 to €13,040
- Depreciation -€2,348
down €2,348 (-34.1%), from €6,894 to €4,546
- Other operating charges -€1,296
down €1,296 (-72.4%), from €1,790 to €494
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €268,091 | €319,963 | +€51,872 | +19.3% |
| Fixed assets | 21/28 | €222,356 | €257,810 | +€35,454 | +15.9% |
| Tangible fixed assets | 22/27 | €15,837 | €11,291 | -€4,546 | -28.7% |
| Furniture and vehicles | 24 | €15,837 | €11,291 | -€4,546 | -28.7% |
| Financial fixed assets | 28 | €206,520 | €246,520 | +€40,000 | +19.4% |
| Current assets | 29/58 | €45,735 | €62,153 | +€16,418 | +35.9% |
| Amounts receivable within one year | 40/41 | €9,000 | €17,375 | +€8,376 | +93.1% |
| Trade receivables | 40 | €8,500 | €3,684 | -€4,816 | -56.7% |
| Other amounts receivable | 41 | €500 | €13,692 | +€13,192 | +2,641% |
| Cash at bank and in hand | 54/58 | €35,994 | €43,525 | +€7,531 | +20.9% |
| Deferred charges and accrued income | 490/1 | €742 | €1,253 | +€511 | +68.9% |
| Total equity and liabilities | 10/49 | €268,091 | €319,963 | +€51,872 | +19.3% |
| Equity | 10/15 | €54,413 | €86,569 | +€32,155 | +59.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €51,413 | - | -€51,413 | |
| Distributable reserves | 133 | €51,413 | - | -€51,413 | |
| Profit (loss) carried forward | 14 | - | €83,569 | +€83,569 | |
| Amounts payable | 17/49 | €213,678 | €233,395 | +€19,717 | +9.2% |
| Amounts payable after more than one year | 17 | €145,650 | €149,037 | +€3,387 | +2.3% |
| Financial debts | 170/4 | €145,650 | €149,037 | +€3,387 | +2.3% |
| Amounts payable within one year | 42/48 | €68,028 | €84,358 | +€16,329 | +24.0% |
| Current portion of amounts payable after more than one year | 42 | €35,234 | €52,880 | +€17,646 | +50.1% |
| Financial debts | 43 | - | €878 | +€878 | |
| Credit institutions | 430/8 | - | €878 | +€878 | |
| Trade debts | 44 | €3,050 | €4,873 | +€1,823 | +59.8% |
| Suppliers | 440/4 | €3,050 | €4,873 | +€1,823 | +59.8% |
| Taxes, remuneration and social security | 45 | €23,836 | €25,726 | +€1,890 | +7.9% |
| Taxes | 450/3 | €21,831 | €25,726 | +€3,896 | +17.8% |
| Remuneration and social security | 454/9 | €2,005 | €0 | -€2,005 | -100% |
| Other amounts payable | 47/48 | €5,908 | €0 | -€5,908 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,894 | €4,546 | -€2,348 | -34.1% |
| Other operating charges | 640/8 | €1,790 | €494 | -€1,296 | -72.4% |
| Gross operating margin | 9900 | €95,461 | €56,976 | -€38,485 | -40.3% |
| Operating profit (loss) | 9901 | €86,778 | €51,936 | -€34,842 | -40.2% |
| Financial income | 75/76B | €13 | €639 | +€626 | +4,819% |
| Recurring financial income | 75 | €13 | €639 | +€626 | +4,819% |
| Financial charges | 65/66B | €15,190 | €7,381 | -€7,810 | -51.4% |
| Recurring financial charges | 65 | €15,190 | €7,381 | -€7,810 | -51.4% |
| Profit (loss) for the period before taxes | 9903 | €71,600 | €45,195 | -€26,405 | -36.9% |
| Income taxes | 67/77 | €20,187 | €13,040 | -€7,147 | -35.4% |
| Profit (loss) for the period | 9904 | €51,413 | €32,155 | -€19,258 | -37.5% |
| Profit (loss) for the period to be appropriated | 9905 | €51,413 | €32,155 | -€19,258 | -37.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.