RAFACO: 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.
RAFACO
Largest movements
- Current investments +€90,000
new in 2025: €90,000
- Cash -€55,432
down €55,432 (-98.3%), from €56,380 to €948
mainly Current investments (-€90,000) and Receivables within one year (-€11,757)
- Receivables within one year +€11,757
up €11,757 (+46.5%), from €25,298 to €37,054
of which Other amounts receivable: +€11,307
- Reserves +€33,000
up €33,000 (+71.7%), from €46,000 to €79,000
- Tax, wage and social debts +€16,258
up €16,258 (+57.0%), from €28,524 to €44,782
- Accrued charges and deferred income -€4,844
no longer reported in 2025 (was €4,844)
- Trade debts +€2,168
up €2,168 (+332.8%), from €651 to €2,819
- Gross operating margin -€18,517
down €18,517 (-27.3%), from €67,712 to €49,196
- Taxes -€4,778
down €4,778 (-24.5%), from €19,467 to €14,688
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 | €82,832 | €130,190 | +€47,357 | +57.2% |
| Current assets | 29/58 | €82,832 | €130,190 | +€47,357 | +57.2% |
| Stocks and contracts in progress | 3 | €1,155 | €1,155 | = | 0.0% |
| Stocks | 30/36 | €1,155 | €1,155 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €25,298 | €37,054 | +€11,757 | +46.5% |
| Trade receivables | 40 | €23,262 | €23,712 | +€450 | +1.9% |
| Other amounts receivable | 41 | €2,035 | €13,342 | +€11,307 | +555.5% |
| Current investments | 50/53 | - | €90,000 | +€90,000 | |
| Cash at bank and in hand | 54/58 | €56,380 | €948 | -€55,432 | -98.3% |
| Deferred charges and accrued income | 490/1 | - | €1,032 | +€1,032 | |
| Total equity and liabilities | 10/49 | €82,832 | €130,190 | +€47,357 | +57.2% |
| Equity | 10/15 | €48,813 | €82,589 | +€33,776 | +69.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €46,000 | €79,000 | +€33,000 | +71.7% |
| Distributable reserves | 133 | €46,000 | €79,000 | +€33,000 | +71.7% |
| Profit (loss) carried forward | 14 | €813 | €1,589 | +€776 | +95.4% |
| Amounts payable | 17/49 | €34,019 | €47,601 | +€13,581 | +39.9% |
| Amounts payable within one year | 42/48 | €29,175 | €47,601 | +€18,426 | +63.2% |
| Trade debts | 44 | €651 | €2,819 | +€2,168 | +332.8% |
| Suppliers | 440/4 | €651 | €2,819 | +€2,168 | +332.8% |
| Taxes, remuneration and social security | 45 | €28,524 | €44,782 | +€16,258 | +57.0% |
| Taxes | 450/3 | €28,524 | €44,782 | +€16,258 | +57.0% |
| Accrued charges and deferred income | 492/3 | €4,844 | - | -€4,844 | |
| Other operating charges | 640/8 | €1,194 | €567 | -€627 | -52.5% |
| Gross operating margin | 9900 | €67,712 | €49,196 | -€18,517 | -27.3% |
| Operating profit (loss) | 9901 | €66,519 | €48,629 | -€17,890 | -26.9% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €240 | €164 | -€75 | -31.4% |
| Recurring financial charges | 65 | €240 | €164 | -€75 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | €66,280 | €48,464 | -€17,816 | -26.9% |
| Income taxes | 67/77 | €19,467 | €14,688 | -€4,778 | -24.5% |
| Profit (loss) for the period | 9904 | €46,813 | €33,776 | -€13,038 | -27.9% |
| Profit (loss) for the period to be appropriated | 9905 | €46,813 | €33,776 | -€13,038 | -27.9% |
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 30 September 2026 via checked.be.