RAFAELOV: 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.
RAFAELOV
Largest movements
- Stocks and contracts +€481,019
up €481,019 (+380%), from €126,659 to €607,677
- Receivables within one year +€472,442
up €472,442 (+2,312%), from €20,438 to €492,879
of which Trade receivables: +€243,224
- Cash +€141,701
up €141,701 (+3,201%), from €4,427 to €146,128
mainly Tax, wage and social debts (+€484,635) and Trade debts (+€392,106)
- Tax, wage and social debts +€484,635
up €484,635 (+3,005%), from €16,126 to €500,761
of which Taxes: +€486,276
- Trade debts +€392,106
up €392,106 (+501%), from €78,263 to €470,368
- Profit (loss) carried forward +€211,037
up €211,037 (+4,113%), from €5,131 to €216,168
- Other debts +€13,525
up €13,525 (+40.8%), from €33,176 to €46,701
- Gross operating margin +€311,803
up €311,803 (+327%), from €95,383 to €407,187
- Taxes +€78,508
new in 2025: €78,508
- Staff costs +€49,704
up €49,704 (+266%), from €18,659 to €68,363
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 | €153,155 | €1,264,957 | +€1.1m | +726% |
| Fixed assets | 21/28 | - | €16,526 | +€16,526 | |
| Intangible fixed assets | 21 | - | €7,768 | +€7,768 | |
| Tangible fixed assets | 22/27 | - | €5,158 | +€5,158 | |
| Furniture and vehicles | 24 | - | €5,158 | +€5,158 | |
| Financial fixed assets | 28 | - | €3,600 | +€3,600 | |
| Current assets | 29/58 | €153,155 | €1,248,431 | +€1.1m | +715% |
| Stocks and contracts in progress | 3 | €126,659 | €607,677 | +€481,019 | +380% |
| Stocks | 30/36 | €126,659 | €607,677 | +€481,019 | +380% |
| Amounts receivable within one year | 40/41 | €20,438 | €492,879 | +€472,442 | +2,312% |
| Trade receivables | 40 | €12,399 | €255,623 | +€243,224 | +1,962% |
| Other amounts receivable | 41 | €8,039 | €237,256 | +€229,217 | +2,851% |
| Cash at bank and in hand | 54/58 | €4,427 | €146,128 | +€141,701 | +3,201% |
| Deferred charges and accrued income | 490/1 | €1,632 | €1,747 | +€115 | +7.1% |
| Total equity and liabilities | 10/49 | €153,155 | €1,264,957 | +€1.1m | +726% |
| Equity | 10/15 | €25,591 | €236,628 | +€211,037 | +825% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,131 | €216,168 | +€211,037 | +4,113% |
| Amounts payable | 17/49 | €127,564 | €1,028,329 | +€900,765 | +706% |
| Amounts payable within one year | 42/48 | €127,564 | €1,028,329 | +€900,765 | +706% |
| Trade debts | 44 | €78,263 | €470,368 | +€392,106 | +501% |
| Suppliers | 440/4 | €78,263 | €470,368 | +€392,106 | +501% |
| Advances received on contracts in progress | 46 | - | €10,499 | +€10,499 | |
| Taxes, remuneration and social security | 45 | €16,126 | €500,761 | +€484,635 | +3,005% |
| Taxes | 450/3 | €2,965 | €489,241 | +€486,276 | +16,400% |
| Remuneration and social security | 454/9 | €13,161 | €11,520 | -€1,640 | -12.5% |
| Other amounts payable | 47/48 | €33,176 | €46,701 | +€13,525 | +40.8% |
| Remuneration, social security and pensions | 62 | €18,659 | €68,363 | +€49,704 | +266% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,490 | +€1,490 | |
| Other operating charges | 640/8 | €569 | €3,978 | +€3,408 | +599% |
| Gross operating margin | 9900 | €95,383 | €407,187 | +€311,803 | +327% |
| Operating profit (loss) | 9901 | €76,155 | €333,355 | +€257,201 | +338% |
| Financial income | 75/76B | €552 | €1,849 | +€1,297 | +235% |
| Recurring financial income | 75 | €552 | €1,849 | +€1,297 | +235% |
| Financial charges | 65/66B | €2,867 | €2,801 | -€65 | -2.3% |
| Recurring financial charges | 65 | €2,867 | €2,801 | -€65 | -2.3% |
| Profit (loss) for the period before taxes | 9903 | €73,839 | €332,403 | +€258,563 | +350% |
| Income taxes | 67/77 | - | €78,508 | +€78,508 | |
| Profit (loss) for the period | 9904 | €73,839 | €253,894 | +€180,055 | +244% |
| Profit (loss) for the period to be appropriated | 9905 | €73,839 | €253,894 | +€180,055 | +244% |
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 18 October 2026 via checked.be.