RAFALE: 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.
RAFALE
Largest movements
- Tangible fixed assets -€22,205
down €22,205 (-5.0%), from €443,539 to €421,335
of which Land and buildings: -€12,276
- Cash +€8,162
up €8,162 (+181.8%), from €4,488 to €12,651
mainly Depreciation (+€22,205) and Receivables within one year (+€4,247)
- Debts after one year -€16,659
down €16,659 (-6.2%), from €270,734 to €254,076
of which Other amounts payable: -€10,000
- Depreciation -€4,126
down €4,126 (-15.7%), from €26,331 to €22,205
- Other operating charges +€2,679
up €2,679 (+111.9%), from €2,394 to €5,073
- Gross operating margin +€965
up €965 (+2.1%), from €45,796 to €46,761
- Financial charges +€802
up €802 (+4.6%), from €17,282 to €18,084
- Taxes +€564
new in 2025: €564
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 | €467,120 | €448,830 | -€18,290 | -3.9% |
| Fixed assets | 21/28 | €443,539 | €421,335 | -€22,205 | -5.0% |
| Tangible fixed assets | 22/27 | €443,539 | €421,335 | -€22,205 | -5.0% |
| Land and buildings | 22 | €342,240 | €329,964 | -€12,276 | -3.6% |
| Plant, machinery and equipment | 23 | €88,778 | €80,231 | -€8,547 | -9.6% |
| Furniture and vehicles | 24 | €12,521 | €11,139 | -€1,382 | -11.0% |
| Current assets | 29/58 | €23,581 | €27,495 | +€3,915 | +16.6% |
| Amounts receivable within one year | 40/41 | €19,092 | €14,845 | -€4,247 | -22.2% |
| Trade receivables | 40 | €13,538 | €10,882 | -€2,656 | -19.6% |
| Other amounts receivable | 41 | €5,555 | €3,963 | -€1,592 | -28.7% |
| Cash at bank and in hand | 54/58 | €4,488 | €12,651 | +€8,162 | +181.8% |
| Total equity and liabilities | 10/49 | €467,120 | €448,830 | -€18,290 | -3.9% |
| Equity | 10/15 | €166,892 | €167,727 | +€835 | +0.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | - | -€10,000 | |
| Reserves not available under the articles | 1311 | €10,000 | - | -€10,000 | |
| Distributable reserves | 133 | - | €10,000 | +€10,000 | |
| Profit (loss) carried forward | 14 | €33,642 | €35,639 | +€1,998 | +5.9% |
| Investment grants | 15 | €23,250 | €22,088 | -€1,163 | -5.0% |
| Amounts payable | 17/49 | €300,228 | €281,103 | -€19,125 | -6.4% |
| Amounts payable after more than one year | 17 | €270,734 | €254,076 | -€16,659 | -6.2% |
| Financial debts | 170/4 | €257,184 | €250,526 | -€6,659 | -2.6% |
| Other amounts payable | 178/9 | €13,550 | €3,550 | -€10,000 | -73.8% |
| Amounts payable within one year | 42/48 | €29,494 | €27,027 | -€2,467 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €23,080 | €23,601 | +€521 | +2.3% |
| Trade debts | 44 | €1,281 | €2,566 | +€1,285 | +100.3% |
| Suppliers | 440/4 | €1,281 | €2,566 | +€1,285 | +100.3% |
| Taxes, remuneration and social security | 45 | €5,133 | €860 | -€4,273 | -83.3% |
| Taxes | 450/3 | €5,133 | €860 | -€4,273 | -83.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,331 | €22,205 | -€4,126 | -15.7% |
| Other operating charges | 640/8 | €2,394 | €5,073 | +€2,679 | +111.9% |
| Gross operating margin | 9900 | €45,796 | €46,761 | +€965 | +2.1% |
| Operating profit (loss) | 9901 | €17,071 | €19,483 | +€2,412 | +14.1% |
| Financial income | 75/76B | €1,163 | €1,163 | = | 0.0% |
| Recurring financial income | 75 | €1,163 | €1,163 | = | 0.0% |
| Financial charges | 65/66B | €17,282 | €18,084 | +€802 | +4.6% |
| Recurring financial charges | 65 | €17,282 | €18,084 | +€802 | +4.6% |
| Profit (loss) for the period before taxes | 9903 | €952 | €2,561 | +€1,609 | +169.0% |
| Income taxes | 67/77 | - | €564 | +€564 | |
| Profit (loss) for the period | 9904 | €952 | €1,998 | +€1,046 | +109.8% |
| Profit (loss) for the period to be appropriated | 9905 | €952 | €1,998 | +€1,046 | +109.8% |
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 5 October 2026 via checked.be.