RAFANEN: 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.
RAFANEN
Largest movements
- Cash +€15,999
up €15,999 (+126%), from €12,740 to €28,738
mainly Other debts (+€67,805) and Net result for the year (+€12,342)
- Receivables within one year -€2,046
down €2,046 (-3.1%), from €65,904 to €63,858
of which Trade receivables: -€3,855
- Deferred charges and accrued income +€1,786
up €1,786 (+43.8%), from €4,077 to €5,863
- Other debts +€67,805
up €67,805 (+8,635%), from €785 to €68,590
- Reserves -€55,748
down €55,748 (-63.3%), from €88,136 to €32,388
- Tax, wage and social debts +€2,289
up €2,289 (+113%), from €2,035 to €4,324
- Trade debts +€1,953
up €1,953 (+24.3%), from €8,043 to €9,996
- Write-downs +€32,642
no longer reported in 2025 (was -€32,642)
- Other operating charges -€30,836
down €30,836 (-93.1%), from €33,126 to €2,290
- Financial charges -€28,524
down €28,524 (-94.9%), from €30,071 to €1,547
of which Non-recurring financial charges: -€28,179
- Financial income -€28,241
down €28,241 (-95.9%), from €29,458 to €1,217
of which Non-recurring financial income: -€28,179
- Taxes +€1,444
up €1,444 (+86.8%), from €1,663 to €3,107
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 | €117,620 | €133,899 | +€16,279 | +13.8% |
| Fixed assets | 21/28 | €34,899 | €35,440 | +€541 | +1.5% |
| Tangible fixed assets | 22/27 | €3,899 | €4,440 | +€541 | +13.9% |
| Plant, machinery and equipment | 23 | €172 | €86 | -€86 | -50.2% |
| Furniture and vehicles | 24 | €3,727 | €4,354 | +€627 | +16.8% |
| Financial fixed assets | 28 | €31,000 | €31,000 | = | 0.0% |
| Current assets | 29/58 | €82,721 | €98,459 | +€15,738 | +19.0% |
| Amounts receivable within one year | 40/41 | €65,904 | €63,858 | -€2,046 | -3.1% |
| Trade receivables | 40 | €64,540 | €60,685 | -€3,855 | -6.0% |
| Other amounts receivable | 41 | €1,365 | €3,173 | +€1,809 | +133% |
| Cash at bank and in hand | 54/58 | €12,740 | €28,738 | +€15,999 | +126% |
| Deferred charges and accrued income | 490/1 | €4,077 | €5,863 | +€1,786 | +43.8% |
| Total equity and liabilities | 10/49 | €117,620 | €133,899 | +€16,279 | +13.8% |
| Equity | 10/15 | €106,736 | €50,988 | -€55,748 | -52.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €88,136 | €32,388 | -€55,748 | -63.3% |
| Distributable reserves | 133 | €88,136 | €32,388 | -€55,748 | -63.3% |
| Amounts payable | 17/49 | €10,883 | €82,910 | +€72,027 | +662% |
| Amounts payable within one year | 42/48 | €10,863 | €82,910 | +€72,048 | +663% |
| Trade debts | 44 | €8,043 | €9,996 | +€1,953 | +24.3% |
| Suppliers | 440/4 | €8,043 | €9,996 | +€1,953 | +24.3% |
| Taxes, remuneration and social security | 45 | €2,035 | €4,324 | +€2,289 | +113% |
| Taxes | 450/3 | €2,035 | €4,324 | +€2,289 | +113% |
| Other amounts payable | 47/48 | €785 | €68,590 | +€67,805 | +8,635% |
| Accrued charges and deferred income | 492/3 | €20 | - | -€20 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,471 | €2,772 | +€301 | +12.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€32,642 | - | +€32,642 | |
| Other operating charges | 640/8 | €33,126 | €2,290 | -€30,836 | -93.1% |
| Non-recurring operating charges | 66A | €126 | - | -€126 | |
| Gross operating margin | 9900 | €19,944 | €20,840 | +€896 | +4.5% |
| Operating profit (loss) | 9901 | €16,863 | €15,779 | -€1,084 | -6.4% |
| Financial income | 75/76B | €29,458 | €1,217 | -€28,241 | -95.9% |
| Recurring financial income | 75 | €1,279 | €1,217 | -€62 | -4.8% |
| Non-recurring financial income | 76B | €28,179 | - | -€28,179 | |
| Financial charges | 65/66B | €30,071 | €1,547 | -€28,524 | -94.9% |
| Recurring financial charges | 65 | €1,892 | €1,547 | -€344 | -18.2% |
| Non-recurring financial charges | 66B | €28,179 | - | -€28,179 | |
| Profit (loss) for the period before taxes | 9903 | €16,251 | €15,449 | -€802 | -4.9% |
| Income taxes | 67/77 | €1,663 | €3,107 | +€1,444 | +86.8% |
| Profit (loss) for the period | 9904 | €14,588 | €12,342 | -€2,245 | -15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €14,588 | €12,342 | -€2,245 | -15.4% |
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 25 October 2026 via checked.be.