RAFANO: 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.
What changed
RAFANO
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€1,831
2024 · -€25,483+€23,652
Equity
€23,325
2024 · €25,156-€1,831
Cash
€8,131
2024 · €7,373+€758
Balance sheet total
€399,769
2024 · €351,745+€48,024
Largest movements
Assets
- Tangible fixed assets +€41,718
up €41,718 (+12.2%), from €342,078 to €383,796
of which Furniture and vehicles: +€39,368
Equity and liabilities
- Other debts +€48,902
up €48,902 (+15.1%), from €324,069 to €372,971
Income statement
- Write-downs -€14,992
down €14,992 (-100.0%), from €14,992 to €0
- Gross operating margin +€11,531
up €11,531, from -€1,134 to €10,397
- Taxes +€3,219
up €3,219 (+1011.1%), from €318 to €3,537
- Other operating charges -€273
down €273 (-10.1%), from €2,696 to €2,423
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.
Result 2024
-€25,483
Gross operating margin
+€11,531
Staff costs
-€4
Depreciation
+€83
Write-downs
+€14,992
Other operating charges
+€273
Financial income
-€5
Financial charges
+€2
Taxes
-€3,219
Result 2025
-€1,831
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.
From operations
+€48,324
Investment
-€47,566
Financing
€0
Cash 2024
€7,373
From operations (derived)
+€48,324
Net result for the year
-€1,831
Depreciation
+€5,848
Receivables within one year
-€3,911
Deferred charges and accrued income
-€1,637
Trade debts
+€1,826
Tax, wage and social debts
+€237
Other debts
+€48,902
Accrued charges and deferred income
-€1,109
Investment (derived)
-€47,566
Investment in fixed assets (net)
-€47,566
Cash 2025
€8,131
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €351,745 | €399,769 | +€48,024 | +13.7% |
| Fixed assets | 21/28 | €342,461 | €384,179 | +€41,718 | +12.2% |
| Tangible fixed assets | 22/27 | €342,078 | €383,796 | +€41,718 | +12.2% |
| Furniture and vehicles | 24 | €6,095 | €45,463 | +€39,368 | +645.9% |
| Other tangible fixed assets | 26 | €335,983 | €338,333 | +€2,350 | +0.7% |
| Financial fixed assets | 28 | €383 | €383 | = | 0.0% |
| Current assets | 29/58 | €9,284 | €15,590 | +€6,306 | +67.9% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €1,911 | €5,822 | +€3,911 | +204.6% |
| Trade receivables | 40 | €346 | €2,230 | +€1,883 | +543.7% |
| Other amounts receivable | 41 | €1,565 | €3,592 | +€2,028 | +129.6% |
| Cash at bank and in hand | 54/58 | €7,373 | €8,131 | +€758 | +10.3% |
| Deferred charges and accrued income | 490/1 | - | €1,637 | +€1,637 | |
| Total equity and liabilities | 10/49 | €351,745 | €399,769 | +€48,024 | +13.7% |
| Equity | 10/15 | €25,156 | €23,325 | -€1,831 | -7.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €19,082 | €19,082 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,680 | €2,680 | = | 0.0% |
| Distributable reserves | 133 | €10,202 | €10,202 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€55,926 | -€57,757 | -€1,831 | -3.3% |
| Amounts payable | 17/49 | €326,589 | €376,444 | +€49,855 | +15.3% |
| Amounts payable within one year | 42/48 | €325,000 | €375,964 | +€50,964 | +15.7% |
| Trade debts | 44 | €665 | €2,490 | +€1,826 | +274.7% |
| Suppliers | 440/4 | €665 | €2,490 | +€1,826 | +274.7% |
| Taxes, remuneration and social security | 45 | €266 | €503 | +€237 | +89.1% |
| Taxes | 450/3 | €266 | €503 | +€237 | +89.1% |
| Other amounts payable | 47/48 | €324,069 | €372,971 | +€48,902 | +15.1% |
| Accrued charges and deferred income | 492/3 | €1,589 | €480 | -€1,109 | -69.8% |
| Remuneration, social security and pensions | 62 | €104 | €108 | +€4 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,931 | €5,848 | -€83 | -1.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,992 | €0 | -€14,992 | -100.0% |
| Other operating charges | 640/8 | €2,696 | €2,423 | -€273 | -10.1% |
| Gross operating margin | 9900 | -€1,134 | €10,397 | +€11,531 | |
| Operating profit (loss) | 9901 | -€24,856 | €2,018 | +€26,874 | |
| Financial income | 75/76B | €5 | €0 | -€5 | -100.0% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -100.0% |
| Financial charges | 65/66B | €314 | €312 | -€2 | -0.6% |
| Recurring financial charges | 65 | €314 | €312 | -€2 | -0.6% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€25,165 | €1,706 | +€26,871 | |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €318 | €3,537 | +€3,219 | +1011.1% |
| Profit (loss) for the period | 9904 | -€25,483 | -€1,831 | +€23,652 | +92.8% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,483 | -€1,831 | +€23,652 | +92.8% |
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 30 September 2026 via checked.be.