RAFAR: 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.
RAFAR
Largest movements
- Tangible fixed assets +€144,218
up €144,218 (+78.6%), from €183,550 to €327,768
- Financial fixed assets -€123,900
down €123,900 (-25.0%), from €495,650 to €371,750
- Receivables within one year -€116,941
down €116,941 (-53.9%), from €216,759 to €99,818
of which Other amounts receivable: -€124,087
- Receivables after one year +€33,237
up €33,237 (+9.9%), from €335,000 to €368,237
- Cash -€16,065
down €16,065 (-6.6%), from €243,774 to €227,709
mainly Net result for the year (-€47,395) and Investment in fixed assets (net) (-€41,100)
- Profit (loss) carried forward -€47,395
down €47,395 (-4.2%), from €1.1m to €1.1m
- Debts after one year -€23,018
down €23,018 (-16.7%), from €137,733 to €114,715
- Financial income -€30,661
down €30,661 (-57.1%), from €53,677 to €23,016
of which Non-recurring financial income: -€45,077
- Other operating charges +€17,667
up €17,667 (+384.7%), from €4,593 to €22,260
- Gross operating margin -€14,369
down €14,369 (-248.0%), from -€5,793 to -€20,162
- Depreciation +€2,399
up €2,399 (+13.0%), from €18,383 to €20,782
- Financial charges -€847
down €847 (-10.5%), from €8,054 to €7,207
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 | €1,475,207 | €1,395,281 | -€79,925 | -5.4% |
| Fixed assets | 21/28 | €679,200 | €699,518 | +€20,318 | +3.0% |
| Tangible fixed assets | 22/27 | €183,550 | €327,768 | +€144,218 | +78.6% |
| Land and buildings | 22 | €183,550 | €327,768 | +€144,218 | +78.6% |
| Financial fixed assets | 28 | €495,650 | €371,750 | -€123,900 | -25.0% |
| Current assets | 29/58 | €796,007 | €695,764 | -€100,243 | -12.6% |
| Amounts receivable after more than one year | 29 | €335,000 | €368,237 | +€33,237 | +9.9% |
| Other amounts receivable | 291 | €335,000 | €368,237 | +€33,237 | +9.9% |
| Amounts receivable within one year | 40/41 | €216,759 | €99,818 | -€116,941 | -53.9% |
| Trade receivables | 40 | - | €7,146 | +€7,146 | |
| Other amounts receivable | 41 | €216,759 | €92,672 | -€124,087 | -57.2% |
| Cash at bank and in hand | 54/58 | €243,774 | €227,709 | -€16,065 | -6.6% |
| Deferred charges and accrued income | 490/1 | €474 | - | -€474 | |
| Total equity and liabilities | 10/49 | €1,475,207 | €1,395,281 | -€79,925 | -5.4% |
| Equity | 10/15 | €1,294,546 | €1,247,150 | -€47,395 | -3.7% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €162,860 | €162,860 | = | 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% |
| Distributable reserves | 133 | €161,000 | €161,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,119,186 | €1,071,790 | -€47,395 | -4.2% |
| Amounts payable | 17/49 | €180,661 | €148,131 | -€32,530 | -18.0% |
| Amounts payable after more than one year | 17 | €137,733 | €114,715 | -€23,018 | -16.7% |
| Financial debts | 170/4 | €137,733 | €114,715 | -€23,018 | -16.7% |
| Amounts payable within one year | 42/48 | €42,928 | €33,416 | -€9,512 | -22.2% |
| Current portion of amounts payable after more than one year | 42 | €22,026 | €23,018 | +€992 | +4.5% |
| Trade debts | 44 | €11,946 | €7,511 | -€4,434 | -37.1% |
| Suppliers | 440/4 | €11,946 | €7,511 | -€4,434 | -37.1% |
| Taxes, remuneration and social security | 45 | €8,545 | €1,921 | -€6,624 | -77.5% |
| Taxes | 450/3 | €8,131 | €1,921 | -€6,210 | -76.4% |
| Remuneration and social security | 454/9 | €414 | - | -€414 | |
| Other amounts payable | 47/48 | €411 | €965 | +€555 | +135.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,383 | €20,782 | +€2,399 | +13.0% |
| Other operating charges | 640/8 | €4,593 | €22,260 | +€17,667 | +384.7% |
| Gross operating margin | 9900 | -€5,793 | -€20,162 | -€14,369 | -248.0% |
| Operating profit (loss) | 9901 | -€28,770 | -€63,204 | -€34,435 | -119.7% |
| Financial income | 75/76B | €53,677 | €23,016 | -€30,661 | -57.1% |
| Recurring financial income | 75 | €53,677 | €14,416 | -€39,261 | -73.1% |
| Non-recurring financial income | 76B | €53,677 | €8,600 | -€45,077 | -84.0% |
| Financial charges | 65/66B | €8,054 | €7,207 | -€847 | -10.5% |
| Recurring financial charges | 65 | €8,054 | €7,207 | -€847 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €16,853 | -€47,395 | -€64,249 | |
| Income taxes | 67/77 | -€317 | - | +€317 | |
| Profit (loss) for the period | 9904 | €17,171 | -€47,395 | -€64,566 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,171 | -€47,395 | -€64,566 |
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 11 October 2026 via checked.be.