RAFBOC: 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.
RAFBOC
Largest movements
- Stocks and contracts -€225,100
down €225,100 (-99.4%), from €226,520 to €1,420
- Tangible fixed assets +€126,430
up €126,430 (+602.5%), from €20,985 to €147,415
of which Land and buildings: +€95,341
- Receivables within one year +€10,239
up €10,239 (+2159.7%), from €474 to €10,713
of which Trade receivables: +€8,846
- Cash +€8,668
up €8,668 (+611.9%), from €1,416 to €10,084
mainly Stocks and contracts (+€225,100) and Debts after one year (+€102,910)
- Other debts -€207,217
down €207,217 (-74.7%), from €277,246 to €70,029
- Debts after one year +€102,910
new in 2025: €102,910
- Current portion of long-term debt +€19,063
new in 2025: €19,063
- Tax, wage and social debts +€8,644
new in 2025: €8,644
of which Remuneration and social security: +€6,317
- Profit (loss) carried forward -€8,219
down €8,219 (-29.0%), from -€28,350 to -€36,569
- Gross operating margin +€30,260
up €30,260, from -€907 to €29,353
- Staff costs +€19,198
new in 2025: €19,198
- Depreciation +€12,262
up €12,262 (+33357.3%), from €37 to €12,299
- Financial charges -€309
down €309 (-5.4%), from €5,759 to €5,450
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 | €249,395 | €170,685 | -€78,710 | -31.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €20,985 | €147,415 | +€126,430 | +602.5% |
| Tangible fixed assets | 22/27 | €20,985 | €147,415 | +€126,430 | +602.5% |
| Land and buildings | 22 | €20,985 | €116,326 | +€95,341 | +454.3% |
| Plant, machinery and equipment | 23 | - | €4,822 | +€4,822 | |
| Furniture and vehicles | 24 | - | €26,267 | +€26,267 | |
| Current assets | 29/58 | €228,410 | €23,270 | -€205,140 | -89.8% |
| Stocks and contracts in progress | 3 | €226,520 | €1,420 | -€225,100 | -99.4% |
| Stocks | 30/36 | €226,520 | €1,420 | -€225,100 | -99.4% |
| Amounts receivable within one year | 40/41 | €474 | €10,713 | +€10,239 | +2159.7% |
| Trade receivables | 40 | - | €8,846 | +€8,846 | |
| Other amounts receivable | 41 | €474 | €1,867 | +€1,393 | +293.7% |
| Cash at bank and in hand | 54/58 | €1,416 | €10,084 | +€8,668 | +611.9% |
| Deferred charges and accrued income | 490/1 | - | €1,053 | +€1,053 | |
| Total equity and liabilities | 10/49 | €249,395 | €170,685 | -€78,710 | -31.6% |
| Equity | 10/15 | -€27,850 | -€36,069 | -€8,219 | -29.5% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,350 | -€36,569 | -€8,219 | -29.0% |
| Amounts payable | 17/49 | €277,246 | €206,754 | -€70,492 | -25.4% |
| Amounts payable after more than one year | 17 | - | €102,910 | +€102,910 | |
| Financial debts | 170/4 | - | €102,910 | +€102,910 | |
| Amounts payable within one year | 42/48 | €277,246 | €103,509 | -€173,737 | -62.7% |
| Current portion of amounts payable after more than one year | 42 | - | €19,063 | +€19,063 | |
| Trade debts | 44 | - | €5,774 | +€5,774 | |
| Suppliers | 440/4 | - | €5,774 | +€5,774 | |
| Taxes, remuneration and social security | 45 | - | €8,644 | +€8,644 | |
| Taxes | 450/3 | - | €2,327 | +€2,327 | |
| Remuneration and social security | 454/9 | - | €6,317 | +€6,317 | |
| Other amounts payable | 47/48 | €277,246 | €70,029 | -€207,217 | -74.7% |
| Accrued charges and deferred income | 492/3 | - | €335 | +€335 | |
| Remuneration, social security and pensions | 62 | - | €19,198 | +€19,198 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37 | €12,299 | +€12,262 | +33357.3% |
| Other operating charges | 640/8 | €387 | €624 | +€237 | +61.2% |
| Gross operating margin | 9900 | -€907 | €29,353 | +€30,260 | |
| Operating profit (loss) | 9901 | -€1,331 | -€2,768 | -€1,437 | -108.0% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €5,759 | €5,450 | -€309 | -5.4% |
| Recurring financial charges | 65 | €5,759 | €5,450 | -€309 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | -€7,090 | -€8,219 | -€1,128 | -15.9% |
| Profit (loss) for the period | 9904 | -€7,090 | -€8,219 | -€1,128 | -15.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,090 | -€8,219 | -€1,128 | -15.9% |
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 1 October 2026 via checked.be.