Rafco: 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.
Rafco
Largest movements
- Receivables within one year -€34,920
down €34,920 (-67.2%), from €51,934 to €17,013
of which Trade receivables: -€36,142
- Intangible fixed assets -€13,500
down €13,500 (-11.2%), from €120,760 to €107,260
- Cash -€5,697
down €5,697 (-99.8%), from €5,709 to €12
mainly Net result for the year (-€66,953)
- Reserves -€66,953
down €66,953 (-44.5%), from €150,608 to €83,655
- Tax, wage and social debts +€4,320
up €4,320 (+71.9%), from €6,008 to €10,328
- Short-term financial debts +€3,957
new in 2025: €3,957
- Trade debts +€3,645
up €3,645 (+127.9%), from €2,851 to €6,496
- Write-downs +€86,840
new in 2025: €86,840
- Gross operating margin +€26,465
up €26,465 (+184.4%), from €14,349 to €40,814
- Other operating charges +€2,487
up €2,487 (+247.8%), from €1,004 to €3,490
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 | €179,317 | €124,286 | -€55,031 | -30.7% |
| Fixed assets | 21/28 | €120,986 | €107,260 | -€13,725 | -11.3% |
| Intangible fixed assets | 21 | €120,760 | €107,260 | -€13,500 | -11.2% |
| Tangible fixed assets | 22/27 | €225 | €0 | -€225 | -100.0% |
| Furniture and vehicles | 24 | €225 | €0 | -€225 | -100.0% |
| Current assets | 29/58 | €58,331 | €17,026 | -€41,306 | -70.8% |
| Amounts receivable within one year | 40/41 | €51,934 | €17,013 | -€34,920 | -67.2% |
| Trade receivables | 40 | €46,521 | €10,378 | -€36,142 | -77.7% |
| Other amounts receivable | 41 | €5,413 | €6,635 | +€1,222 | +22.6% |
| Cash at bank and in hand | 54/58 | €5,709 | €12 | -€5,697 | -99.8% |
| Deferred charges and accrued income | 490/1 | €688 | €0 | -€688 | -100.0% |
| Total equity and liabilities | 10/49 | €179,317 | €124,286 | -€55,031 | -30.7% |
| Equity | 10/15 | €169,208 | €102,255 | -€66,953 | -39.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €150,608 | €83,655 | -€66,953 | -44.5% |
| Distributable reserves | 133 | €150,608 | €83,655 | -€66,953 | -44.5% |
| Amounts payable | 17/49 | €10,109 | €22,031 | +€11,922 | +117.9% |
| Amounts payable within one year | 42/48 | €8,859 | €20,781 | +€11,922 | +134.6% |
| Financial debts | 43 | - | €3,957 | +€3,957 | |
| Credit institutions | 430/8 | - | €3,957 | +€3,957 | |
| Trade debts | 44 | €2,851 | €6,496 | +€3,645 | +127.9% |
| Suppliers | 440/4 | €2,851 | €6,496 | +€3,645 | +127.9% |
| Taxes, remuneration and social security | 45 | €6,008 | €10,328 | +€4,320 | +71.9% |
| Taxes | 450/3 | €6,008 | €10,328 | +€4,320 | +71.9% |
| Accrued charges and deferred income | 492/3 | €1,250 | €1,250 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,977 | €13,725 | -€251 | -1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €86,840 | +€86,840 | |
| Other operating charges | 640/8 | €1,004 | €3,490 | +€2,487 | +247.8% |
| Gross operating margin | 9900 | €14,349 | €40,814 | +€26,465 | +184.4% |
| Operating profit (loss) | 9901 | -€631 | -€63,242 | -€62,611 | -9927.4% |
| Financial income | 75/76B | €27 | €50 | +€22 | +82.7% |
| Recurring financial income | 75 | €27 | €50 | +€22 | +82.7% |
| Financial charges | 65/66B | €2,641 | €2,857 | +€216 | +8.2% |
| Recurring financial charges | 65 | €2,641 | €2,857 | +€216 | +8.2% |
| Profit (loss) for the period before taxes | 9903 | -€3,245 | -€66,049 | -€62,805 | -1935.6% |
| Income taxes | 67/77 | €984 | €903 | -€81 | -8.2% |
| Profit (loss) for the period | 9904 | -€4,229 | -€66,953 | -€62,724 | -1483.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,229 | -€66,953 | -€62,724 | -1483.3% |
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 10 October 2026 via checked.be.