RAFCON: 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.
RAFCON
Largest movements
- Cash +€67,408
up €67,408 (+21.3%), from €316,100 to €383,508
mainly Net result for the year (+€37,166) and Depreciation (+€36,927)
- Tangible fixed assets -€35,858
down €35,858 (-34.6%), from €103,732 to €67,874
- Reserves +€37,166
up €37,166 (+17.2%), from €216,670 to €253,836
- Debts after one year -€24,460
down €24,460 (-51.7%), from €47,269 to €22,808
- Other debts +€14,601
up €14,601 (+11.6%), from €125,978 to €140,579
- Financial charges +€8,116
up €8,116 (+427%), from €1,902 to €10,018
- Gross operating margin +€5,869
up €5,869 (+5.9%), from €99,072 to €104,941
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 | €434,840 | €467,412 | +€32,572 | +7.5% |
| Fixed assets | 21/28 | €104,082 | €68,224 | -€35,858 | -34.5% |
| Tangible fixed assets | 22/27 | €103,732 | €67,874 | -€35,858 | -34.6% |
| Furniture and vehicles | 24 | €103,732 | €67,874 | -€35,858 | -34.6% |
| Financial fixed assets | 28 | €350 | €350 | = | 0.0% |
| Current assets | 29/58 | €330,758 | €399,188 | +€68,430 | +20.7% |
| Amounts receivable within one year | 40/41 | €14,658 | €15,680 | +€1,022 | +7.0% |
| Trade receivables | 40 | €14,658 | €15,183 | +€525 | +3.6% |
| Other amounts receivable | 41 | €0 | €497 | +€497 | |
| Cash at bank and in hand | 54/58 | €316,100 | €383,508 | +€67,408 | +21.3% |
| Total equity and liabilities | 10/49 | €434,840 | €467,412 | +€32,572 | +7.5% |
| Equity | 10/15 | €229,070 | €266,236 | +€37,166 | +16.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €216,670 | €253,836 | +€37,166 | +17.2% |
| Distributable reserves | 133 | €216,670 | €253,836 | +€37,166 | +17.2% |
| Amounts payable | 17/49 | €205,770 | €201,176 | -€4,594 | -2.2% |
| Amounts payable after more than one year | 17 | €47,269 | €22,808 | -€24,460 | -51.7% |
| Financial debts | 170/4 | €47,269 | €22,808 | -€24,460 | -51.7% |
| Amounts payable within one year | 42/48 | €158,502 | €175,803 | +€17,301 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €24,028 | €24,460 | +€432 | +1.8% |
| Trade debts | 44 | €4,066 | €2,260 | -€1,806 | -44.4% |
| Suppliers | 440/4 | €4,066 | €2,260 | -€1,806 | -44.4% |
| Taxes, remuneration and social security | 45 | €4,430 | €8,504 | +€4,074 | +92.0% |
| Taxes | 450/3 | €4,430 | €8,504 | +€4,074 | +92.0% |
| Other amounts payable | 47/48 | €125,978 | €140,579 | +€14,601 | +11.6% |
| Accrued charges and deferred income | 492/3 | - | €2,565 | +€2,565 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,563 | €36,927 | +€363 | +1.0% |
| Other operating charges | 640/8 | €1,678 | €1,080 | -€598 | -35.6% |
| Gross operating margin | 9900 | €99,072 | €104,941 | +€5,869 | +5.9% |
| Operating profit (loss) | 9901 | €60,830 | €66,934 | +€6,103 | +10.0% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100% |
| Financial charges | 65/66B | €1,902 | €10,018 | +€8,116 | +427% |
| Recurring financial charges | 65 | €1,902 | €10,018 | +€8,116 | +427% |
| Profit (loss) for the period before taxes | 9903 | €58,929 | €56,916 | -€2,014 | -3.4% |
| Income taxes | 67/77 | €20,268 | €19,750 | -€518 | -2.6% |
| Profit (loss) for the period | 9904 | €38,661 | €37,166 | -€1,496 | -3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €38,661 | €37,166 | -€1,496 | -3.9% |
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 31 October 2026 via checked.be.