RAFELIS: 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.
RAFELIS
Largest movements
- Receivables within one year +€30,283
up €30,283 (+14.6%), from €207,587 to €237,870
of which Other amounts receivable: +€48,692
- Tangible fixed assets +€21,814
up €21,814 (+61.6%), from €35,385 to €57,200
- Cash +€5,453
up €5,453 (+9918.4%), from €55 to €5,508
- Profit (loss) carried forward +€104,670
up €104,670 (+108.9%), from €96,134 to €200,804
- Trade debts -€42,933
down €42,933 (-38.8%), from €110,693 to €67,760
of which Bills of exchange payable: -€54,255
- Tax, wage and social debts -€4,203
down €4,203 (-13.5%), from €31,199 to €26,997
- Purchases and services -€1.3m
no longer reported in 2025 (was €1.3m)
- Turnover -€389,397
down €389,397 (-27.9%), from €1.4m to €1.0m
- Gross operating margin +€51,498
up €51,498 (+39.8%), from €129,347 to €180,846
- Financial charges +€21,188
up €21,188 (+160.4%), from €13,209 to €34,397
- Other operating charges +€18,137
up €18,137 (+6712.8%), from €270 to €18,408
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €243,027 | €300,578 | +€57,551 | +23.7% |
| Fixed assets | 21/28 | €35,385 | €57,200 | +€21,814 | +61.6% |
| Tangible fixed assets | 22/27 | €35,385 | €57,200 | +€21,814 | +61.6% |
| Furniture and vehicles | 24 | €35,385 | €57,200 | +€21,814 | +61.6% |
| Current assets | 29/58 | €207,642 | €243,378 | +€35,736 | +17.2% |
| Amounts receivable within one year | 40/41 | €207,587 | €237,870 | +€30,283 | +14.6% |
| Trade receivables | 40 | €150,884 | €132,475 | -€18,409 | -12.2% |
| Other amounts receivable | 41 | €56,703 | €105,395 | +€48,692 | +85.9% |
| Cash at bank and in hand | 54/58 | €55 | €5,508 | +€5,453 | +9918.4% |
| Total equity and liabilities | 10/49 | €243,027 | €300,578 | +€57,551 | +23.7% |
| Equity | 10/15 | €101,134 | €205,804 | +€104,670 | +103.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €96,134 | €200,804 | +€104,670 | +108.9% |
| Amounts payable | 17/49 | €141,893 | €94,774 | -€47,119 | -33.2% |
| Amounts payable within one year | 42/48 | €141,893 | €94,774 | -€47,119 | -33.2% |
| Current portion of amounts payable after more than one year | 42 | €1 | - | -€1 | |
| Financial debts | 43 | - | €17 | +€17 | |
| Other loans | 439 | - | €17 | +€17 | |
| Trade debts | 44 | €110,693 | €67,760 | -€42,933 | -38.8% |
| Suppliers | 440/4 | €38,493 | €49,815 | +€11,322 | +29.4% |
| Bills of exchange payable | 441 | €72,200 | €17,945 | -€54,255 | -75.1% |
| Taxes, remuneration and social security | 45 | €31,199 | €26,997 | -€4,203 | -13.5% |
| Taxes | 450/3 | €31,199 | €26,997 | -€4,203 | -13.5% |
| Turnover | 70 | €1,395,001 | €1,005,604 | -€389,397 | -27.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €1,265,654 | - | -€1.3m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,911 | €26,246 | +€12,335 | +88.7% |
| Other operating charges | 640/8 | €270 | €18,408 | +€18,137 | +6712.8% |
| Gross operating margin | 9900 | €129,347 | €180,846 | +€51,498 | +39.8% |
| Operating profit (loss) | 9901 | €115,167 | €136,192 | +€21,026 | +18.3% |
| Financial charges | 65/66B | €13,209 | €34,397 | +€21,188 | +160.4% |
| Recurring financial charges | 65 | €13,209 | €34,397 | +€21,188 | +160.4% |
| Profit (loss) for the period before taxes | 9903 | €101,958 | €101,796 | -€162 | -0.2% |
| Income taxes | 67/77 | €25,557 | €22,226 | -€3,331 | -13.0% |
| Profit (loss) for the period | 9904 | €76,401 | €79,570 | +€3,169 | +4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €76,401 | €79,570 | +€3,169 | +4.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.