RAFELS: 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.
RAFELS
Largest movements
- Cash +€18,546
up €18,546 (+34.4%), from €53,947 to €72,493
mainly Depreciation (+€29,812) and Net result for the year (+€16,940)
- Tangible fixed assets -€16,187
down €16,187 (-6.3%), from €257,375 to €241,188
of which Land and buildings: -€14,525
- Receivables within one year +€5,420
up €5,420 (+44.2%), from €12,263 to €17,684
of which Trade receivables: +€3,736
- Reserves +€16,940
up €16,940 (+6.8%), from €248,891 to €265,830
of which Distributable reserves: +€21,786
- Debts after one year -€6,299
down €6,299 (-49.0%), from €12,846 to €6,546
- Gross operating margin -€8,124
down €8,124 (-12.8%), from €63,656 to €55,532
- Taxes -€2,437
down €2,437 (-19.8%), from €12,286 to €9,849
- Depreciation +€1,943
up €1,943 (+7.0%), from €27,869 to €29,812
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 | €331,310 | €336,437 | +€5,127 | +1.5% |
| Fixed assets | 21/28 | €257,970 | €241,783 | -€16,187 | -6.3% |
| Tangible fixed assets | 22/27 | €257,375 | €241,188 | -€16,187 | -6.3% |
| Land and buildings | 22 | €253,334 | €238,810 | -€14,525 | -5.7% |
| Plant, machinery and equipment | 23 | €682 | €452 | -€230 | -33.7% |
| Furniture and vehicles | 24 | €3,359 | €1,926 | -€1,433 | -42.7% |
| Financial fixed assets | 28 | €595 | €595 | = | 0.0% |
| Current assets | 29/58 | €73,340 | €94,654 | +€21,314 | +29.1% |
| Amounts receivable within one year | 40/41 | €12,263 | €17,684 | +€5,420 | +44.2% |
| Trade receivables | 40 | €11,618 | €15,354 | +€3,736 | +32.2% |
| Other amounts receivable | 41 | €646 | €2,330 | +€1,684 | +260.9% |
| Cash at bank and in hand | 54/58 | €53,947 | €72,493 | +€18,546 | +34.4% |
| Deferred charges and accrued income | 490/1 | €7,130 | €4,478 | -€2,652 | -37.2% |
| Total equity and liabilities | 10/49 | €331,310 | €336,437 | +€5,127 | +1.5% |
| Equity | 10/15 | €268,891 | €285,830 | +€16,940 | +6.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €248,891 | €265,830 | +€16,940 | +6.8% |
| Tax-exempt reserves | 132 | €48,508 | €43,662 | -€4,847 | -10.0% |
| Distributable reserves | 133 | €200,382 | €222,169 | +€21,786 | +10.9% |
| Provisions and deferred taxes | 16 | €20,784 | €18,706 | -€2,078 | -10.0% |
| Deferred taxes | 168 | €20,784 | €18,706 | -€2,078 | -10.0% |
| Amounts payable | 17/49 | €41,635 | €31,901 | -€9,734 | -23.4% |
| Amounts payable after more than one year | 17 | €12,846 | €6,546 | -€6,299 | -49.0% |
| Financial debts | 170/4 | €12,846 | €6,546 | -€6,299 | -49.0% |
| Amounts payable within one year | 42/48 | €28,789 | €25,354 | -€3,435 | -11.9% |
| Current portion of amounts payable after more than one year | 42 | €6,062 | €6,299 | +€238 | +3.9% |
| Trade debts | 44 | €3,268 | - | -€3,268 | |
| Suppliers | 440/4 | €3,268 | - | -€3,268 | |
| Taxes, remuneration and social security | 45 | €7,567 | €5,722 | -€1,845 | -24.4% |
| Taxes | 450/3 | €7,567 | €5,722 | -€1,845 | -24.4% |
| Other amounts payable | 47/48 | €11,893 | €13,334 | +€1,441 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,869 | €29,812 | +€1,943 | +7.0% |
| Other operating charges | 640/8 | €335 | €178 | -€157 | -46.9% |
| Gross operating margin | 9900 | €63,656 | €55,532 | -€8,124 | -12.8% |
| Operating profit (loss) | 9901 | €35,452 | €25,543 | -€9,909 | -28.0% |
| Financial income | 75/76B | €108 | €181 | +€73 | +67.7% |
| Recurring financial income | 75 | €108 | €181 | +€73 | +67.7% |
| Financial charges | 65/66B | €885 | €1,013 | +€128 | +14.5% |
| Recurring financial charges | 65 | €885 | €1,013 | +€128 | +14.5% |
| Profit (loss) for the period before taxes | 9903 | €34,675 | €24,710 | -€9,965 | -28.7% |
| Transfer from deferred taxes | 780 | €2,078 | €2,078 | = | 0.0% |
| Income taxes | 67/77 | €12,286 | €9,849 | -€2,437 | -19.8% |
| Profit (loss) for the period | 9904 | €24,468 | €16,940 | -€7,528 | -30.8% |
| Transfer from tax-exempt reserves | 789 | €4,847 | €4,847 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,314 | €21,786 | -€7,528 | -25.7% |
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 29 September 2026 via checked.be.