RAFFAELLI: 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.
RAFFAELLI
Largest movements
- Cash -€90,721
down €90,721 (-50.8%), from €178,759 to €88,038
mainly Contributions, distributions and other (-€81,000) and Receivables within one year (-€47,391)
- Receivables within one year +€47,391
up €47,391 (+357.5%), from €13,255 to €60,647
- Tangible fixed assets -€14,008
down €14,008 (-28.2%), from €49,681 to €35,674
of which Furniture and vehicles: -€11,791
- Deferred charges and accrued income -€4,702
down €4,702 (-61.8%), from €7,605 to €2,903
- Other debts -€39,000
down €39,000 (-32.5%), from €120,000 to €81,000
- Tax, wage and social debts -€9,373
down €9,373 (-19.3%), from €48,660 to €39,288
of which Taxes: -€4,799
- Current portion of long-term debt -€9,138
down €9,138 (-22.2%), from €41,158 to €32,020
- Trade debts -€4,043
down €4,043 (-28.6%), from €14,133 to €10,090
- Gross operating margin -€74,611
down €74,611 (-18.3%), from €408,723 to €334,113
- Taxes -€20,939
down €20,939 (-45.6%), from €45,900 to €24,961
- Staff costs -€9,116
down €9,116 (-4.2%), from €219,247 to €210,131
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 | €261,832 | €198,758 | -€63,074 | -24.1% |
| Fixed assets | 21/28 | €50,012 | €36,004 | -€14,008 | -28.0% |
| Tangible fixed assets | 22/27 | €49,681 | €35,674 | -€14,008 | -28.2% |
| Plant, machinery and equipment | 23 | €3,773 | €3,196 | -€577 | -15.3% |
| Furniture and vehicles | 24 | €40,395 | €28,604 | -€11,791 | -29.2% |
| Other tangible fixed assets | 26 | €5,514 | €3,874 | -€1,640 | -29.7% |
| Financial fixed assets | 28 | €331 | €331 | = | 0.0% |
| Current assets | 29/58 | €211,820 | €162,754 | -€49,066 | -23.2% |
| Stocks and contracts in progress | 3 | €12,201 | €11,166 | -€1,035 | -8.5% |
| Stocks | 30/36 | €12,201 | €11,166 | -€1,035 | -8.5% |
| Amounts receivable within one year | 40/41 | €13,255 | €60,647 | +€47,391 | +357.5% |
| Other amounts receivable | 41 | €13,255 | €60,647 | +€47,391 | +357.5% |
| Cash at bank and in hand | 54/58 | €178,759 | €88,038 | -€90,721 | -50.8% |
| Deferred charges and accrued income | 490/1 | €7,605 | €2,903 | -€4,702 | -61.8% |
| Total equity and liabilities | 10/49 | €261,832 | €198,758 | -€63,074 | -24.1% |
| Equity | 10/15 | €37,792 | €36,336 | -€1,456 | -3.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,332 | €15,876 | -€1,456 | -8.4% |
| Amounts payable | 17/49 | €224,040 | €162,422 | -€61,618 | -27.5% |
| Amounts payable within one year | 42/48 | €224,040 | €162,422 | -€61,618 | -27.5% |
| Current portion of amounts payable after more than one year | 42 | €41,158 | €32,020 | -€9,138 | -22.2% |
| Financial debts | 43 | €89 | €25 | -€64 | -71.9% |
| Credit institutions | 430/8 | €89 | €25 | -€64 | -71.9% |
| Trade debts | 44 | €14,133 | €10,090 | -€4,043 | -28.6% |
| Suppliers | 440/4 | €14,133 | €10,090 | -€4,043 | -28.6% |
| Taxes, remuneration and social security | 45 | €48,660 | €39,288 | -€9,373 | -19.3% |
| Taxes | 450/3 | €22,935 | €18,136 | -€4,799 | -20.9% |
| Remuneration and social security | 454/9 | €25,726 | €21,152 | -€4,574 | -17.8% |
| Other amounts payable | 47/48 | €120,000 | €81,000 | -€39,000 | -32.5% |
| Remuneration, social security and pensions | 62 | €219,247 | €210,131 | -€9,116 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,724 | €15,100 | -€624 | -4.0% |
| Other operating charges | 640/8 | €2,771 | €1,547 | -€1,224 | -44.2% |
| Gross operating margin | 9900 | €408,723 | €334,113 | -€74,611 | -18.3% |
| Operating profit (loss) | 9901 | €170,982 | €107,334 | -€63,647 | -37.2% |
| Financial income | 75/76B | €656 | €1,695 | +€1,038 | +158.2% |
| Recurring financial income | 75 | €656 | €1,695 | +€1,038 | +158.2% |
| Financial charges | 65/66B | €5,469 | €4,523 | -€946 | -17.3% |
| Recurring financial charges | 65 | €5,469 | €4,523 | -€946 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | €166,169 | €104,505 | -€61,664 | -37.1% |
| Income taxes | 67/77 | €45,900 | €24,961 | -€20,939 | -45.6% |
| Profit (loss) for the period | 9904 | €120,269 | €79,544 | -€40,725 | -33.9% |
| Profit (loss) for the period to be appropriated | 9905 | €120,269 | €79,544 | -€40,725 | -33.9% |
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 7 October 2026 via checked.be.