RAFFAT: 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.
RAFFAT
Largest movements
- Cash -€167,448
down €167,448 (-42.4%), from €394,634 to €227,186
mainly Contributions, distributions and other (-€155,000) and Investment in fixed assets (net) (-€57,518)
- Receivables within one year -€36,571
down €36,571 (-21.3%), from €171,725 to €135,154
of which Other amounts receivable: -€20,612
- Tangible fixed assets -€18,017
down €18,017 (-4.7%), from €387,063 to €369,047
of which Other tangible fixed assets: -€30,496
- Profit (loss) carried forward -€138,487
down €138,487 (-56.5%), from €245,197 to €106,709
- Tax, wage and social debts -€43,755
down €43,755 (-27.6%), from €158,669 to €114,914
of which Taxes: -€35,324
- Trade debts -€35,724
down €35,724 (-18.6%), from €191,858 to €156,135
- Gross operating margin -€212,195
down €212,195 (-26.2%), from €809,115 to €596,920
- Staff costs -€59,194
down €59,194 (-11.5%), from €515,424 to €456,230
- Other operating charges -€42,478
down €42,478 (-72.8%), from €58,321 to €15,842
- Taxes -€11,625
down €11,625 (-26.9%), from €43,269 to €31,645
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 | €975,498 | €753,680 | -€221,818 | -22.7% |
| Fixed assets | 21/28 | €406,950 | €387,884 | -€19,067 | -4.7% |
| Intangible fixed assets | 21 | €2,237 | €1,637 | -€600 | -26.8% |
| Tangible fixed assets | 22/27 | €387,063 | €369,047 | -€18,017 | -4.7% |
| Plant, machinery and equipment | 23 | €57,929 | €56,485 | -€1,445 | -2.5% |
| Furniture and vehicles | 24 | €11,610 | €25,534 | +€13,924 | +119.9% |
| Other tangible fixed assets | 26 | €317,524 | €287,028 | -€30,496 | -9.6% |
| Financial fixed assets | 28 | €17,650 | €17,200 | -€450 | -2.5% |
| Current assets | 29/58 | €568,548 | €365,796 | -€202,751 | -35.7% |
| Amounts receivable within one year | 40/41 | €171,725 | €135,154 | -€36,571 | -21.3% |
| Trade receivables | 40 | €16,295 | €336 | -€15,959 | -97.9% |
| Other amounts receivable | 41 | €155,429 | €134,818 | -€20,612 | -13.3% |
| Cash at bank and in hand | 54/58 | €394,634 | €227,186 | -€167,448 | -42.4% |
| Deferred charges and accrued income | 490/1 | €2,189 | €3,457 | +€1,268 | +57.9% |
| Total equity and liabilities | 10/49 | €975,498 | €753,680 | -€221,818 | -22.7% |
| Equity | 10/15 | €450,521 | €312,034 | -€138,487 | -30.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €185,324 | €185,324 | = | 0.0% |
| Distributable reserves | 133 | €185,324 | €185,324 | = | 0.0% |
| Profit (loss) carried forward | 14 | €245,197 | €106,709 | -€138,487 | -56.5% |
| Amounts payable | 17/49 | €524,977 | €441,647 | -€83,331 | -15.9% |
| Amounts payable within one year | 42/48 | €524,492 | €435,421 | -€89,072 | -17.0% |
| Trade debts | 44 | €191,858 | €156,135 | -€35,724 | -18.6% |
| Suppliers | 440/4 | €191,858 | €156,135 | -€35,724 | -18.6% |
| Advances received on contracts in progress | 46 | €3,397 | €1,488 | -€1,909 | -56.2% |
| Taxes, remuneration and social security | 45 | €158,669 | €114,914 | -€43,755 | -27.6% |
| Taxes | 450/3 | €100,503 | €65,180 | -€35,324 | -35.1% |
| Remuneration and social security | 454/9 | €58,166 | €49,735 | -€8,431 | -14.5% |
| Other amounts payable | 47/48 | €170,568 | €162,884 | -€7,684 | -4.5% |
| Accrued charges and deferred income | 492/3 | €485 | €6,226 | +€5,741 | +1183.9% |
| Remuneration, social security and pensions | 62 | €515,424 | €456,230 | -€59,194 | -11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,850 | €76,585 | +€7,735 | +11.2% |
| Other operating charges | 640/8 | €58,321 | €15,842 | -€42,478 | -72.8% |
| Gross operating margin | 9900 | €809,115 | €596,920 | -€212,195 | -26.2% |
| Operating profit (loss) | 9901 | €166,520 | €48,263 | -€118,257 | -71.0% |
| Financial income | 75/76B | €3,923 | €440 | -€3,483 | -88.8% |
| Recurring financial income | 75 | €3,923 | €440 | -€3,483 | -88.8% |
| Financial charges | 65/66B | €878 | €545 | -€333 | -37.9% |
| Recurring financial charges | 65 | €878 | €545 | -€333 | -37.9% |
| Profit (loss) for the period before taxes | 9903 | €169,564 | €48,157 | -€121,407 | -71.6% |
| Income taxes | 67/77 | €43,269 | €31,645 | -€11,625 | -26.9% |
| Profit (loss) for the period | 9904 | €126,295 | €16,513 | -€109,782 | -86.9% |
| Profit (loss) for the period to be appropriated | 9905 | €126,295 | €16,513 | -€109,782 | -86.9% |
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 10 October 2026 via checked.be.