RAFFCO: 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.
RAFFCO
Largest movements
- Cash +€30,422
up €30,422 (+72.6%), from €41,892 to €72,313
mainly Net result for the year (+€26,728) and Receivables within one year (+€18,463)
- Receivables within one year -€18,463
down €18,463 (-14.6%), from €126,391 to €107,927
of which Other amounts receivable: -€9,812
- Tangible fixed assets -€2,477
down €2,477 (-25.9%), from €9,580 to €7,102
- Reserves +€26,728
up €26,728 (+20.5%), from €130,594 to €157,321
of which Distributable reserves: +€26,728
- Other debts -€10,000
down €10,000 (-100%), from €10,000 to €0
- Trade debts -€4,240
down €4,240 (-48.2%), from €8,797 to €4,557
- Tax, wage and social debts -€2,561
down €2,561 (-11.6%), from €22,011 to €19,451
- Gross operating margin -€15,446
down €15,446 (-27.0%), from €57,266 to €41,819
- Taxes -€3,132
down €3,132 (-19.0%), from €16,512 to €13,379
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 | €182,673 | €192,577 | +€9,904 | +5.4% |
| Fixed assets | 21/28 | €9,580 | €7,102 | -€2,477 | -25.9% |
| Tangible fixed assets | 22/27 | €9,580 | €7,102 | -€2,477 | -25.9% |
| Furniture and vehicles | 24 | €9,580 | €7,102 | -€2,477 | -25.9% |
| Current assets | 29/58 | €173,094 | €185,475 | +€12,381 | +7.2% |
| Amounts receivable within one year | 40/41 | €126,391 | €107,927 | -€18,463 | -14.6% |
| Trade receivables | 40 | €99,402 | €90,750 | -€8,652 | -8.7% |
| Other amounts receivable | 41 | €26,989 | €17,177 | -€9,812 | -36.4% |
| Cash at bank and in hand | 54/58 | €41,892 | €72,313 | +€30,422 | +72.6% |
| Deferred charges and accrued income | 490/1 | €4,811 | €5,234 | +€423 | +8.8% |
| Total equity and liabilities | 10/49 | €182,673 | €192,577 | +€9,904 | +5.4% |
| Equity | 10/15 | €136,794 | €163,521 | +€26,728 | +19.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €130,594 | €157,321 | +€26,728 | +20.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €128,734 | €155,461 | +€26,728 | +20.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €45,879 | €29,055 | -€16,824 | -36.7% |
| Amounts payable within one year | 42/48 | €45,879 | €29,055 | -€16,824 | -36.7% |
| Financial debts | 43 | €5,071 | €5,048 | -€23 | -0.5% |
| Credit institutions | 430/8 | €5,071 | €5,048 | -€23 | -0.5% |
| Trade debts | 44 | €8,797 | €4,557 | -€4,240 | -48.2% |
| Suppliers | 440/4 | €8,797 | €4,557 | -€4,240 | -48.2% |
| Taxes, remuneration and social security | 45 | €22,011 | €19,451 | -€2,561 | -11.6% |
| Taxes | 450/3 | €22,011 | €19,451 | -€2,561 | -11.6% |
| Other amounts payable | 47/48 | €10,000 | €0 | -€10,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,976 | €2,477 | +€502 | +25.4% |
| Other operating charges | 640/8 | €727 | €573 | -€155 | -21.3% |
| Gross operating margin | 9900 | €57,266 | €41,819 | -€15,446 | -27.0% |
| Operating profit (loss) | 9901 | €54,563 | €38,769 | -€15,793 | -28.9% |
| Financial income | 75/76B | €1,614 | €1,694 | +€81 | +5.0% |
| Recurring financial income | 75 | €1,614 | €1,694 | +€81 | +5.0% |
| Financial charges | 65/66B | €397 | €357 | -€40 | -10.0% |
| Recurring financial charges | 65 | €397 | €357 | -€40 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €55,780 | €40,107 | -€15,673 | -28.1% |
| Income taxes | 67/77 | €16,512 | €13,379 | -€3,132 | -19.0% |
| Profit (loss) for the period | 9904 | €39,268 | €26,728 | -€12,540 | -31.9% |
| Profit (loss) for the period to be appropriated | 9905 | €39,268 | €26,728 | -€12,540 | -31.9% |
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 15 October 2026 via checked.be.