RAFFI'OR: 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.
RAFFI'OR
Largest movements
- Receivables within one year -€8,844
down €8,844 (-81.6%), from €10,833 to €1,989
of which Trade receivables: -€6,933
- Stocks and contracts +€6,250
up €6,250 (+11.9%), from €52,507 to €58,757
- Cash +€5,086
up €5,086 (+53.6%), from €9,490 to €14,576
mainly Receivables within one year (+€8,844) and Net result for the year (+€8,116)
- Tangible fixed assets -€4,654
down €4,654 (-25.4%), from €18,342 to €13,687
of which Plant, machinery and equipment: -€3,707
- Financial fixed assets +€2,040
up €2,040 (+272%), from €750 to €2,790
- Debts after one year -€9,161
no longer reported in 2025 (was €9,161)
- Reserves +€8,100
up €8,100 (+15.8%), from €51,200 to €59,300
- Tax, wage and social debts +€955
up €955 (+31.2%), from €3,060 to €4,015
- Gross operating margin +€3,612
up €3,612 (+25.0%), from €14,469 to €18,081
- Taxes +€1,098
up €1,098 (+52.1%), from €2,106 to €3,204
- Financial charges -€390
down €390 (-23.9%), from €1,631 to €1,241
- Depreciation +€386
up €386 (+9.0%), from €4,268 to €4,654
- Other operating charges +€297
up €297 (+52.2%), from €569 to €866
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 | €91,977 | €91,857 | -€120 | -0.1% |
| Fixed assets | 21/28 | €19,092 | €16,477 | -€2,614 | -13.7% |
| Tangible fixed assets | 22/27 | €18,342 | €13,687 | -€4,654 | -25.4% |
| Plant, machinery and equipment | 23 | €15,027 | €11,320 | -€3,707 | -24.7% |
| Furniture and vehicles | 24 | €2,114 | €1,516 | -€597 | -28.3% |
| Other tangible fixed assets | 26 | €1,202 | €852 | -€350 | -29.1% |
| Financial fixed assets | 28 | €750 | €2,790 | +€2,040 | +272% |
| Current assets | 29/58 | €72,885 | €75,380 | +€2,494 | +3.4% |
| Stocks and contracts in progress | 3 | €52,507 | €58,757 | +€6,250 | +11.9% |
| Stocks | 30/36 | €52,507 | €58,757 | +€6,250 | +11.9% |
| Amounts receivable within one year | 40/41 | €10,833 | €1,989 | -€8,844 | -81.6% |
| Trade receivables | 40 | €8,773 | €1,839 | -€6,933 | -79.0% |
| Other amounts receivable | 41 | €2,060 | €150 | -€1,910 | -92.7% |
| Cash at bank and in hand | 54/58 | €9,490 | €14,576 | +€5,086 | +53.6% |
| Deferred charges and accrued income | 490/1 | €56 | €58 | +€2 | +3.3% |
| Total equity and liabilities | 10/49 | €91,977 | €91,857 | -€120 | -0.1% |
| Equity | 10/15 | €69,963 | €78,079 | +€8,116 | +11.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €51,200 | €59,300 | +€8,100 | +15.8% |
| Distributable reserves | 133 | €51,200 | €59,300 | +€8,100 | +15.8% |
| Profit (loss) carried forward | 14 | €163 | €179 | +€16 | +10.0% |
| Amounts payable | 17/49 | €22,015 | €13,779 | -€8,236 | -37.4% |
| Amounts payable after more than one year | 17 | €9,161 | - | -€9,161 | |
| Financial debts | 170/4 | €9,161 | - | -€9,161 | |
| Amounts payable within one year | 42/48 | €12,854 | €13,779 | +€925 | +7.2% |
| Current portion of amounts payable after more than one year | 42 | €8,678 | €9,161 | +€483 | +5.6% |
| Trade debts | 44 | €1,116 | €603 | -€513 | -46.0% |
| Suppliers | 440/4 | €1,116 | €603 | -€513 | -46.0% |
| Taxes, remuneration and social security | 45 | €3,060 | €4,015 | +€955 | +31.2% |
| Taxes | 450/3 | €3,060 | €4,015 | +€955 | +31.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,268 | €4,654 | +€386 | +9.0% |
| Other operating charges | 640/8 | €569 | €866 | +€297 | +52.2% |
| Gross operating margin | 9900 | €14,469 | €18,081 | +€3,612 | +25.0% |
| Operating profit (loss) | 9901 | €9,632 | €12,561 | +€2,929 | +30.4% |
| Financial income | 75/76B | €0 | €1 | +€1 | +4,900% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +4,900% |
| Financial charges | 65/66B | €1,631 | €1,241 | -€390 | -23.9% |
| Recurring financial charges | 65 | €1,631 | €1,241 | -€390 | -23.9% |
| Profit (loss) for the period before taxes | 9903 | €8,001 | €11,321 | +€3,320 | +41.5% |
| Income taxes | 67/77 | €2,106 | €3,204 | +€1,098 | +52.1% |
| Profit (loss) for the period | 9904 | €5,894 | €8,116 | +€2,222 | +37.7% |
| Profit (loss) for the period to be appropriated | 9905 | €5,894 | €8,116 | +€2,222 | +37.7% |
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 25 October 2026 via checked.be.