RAFFLES: 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.
RAFFLES
Largest movements
- Cash +€103,034
up €103,034 (+77.9%), from €132,199 to €235,232
mainly Net result for the year (+€58,029) and Depreciation (+€18,924)
- Tangible fixed assets -€18,363
down €18,363 (-9.5%), from €193,970 to €175,607
of which Land and buildings: -€10,020
- Receivables within one year -€12,349
down €12,349 (-61.2%), from €20,168 to €7,819
- Profit (loss) carried forward +€58,029
up €58,029 (+29.4%), from -€197,521 to -€139,492
- Other debts +€8,534
up €8,534 (+38.6%), from €22,124 to €30,658
- Gross operating margin +€61,016
up €61,016 (+346%), from €17,636 to €78,652
- Depreciation +€1,759
up €1,759 (+10.2%), from €17,165 to €18,924
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 | €356,163 | €427,396 | +€71,234 | +20.0% |
| Fixed assets | 21/28 | €193,970 | €175,607 | -€18,363 | -9.5% |
| Tangible fixed assets | 22/27 | €193,970 | €175,607 | -€18,363 | -9.5% |
| Land and buildings | 22 | €151,054 | €141,033 | -€10,020 | -6.6% |
| Plant, machinery and equipment | 23 | €14,557 | €9,866 | -€4,691 | -32.2% |
| Furniture and vehicles | 24 | €12,822 | €10,022 | -€2,800 | -21.8% |
| Other tangible fixed assets | 26 | €15,537 | €14,685 | -€852 | -5.5% |
| Current assets | 29/58 | €162,193 | €251,789 | +€89,597 | +55.2% |
| Stocks and contracts in progress | 3 | €9,264 | €8,154 | -€1,110 | -12.0% |
| Stocks | 30/36 | €9,264 | €8,154 | -€1,110 | -12.0% |
| Amounts receivable within one year | 40/41 | €20,168 | €7,819 | -€12,349 | -61.2% |
| Trade receivables | 40 | €20,168 | €7,819 | -€12,349 | -61.2% |
| Cash at bank and in hand | 54/58 | €132,199 | €235,232 | +€103,034 | +77.9% |
| Deferred charges and accrued income | 490/1 | €563 | €584 | +€21 | +3.8% |
| Total equity and liabilities | 10/49 | €356,163 | €427,396 | +€71,234 | +20.0% |
| Equity | 10/15 | €327,479 | €385,508 | +€58,029 | +17.7% |
| Contributions | 10/11 | €525,000 | €525,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€197,521 | -€139,492 | +€58,029 | +29.4% |
| Amounts payable | 17/49 | €28,684 | €41,889 | +€13,205 | +46.0% |
| Amounts payable within one year | 42/48 | €27,534 | €40,739 | +€13,205 | +48.0% |
| Trade debts | 44 | €3,720 | €7,009 | +€3,289 | +88.4% |
| Suppliers | 440/4 | €3,720 | €7,009 | +€3,289 | +88.4% |
| Taxes, remuneration and social security | 45 | €1,689 | €3,072 | +€1,382 | +81.8% |
| Taxes | 450/3 | €1,689 | €3,072 | +€1,382 | +81.8% |
| Other amounts payable | 47/48 | €22,124 | €30,658 | +€8,534 | +38.6% |
| Accrued charges and deferred income | 492/3 | €1,150 | €1,150 | = | 0.0% |
| Non-recurring operating income | 76A | - | €4,649 | +€4,649 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,165 | €18,924 | +€1,759 | +10.2% |
| Other operating charges | 640/8 | €2,164 | €1,773 | -€390 | -18.0% |
| Gross operating margin | 9900 | €17,636 | €78,652 | +€61,016 | +346% |
| Operating profit (loss) | 9901 | -€1,693 | €57,955 | +€59,648 | |
| Financial income | 75/76B | €135 | €270 | +€135 | +99.5% |
| Recurring financial income | 75 | €135 | €270 | +€135 | +99.5% |
| Financial charges | 65/66B | €85 | €53 | -€32 | -37.3% |
| Recurring financial charges | 65 | €85 | €53 | -€32 | -37.3% |
| Profit (loss) for the period before taxes | 9903 | -€1,643 | €58,171 | +€59,814 | |
| Income taxes | 67/77 | €135 | €143 | +€7 | +5.3% |
| Profit (loss) for the period | 9904 | -€1,778 | €58,029 | +€59,807 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,778 | €58,029 | +€59,807 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.