RAFFO: 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.
RAFFO
Largest movements
- Cash +€6,682
up €6,682 (+32.8%), from €20,356 to €27,038
mainly Accrued charges and deferred income (+€4,804) and Other debts (+€4,142)
No liability line moved by more than 1% of the balance sheet total.
- Financial charges -€10,047
down €10,047 (-62.9%), from €15,985 to €5,938
- Financial income -€5,190
down €5,190 (-98.1%), from €5,288 to €98
- Gross operating margin -€4,084
down €4,084 (-16.1%), from €25,386 to €21,302
- Depreciation -€3,090
down €3,090 (-43.6%), from €7,086 to €3,996
- Other operating charges +€362
up €362 (+3.3%), from €10,890 to €11,252
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 | €667,427 | €667,657 | +€230 | 0.0% |
| Fixed assets | 21/28 | €642,219 | €638,222 | -€3,996 | -0.6% |
| Tangible fixed assets | 22/27 | €642,219 | €638,222 | -€3,996 | -0.6% |
| Land and buildings | 22 | €642,219 | €638,222 | -€3,996 | -0.6% |
| Current assets | 29/58 | €25,209 | €29,435 | +€4,226 | +16.8% |
| Amounts receivable within one year | 40/41 | €2,556 | €29 | -€2,527 | -98.9% |
| Trade receivables | 40 | €940 | €0 | -€940 | -100% |
| Other amounts receivable | 41 | €1,616 | €29 | -€1,586 | -98.2% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €20,356 | €27,038 | +€6,682 | +32.8% |
| Deferred charges and accrued income | 490/1 | €2,297 | €2,368 | +€71 | +3.1% |
| Total equity and liabilities | 10/49 | €667,427 | €667,657 | +€230 | 0.0% |
| Equity | 10/15 | €574,707 | €574,921 | +€214 | 0.0% |
| Contributions | 10/11 | €287,500 | €287,500 | = | 0.0% |
| Capital | 10 | €287,500 | €287,500 | = | 0.0% |
| Issued capital | 100 | €287,500 | €287,500 | = | 0.0% |
| Reserves | 13 | €268,913 | €268,913 | = | 0.0% |
| Non-distributable reserves | 130/1 | €28,750 | €28,750 | = | 0.0% |
| Legal reserve | 130 | €28,750 | €28,750 | = | 0.0% |
| Distributable reserves | 133 | €240,163 | €240,163 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,294 | €18,508 | +€214 | +1.2% |
| Amounts payable | 17/49 | €92,721 | €92,736 | +€16 | 0.0% |
| Amounts payable within one year | 42/48 | €92,721 | €87,933 | -€4,788 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €7,095 | €1,124 | -€5,970 | -84.2% |
| Suppliers | 440/4 | €7,095 | €1,124 | -€5,970 | -84.2% |
| Taxes, remuneration and social security | 45 | €4,735 | €1,775 | -€2,959 | -62.5% |
| Taxes | 450/3 | €4,735 | €1,775 | -€2,959 | -62.5% |
| Other amounts payable | 47/48 | €80,891 | €85,033 | +€4,142 | +5.1% |
| Accrued charges and deferred income | 492/3 | €0 | €4,804 | +€4,804 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,086 | €3,996 | -€3,090 | -43.6% |
| Other operating charges | 640/8 | €10,890 | €11,252 | +€362 | +3.3% |
| Gross operating margin | 9900 | €25,386 | €21,302 | -€4,084 | -16.1% |
| Operating profit (loss) | 9901 | €7,410 | €6,054 | -€1,356 | -18.3% |
| Financial income | 75/76B | €5,288 | €98 | -€5,190 | -98.1% |
| Recurring financial income | 75 | €5,288 | €98 | -€5,190 | -98.1% |
| Financial charges | 65/66B | €15,985 | €5,938 | -€10,047 | -62.9% |
| Recurring financial charges | 65 | €15,985 | €5,938 | -€10,047 | -62.9% |
| Profit (loss) for the period before taxes | 9903 | -€3,287 | €214 | +€3,501 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€3,287 | €214 | +€3,501 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,287 | €214 | +€3,501 |
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 15 October 2026 via checked.be.