RAFI: what changed
Two fiscal 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.
RAFI
Largest movements
- Cash -€115,837
down €115,837 (-48.8%), from €237,330 to €121,494
mainly Other debts (-€37,884) and Trade debts (-€32,029)
- Receivables within one year +€24,123
up €24,123 (+520.9%), from €4,631 to €28,754
of which Other amounts receivable: +€19,127
- Other debts -€37,884
no longer reported in 2025 (was €37,884)
- Trade debts -€32,029
down €32,029 (-73.6%), from €43,493 to €11,464
- Tax, wage and social debts -€24,492
down €24,492 (-74.0%), from €33,075 to €8,583
- Reserves +€3,544
up €3,544 (+4.8%), from €74,181 to €77,725
of which Distributable reserves: +€3,544
- Gross operating margin -€101,341
down €101,341 (-92.3%), from €109,766 to €8,425
- Taxes -€19,753
down €19,753 (-86.5%), from €22,841 to €3,088
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 | €243,634 | €152,772 | -€90,861 | -37.3% |
| Fixed assets | 21/28 | €1,673 | €2,525 | +€853 | +51.0% |
| Tangible fixed assets | 22/27 | €1,673 | €2,525 | +€853 | +51.0% |
| Plant, machinery and equipment | 23 | €1,673 | €2,525 | +€853 | +51.0% |
| Current assets | 29/58 | €241,961 | €150,247 | -€91,714 | -37.9% |
| Amounts receivable within one year | 40/41 | €4,631 | €28,754 | +€24,123 | +520.9% |
| Trade receivables | 40 | €1,490 | €6,486 | +€4,996 | +335.2% |
| Other amounts receivable | 41 | €3,141 | €22,268 | +€19,127 | +609.0% |
| Cash at bank and in hand | 54/58 | €237,330 | €121,494 | -€115,837 | -48.8% |
| Total equity and liabilities | 10/49 | €243,634 | €152,772 | -€90,861 | -37.3% |
| Equity | 10/15 | €129,181 | €132,725 | +€3,544 | +2.7% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Capital | 10 | €55,000 | €55,000 | = | 0.0% |
| Issued capital | 100 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €74,181 | €77,725 | +€3,544 | +4.8% |
| Non-distributable reserves | 130/1 | €2,041 | €2,041 | = | 0.0% |
| Legal reserve | 130 | €2,041 | €2,041 | = | 0.0% |
| Distributable reserves | 133 | €72,140 | €75,684 | +€3,544 | +4.9% |
| Amounts payable | 17/49 | €114,452 | €20,047 | -€94,405 | -82.5% |
| Amounts payable within one year | 42/48 | €114,452 | €20,047 | -€94,405 | -82.5% |
| Trade debts | 44 | €43,493 | €11,464 | -€32,029 | -73.6% |
| Suppliers | 440/4 | €43,493 | €11,464 | -€32,029 | -73.6% |
| Taxes, remuneration and social security | 45 | €33,075 | €8,583 | -€24,492 | -74.0% |
| Taxes | 450/3 | €33,075 | €8,583 | -€24,492 | -74.0% |
| Other amounts payable | 47/48 | €37,884 | - | -€37,884 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,085 | €1,171 | +€87 | +8.0% |
| Other operating charges | 640/8 | €564 | €452 | -€112 | -19.9% |
| Gross operating margin | 9900 | €109,766 | €8,425 | -€101,341 | -92.3% |
| Operating profit (loss) | 9901 | €108,117 | €6,802 | -€101,316 | -93.7% |
| Financial income | 75/76B | €635 | - | -€635 | |
| Recurring financial income | 75 | €635 | - | -€635 | |
| Financial charges | 65/66B | €99 | €170 | +€71 | +71.6% |
| Recurring financial charges | 65 | €99 | €170 | +€71 | +71.6% |
| Profit (loss) for the period before taxes | 9903 | €108,653 | €6,632 | -€102,021 | -93.9% |
| Income taxes | 67/77 | €22,841 | €3,088 | -€19,753 | -86.5% |
| Profit (loss) for the period | 9904 | €85,812 | €3,544 | -€82,268 | -95.9% |
| Profit (loss) for the period to be appropriated | 9905 | €85,812 | €3,544 | -€82,268 | -95.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.