RAFIMMO: 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.
RAFIMMO
Largest movements
- Receivables within one year +€345,370
new in 2025: €345,370
- Tangible fixed assets -€299,298
down €299,298 (-45.2%), from €662,515 to €363,218
of which Land and buildings: -€299,298
- Profit (loss) carried forward +€269,862
up €269,862 (+214.9%), from €125,587 to €395,450
- Other debts -€122,301
no longer reported in 2025 (was €122,301)
- Debts after one year -€109,978
down €109,978 (-55.8%), from €196,989 to €87,010
- Tax, wage and social debts +€76,116
up €76,116 (+351.3%), from €21,664 to €97,780
- Current portion of long-term debt -€66,173
down €66,173 (-83.6%), from €79,163 to €12,990
- Gross operating margin +€285,920
up €285,920 (+186.2%), from €153,582 to €439,502
- Turnover -€161,763
no longer reported in 2025 (was €161,763)
- Taxes +€80,299
up €80,299 (+477.2%), from €16,827 to €97,126
- Depreciation -€16,783
down €16,783 (-32.7%), from €51,260 to €34,477
- Purchases and services -€8,781
no longer reported in 2025 (was €8,781)
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 | €680,811 | €728,634 | +€47,822 | +7.0% |
| Fixed assets | 21/28 | €662,515 | €363,218 | -€299,298 | -45.2% |
| Tangible fixed assets | 22/27 | €662,515 | €363,218 | -€299,298 | -45.2% |
| Land and buildings | 22 | €662,515 | €363,218 | -€299,298 | -45.2% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Current assets | 29/58 | €18,296 | €365,416 | +€347,120 | +1897.2% |
| Amounts receivable within one year | 40/41 | - | €345,370 | +€345,370 | |
| Other amounts receivable | 41 | - | €345,370 | +€345,370 | |
| Cash at bank and in hand | 54/58 | €18,296 | €20,046 | +€1,750 | +9.6% |
| Total equity and liabilities | 10/49 | €680,811 | €728,634 | +€47,822 | +7.0% |
| Equity | 10/15 | €260,587 | €529,850 | +€269,262 | +103.3% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €12,000 | €12,000 | = | 0.0% |
| Distributable reserves | 133 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €125,587 | €395,450 | +€269,862 | +214.9% |
| Investment grants | 15 | €3,000 | €2,400 | -€600 | -20.0% |
| Amounts payable | 17/49 | €420,224 | €198,784 | -€221,440 | -52.7% |
| Amounts payable after more than one year | 17 | €196,989 | €87,010 | -€109,978 | -55.8% |
| Financial debts | 170/4 | €196,989 | €87,010 | -€109,978 | -55.8% |
| Amounts payable within one year | 42/48 | €223,235 | €111,260 | -€111,976 | -50.2% |
| Current portion of amounts payable after more than one year | 42 | €79,163 | €12,990 | -€66,173 | -83.6% |
| Trade debts | 44 | €107 | €490 | +€383 | +356.3% |
| Suppliers | 440/4 | €107 | €490 | +€383 | +356.3% |
| Taxes, remuneration and social security | 45 | €21,664 | €97,780 | +€76,116 | +351.3% |
| Taxes | 450/3 | €21,664 | €97,780 | +€76,116 | +351.3% |
| Other amounts payable | 47/48 | €122,301 | - | -€122,301 | |
| Accrued charges and deferred income | 492/3 | - | €514 | +€514 | |
| Turnover | 70 | €161,763 | - | -€161,763 | |
| Non-recurring operating income | 76A | - | €314,837 | +€314,837 | |
| Goods, raw materials, services and sundry goods | 60/61 | €8,781 | - | -€8,781 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,260 | €34,477 | -€16,783 | -32.7% |
| Other operating charges | 640/8 | €31,697 | €32,355 | +€657 | +2.1% |
| Gross operating margin | 9900 | €153,582 | €439,502 | +€285,920 | +186.2% |
| Operating profit (loss) | 9901 | €70,625 | €372,671 | +€302,046 | +427.7% |
| Financial income | 75/76B | €53 | €600 | +€547 | +1023.6% |
| Recurring financial income | 75 | €53 | €600 | +€547 | +1023.6% |
| Financial charges | 65/66B | €7,658 | €6,283 | -€1,375 | -18.0% |
| Recurring financial charges | 65 | €7,658 | €6,283 | -€1,375 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €63,020 | €366,988 | +€303,968 | +482.3% |
| Income taxes | 67/77 | €16,827 | €97,126 | +€80,299 | +477.2% |
| Profit (loss) for the period | 9904 | €46,193 | €269,862 | +€223,669 | +484.2% |
| Profit (loss) for the period to be appropriated | 9905 | €46,193 | €269,862 | +€223,669 | +484.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.