RAFLEM: 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.
RAFLEM
Largest movements
- Tangible fixed assets -€13,526
down €13,526 (-22.0%), from €61,622 to €48,096
of which Leasing and similar rights: -€12,729
- Current investments +€12,000
up €12,000 (+44.4%), from €27,000 to €39,000
- Cash +€4,044
up €4,044 (+20.2%), from €19,986 to €24,030
mainly Net result for the year (+€27,730) and Depreciation (+€13,526)
- Receivables within one year +€4,007
up €4,007 (+7.1%), from €56,291 to €60,298
of which Other amounts receivable: +€3,584
- Reserves +€26,064
up €26,064 (+11.6%), from €224,345 to €250,409
- Debts after one year -€14,475
down €14,475 (-34.3%), from €42,210 to €27,735
- Financial income -€146,121
down €146,121 (-93.2%), from €156,828 to €10,707
of which Non-recurring financial income: -€149,746
- Gross operating margin +€17,943
up €17,943 (+55.9%), from €32,079 to €50,023
- Taxes -€7,662
down €7,662 (-35.0%), from €21,869 to €14,207
- Depreciation +€3,360
up €3,360 (+33.0%), from €10,167 to €13,526
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 | €312,870 | €319,449 | +€6,580 | +2.1% |
| Fixed assets | 21/28 | €61,722 | €48,195 | -€13,526 | -21.9% |
| Tangible fixed assets | 22/27 | €61,622 | €48,096 | -€13,526 | -22.0% |
| Furniture and vehicles | 24 | €529 | €268 | -€261 | -49.3% |
| Leasing and similar rights | 25 | €57,292 | €44,562 | -€12,729 | -22.2% |
| Other tangible fixed assets | 26 | €3,802 | €3,265 | -€536 | -14.1% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €251,148 | €271,254 | +€20,106 | +8.0% |
| Amounts receivable after more than one year | 29 | €145,779 | €145,779 | = | 0.0% |
| Other amounts receivable | 291 | €145,779 | €145,779 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €56,291 | €60,298 | +€4,007 | +7.1% |
| Trade receivables | 40 | €7,046 | €7,469 | +€423 | +6.0% |
| Other amounts receivable | 41 | €49,245 | €52,829 | +€3,584 | +7.3% |
| Current investments | 50/53 | €27,000 | €39,000 | +€12,000 | +44.4% |
| Cash at bank and in hand | 54/58 | €19,986 | €24,030 | +€4,044 | +20.2% |
| Deferred charges and accrued income | 490/1 | €2,093 | €2,148 | +€56 | +2.7% |
| Total equity and liabilities | 10/49 | €312,870 | €319,449 | +€6,580 | +2.1% |
| Equity | 10/15 | €236,745 | €262,809 | +€26,064 | +11.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €224,345 | €250,409 | +€26,064 | +11.6% |
| Distributable reserves | 133 | €224,345 | €250,409 | +€26,064 | +11.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €76,125 | €56,641 | -€19,484 | -25.6% |
| Amounts payable after more than one year | 17 | €42,210 | €27,735 | -€14,475 | -34.3% |
| Financial debts | 170/4 | €42,210 | €27,735 | -€14,475 | -34.3% |
| Amounts payable within one year | 42/48 | €32,915 | €27,905 | -€5,010 | -15.2% |
| Current portion of amounts payable after more than one year | 42 | €16,786 | €14,475 | -€2,311 | -13.8% |
| Financial debts | 43 | - | €1,013 | +€1,013 | |
| Credit institutions | 430/8 | - | €1,013 | +€1,013 | |
| Trade debts | 44 | €1,731 | €1,134 | -€597 | -34.5% |
| Suppliers | 440/4 | €1,731 | €1,134 | -€597 | -34.5% |
| Taxes, remuneration and social security | 45 | €13,195 | €10,118 | -€3,077 | -23.3% |
| Taxes | 450/3 | €13,195 | €3,442 | -€9,753 | -73.9% |
| Remuneration and social security | 454/9 | €0 | €6,676 | +€6,676 | |
| Other amounts payable | 47/48 | €1,203 | €1,166 | -€36 | -3.0% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,167 | €13,526 | +€3,360 | +33.0% |
| Other operating charges | 640/8 | €3,141 | €3,227 | +€86 | +2.8% |
| Non-recurring operating charges | 66A | - | €20 | +€20 | |
| Gross operating margin | 9900 | €32,079 | €50,023 | +€17,943 | +55.9% |
| Operating profit (loss) | 9901 | €18,772 | €33,249 | +€14,477 | +77.1% |
| Financial income | 75/76B | €156,828 | €10,707 | -€146,121 | -93.2% |
| Recurring financial income | 75 | €7,082 | €10,707 | +€3,625 | +51.2% |
| Non-recurring financial income | 76B | €149,746 | €0 | -€149,746 | -100.0% |
| Financial charges | 65/66B | €1,927 | €2,018 | +€92 | +4.8% |
| Recurring financial charges | 65 | €1,927 | €2,018 | +€92 | +4.8% |
| Profit (loss) for the period before taxes | 9903 | €173,673 | €41,937 | -€131,736 | -75.9% |
| Income taxes | 67/77 | €21,869 | €14,207 | -€7,662 | -35.0% |
| Profit (loss) for the period | 9904 | €151,805 | €27,730 | -€124,074 | -81.7% |
| Profit (loss) for the period to be appropriated | 9905 | €151,805 | €27,730 | -€124,074 | -81.7% |
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 5 October 2026 via checked.be.