Rafo's Windows: 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.
Rafo's Windows
Largest movements
- Tangible fixed assets -€8,630
down €8,630 (-21.6%), from €39,950 to €31,320
- Cash -€2,747
down €2,747 (-89.8%), from €3,060 to €313
mainly Net result for the year (-€6,083) and Debts after one year (-€4,191)
- Profit (loss) carried forward -€6,083
down €6,083 (-75.6%), from -€8,047 to -€14,131
- Debts after one year -€4,191
down €4,191 (-34.8%), from €12,044 to €7,852
- Other debts -€1,400
down €1,400 (-5.0%), from €28,251 to €26,851
- Gross operating margin +€6,589
up €6,589, from -€3,005 to €3,584
- Depreciation +€4,131
up €4,131 (+91.8%), from €4,499 to €8,630
- Financial charges +€510
up €510 (+211%), from €242 to €752
- Other operating charges -€97
down €97 (-37.3%), from €260 to €163
- Taxes +€91
up €91 (+219%), from €41 to €132
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 | €43,470 | €32,017 | -€11,454 | -26.3% |
| Fixed assets | 21/28 | €39,950 | €31,320 | -€8,630 | -21.6% |
| Tangible fixed assets | 22/27 | €39,950 | €31,320 | -€8,630 | -21.6% |
| Furniture and vehicles | 24 | €39,950 | €31,320 | -€8,630 | -21.6% |
| Current assets | 29/58 | €3,520 | €696 | -€2,824 | -80.2% |
| Amounts receivable within one year | 40/41 | €460 | €383 | -€77 | -16.8% |
| Trade receivables | 40 | €460 | €290 | -€170 | -37.0% |
| Other amounts receivable | 41 | - | €93 | +€93 | |
| Cash at bank and in hand | 54/58 | €3,060 | €313 | -€2,747 | -89.8% |
| Total equity and liabilities | 10/49 | €43,470 | €32,017 | -€11,454 | -26.3% |
| Equity | 10/15 | -€1,047 | -€7,131 | -€6,083 | -581% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,047 | -€14,131 | -€6,083 | -75.6% |
| Amounts payable | 17/49 | €44,518 | €39,147 | -€5,370 | -12.1% |
| Amounts payable after more than one year | 17 | €12,044 | €7,852 | -€4,191 | -34.8% |
| Financial debts | 170/4 | €12,044 | €7,852 | -€4,191 | -34.8% |
| Amounts payable within one year | 42/48 | €32,474 | €31,295 | -€1,179 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €3,989 | €4,191 | +€202 | +5.1% |
| Trade debts | 44 | €121 | €121 | = | 0.0% |
| Suppliers | 440/4 | €121 | €121 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €113 | €132 | +€19 | +16.9% |
| Taxes | 450/3 | €113 | €132 | +€19 | +16.9% |
| Other amounts payable | 47/48 | €28,251 | €26,851 | -€1,400 | -5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,499 | €8,630 | +€4,131 | +91.8% |
| Other operating charges | 640/8 | €260 | €163 | -€97 | -37.3% |
| Gross operating margin | 9900 | -€3,005 | €3,584 | +€6,589 | |
| Operating profit (loss) | 9901 | -€7,764 | -€5,209 | +€2,555 | +32.9% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €242 | €752 | +€510 | +211% |
| Recurring financial charges | 65 | €242 | €752 | +€510 | +211% |
| Profit (loss) for the period before taxes | 9903 | -€8,006 | -€5,951 | +€2,055 | +25.7% |
| Income taxes | 67/77 | €41 | €132 | +€91 | +219% |
| Profit (loss) for the period | 9904 | -€8,047 | -€6,083 | +€1,964 | +24.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,047 | -€6,083 | +€1,964 | +24.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.