RaFoLL: 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.
RaFoLL
Largest movements
- Tangible fixed assets +€335,211
up €335,211 (+7003.3%), from €4,786 to €339,998
of which Land and buildings: +€336,849
- Cash -€21,160
down €21,160 (-68.4%), from €30,958 to €9,798
mainly Investment in fixed assets (net) (-€358,400)
- Stocks and contracts -€10,091
down €10,091 (-28.8%), from €34,985 to €24,893
- Debts after one year +€261,724
new in 2025: €261,724
- Current portion of long-term debt +€14,790
new in 2025: €14,790
- Reserves +€11,242
up €11,242 (+115.1%), from €9,771 to €21,013
- Other debts +€9,200
up €9,200 (+17.4%), from €52,965 to €62,165
- Accrued charges and deferred income +€4,650
up €4,650 (+357.7%), from €1,300 to €5,950
- Gross operating margin +€47,236
up €47,236 (+261.7%), from €18,047 to €65,284
- Depreciation +€20,217
up €20,217 (+468.7%), from €4,313 to €24,531
- Financial charges +€13,286
up €13,286 (+6620.0%), from €201 to €13,487
- Write-downs +€10,000
new in 2025: €10,000
- Taxes +€1,601
up €1,601 (+62.7%), from €2,553 to €4,154
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 | €75,611 | €378,559 | +€302,948 | +400.7% |
| Fixed assets | 21/28 | €9,668 | €343,537 | +€333,869 | +3453.4% |
| Intangible fixed assets | 21 | €4,881 | €3,540 | -€1,342 | -27.5% |
| Tangible fixed assets | 22/27 | €4,786 | €339,998 | +€335,211 | +7003.3% |
| Land and buildings | 22 | - | €336,849 | +€336,849 | |
| Furniture and vehicles | 24 | €4,786 | €3,148 | -€1,638 | -34.2% |
| Current assets | 29/58 | €65,943 | €35,022 | -€30,921 | -46.9% |
| Stocks and contracts in progress | 3 | €34,985 | €24,893 | -€10,091 | -28.8% |
| Stocks | 30/36 | €34,985 | €24,893 | -€10,091 | -28.8% |
| Amounts receivable within one year | 40/41 | - | €330 | +€330 | |
| Trade receivables | 40 | - | €330 | +€330 | |
| Cash at bank and in hand | 54/58 | €30,958 | €9,798 | -€21,160 | -68.4% |
| Total equity and liabilities | 10/49 | €75,611 | €378,559 | +€302,948 | +400.7% |
| Equity | 10/15 | €11,771 | €23,013 | +€11,242 | +95.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €9,771 | €21,013 | +€11,242 | +115.1% |
| Distributable reserves | 133 | €9,771 | €21,013 | +€11,242 | +115.1% |
| Amounts payable | 17/49 | €63,840 | €355,546 | +€291,706 | +456.9% |
| Amounts payable after more than one year | 17 | - | €261,724 | +€261,724 | |
| Financial debts | 170/4 | - | €261,724 | +€261,724 | |
| Amounts payable within one year | 42/48 | €62,540 | €87,872 | +€25,332 | +40.5% |
| Current portion of amounts payable after more than one year | 42 | - | €14,790 | +€14,790 | |
| Trade debts | 44 | €500 | €901 | +€401 | +80.1% |
| Suppliers | 440/4 | €500 | €901 | +€401 | +80.1% |
| Taxes, remuneration and social security | 45 | €9,075 | €10,017 | +€942 | +10.4% |
| Taxes | 450/3 | €9,075 | €10,017 | +€942 | +10.4% |
| Other amounts payable | 47/48 | €52,965 | €62,165 | +€9,200 | +17.4% |
| Accrued charges and deferred income | 492/3 | €1,300 | €5,950 | +€4,650 | +357.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,313 | €24,531 | +€20,217 | +468.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,000 | +€10,000 | |
| Other operating charges | 640/8 | €1,215 | €1,873 | +€659 | +54.3% |
| Gross operating margin | 9900 | €18,047 | €65,284 | +€47,236 | +261.7% |
| Operating profit (loss) | 9901 | €12,520 | €28,880 | +€16,360 | +130.7% |
| Financial income | 75/76B | €5 | €3 | -€2 | -35.0% |
| Recurring financial income | 75 | €5 | €3 | -€2 | -35.0% |
| Financial charges | 65/66B | €201 | €13,487 | +€13,286 | +6620.0% |
| Recurring financial charges | 65 | €201 | €13,487 | +€13,286 | +6620.0% |
| Profit (loss) for the period before taxes | 9903 | €12,324 | €15,396 | +€3,072 | +24.9% |
| Income taxes | 67/77 | €2,553 | €4,154 | +€1,601 | +62.7% |
| Profit (loss) for the period | 9904 | €9,771 | €11,242 | +€1,471 | +15.1% |
| Profit (loss) for the period to be appropriated | 9905 | €9,771 | €11,242 | +€1,471 | +15.1% |
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 3 October 2026 via checked.be.