RAFSO: 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.
RAFSO
Largest movements
- Cash -€113,416
down €113,416 (-81.7%), from €138,880 to €25,464
mainly Contributions, distributions and other (-€316,489) and Receivables within one year (-€26,303)
- Receivables within one year +€26,303
up €26,303 (+53.1%), from €49,517 to €75,819
- Tangible fixed assets +€19,420
up €19,420 (+329.5%), from €5,895 to €25,314
of which Other tangible fixed assets: +€17,275
- Deferred charges and accrued income -€7,105
down €7,105 (-11.7%), from €60,760 to €53,655
- Profit (loss) carried forward -€192,192
down €192,192 (-100.0%), from €192,192 to €0
- Other debts +€128,026
up €128,026 (+3588.1%), from €3,568 to €131,594
- Tax, wage and social debts -€12,872
down €12,872 (-44.7%), from €28,795 to €15,923
of which Taxes: -€11,477
- Gross operating margin +€21,461
up €21,461 (+15.0%), from €142,910 to €164,370
- Taxes +€5,057
up €5,057 (+16.0%), from €31,636 to €36,693
- Depreciation +€2,214
up €2,214 (+678.1%), from €326 to €2,540
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 | €255,051 | €180,253 | -€74,798 | -29.3% |
| Fixed assets | 21/28 | €5,895 | €25,314 | +€19,420 | +329.5% |
| Tangible fixed assets | 22/27 | €5,895 | €25,314 | +€19,420 | +329.5% |
| Furniture and vehicles | 24 | €2,049 | €4,194 | +€2,145 | +104.7% |
| Other tangible fixed assets | 26 | €3,846 | €21,121 | +€17,275 | +449.2% |
| Current assets | 29/58 | €249,156 | €154,938 | -€94,218 | -37.8% |
| Amounts receivable within one year | 40/41 | €49,517 | €75,819 | +€26,303 | +53.1% |
| Trade receivables | 40 | €49,517 | €75,819 | +€26,303 | +53.1% |
| Cash at bank and in hand | 54/58 | €138,880 | €25,464 | -€113,416 | -81.7% |
| Deferred charges and accrued income | 490/1 | €60,760 | €53,655 | -€7,105 | -11.7% |
| Total equity and liabilities | 10/49 | €255,051 | €180,253 | -€74,798 | -29.3% |
| Equity | 10/15 | €222,250 | €30,059 | -€192,192 | -86.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €29,059 | €29,059 | = | 0.0% |
| Distributable reserves | 133 | €29,059 | €29,059 | = | 0.0% |
| Profit (loss) carried forward | 14 | €192,192 | €0 | -€192,192 | -100.0% |
| Amounts payable | 17/49 | €32,801 | €150,194 | +€117,394 | +357.9% |
| Amounts payable within one year | 42/48 | €32,801 | €150,194 | +€117,394 | +357.9% |
| Trade debts | 44 | €437 | €2,677 | +€2,239 | +512.2% |
| Suppliers | 440/4 | €437 | €2,677 | +€2,239 | +512.2% |
| Taxes, remuneration and social security | 45 | €28,795 | €15,923 | -€12,872 | -44.7% |
| Taxes | 450/3 | €27,400 | €15,923 | -€11,477 | -41.9% |
| Remuneration and social security | 454/9 | €1,395 | €0 | -€1,395 | -100.0% |
| Other amounts payable | 47/48 | €3,568 | €131,594 | +€128,026 | +3588.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €326 | €2,540 | +€2,214 | +678.1% |
| Other operating charges | 640/8 | - | €625 | +€625 | |
| Gross operating margin | 9900 | €142,910 | €164,370 | +€21,461 | +15.0% |
| Operating profit (loss) | 9901 | €142,583 | €161,205 | +€18,622 | +13.1% |
| Financial income | 75/76B | €70 | €42 | -€27 | -39.1% |
| Recurring financial income | 75 | €70 | €42 | -€27 | -39.1% |
| Financial charges | 65/66B | €118 | €257 | +€139 | +118.1% |
| Recurring financial charges | 65 | €118 | €257 | +€139 | +118.1% |
| Profit (loss) for the period before taxes | 9903 | €142,535 | €160,990 | +€18,455 | +12.9% |
| Income taxes | 67/77 | €31,636 | €36,693 | +€5,057 | +16.0% |
| Profit (loss) for the period | 9904 | €110,899 | €124,297 | +€13,398 | +12.1% |
| Profit (loss) for the period to be appropriated | 9905 | €110,899 | €124,297 | +€13,398 | +12.1% |
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 29 September 2026 via checked.be.