Raga: 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.
Raga
Largest movements
- Receivables within one year +€31,545
up €31,545 (+220%), from €14,369 to €45,913
of which Trade receivables: +€26,480
- Cash -€8,209
down €8,209 (-51.9%), from €15,804 to €7,595
mainly Receivables within one year (-€31,545) and Other debts (-€1,488)
- Tangible fixed assets -€7,255
down €7,255 (-17.2%), from €42,184 to €34,929
of which Furniture and vehicles: -€5,224
- Receivables after one year -€4,200
down €4,200 (-38.2%), from €11,000 to €6,800
- Intangible fixed assets -€2,500
down €2,500 (-13.5%), from €18,486 to €15,986
- Reserves +€7,531
up €7,531 (+8.8%), from €85,143 to €92,674
- Trade debts +€3,395
up €3,395 (+26.7%), from €12,738 to €16,133
- Other debts -€1,488
down €1,488 (-64.5%), from €2,306 to €818
- Gross operating margin -€15,433
down €15,433 (-41.5%), from €37,174 to €21,741
- Taxes -€4,386
down €4,386 (-51.2%), from €8,571 to €4,185
- Depreciation +€2,441
up €2,441 (+33.4%), from €7,314 to €9,755
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 | €103,260 | €112,949 | +€9,689 | +9.4% |
| Fixed assets | 21/28 | €60,670 | €50,915 | -€9,755 | -16.1% |
| Intangible fixed assets | 21 | €18,486 | €15,986 | -€2,500 | -13.5% |
| Tangible fixed assets | 22/27 | €42,184 | €34,929 | -€7,255 | -17.2% |
| Land and buildings | 22 | €16,943 | €16,061 | -€883 | -5.2% |
| Plant, machinery and equipment | 23 | €10,824 | €9,675 | -€1,149 | -10.6% |
| Furniture and vehicles | 24 | €14,417 | €9,193 | -€5,224 | -36.2% |
| Current assets | 29/58 | €42,589 | €62,034 | +€19,444 | +45.7% |
| Amounts receivable after more than one year | 29 | €11,000 | €6,800 | -€4,200 | -38.2% |
| Other amounts receivable | 291 | €11,000 | €6,800 | -€4,200 | -38.2% |
| Amounts receivable within one year | 40/41 | €14,369 | €45,913 | +€31,545 | +220% |
| Trade receivables | 40 | €10,169 | €36,649 | +€26,480 | +260% |
| Other amounts receivable | 41 | €4,200 | €9,265 | +€5,065 | +121% |
| Cash at bank and in hand | 54/58 | €15,804 | €7,595 | -€8,209 | -51.9% |
| Deferred charges and accrued income | 490/1 | €1,416 | €1,725 | +€309 | +21.8% |
| Total equity and liabilities | 10/49 | €103,260 | €112,949 | +€9,689 | +9.4% |
| Equity | 10/15 | €88,143 | €95,674 | +€7,531 | +8.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €85,143 | €92,674 | +€7,531 | +8.8% |
| Distributable reserves | 133 | €85,143 | €92,674 | +€7,531 | +8.8% |
| Amounts payable | 17/49 | €15,117 | €17,275 | +€2,158 | +14.3% |
| Amounts payable within one year | 42/48 | €15,117 | €17,275 | +€2,158 | +14.3% |
| Trade debts | 44 | €12,738 | €16,133 | +€3,395 | +26.7% |
| Suppliers | 440/4 | €12,738 | €16,133 | +€3,395 | +26.7% |
| Taxes, remuneration and social security | 45 | €73 | €324 | +€251 | +346% |
| Taxes | 450/3 | €73 | €324 | +€251 | +346% |
| Other amounts payable | 47/48 | €2,306 | €818 | -€1,488 | -64.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,314 | €9,755 | +€2,441 | +33.4% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €37,174 | €21,741 | -€15,433 | -41.5% |
| Operating profit (loss) | 9901 | €29,742 | €11,866 | -€17,876 | -60.1% |
| Financial charges | 65/66B | €129 | €150 | +€21 | +16.4% |
| Recurring financial charges | 65 | €129 | €150 | +€21 | +16.4% |
| Profit (loss) for the period before taxes | 9903 | €29,614 | €11,717 | -€17,897 | -60.4% |
| Income taxes | 67/77 | €8,571 | €4,185 | -€4,386 | -51.2% |
| Profit (loss) for the period | 9904 | €21,043 | €7,531 | -€13,512 | -64.2% |
| Profit (loss) for the period to be appropriated | 9905 | €21,043 | €7,531 | -€13,512 | -64.2% |
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 16 October 2026 via checked.be.