RAGHAV: 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.
RAGHAV
Largest movements
- Stocks and contracts +€34,343
up €34,343 (+65.7%), from €52,290 to €86,632
- Cash -€6,360
down €6,360 (-9.1%), from €69,909 to €63,549
mainly Stocks and contracts (-€34,343) and Debts after one year (-€2,897)
- Receivables within one year -€6,209
no longer reported in 2025 (was €6,209)
- Tangible fixed assets -€2,893
down €2,893 (-21.6%), from €13,374 to €10,482
of which Furniture and vehicles: -€2,893
- Tax, wage and social debts +€12,056
up €12,056 (+116.1%), from €10,383 to €22,439
of which Remuneration and social security: +€9,912
- Profit (loss) carried forward +€6,754
up €6,754 (+6.9%), from €97,265 to €104,019
- Debts after one year -€2,897
down €2,897 (-32.3%), from €8,954 to €6,058
- Staff costs +€27,863
up €27,863 (+81.6%), from €34,157 to €62,020
- Gross operating margin +€26,574
up €26,574 (+44.6%), from €59,581 to €86,155
- Other operating charges +€872
up €872 (+40.1%), from €2,175 to €3,047
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 | €145,567 | €163,196 | +€17,629 | +12.1% |
| Fixed assets | 21/28 | €13,475 | €10,583 | -€2,893 | -21.5% |
| Tangible fixed assets | 22/27 | €13,374 | €10,482 | -€2,893 | -21.6% |
| Plant, machinery and equipment | 23 | €1,804 | €1,804 | = | 0.0% |
| Furniture and vehicles | 24 | €11,570 | €8,678 | -€2,893 | -25.0% |
| Financial fixed assets | 28 | €101 | €101 | = | 0.0% |
| Current assets | 29/58 | €132,091 | €152,613 | +€20,522 | +15.5% |
| Stocks and contracts in progress | 3 | €52,290 | €86,632 | +€34,343 | +65.7% |
| Stocks | 30/36 | €52,290 | €86,632 | +€34,343 | +65.7% |
| Amounts receivable within one year | 40/41 | €6,209 | - | -€6,209 | |
| Other amounts receivable | 41 | €6,209 | - | -€6,209 | |
| Cash at bank and in hand | 54/58 | €69,909 | €63,549 | -€6,360 | -9.1% |
| Deferred charges and accrued income | 490/1 | €3,683 | €2,432 | -€1,251 | -34.0% |
| Total equity and liabilities | 10/49 | €145,567 | €163,196 | +€17,629 | +12.1% |
| Equity | 10/15 | €113,265 | €120,019 | +€6,754 | +6.0% |
| Contributions | 10/11 | €16,000 | €16,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €97,265 | €104,019 | +€6,754 | +6.9% |
| Amounts payable | 17/49 | €32,302 | €43,177 | +€10,875 | +33.7% |
| Amounts payable after more than one year | 17 | €8,954 | €6,058 | -€2,897 | -32.3% |
| Financial debts | 170/4 | €8,954 | €6,058 | -€2,897 | -32.3% |
| Amounts payable within one year | 42/48 | €23,347 | €37,119 | +€13,772 | +59.0% |
| Current portion of amounts payable after more than one year | 42 | €2,729 | €2,897 | +€168 | +6.1% |
| Trade debts | 44 | €10,236 | €11,784 | +€1,548 | +15.1% |
| Suppliers | 440/4 | €10,236 | €11,784 | +€1,548 | +15.1% |
| Taxes, remuneration and social security | 45 | €10,383 | €22,439 | +€12,056 | +116.1% |
| Taxes | 450/3 | €3,239 | €5,383 | +€2,144 | +66.2% |
| Remuneration and social security | 454/9 | €7,144 | €17,056 | +€9,912 | +138.7% |
| Remuneration, social security and pensions | 62 | €34,157 | €62,020 | +€27,863 | +81.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,583 | €2,893 | -€691 | -19.3% |
| Other operating charges | 640/8 | €2,175 | €3,047 | +€872 | +40.1% |
| Non-recurring operating charges | 66A | - | €3,292 | +€3,292 | |
| Gross operating margin | 9900 | €59,581 | €86,155 | +€26,574 | +44.6% |
| Operating profit (loss) | 9901 | €19,666 | €14,904 | -€4,763 | -24.2% |
| Financial income | 75/76B | €3 | €1 | -€2 | -79.9% |
| Recurring financial income | 75 | €3 | €1 | -€2 | -79.9% |
| Financial charges | 65/66B | €4,854 | €5,504 | +€649 | +13.4% |
| Recurring financial charges | 65 | €4,854 | €5,504 | +€649 | +13.4% |
| Profit (loss) for the period before taxes | 9903 | €14,815 | €9,401 | -€5,414 | -36.5% |
| Income taxes | 67/77 | €3,085 | €2,647 | -€438 | -14.2% |
| Profit (loss) for the period | 9904 | €11,730 | €6,754 | -€4,976 | -42.4% |
| Profit (loss) for the period to be appropriated | 9905 | €11,730 | €6,754 | -€4,976 | -42.4% |
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 11 October 2026 via checked.be.