RAHEL: 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.
RAHEL
Largest movements
- Receivables within one year -€30,994
down €30,994 (-93.9%), from €32,998 to €2,005
of which Trade receivables: -€32,998
- Stocks and contracts -€10,876
down €10,876 (-23.7%), from €45,894 to €35,017
- Cash -€5,662
down €5,662 (-11.9%), from €47,736 to €42,074
mainly Trade debts (-€44,125) and Debts after one year (-€6,508)
- Tangible fixed assets -€4,689
down €4,689 (-22.5%), from €20,855 to €16,166
of which Furniture and vehicles: -€4,390
- Trade debts -€44,125
down €44,125 (-80.2%), from €55,007 to €10,882
- Debts after one year -€6,508
down €6,508 (-28.7%), from €22,676 to €16,168
- Other debts -€4,642
down €4,642 (-65.1%), from €7,135 to €2,493
- Gross operating margin -€15,644
down €15,644 (-29.1%), from €53,830 to €38,187
- Staff costs -€5,866
down €5,866 (-30.6%), from €19,188 to €13,323
- Taxes -€3,768
no longer reported in 2025 (was €3,768)
- Depreciation -€2,795
down €2,795 (-24.5%), from €11,404 to €8,609
- Other operating charges -€584
down €584 (-33.7%), from €1,733 to €1,148
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 | €151,182 | €98,962 | -€52,220 | -34.5% |
| Fixed assets | 21/28 | €24,555 | €19,866 | -€4,689 | -19.1% |
| Tangible fixed assets | 22/27 | €20,855 | €16,166 | -€4,689 | -22.5% |
| Plant, machinery and equipment | 23 | €1,537 | €1,238 | -€299 | -19.5% |
| Furniture and vehicles | 24 | €19,317 | €14,928 | -€4,390 | -22.7% |
| Financial fixed assets | 28 | €3,700 | €3,700 | = | 0.0% |
| Current assets | 29/58 | €126,627 | €79,096 | -€47,532 | -37.5% |
| Stocks and contracts in progress | 3 | €45,894 | €35,017 | -€10,876 | -23.7% |
| Stocks | 30/36 | €45,894 | €35,017 | -€10,876 | -23.7% |
| Amounts receivable within one year | 40/41 | €32,998 | €2,005 | -€30,994 | -93.9% |
| Trade receivables | 40 | €32,998 | - | -€32,998 | |
| Other amounts receivable | 41 | - | €2,005 | +€2,005 | |
| Cash at bank and in hand | 54/58 | €47,736 | €42,074 | -€5,662 | -11.9% |
| Total equity and liabilities | 10/49 | €151,182 | €98,962 | -€52,220 | -34.5% |
| Equity | 10/15 | €55,274 | €56,780 | +€1,506 | +2.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,274 | €36,780 | +€1,506 | +4.3% |
| Amounts payable | 17/49 | €95,908 | €42,181 | -€53,726 | -56.0% |
| Amounts payable after more than one year | 17 | €22,676 | €16,168 | -€6,508 | -28.7% |
| Financial debts | 170/4 | €22,676 | €16,168 | -€6,508 | -28.7% |
| Amounts payable within one year | 42/48 | €73,232 | €26,013 | -€47,218 | -64.5% |
| Current portion of amounts payable after more than one year | 42 | €5,973 | €6,508 | +€535 | +9.0% |
| Trade debts | 44 | €55,007 | €10,882 | -€44,125 | -80.2% |
| Suppliers | 440/4 | €55,007 | €10,882 | -€44,125 | -80.2% |
| Taxes, remuneration and social security | 45 | €5,117 | €6,130 | +€1,014 | +19.8% |
| Taxes | 450/3 | €1,197 | €1,299 | +€102 | +8.5% |
| Remuneration and social security | 454/9 | €3,920 | €4,832 | +€912 | +23.3% |
| Other amounts payable | 47/48 | €7,135 | €2,493 | -€4,642 | -65.1% |
| Non-recurring operating income | 76A | - | €1,376 | +€1,376 | |
| Remuneration, social security and pensions | 62 | €19,188 | €13,323 | -€5,866 | -30.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,404 | €8,609 | -€2,795 | -24.5% |
| Other operating charges | 640/8 | €1,733 | €1,148 | -€584 | -33.7% |
| Non-recurring operating charges | 66A | - | €10,876 | +€10,876 | |
| Gross operating margin | 9900 | €53,830 | €38,187 | -€15,644 | -29.1% |
| Operating profit (loss) | 9901 | €21,505 | €4,230 | -€17,275 | -80.3% |
| Financial charges | 65/66B | €2,918 | €2,725 | -€193 | -6.6% |
| Recurring financial charges | 65 | €2,918 | €2,725 | -€193 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €18,587 | €1,506 | -€17,082 | -91.9% |
| Income taxes | 67/77 | €3,768 | - | -€3,768 | |
| Profit (loss) for the period | 9904 | €14,819 | €1,506 | -€13,313 | -89.8% |
| Profit (loss) for the period to be appropriated | 9905 | €14,819 | €1,506 | -€13,313 | -89.8% |
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 7 October 2026 via checked.be.