RAHIER: 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.
RAHIER
Largest movements
- Receivables after one year +€644,110
up €644,110 (+112.8%), from €571,193 to €1.2m
- Stocks and contracts -€475,023
down €475,023 (-42.3%), from €1.1m to €648,681
- Receivables within one year +€58,807
up €58,807 (+10.7%), from €551,653 to €610,460
of which Trade receivables: +€67,451
- Debts after one year -€487,755
down €487,755 (-38.6%), from €1.3m to €777,445
of which Financial debts: -€487,755
- Profit (loss) carried forward +€422,229
up €422,229 (+185.8%), from €227,234 to €649,463
- Tax, wage and social debts +€147,262
up €147,262 (+390.8%), from €37,679 to €184,941
- Other debts +€107,301
up €107,301 (+13.1%), from €816,741 to €924,042
- Gross operating margin +€452,845
up €452,845 (+246.8%), from €183,509 to €636,354
- Taxes +€133,773
up €133,773 (+1054.7%), from €12,684 to €146,457
- Financial charges -€43,966
down €43,966 (-61.7%), from €71,217 to €27,251
- Depreciation -€32,179
down €32,179 (-46.7%), from €68,900 to €36,721
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 | €2,582,029 | €2,774,235 | +€192,206 | +7.4% |
| Fixed assets | 21/28 | €315,524 | €295,465 | -€20,059 | -6.4% |
| Tangible fixed assets | 22/27 | €271,604 | €248,545 | -€23,059 | -8.5% |
| Land and buildings | 22 | €115,626 | €111,807 | -€3,819 | -3.3% |
| Plant, machinery and equipment | 23 | €4,950 | €3,882 | -€1,068 | -21.6% |
| Furniture and vehicles | 24 | €7,366 | €16,027 | +€8,661 | +117.6% |
| Other tangible fixed assets | 26 | €143,662 | €116,829 | -€26,833 | -18.7% |
| Financial fixed assets | 28 | €43,920 | €46,920 | +€3,000 | +6.8% |
| Current assets | 29/58 | €2,266,505 | €2,478,770 | +€212,265 | +9.4% |
| Amounts receivable after more than one year | 29 | €571,193 | €1,215,303 | +€644,110 | +112.8% |
| Other amounts receivable | 291 | €571,193 | €1,215,303 | +€644,110 | +112.8% |
| Stocks and contracts in progress | 3 | €1,123,704 | €648,681 | -€475,023 | -42.3% |
| Stocks | 30/36 | €1,123,704 | €648,681 | -€475,023 | -42.3% |
| Amounts receivable within one year | 40/41 | €551,653 | €610,460 | +€58,807 | +10.7% |
| Trade receivables | 40 | €354,329 | €421,780 | +€67,451 | +19.0% |
| Other amounts receivable | 41 | €197,324 | €188,680 | -€8,644 | -4.4% |
| Cash at bank and in hand | 54/58 | €17,086 | €3,558 | -€13,528 | -79.2% |
| Deferred charges and accrued income | 490/1 | €2,869 | €768 | -€2,101 | -73.2% |
| Total equity and liabilities | 10/49 | €2,582,029 | €2,774,235 | +€192,206 | +7.4% |
| Equity | 10/15 | €245,834 | €668,063 | +€422,229 | +171.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €227,234 | €649,463 | +€422,229 | +185.8% |
| Amounts payable | 17/49 | €2,336,195 | €2,106,172 | -€230,023 | -9.8% |
| Amounts payable after more than one year | 17 | €1,265,200 | €777,445 | -€487,755 | -38.6% |
| Financial debts | 170/4 | €665,200 | €177,445 | -€487,755 | -73.3% |
| Other amounts payable | 178/9 | €600,000 | €600,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,070,995 | €1,328,727 | +€257,732 | +24.1% |
| Current portion of amounts payable after more than one year | 42 | €18,947 | €28,967 | +€10,020 | +52.9% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €21,153 | €15,834 | -€5,319 | -25.1% |
| Suppliers | 440/4 | €21,153 | €15,834 | -€5,319 | -25.1% |
| Advances received on contracts in progress | 46 | €26,475 | €24,942 | -€1,533 | -5.8% |
| Taxes, remuneration and social security | 45 | €37,679 | €184,941 | +€147,262 | +390.8% |
| Taxes | 450/3 | €37,679 | €184,941 | +€147,262 | +390.8% |
| Other amounts payable | 47/48 | €816,741 | €924,042 | +€107,301 | +13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,900 | €36,721 | -€32,179 | -46.7% |
| Other operating charges | 640/8 | - | €4,379 | +€4,379 | |
| Gross operating margin | 9900 | €183,509 | €636,354 | +€452,845 | +246.8% |
| Operating profit (loss) | 9901 | €114,609 | €595,254 | +€480,645 | +419.4% |
| Financial income | 75/76B | €1,015 | €683 | -€332 | -32.7% |
| Recurring financial income | 75 | €1,015 | €683 | -€332 | -32.7% |
| Financial charges | 65/66B | €71,217 | €27,251 | -€43,966 | -61.7% |
| Recurring financial charges | 65 | €71,217 | €27,251 | -€43,966 | -61.7% |
| Profit (loss) for the period before taxes | 9903 | €44,407 | €568,686 | +€524,279 | +1180.6% |
| Income taxes | 67/77 | €12,684 | €146,457 | +€133,773 | +1054.7% |
| Profit (loss) for the period | 9904 | €31,723 | €422,229 | +€390,506 | +1231.0% |
| Profit (loss) for the period to be appropriated | 9905 | €31,723 | €422,229 | +€390,506 | +1231.0% |
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 12 October 2026 via checked.be.