RAISANI: 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.
RAISANI
Largest movements
- Cash -€63,388
down €63,388 (-48.9%), from €129,658 to €66,271
mainly Contributions, distributions and other (-€40,507) and Current portion of long-term debt (-€29,062)
- Tangible fixed assets -€33,412
down €33,412 (-11.7%), from €285,453 to €252,041
of which Furniture and vehicles: -€17,706
- Reserves -€40,507
down €40,507 (-30.7%), from €132,098 to €91,591
of which Distributable reserves: -€38,647
- Current portion of long-term debt -€29,062
down €29,062 (-80.2%), from €36,247 to €7,185
- Other debts -€11,285
down €11,285 (-21.8%), from €51,792 to €40,507
- Debts after one year -€7,185
no longer reported in 2025 (was €7,185)
- Gross operating margin -€25,572
down €25,572 (-33.2%), from €77,039 to €51,467
- Taxes -€9,228
down €9,228 (-63.7%), from €14,495 to €5,267
- Other operating charges +€3,166
up €3,166 (+53.8%), from €5,888 to €9,054
- Depreciation +€1,471
up €1,471 (+3.4%), from €43,902 to €45,373
- Financial charges -€827
down €827 (-43.4%), from €1,904 to €1,078
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 | €562,637 | €472,387 | -€90,250 | -16.0% |
| Fixed assets | 21/28 | €287,053 | €253,641 | -€33,412 | -11.6% |
| Tangible fixed assets | 22/27 | €285,453 | €252,041 | -€33,412 | -11.7% |
| Land and buildings | 22 | €227,679 | €211,973 | -€15,706 | -6.9% |
| Furniture and vehicles | 24 | €57,774 | €40,069 | -€17,706 | -30.6% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €1,600 | €1,600 | = | 0.0% |
| Current assets | 29/58 | €275,584 | €218,746 | -€56,838 | -20.6% |
| Amounts receivable within one year | 40/41 | €145,926 | €150,479 | +€4,554 | +3.1% |
| Trade receivables | 40 | - | €5,611 | +€5,611 | |
| Other amounts receivable | 41 | €145,926 | €144,868 | -€1,057 | -0.7% |
| Cash at bank and in hand | 54/58 | €129,658 | €66,271 | -€63,388 | -48.9% |
| Deferred charges and accrued income | 490/1 | - | €1,996 | +€1,996 | |
| Total equity and liabilities | 10/49 | €562,637 | €472,387 | -€90,250 | -16.0% |
| Equity | 10/15 | €467,413 | €424,286 | -€43,127 | -9.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €132,098 | €91,591 | -€40,507 | -30.7% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €130,238 | €91,591 | -€38,647 | -29.7% |
| Profit (loss) carried forward | 14 | €316,715 | €314,095 | -€2,621 | -0.8% |
| Amounts payable | 17/49 | €95,224 | €48,102 | -€47,123 | -49.5% |
| Amounts payable after more than one year | 17 | €7,185 | - | -€7,185 | |
| Financial debts | 170/4 | €7,185 | - | -€7,185 | |
| Amounts payable within one year | 42/48 | €88,039 | €48,102 | -€39,938 | -45.4% |
| Current portion of amounts payable after more than one year | 42 | €36,247 | €7,185 | -€29,062 | -80.2% |
| Trade debts | 44 | - | €410 | +€410 | |
| Suppliers | 440/4 | - | €410 | +€410 | |
| Other amounts payable | 47/48 | €51,792 | €40,507 | -€11,285 | -21.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,902 | €45,373 | +€1,471 | +3.4% |
| Other operating charges | 640/8 | €5,888 | €9,054 | +€3,166 | +53.8% |
| Gross operating margin | 9900 | €77,039 | €51,467 | -€25,572 | -33.2% |
| Operating profit (loss) | 9901 | €27,250 | -€2,960 | -€30,210 | |
| Financial income | 75/76B | €7,201 | €6,684 | -€517 | -7.2% |
| Recurring financial income | 75 | €7,201 | €6,684 | -€517 | -7.2% |
| Financial charges | 65/66B | €1,904 | €1,078 | -€827 | -43.4% |
| Recurring financial charges | 65 | €1,904 | €1,078 | -€827 | -43.4% |
| Profit (loss) for the period before taxes | 9903 | €32,547 | €2,646 | -€29,900 | -91.9% |
| Income taxes | 67/77 | €14,495 | €5,267 | -€9,228 | -63.7% |
| Profit (loss) for the period | 9904 | €18,051 | -€2,621 | -€20,672 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,051 | -€2,621 | -€20,672 |
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.