RAISE & SHINE: 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.
RAISE & SHINE
Largest movements
- Cash -€34,660
down €34,660 (-31.7%), from €109,447 to €74,787
mainly Net result for the year (-€36,960) and Tax, wage and social debts (-€8,206)
- Receivables within one year -€5,851
down €5,851 (-33.8%), from €17,327 to €11,476
of which Other amounts receivable: -€3,598
- Profit (loss) carried forward -€36,960
down €36,960 (-235%), from -€15,716 to -€52,676
- Tax, wage and social debts -€8,206
no longer reported in 2025 (was €8,206)
- Trade debts +€4,654
up €4,654 (+14.4%), from €32,285 to €36,939
- Gross operating margin -€36,292
down €36,292, from €395 to -€35,898
- Staff costs +€799
new in 2025: €799
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 | €126,775 | €86,263 | -€40,512 | -32.0% |
| Current assets | 29/58 | €126,775 | €86,263 | -€40,512 | -32.0% |
| Amounts receivable within one year | 40/41 | €17,327 | €11,476 | -€5,851 | -33.8% |
| Trade receivables | 40 | €11,923 | €9,670 | -€2,253 | -18.9% |
| Other amounts receivable | 41 | €5,404 | €1,806 | -€3,598 | -66.6% |
| Cash at bank and in hand | 54/58 | €109,447 | €74,787 | -€34,660 | -31.7% |
| Total equity and liabilities | 10/49 | €126,775 | €86,263 | -€40,512 | -32.0% |
| Equity | 10/15 | €86,284 | €49,324 | -€36,960 | -42.8% |
| Contributions | 10/11 | €102,000 | €102,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,716 | -€52,676 | -€36,960 | -235% |
| Amounts payable | 17/49 | €40,490 | €36,939 | -€3,552 | -8.8% |
| Amounts payable within one year | 42/48 | €40,490 | €36,939 | -€3,552 | -8.8% |
| Trade debts | 44 | €32,285 | €36,939 | +€4,654 | +14.4% |
| Suppliers | 440/4 | €32,285 | €36,939 | +€4,654 | +14.4% |
| Taxes, remuneration and social security | 45 | €8,206 | - | -€8,206 | |
| Taxes | 450/3 | €8,206 | - | -€8,206 | |
| Remuneration, social security and pensions | 62 | - | €799 | +€799 | |
| Other operating charges | 640/8 | - | €1 | +€1 | |
| Gross operating margin | 9900 | €395 | -€35,898 | -€36,292 | |
| Operating profit (loss) | 9901 | €395 | -€36,698 | -€37,092 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €210 | €263 | +€53 | +25.0% |
| Recurring financial charges | 65 | €210 | €263 | +€53 | +25.0% |
| Profit (loss) for the period before taxes | 9903 | €185 | -€36,960 | -€37,145 | |
| Profit (loss) for the period | 9904 | €185 | -€36,960 | -€37,145 | |
| Profit (loss) for the period to be appropriated | 9905 | €185 | -€36,960 | -€37,145 |
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 17 October 2026 via checked.be.