RAISON BENELUX: 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.
RAISON BENELUX
Largest movements
- Receivables within one year -€26,577
down €26,577 (-11.5%), from €230,659 to €204,082
of which Trade receivables: -€25,520
- Cash +€17,568
up €17,568 (+9.9%), from €177,594 to €195,161
mainly Net result for the year (+€69,447) and Accrued charges and deferred income (+€47,559)
- Intangible fixed assets -€10,242
down €10,242 (-25.2%), from €40,699 to €30,457
- Profit (loss) carried forward +€69,447
up €69,447, from -€47,394 to €22,053
- Debts after one year -€64,169
down €64,169 (-37.1%), from €172,871 to €108,701
of which Financial debts: -€39,169
- Accrued charges and deferred income +€47,559
new in 2025: €47,559
- Trade debts -€34,677
down €34,677 (-25.2%), from €137,757 to €103,079
- Advances received -€25,974
no longer reported in 2025 (was €25,974)
- Gross operating margin +€21,325
up €21,325 (+18.0%), from €118,180 to €139,506
- Staff costs -€17,828
down €17,828 (-39.4%), from €45,288 to €27,460
- Write-downs +€13,412
new in 2025: €13,412
- Taxes +€9,918
up €9,918 (+5,481%), from €181 to €10,099
- Depreciation +€2,242
up €2,242 (+28.0%), from €8,000 to €10,242
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 | €462,922 | €443,671 | -€19,251 | -4.2% |
| Fixed assets | 21/28 | €51,049 | €40,807 | -€10,242 | -20.1% |
| Intangible fixed assets | 21 | €40,699 | €30,457 | -€10,242 | -25.2% |
| Financial fixed assets | 28 | €10,350 | €10,350 | = | 0.0% |
| Current assets | 29/58 | €411,873 | €402,863 | -€9,009 | -2.2% |
| Stocks and contracts in progress | 3 | €3,620 | €3,620 | = | 0.0% |
| Stocks | 30/36 | €3,620 | €3,620 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €230,659 | €204,082 | -€26,577 | -11.5% |
| Trade receivables | 40 | €229,602 | €204,082 | -€25,520 | -11.1% |
| Other amounts receivable | 41 | €1,057 | - | -€1,057 | |
| Cash at bank and in hand | 54/58 | €177,594 | €195,161 | +€17,568 | +9.9% |
| Total equity and liabilities | 10/49 | €462,922 | €443,671 | -€19,251 | -4.2% |
| Equity | 10/15 | €52,606 | €122,053 | +€69,447 | +132% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€47,394 | €22,053 | +€69,447 | |
| Amounts payable | 17/49 | €410,316 | €321,618 | -€88,698 | -21.6% |
| Amounts payable after more than one year | 17 | €172,871 | €108,701 | -€64,169 | -37.1% |
| Financial debts | 170/4 | €144,033 | €104,863 | -€39,169 | -27.2% |
| Other amounts payable | 178/9 | €28,838 | €3,838 | -€25,000 | -86.7% |
| Amounts payable within one year | 42/48 | €237,445 | €165,358 | -€72,088 | -30.4% |
| Current portion of amounts payable after more than one year | 42 | €45,404 | €39,169 | -€6,235 | -13.7% |
| Trade debts | 44 | €137,757 | €103,079 | -€34,677 | -25.2% |
| Suppliers | 440/4 | €137,757 | €103,079 | -€34,677 | -25.2% |
| Advances received on contracts in progress | 46 | €25,974 | - | -€25,974 | |
| Taxes, remuneration and social security | 45 | €20,210 | €12,953 | -€7,257 | -35.9% |
| Taxes | 450/3 | €12,982 | €12,953 | -€29 | -0.2% |
| Remuneration and social security | 454/9 | €7,228 | - | -€7,228 | |
| Other amounts payable | 47/48 | €8,100 | €10,156 | +€2,055 | +25.4% |
| Accrued charges and deferred income | 492/3 | - | €47,559 | +€47,559 | |
| Remuneration, social security and pensions | 62 | €45,288 | €27,460 | -€17,828 | -39.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,000 | €10,242 | +€2,242 | +28.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €13,412 | +€13,412 | |
| Other operating charges | 640/8 | €479 | €948 | +€469 | +98.0% |
| Gross operating margin | 9900 | €118,180 | €139,506 | +€21,325 | +18.0% |
| Operating profit (loss) | 9901 | €64,414 | €87,443 | +€23,030 | +35.8% |
| Financial income | 75/76B | €48 | - | -€48 | |
| Recurring financial income | 75 | €48 | - | -€48 | |
| Financial charges | 65/66B | €8,216 | €7,897 | -€319 | -3.9% |
| Recurring financial charges | 65 | €8,216 | €7,897 | -€319 | -3.9% |
| Profit (loss) for the period before taxes | 9903 | €56,245 | €79,546 | +€23,301 | +41.4% |
| Income taxes | 67/77 | €181 | €10,099 | +€9,918 | +5,481% |
| Profit (loss) for the period | 9904 | €56,064 | €69,447 | +€13,383 | +23.9% |
| Profit (loss) for the period to be appropriated | 9905 | €56,064 | €69,447 | +€13,383 | +23.9% |
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 26 October 2026 via checked.be.