RaKo ES: what changed
RaKo ES
Largest movements
- Tangible fixed assets +€34,189
up €34,189 (+92.6%), from €36,929 to €71,118
of which Furniture and vehicles: +€17,389
- Receivables within one year -€11,250
down €11,250 (-16.9%), from €66,451 to €55,201
of which Trade receivables: -€14,951
- Cash +€2,782
up €2,782 (+4.1%), from €67,837 to €70,619
mainly Trade debts (+€38,751) and Net result for the year (+€16,119)
- Trade debts +€38,751
up €38,751 (+25,999%), from €149 to €38,900
- Other debts -€22,629
down €22,629 (-31.8%), from €71,217 to €48,588
- Reserves +€16,119
up €16,119 (+27.2%), from €59,299 to €75,418
of which Distributable reserves: +€16,119
- Debts after one year -€8,816
down €8,816 (-49.1%), from €17,951 to €9,135
- Tax, wage and social debts +€6,993
up €6,993 (+91.5%), from €7,640 to €14,633
of which Remuneration and social security: +€14,062
- Staff costs -€14,182
down €14,182 (-13.6%), from €104,172 to €89,990
- Gross operating margin -€13,547
down €13,547 (-9.5%), from €141,862 to €128,315
- Depreciation +€3,574
up €3,574 (+35.0%), from €10,223 to €13,798
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €189,586 | €214,090 | +€24,503 | +12.9% |
| Fixed assets | 21/28 | €36,929 | €71,118 | +€34,189 | +92.6% |
| Tangible fixed assets | 22/27 | €36,929 | €71,118 | +€34,189 | +92.6% |
| Plant, machinery and equipment | 23 | €6,571 | €6,453 | -€117 | -1.8% |
| Furniture and vehicles | 24 | €25,159 | €42,547 | +€17,389 | +69.1% |
| Other tangible fixed assets | 26 | €5,200 | €22,117 | +€16,917 | +325% |
| Current assets | 29/58 | €152,657 | €142,972 | -€9,685 | -6.3% |
| Stocks and contracts in progress | 3 | €16,355 | €14,822 | -€1,534 | -9.4% |
| Stocks | 30/36 | €16,355 | €14,822 | -€1,534 | -9.4% |
| Amounts receivable within one year | 40/41 | €66,451 | €55,201 | -€11,250 | -16.9% |
| Trade receivables | 40 | €62,979 | €48,029 | -€14,951 | -23.7% |
| Other amounts receivable | 41 | €3,472 | €7,172 | +€3,700 | +107% |
| Cash at bank and in hand | 54/58 | €67,837 | €70,619 | +€2,782 | +4.1% |
| Deferred charges and accrued income | 490/1 | €2,013 | €2,330 | +€317 | +15.7% |
| Total equity and liabilities | 10/49 | €189,586 | €214,090 | +€24,503 | +12.9% |
| Equity | 10/15 | €77,899 | €94,018 | +€16,119 | +20.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €59,299 | €75,418 | +€16,119 | +27.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €57,439 | €73,558 | +€16,119 | +28.1% |
| Amounts payable | 17/49 | €111,687 | €120,071 | +€8,385 | +7.5% |
| Amounts payable after more than one year | 17 | €17,951 | €9,135 | -€8,816 | -49.1% |
| Financial debts | 170/4 | €17,951 | €9,135 | -€8,816 | -49.1% |
| Amounts payable within one year | 42/48 | €87,514 | €110,937 | +€23,423 | +26.8% |
| Current portion of amounts payable after more than one year | 42 | €8,508 | €8,816 | +€308 | +3.6% |
| Trade debts | 44 | €149 | €38,900 | +€38,751 | +25,999% |
| Suppliers | 440/4 | €149 | €38,900 | +€38,751 | +25,999% |
| Taxes, remuneration and social security | 45 | €7,640 | €14,633 | +€6,993 | +91.5% |
| Taxes | 450/3 | €7,069 | - | -€7,069 | |
| Remuneration and social security | 454/9 | €571 | €14,633 | +€14,062 | +2,462% |
| Other amounts payable | 47/48 | €71,217 | €48,588 | -€22,629 | -31.8% |
| Accrued charges and deferred income | 492/3 | €6,222 | - | -€6,222 | |
| Remuneration, social security and pensions | 62 | €104,172 | €89,990 | -€14,182 | -13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,223 | €13,798 | +€3,574 | +35.0% |
| Other operating charges | 640/8 | €1,930 | €1,813 | -€117 | -6.1% |
| Gross operating margin | 9900 | €141,862 | €128,315 | -€13,547 | -9.5% |
| Operating profit (loss) | 9901 | €25,537 | €22,715 | -€2,822 | -11.0% |
| Financial income | 75/76B | €1,289 | €815 | -€474 | -36.8% |
| Recurring financial income | 75 | €1,289 | €815 | -€474 | -36.8% |
| Financial charges | 65/66B | €1,475 | €1,542 | +€68 | +4.6% |
| Recurring financial charges | 65 | €1,475 | €1,542 | +€68 | +4.6% |
| Profit (loss) for the period before taxes | 9903 | €25,351 | €21,988 | -€3,364 | -13.3% |
| Income taxes | 67/77 | €7,069 | €5,869 | -€1,200 | -17.0% |
| Profit (loss) for the period | 9904 | €18,282 | €16,119 | -€2,164 | -11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €18,282 | €16,119 | -€2,164 | -11.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.