RAKOR: 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.
RAKOR
Largest movements
- Receivables within one year +€29,355
up €29,355 (+309.3%), from €9,490 to €38,845
of which Trade receivables: +€28,314
- Cash -€6,570
down €6,570 (-36.7%), from €17,917 to €11,347
mainly Receivables within one year (-€29,355) and Tax, wage and social debts (-€2,348)
- Tangible fixed assets -€4,721
down €4,721 (-30.3%), from €15,587 to €10,866
- Financial fixed assets -€1,300
down €1,300 (-65.0%), from €2,000 to €700
- Reserves +€20,656
up €20,656 (+61.4%), from €33,651 to €54,307
- Tax, wage and social debts -€2,348
down €2,348 (-96.2%), from €2,441 to €93
- Current portion of long-term debt -€1,018
no longer reported in 2025 (was €1,018)
- Gross operating margin +€24,856
up €24,856 (+235.4%), from €10,560 to €35,416
- Taxes +€7,084
up €7,084 (+515.2%), from €1,375 to €8,459
- Depreciation -€847
down €847 (-15.2%), from €5,568 to €4,721
- Financial charges -€555
down €555 (-49.9%), from €1,111 to €556
- Other operating charges +€473
up €473 (+85.9%), from €550 to €1,024
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 | €45,260 | €62,036 | +€16,776 | +37.1% |
| Fixed assets | 21/28 | €17,587 | €11,566 | -€6,021 | -34.2% |
| Tangible fixed assets | 22/27 | €15,587 | €10,866 | -€4,721 | -30.3% |
| Land and buildings | 22 | €3,815 | €3,320 | -€495 | -13.0% |
| Plant, machinery and equipment | 23 | €3,848 | €1,981 | -€1,867 | -48.5% |
| Furniture and vehicles | 24 | €4,351 | €1,992 | -€2,359 | -54.2% |
| Other tangible fixed assets | 26 | €3,573 | €3,573 | = | 0.0% |
| Financial fixed assets | 28 | €2,000 | €700 | -€1,300 | -65.0% |
| Current assets | 29/58 | €27,673 | €50,470 | +€22,796 | +82.4% |
| Amounts receivable within one year | 40/41 | €9,490 | €38,845 | +€29,355 | +309.3% |
| Trade receivables | 40 | €7,865 | €36,179 | +€28,314 | +360.0% |
| Other amounts receivable | 41 | €1,625 | €2,666 | +€1,041 | +64.0% |
| Cash at bank and in hand | 54/58 | €17,917 | €11,347 | -€6,570 | -36.7% |
| Deferred charges and accrued income | 490/1 | €266 | €278 | +€12 | +4.4% |
| Total equity and liabilities | 10/49 | €45,260 | €62,036 | +€16,776 | +37.1% |
| Equity | 10/15 | €34,651 | €55,307 | +€20,656 | +59.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Outside capital | 11 | €1,000 | €1,000 | = | 0.0% |
| Other | 1109/19 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €33,651 | €54,307 | +€20,656 | +61.4% |
| Distributable reserves | 133 | €33,651 | €54,307 | +€20,656 | +61.4% |
| Amounts payable | 17/49 | €10,609 | €6,729 | -€3,881 | -36.6% |
| Amounts payable within one year | 42/48 | €9,985 | €6,587 | -€3,398 | -34.0% |
| Current portion of amounts payable after more than one year | 42 | €1,018 | - | -€1,018 | |
| Trade debts | 44 | €2,526 | €2,479 | -€47 | -1.9% |
| Suppliers | 440/4 | €2,526 | €2,479 | -€47 | -1.9% |
| Taxes, remuneration and social security | 45 | €2,441 | €93 | -€2,348 | -96.2% |
| Taxes | 450/3 | €2,441 | €93 | -€2,348 | -96.2% |
| Other amounts payable | 47/48 | €4,000 | €4,015 | +€15 | +0.4% |
| Accrued charges and deferred income | 492/3 | €624 | €142 | -€482 | -77.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,568 | €4,721 | -€847 | -15.2% |
| Other operating charges | 640/8 | €550 | €1,024 | +€473 | +85.9% |
| Gross operating margin | 9900 | €10,560 | €35,416 | +€24,856 | +235.4% |
| Operating profit (loss) | 9901 | €4,441 | €29,672 | +€25,230 | +568.1% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,111 | €556 | -€555 | -49.9% |
| Recurring financial charges | 65 | €1,111 | €556 | -€555 | -49.9% |
| Profit (loss) for the period before taxes | 9903 | €3,330 | €29,115 | +€25,785 | +774.3% |
| Income taxes | 67/77 | €1,375 | €8,459 | +€7,084 | +515.2% |
| Profit (loss) for the period | 9904 | €1,955 | €20,656 | +€18,701 | +956.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,955 | €20,656 | +€18,701 | +956.5% |
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 8 October 2026 via checked.be.