RAL: 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.
RAL
Largest movements
- Stocks and contracts -€422,243
down €422,243 (-94.5%), from €446,993 to €24,750
- Cash +€190,839
up €190,839 (+66.6%), from €286,487 to €477,325
mainly Stocks and contracts (+€422,243) and Depreciation (+€35,101)
- Tangible fixed assets -€35,101
down €35,101 (-19.8%), from €177,058 to €141,957
of which Furniture and vehicles: -€32,021
- Receivables within one year -€12,821
down €12,821 (-9.3%), from €137,391 to €124,571
of which Trade receivables: -€10,584
- Profit (loss) carried forward -€284,716
new in 2025: -€284,716
- Gross operating margin +€357,494
up €357,494 (+59.3%), from -€603,240 to -€245,746
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 | €1,049,781 | €770,706 | -€279,075 | -26.6% |
| Fixed assets | 21/28 | €177,058 | €141,957 | -€35,101 | -19.8% |
| Tangible fixed assets | 22/27 | €177,058 | €141,957 | -€35,101 | -19.8% |
| Land and buildings | 22 | €87,979 | €85,979 | -€2,000 | -2.3% |
| Plant, machinery and equipment | 23 | €3,281 | €2,201 | -€1,080 | -32.9% |
| Furniture and vehicles | 24 | €85,798 | €53,777 | -€32,021 | -37.3% |
| Current assets | 29/58 | €872,723 | €628,749 | -€243,974 | -28.0% |
| Stocks and contracts in progress | 3 | €446,993 | €24,750 | -€422,243 | -94.5% |
| Stocks | 30/36 | €446,993 | €24,750 | -€422,243 | -94.5% |
| Amounts receivable within one year | 40/41 | €137,391 | €124,571 | -€12,821 | -9.3% |
| Trade receivables | 40 | €133,463 | €122,878 | -€10,584 | -7.9% |
| Other amounts receivable | 41 | €3,929 | €1,692 | -€2,236 | -56.9% |
| Cash at bank and in hand | 54/58 | €286,487 | €477,325 | +€190,839 | +66.6% |
| Deferred charges and accrued income | 490/1 | €1,852 | €2,103 | +€251 | +13.6% |
| Total equity and liabilities | 10/49 | €1,049,781 | €770,706 | -€279,075 | -26.6% |
| Equity | 10/15 | €288,894 | €4,178 | -€284,716 | -98.6% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €164,894 | €164,894 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Distributable reserves | 133 | €152,494 | €152,494 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€284,716 | -€284,716 | |
| Amounts payable | 17/49 | €760,887 | €766,527 | +€5,641 | +0.7% |
| Amounts payable within one year | 42/48 | €760,887 | €766,527 | +€5,641 | +0.7% |
| Trade debts | 44 | €56,416 | €62,072 | +€5,657 | +10.0% |
| Suppliers | 440/4 | €56,416 | €62,072 | +€5,657 | +10.0% |
| Taxes, remuneration and social security | 45 | - | €1,000 | +€1,000 | |
| Taxes | 450/3 | - | €1,000 | +€1,000 | |
| Other amounts payable | 47/48 | €704,471 | €703,455 | -€1,016 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,738 | €35,101 | -€1,636 | -4.5% |
| Other operating charges | 640/8 | €5,659 | €2,345 | -€3,314 | -58.6% |
| Non-recurring operating charges | 66A | €5,795 | - | -€5,795 | |
| Gross operating margin | 9900 | -€603,240 | -€245,746 | +€357,494 | +59.3% |
| Operating profit (loss) | 9901 | -€651,432 | -€283,192 | +€368,240 | +56.5% |
| Financial income | 75/76B | €543 | - | -€543 | |
| Recurring financial income | 75 | €543 | - | -€543 | |
| Financial charges | 65/66B | €3,081 | €1,524 | -€1,557 | -50.5% |
| Recurring financial charges | 65 | €3,081 | €1,524 | -€1,557 | -50.5% |
| Profit (loss) for the period before taxes | 9903 | -€653,970 | -€284,716 | +€369,254 | +56.5% |
| Profit (loss) for the period | 9904 | -€653,970 | -€284,716 | +€369,254 | +56.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€653,970 | -€284,716 | +€369,254 | +56.5% |
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 29 September 2026 via checked.be.