RAL: 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.
RAL
Largest movements
- Cash +€172,488
up €172,488 (+129.2%), from €133,523 to €306,011
mainly Depreciation (+€167,251) and Receivables within one year (+€140,909)
- Receivables within one year -€140,909
down €140,909 (-34.1%), from €413,628 to €272,720
of which Trade receivables: -€134,144
- Tangible fixed assets -€114,027
down €114,027 (-15.5%), from €735,576 to €621,549
- Stocks and contracts -€50,765
down €50,765 (-41.4%), from €122,586 to €71,821
- Debts after one year -€101,135
down €101,135 (-23.8%), from €425,827 to €324,692
of which Financial debts: -€101,135
- Tax, wage and social debts -€43,276
down €43,276 (-26.0%), from €166,174 to €122,899
of which Remuneration and social security: -€40,059
- Gross operating margin -€94,044
down €94,044 (-6.6%), from €1.4m to €1.3m
- Staff costs -€56,269
down €56,269 (-4.8%), from €1.2m to €1.1m
- Depreciation -€27,713
down €27,713 (-14.2%), from €194,964 to €167,251
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 | €1,416,639 | €1,276,144 | -€140,495 | -9.9% |
| Fixed assets | 21/28 | €746,074 | €622,697 | -€123,378 | -16.5% |
| Intangible fixed assets | 21 | €10,498 | €1,147 | -€9,351 | -89.1% |
| Tangible fixed assets | 22/27 | €735,576 | €621,549 | -€114,027 | -15.5% |
| Land and buildings | 22 | €797 | €0 | -€797 | -100.0% |
| Plant, machinery and equipment | 23 | €406,235 | €357,682 | -€48,553 | -12.0% |
| Furniture and vehicles | 24 | €29,852 | €15,292 | -€14,560 | -48.8% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €298,692 | €248,576 | -€50,117 | -16.8% |
| Current assets | 29/58 | €670,565 | €653,447 | -€17,118 | -2.6% |
| Stocks and contracts in progress | 3 | €122,586 | €71,821 | -€50,765 | -41.4% |
| Stocks | 30/36 | €122,586 | €71,821 | -€50,765 | -41.4% |
| Amounts receivable within one year | 40/41 | €413,628 | €272,720 | -€140,909 | -34.1% |
| Trade receivables | 40 | €394,193 | €260,049 | -€134,144 | -34.0% |
| Other amounts receivable | 41 | €19,435 | €12,671 | -€6,764 | -34.8% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €133,523 | €306,011 | +€172,488 | +129.2% |
| Deferred charges and accrued income | 490/1 | €828 | €2,895 | +€2,068 | +249.8% |
| Total equity and liabilities | 10/49 | €1,416,639 | €1,276,144 | -€140,495 | -9.9% |
| Equity | 10/15 | €506,909 | €506,328 | -€581 | -0.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €210,109 | €210,109 | = | 0.0% |
| Distributable reserves | 133 | €210,109 | €210,109 | = | 0.0% |
| Profit (loss) carried forward | 14 | €276,799 | €276,218 | -€581 | -0.2% |
| Amounts payable | 17/49 | €909,731 | €769,816 | -€139,914 | -15.4% |
| Amounts payable after more than one year | 17 | €425,827 | €324,692 | -€101,135 | -23.8% |
| Financial debts | 170/4 | €425,827 | €324,692 | -€101,135 | -23.8% |
| Other amounts payable | 178/9 | - | €0 | = | |
| Amounts payable within one year | 42/48 | €482,840 | €436,275 | -€46,564 | -9.6% |
| Current portion of amounts payable after more than one year | 42 | €104,564 | €101,135 | -€3,429 | -3.3% |
| Financial debts | 43 | €22,239 | €24,200 | +€1,961 | +8.8% |
| Credit institutions | 430/8 | €22,239 | €24,200 | +€1,961 | +8.8% |
| Trade debts | 44 | €188,446 | €186,625 | -€1,821 | -1.0% |
| Suppliers | 440/4 | €188,446 | €186,625 | -€1,821 | -1.0% |
| Taxes, remuneration and social security | 45 | €166,174 | €122,899 | -€43,276 | -26.0% |
| Taxes | 450/3 | €24,550 | €21,334 | -€3,216 | -13.1% |
| Remuneration and social security | 454/9 | €141,625 | €101,565 | -€40,059 | -28.3% |
| Other amounts payable | 47/48 | €1,417 | €1,417 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,064 | €8,849 | +€7,785 | +731.7% |
| Non-recurring operating income | 76A | €232 | €0 | -€232 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,170,620 | €1,114,351 | -€56,269 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €194,964 | €167,251 | -€27,713 | -14.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,834 | +€1,834 | |
| Other operating charges | 640/8 | €20,021 | €19,736 | -€285 | -1.4% |
| Gross operating margin | 9900 | €1,425,206 | €1,331,163 | -€94,044 | -6.6% |
| Operating profit (loss) | 9901 | €39,602 | €27,990 | -€11,611 | -29.3% |
| Financial income | 75/76B | €4,082 | €1,629 | -€2,453 | -60.1% |
| Recurring financial income | 75 | €4,082 | €1,629 | -€2,453 | -60.1% |
| Financial charges | 65/66B | €27,507 | €23,737 | -€3,770 | -13.7% |
| Recurring financial charges | 65 | €27,507 | €23,737 | -€3,770 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €16,177 | €5,882 | -€10,294 | -63.6% |
| Income taxes | 67/77 | €11,194 | €6,463 | -€4,731 | -42.3% |
| Profit (loss) for the period | 9904 | €4,983 | -€581 | -€5,564 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,983 | -€581 | -€5,564 |
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 11 October 2026 via checked.be.