RALAW: 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.
RALAW
Largest movements
- Receivables after one year +€164,186
up €164,186 (+40.9%), from €401,380 to €565,566
- Receivables within one year -€110,943
down €110,943 (-58.2%), from €190,527 to €79,584
of which Other amounts receivable: -€139,603
- Tangible fixed assets +€92,946
up €92,946 (+8.7%), from €1.1m to €1.2m
of which Land and buildings: +€92,512
- Trade debts -€194,636
down €194,636 (-89.9%), from €216,549 to €21,914
- Reserves +€98,554
up €98,554 (+9.2%), from €1.1m to €1.2m
- Debts after one year +€92,206
up €92,206 (+17.8%), from €518,092 to €610,297
- Other debts +€49,442
up €49,442 (+592.2%), from €8,349 to €57,791
- Current portion of long-term debt +€48,359
up €48,359 (+64.9%), from €74,538 to €122,896
- Gross operating margin +€114,033
up €114,033 (+101.2%), from €112,632 to €226,664
- Depreciation +€43,787
up €43,787 (+98.0%), from €44,698 to €88,485
- Taxes +€28,553
up €28,553 (+166.3%), from €17,173 to €45,726
- Financial charges +€11,863
up €11,863 (+224.5%), from €5,284 to €17,147
- Other operating charges -€7,789
down €7,789 (-65.2%), from €11,943 to €4,154
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 | €1,923,647 | €2,067,533 | +€143,886 | +7.5% |
| Fixed assets | 21/28 | €1,071,013 | €1,163,959 | +€92,946 | +8.7% |
| Tangible fixed assets | 22/27 | €1,066,213 | €1,159,159 | +€92,946 | +8.7% |
| Land and buildings | 22 | €1,064,298 | €1,156,810 | +€92,512 | +8.7% |
| Furniture and vehicles | 24 | €1,914 | €2,349 | +€434 | +22.7% |
| Financial fixed assets | 28 | €4,800 | €4,800 | = | 0.0% |
| Current assets | 29/58 | €852,635 | €903,574 | +€50,939 | +6.0% |
| Amounts receivable after more than one year | 29 | €401,380 | €565,566 | +€164,186 | +40.9% |
| Other amounts receivable | 291 | €401,380 | €565,566 | +€164,186 | +40.9% |
| Amounts receivable within one year | 40/41 | €190,527 | €79,584 | -€110,943 | -58.2% |
| Trade receivables | 40 | €36,595 | €65,255 | +€28,660 | +78.3% |
| Other amounts receivable | 41 | €153,931 | €14,329 | -€139,603 | -90.7% |
| Current investments | 50/53 | €219,756 | €223,199 | +€3,443 | +1.6% |
| Cash at bank and in hand | 54/58 | €39,843 | €33,849 | -€5,994 | -15.0% |
| Deferred charges and accrued income | 490/1 | €1,129 | €1,377 | +€248 | +21.9% |
| Total equity and liabilities | 10/49 | €1,923,647 | €2,067,533 | +€143,886 | +7.5% |
| Equity | 10/15 | €1,084,228 | €1,182,783 | +€98,554 | +9.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,065,628 | €1,164,183 | +€98,554 | +9.2% |
| Distributable reserves | 133 | €1,065,628 | €1,164,183 | +€98,554 | +9.2% |
| Amounts payable | 17/49 | €839,419 | €884,750 | +€45,331 | +5.4% |
| Amounts payable after more than one year | 17 | €518,092 | €610,297 | +€92,206 | +17.8% |
| Financial debts | 170/4 | €518,092 | €610,297 | +€92,206 | +17.8% |
| Amounts payable within one year | 42/48 | €321,327 | €270,025 | -€51,302 | -16.0% |
| Current portion of amounts payable after more than one year | 42 | €74,538 | €122,896 | +€48,359 | +64.9% |
| Trade debts | 44 | €216,549 | €21,914 | -€194,636 | -89.9% |
| Suppliers | 440/4 | €216,549 | €21,914 | -€194,636 | -89.9% |
| Taxes, remuneration and social security | 45 | €21,892 | €67,424 | +€45,533 | +208.0% |
| Taxes | 450/3 | €21,892 | €62,134 | +€40,243 | +183.8% |
| Remuneration and social security | 454/9 | - | €5,290 | +€5,290 | |
| Other amounts payable | 47/48 | €8,349 | €57,791 | +€49,442 | +592.2% |
| Accrued charges and deferred income | 492/3 | - | €4,428 | +€4,428 | |
| Non-recurring operating income | 76A | €3,334 | - | -€3,334 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,698 | €88,485 | +€43,787 | +98.0% |
| Other operating charges | 640/8 | €11,943 | €4,154 | -€7,789 | -65.2% |
| Non-recurring operating charges | 66A | €466 | - | -€466 | |
| Gross operating margin | 9900 | €112,632 | €226,664 | +€114,033 | +101.2% |
| Operating profit (loss) | 9901 | €55,524 | €134,025 | +€78,501 | +141.4% |
| Financial income | 75/76B | €26,213 | €27,401 | +€1,188 | +4.5% |
| Recurring financial income | 75 | €19,850 | €19,296 | -€554 | -2.8% |
| Non-recurring financial income | 76B | €6,363 | €8,106 | +€1,743 | +27.4% |
| Financial charges | 65/66B | €5,284 | €17,147 | +€11,863 | +224.5% |
| Recurring financial charges | 65 | €5,284 | €17,147 | +€11,863 | +224.5% |
| Profit (loss) for the period before taxes | 9903 | €76,453 | €144,280 | +€67,827 | +88.7% |
| Income taxes | 67/77 | €17,173 | €45,726 | +€28,553 | +166.3% |
| Profit (loss) for the period | 9904 | €59,280 | €98,554 | +€39,274 | +66.3% |
| Profit (loss) for the period to be appropriated | 9905 | €59,280 | €98,554 | +€39,274 | +66.3% |
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.