RALEX: 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.
RALEX
Largest movements
- Current investments -€831,596
down €831,596 (-41.1%), from €2.0m to €1.2m
- Cash +€823,198
up €823,198 (+808.8%), from €101,782 to €924,980
mainly Current investments (+€831,596) and Net result for the year (+€371,312)
- Tangible fixed assets -€36,577
down €36,577 (-17.3%), from €211,722 to €175,144
of which Furniture and vehicles: -€28,032
- Tax, wage and social debts -€47,274
down €47,274 (-46.7%), from €101,269 to €53,995
- Reserves +€38,299
up €38,299 (+1.9%), from €2.0m to €2.1m
- Other debts -€31,679
down €31,679 (-8.7%), from €365,543 to €333,864
- Financial income +€63,532
up €63,532 (+110.1%), from €57,700 to €121,232
of which Financial income: +€64,448
- Gross operating margin -€11,445
down €11,445 (-2.4%), from €479,478 to €468,033
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 | €2,528,298 | €2,485,016 | -€43,282 | -1.7% |
| Fixed assets | 21/28 | €211,722 | €175,144 | -€36,577 | -17.3% |
| Tangible fixed assets | 22/27 | €211,722 | €175,144 | -€36,577 | -17.3% |
| Land and buildings | 22 | €84,563 | €79,805 | -€4,757 | -5.6% |
| Plant, machinery and equipment | 23 | €29,961 | €26,173 | -€3,787 | -12.6% |
| Furniture and vehicles | 24 | €94,198 | €66,166 | -€28,032 | -29.8% |
| Other tangible fixed assets | 26 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €2,316,577 | €2,309,872 | -€6,705 | -0.3% |
| Amounts receivable after more than one year | 29 | €150,000 | €150,000 | = | 0.0% |
| Other amounts receivable | 291 | €150,000 | €150,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €37,347 | €37,813 | +€466 | +1.2% |
| Trade receivables | 40 | €37,347 | €37,813 | +€466 | +1.2% |
| Current investments | 50/53 | €2,025,178 | €1,193,583 | -€831,596 | -41.1% |
| Cash at bank and in hand | 54/58 | €101,782 | €924,980 | +€823,198 | +808.8% |
| Deferred charges and accrued income | 490/1 | €2,270 | €3,497 | +€1,227 | +54.1% |
| Total equity and liabilities | 10/49 | €2,528,298 | €2,485,016 | -€43,282 | -1.7% |
| Equity | 10/15 | €2,056,318 | €2,094,617 | +€38,299 | +1.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,043,918 | €2,082,217 | +€38,299 | +1.9% |
| Distributable reserves | 133 | €2,043,918 | €2,082,217 | +€38,299 | +1.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €471,980 | €390,400 | -€81,581 | -17.3% |
| Amounts payable within one year | 42/48 | €471,980 | €390,400 | -€81,581 | -17.3% |
| Financial debts | 43 | - | €430 | +€430 | |
| Credit institutions | 430/8 | - | €430 | +€430 | |
| Trade debts | 44 | €5,169 | €2,112 | -€3,057 | -59.1% |
| Suppliers | 440/4 | €5,169 | €2,112 | -€3,057 | -59.1% |
| Taxes, remuneration and social security | 45 | €101,269 | €53,995 | -€47,274 | -46.7% |
| Taxes | 450/3 | €101,269 | €53,995 | -€47,274 | -46.7% |
| Other amounts payable | 47/48 | €365,543 | €333,864 | -€31,679 | -8.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €158 | €0 | -€158 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,461 | €36,577 | +€1,116 | +3.1% |
| Other operating charges | 640/8 | €3,618 | €2,031 | -€1,587 | -43.9% |
| Non-recurring operating charges | 66A | - | €6,110 | +€6,110 | |
| Gross operating margin | 9900 | €479,478 | €468,033 | -€11,445 | -2.4% |
| Operating profit (loss) | 9901 | €440,240 | €423,314 | -€16,926 | -3.8% |
| Financial income | 75/76B | €57,700 | €121,232 | +€63,532 | +110.1% |
| Recurring financial income | 75 | €56,784 | €121,232 | +€64,448 | +113.5% |
| Non-recurring financial income | 76B | €917 | €0 | -€917 | -100.0% |
| Financial charges | 65/66B | €12,877 | €17,442 | +€4,565 | +35.5% |
| Recurring financial charges | 65 | €12,877 | €17,442 | +€4,565 | +35.5% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €485,064 | €527,104 | +€42,041 | +8.7% |
| Income taxes | 67/77 | €152,414 | €155,793 | +€3,379 | +2.2% |
| Profit (loss) for the period | 9904 | €332,650 | €371,312 | +€38,662 | +11.6% |
| Profit (loss) for the period to be appropriated | 9905 | €332,650 | €371,312 | +€38,662 | +11.6% |
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 9 October 2026 via checked.be.