RALFS: 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.
What changed
RALFS
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€33,847
2024 · €27,964+€5,883
Equity
€3.3m
2024 · €3.2m+€33,847
Cash
€62,689
2024 · €52,506+€10,183
Balance sheet total
€4.0m
2024 · €4.4m-€305,675
Largest movements
Assets
- Current investments -€300,000
no longer reported in 2025 (was €300,000)
Equity and liabilities
- Other debts -€295,072
down €295,072 (-30.2%), from €975,635 to €680,562
Income statement
- Gross operating margin -€64,721
down €64,721 (-31.6%), from €204,763 to €140,042
- Depreciation -€42,976
down €42,976 (-72.5%), from €59,305 to €16,328
- Financial charges -€17,541
down €17,541 (-22.8%), from €76,991 to €59,450
- Taxes +€9,137
up €9,137 (+33.9%), from €26,954 to €36,091
- Financial income -€2,555
down €2,555 (-59.0%), from €4,331 to €1,776
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.
Result 2024
€27,964
Gross operating margin
-€64,721
Depreciation
+€42,976
Other operating charges
-€351
Financial income
-€2,555
Financial charges
+€17,541
Taxes
-€9,137
Deferred taxes and other
+€22,129
Result 2025
€33,847
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.
From operations
-€289,817
Investment
+€300,000
Financing
€0
Cash 2024
€52,506
From operations (derived)
-€289,817
Net result for the year
+€33,847
Depreciation
+€16,328
Receivables within one year
-€890
Smaller working-capital items
+€805
Provisions
-€34,961
Trade debts
-€7,236
Tax, wage and social debts
-€2,637
Other debts
-€295,072
Investment (derived)
+€300,000
Current investments
+€300,000
Cash 2025
€62,689
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,352,035 | €4,046,360 | -€305,675 | -7.0% |
| Fixed assets | 21/28 | €2,266,275 | €2,249,946 | -€16,328 | -0.7% |
| Tangible fixed assets | 22/27 | €665,835 | €649,507 | -€16,328 | -2.5% |
| Land and buildings | 22 | €645,313 | €632,045 | -€13,269 | -2.1% |
| Plant, machinery and equipment | 23 | €20,522 | €17,462 | -€3,060 | -14.9% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €1,600,439 | €1,600,439 | = | 0.0% |
| Current assets | 29/58 | €2,085,760 | €1,796,414 | -€289,347 | -13.9% |
| Amounts receivable within one year | 40/41 | €1,728,011 | €1,728,902 | +€890 | +0.1% |
| Other amounts receivable | 41 | €1,728,011 | €1,728,902 | +€890 | +0.1% |
| Current investments | 50/53 | €300,000 | - | -€300,000 | |
| Cash at bank and in hand | 54/58 | €52,506 | €62,689 | +€10,183 | +19.4% |
| Deferred charges and accrued income | 490/1 | €5,243 | €4,823 | -€420 | -8.0% |
| Total equity and liabilities | 10/49 | €4,352,035 | €4,046,360 | -€305,675 | -7.0% |
| Equity | 10/15 | €3,230,541 | €3,264,388 | +€33,847 | +1.0% |
| Contributions | 10/11 | €134,584 | €134,584 | = | 0.0% |
| Capital | 10 | €134,584 | €134,584 | = | 0.0% |
| Issued capital | 100 | €134,584 | €134,584 | = | 0.0% |
| Reserves | 13 | €3,095,956 | €3,129,804 | +€33,847 | +1.1% |
| Non-distributable reserves | 130/1 | €62,440 | €62,440 | = | 0.0% |
| Legal reserve | 130 | €62,440 | €62,440 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,234 | €36,701 | +€21,466 | +140.9% |
| Distributable reserves | 133 | €3,018,282 | €3,030,663 | +€12,381 | +0.4% |
| Provisions and deferred taxes | 16 | €53,859 | €18,898 | -€34,961 | -64.9% |
| Deferred taxes | 168 | €53,859 | €18,898 | -€34,961 | -64.9% |
| Amounts payable | 17/49 | €1,067,635 | €763,074 | -€304,561 | -28.5% |
| Amounts payable within one year | 42/48 | €1,051,435 | €746,489 | -€304,946 | -29.0% |
| Trade debts | 44 | €11,973 | €4,737 | -€7,236 | -60.4% |
| Suppliers | 440/4 | €11,973 | €4,737 | -€7,236 | -60.4% |
| Taxes, remuneration and social security | 45 | €63,827 | €61,190 | -€2,637 | -4.1% |
| Taxes | 450/3 | €63,827 | €61,190 | -€2,637 | -4.1% |
| Other amounts payable | 47/48 | €975,635 | €680,562 | -€295,072 | -30.2% |
| Accrued charges and deferred income | 492/3 | €16,200 | €16,585 | +€385 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,305 | €16,328 | -€42,976 | -72.5% |
| Other operating charges | 640/8 | €30,711 | €31,063 | +€351 | +1.1% |
| Gross operating margin | 9900 | €204,763 | €140,042 | -€64,721 | -31.6% |
| Operating profit (loss) | 9901 | €114,746 | €92,651 | -€22,096 | -19.3% |
| Financial income | 75/76B | €4,331 | €1,776 | -€2,555 | -59.0% |
| Recurring financial income | 75 | €4,331 | €1,776 | -€2,555 | -59.0% |
| Financial charges | 65/66B | €76,991 | €59,450 | -€17,541 | -22.8% |
| Recurring financial charges | 65 | €76,991 | €59,450 | -€17,541 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | €42,086 | €34,977 | -€7,109 | -16.9% |
| Transfer from deferred taxes | 780 | €12,832 | €34,961 | +€22,129 | +172.5% |
| Income taxes | 67/77 | €26,954 | €36,091 | +€9,137 | +33.9% |
| Profit (loss) for the period | 9904 | €27,964 | €33,847 | +€5,883 | +21.0% |
| Transfer from tax-exempt reserves | 789 | €24,921 | - | -€24,921 | |
| Transfer to tax-exempt reserves | 689 | - | €21,466 | +€21,466 | |
| Profit (loss) for the period to be appropriated | 9905 | €52,885 | €12,381 | -€40,504 | -76.6% |
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 3 October 2026 via checked.be.