RAO: 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.
RAO
Largest movements
- Tangible fixed assets -€9,453
down €9,453 (-8.3%), from €114,064 to €104,611
- Debts after one year -€10,867
down €10,867 (-17.4%), from €62,462 to €51,595
- Other debts +€1,870
up €1,870 (+5.2%), from €35,737 to €37,607
- Other operating charges +€1,201
up €1,201 (+80.5%), from €1,492 to €2,693
- Gross operating margin -€506
down €506 (-3.6%), from €14,094 to €13,588
- Financial charges -€330
down €330 (-12.0%), from €2,753 to €2,423
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 | €125,591 | €115,976 | -€9,615 | -7.7% |
| Fixed assets | 21/28 | €114,064 | €104,611 | -€9,453 | -8.3% |
| Tangible fixed assets | 22/27 | €114,064 | €104,611 | -€9,453 | -8.3% |
| Land and buildings | 22 | €114,064 | €104,611 | -€9,453 | -8.3% |
| Current assets | 29/58 | €11,527 | €11,365 | -€162 | -1.4% |
| Amounts receivable within one year | 40/41 | €11,482 | €11,285 | -€197 | -1.7% |
| Other amounts receivable | 41 | €11,482 | €11,285 | -€197 | -1.7% |
| Cash at bank and in hand | 54/58 | €45 | €80 | +€35 | +78.3% |
| Total equity and liabilities | 10/49 | €125,591 | €115,976 | -€9,615 | -7.7% |
| Equity | 10/15 | €16,888 | €15,907 | -€981 | -5.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,828 | €7,847 | -€981 | -11.1% |
| Amounts payable | 17/49 | €108,703 | €100,069 | -€8,634 | -7.9% |
| Amounts payable after more than one year | 17 | €62,462 | €51,595 | -€10,867 | -17.4% |
| Financial debts | 170/4 | €62,462 | €51,595 | -€10,867 | -17.4% |
| Amounts payable within one year | 42/48 | €46,242 | €48,474 | +€2,233 | +4.8% |
| Current portion of amounts payable after more than one year | 42 | €10,504 | €10,867 | +€363 | +3.5% |
| Other amounts payable | 47/48 | €35,737 | €37,607 | +€1,870 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,453 | €9,453 | = | 0.0% |
| Other operating charges | 640/8 | €1,492 | €2,693 | +€1,201 | +80.5% |
| Gross operating margin | 9900 | €14,094 | €13,588 | -€506 | -3.6% |
| Operating profit (loss) | 9901 | €3,150 | €1,442 | -€1,708 | -54.2% |
| Financial charges | 65/66B | €2,753 | €2,423 | -€330 | -12.0% |
| Recurring financial charges | 65 | €2,753 | €2,423 | -€330 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €397 | -€981 | -€1,378 | |
| Profit (loss) for the period | 9904 | €397 | -€981 | -€1,378 | |
| Profit (loss) for the period to be appropriated | 9905 | €397 | -€981 | -€1,378 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.