RAO INTERNATIONAL: what changed
RAO INTERNATIONAL
Largest movements
- Receivables within one year -€3,617
down €3,617 (-57.0%), from €6,347 to €2,730
of which Trade receivables: -€3,679
- Cash -€2,436
down €2,436 (-7.9%), from €30,775 to €28,339
mainly Other debts (-€15,524) and Trade debts (-€2,903)
- Tangible fixed assets -€1,804
down €1,804 (-48.1%), from €3,754 to €1,950
of which Other tangible fixed assets: -€1,369
- Stocks and contracts -€1,384
down €1,384 (-5.2%), from €26,793 to €25,409
- Other debts -€15,524
down €15,524 (-61.1%), from €25,399 to €9,875
- Reserves +€8,918
up €8,918 (+48.2%), from €18,495 to €27,413
- Trade debts -€2,903
down €2,903 (-65.4%), from €4,442 to €1,539
- Tax, wage and social debts +€952
up €952 (+45.5%), from €2,091 to €3,042
- Gross operating margin +€5,610
up €5,610 (+56.3%), from €9,972 to €15,581
- Taxes +€865
up €865 (+41.4%), from €2,091 to €2,956
- Depreciation -€654
down €654 (-31.0%), from €2,113 to €1,459
- Financial charges +€377
up €377 (+106%), from €355 to €732
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €69,027 | €60,470 | -€8,558 | -12.4% |
| Fixed assets | 21/28 | €3,754 | €1,950 | -€1,804 | -48.1% |
| Tangible fixed assets | 22/27 | €3,754 | €1,950 | -€1,804 | -48.1% |
| Plant, machinery and equipment | 23 | €625 | €366 | -€259 | -41.5% |
| Furniture and vehicles | 24 | €176 | - | -€176 | |
| Other tangible fixed assets | 26 | €2,953 | €1,585 | -€1,369 | -46.3% |
| Current assets | 29/58 | €65,273 | €58,519 | -€6,754 | -10.3% |
| Stocks and contracts in progress | 3 | €26,793 | €25,409 | -€1,384 | -5.2% |
| Stocks | 30/36 | €26,793 | €25,409 | -€1,384 | -5.2% |
| Amounts receivable within one year | 40/41 | €6,347 | €2,730 | -€3,617 | -57.0% |
| Trade receivables | 40 | €6,026 | €2,347 | -€3,679 | -61.0% |
| Other amounts receivable | 41 | €321 | €382 | +€61 | +19.1% |
| Cash at bank and in hand | 54/58 | €30,775 | €28,339 | -€2,436 | -7.9% |
| Deferred charges and accrued income | 490/1 | €1,358 | €2,042 | +€684 | +50.3% |
| Total equity and liabilities | 10/49 | €69,027 | €60,470 | -€8,558 | -12.4% |
| Equity | 10/15 | €37,095 | €46,013 | +€8,918 | +24.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €18,495 | €27,413 | +€8,918 | +48.2% |
| Distributable reserves | 133 | €18,495 | €27,413 | +€8,918 | +48.2% |
| Amounts payable | 17/49 | €31,932 | €14,456 | -€17,476 | -54.7% |
| Amounts payable within one year | 42/48 | €31,932 | €14,456 | -€17,476 | -54.7% |
| Trade debts | 44 | €4,442 | €1,539 | -€2,903 | -65.4% |
| Suppliers | 440/4 | €4,442 | €1,539 | -€2,903 | -65.4% |
| Taxes, remuneration and social security | 45 | €2,091 | €3,042 | +€952 | +45.5% |
| Taxes | 450/3 | €2,091 | €3,042 | +€952 | +45.5% |
| Other amounts payable | 47/48 | €25,399 | €9,875 | -€15,524 | -61.1% |
| Non-recurring operating income | 76A | €223 | €388 | +€165 | +73.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,113 | €1,459 | -€654 | -31.0% |
| Other operating charges | 640/8 | €1,071 | €1,172 | +€101 | +9.4% |
| Non-recurring operating charges | 66A | - | €345 | +€345 | |
| Gross operating margin | 9900 | €9,972 | €15,581 | +€5,610 | +56.3% |
| Operating profit (loss) | 9901 | €6,787 | €12,606 | +€5,818 | +85.7% |
| Financial income | 75/76B | €0 | €0 | +€0 | +69.2% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +69.2% |
| Financial charges | 65/66B | €355 | €732 | +€377 | +106% |
| Recurring financial charges | 65 | €355 | €732 | +€377 | +106% |
| Profit (loss) for the period before taxes | 9903 | €6,433 | €11,874 | +€5,441 | +84.6% |
| Income taxes | 67/77 | €2,091 | €2,956 | +€865 | +41.4% |
| Profit (loss) for the period | 9904 | €4,342 | €8,918 | +€4,576 | +105% |
| Profit (loss) for the period to be appropriated | 9905 | €4,342 | €8,918 | +€4,576 | +105% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.