RAOUL: 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.
RAOUL
Largest movements
- Cash -€197,887
down €197,887 (-35.4%), from €559,668 to €361,780
mainly Stocks and contracts (-€142,249) and Debts after one year (-€123,723)
- Stocks and contracts +€142,249
up €142,249 (+18.4%), from €774,330 to €916,579
- Tangible fixed assets -€119,144
down €119,144 (-11.8%), from €1.0m to €894,702
of which Furniture and vehicles: -€96,898
- Debts after one year -€123,723
down €123,723 (-29.0%), from €427,340 to €303,617
of which Financial debts: -€123,723
- Reserves +€104,352
up €104,352 (+10.0%), from €1.0m to €1.1m
- Trade debts -€94,348
down €94,348 (-17.8%), from €531,482 to €437,135
- Current portion of long-term debt -€45,672
down €45,672 (-18.8%), from €242,712 to €197,040
- Gross operating margin -€288,301
down €288,301 (-24.6%), from €1.2m to €883,234
- Staff costs +€29,853
up €29,853 (+7.4%), from €401,518 to €431,371
- Write-downs -€25,212
new in 2025: -€25,212
- Taxes -€14,634
down €14,634 (-16.2%), from €90,142 to €75,508
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.
Derived cash bridge
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 | €2,674,334 | €2,512,784 | -€161,549 | -6.0% |
| Fixed assets | 21/28 | €1,013,846 | €894,702 | -€119,144 | -11.8% |
| Tangible fixed assets | 22/27 | €1,013,846 | €894,702 | -€119,144 | -11.8% |
| Land and buildings | 22 | €675,928 | €654,935 | -€20,993 | -3.1% |
| Plant, machinery and equipment | 23 | €3,225 | €1,972 | -€1,252 | -38.8% |
| Furniture and vehicles | 24 | €334,693 | €237,795 | -€96,898 | -29.0% |
| Current assets | 29/58 | €1,660,487 | €1,618,082 | -€42,405 | -2.6% |
| Stocks and contracts in progress | 3 | €774,330 | €916,579 | +€142,249 | +18.4% |
| Stocks | 30/36 | €774,330 | €916,579 | +€142,249 | +18.4% |
| Amounts receivable within one year | 40/41 | €325,290 | €331,884 | +€6,594 | +2.0% |
| Trade receivables | 40 | €312,128 | €309,192 | -€2,936 | -0.9% |
| Other amounts receivable | 41 | €13,162 | €22,692 | +€9,530 | +72.4% |
| Current investments | 50/53 | €1,200 | €1,200 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €559,668 | €361,780 | -€197,887 | -35.4% |
| Deferred charges and accrued income | 490/1 | - | €6,639 | +€6,639 | |
| Total equity and liabilities | 10/49 | €2,674,334 | €2,512,784 | -€161,549 | -6.0% |
| Equity | 10/15 | €1,352,535 | €1,456,886 | +€104,352 | +7.7% |
| Contributions | 10/11 | €312,000 | €312,000 | = | 0.0% |
| Reserves | 13 | €1,040,535 | €1,144,886 | +€104,352 | +10.0% |
| Distributable reserves | 133 | €1,040,535 | €1,144,886 | +€104,352 | +10.0% |
| Amounts payable | 17/49 | €1,321,799 | €1,055,898 | -€265,901 | -20.1% |
| Amounts payable after more than one year | 17 | €427,340 | €303,617 | -€123,723 | -29.0% |
| Financial debts | 170/4 | €421,340 | €297,617 | -€123,723 | -29.4% |
| Other amounts payable | 178/9 | €6,000 | €6,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €894,459 | €752,280 | -€142,178 | -15.9% |
| Current portion of amounts payable after more than one year | 42 | €242,712 | €197,040 | -€45,672 | -18.8% |
| Trade debts | 44 | €531,482 | €437,135 | -€94,348 | -17.8% |
| Suppliers | 440/4 | €531,482 | €437,135 | -€94,348 | -17.8% |
| Taxes, remuneration and social security | 45 | €63,131 | €52,062 | -€11,069 | -17.5% |
| Taxes | 450/3 | €31,444 | €15,847 | -€15,597 | -49.6% |
| Remuneration and social security | 454/9 | €31,687 | €36,215 | +€4,528 | +14.3% |
| Other amounts payable | 47/48 | €57,134 | €66,044 | +€8,910 | +15.6% |
| Remuneration, social security and pensions | 62 | €401,518 | €431,371 | +€29,853 | +7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €197,572 | €202,439 | +€4,867 | +2.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€25,212 | -€25,212 | |
| Other operating charges | 640/8 | €9,830 | €18,003 | +€8,173 | +83.1% |
| Non-recurring operating charges | 66A | €264,230 | - | -€264,230 | |
| Gross operating margin | 9900 | €1,171,535 | €883,234 | -€288,301 | -24.6% |
| Operating profit (loss) | 9901 | €298,384 | €256,633 | -€41,751 | -14.0% |
| Financial income | 75/76B | €5,620 | €6,084 | +€464 | +8.3% |
| Recurring financial income | 75 | €5,620 | €6,084 | +€464 | +8.3% |
| Financial charges | 65/66B | €17,050 | €16,813 | -€237 | -1.4% |
| Recurring financial charges | 65 | €17,050 | €16,813 | -€237 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | €286,954 | €245,903 | -€41,050 | -14.3% |
| Income taxes | 67/77 | €90,142 | €75,508 | -€14,634 | -16.2% |
| Profit (loss) for the period | 9904 | €196,812 | €170,395 | -€26,417 | -13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €196,812 | €170,395 | -€26,417 | -13.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.