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
- Deferred charges and accrued income +€14,056
up €14,056 (+2,480%), from €567 to €14,623
- Cash +€1,817
up €1,817 (+7.0%), from €25,933 to €27,750
mainly Trade debts (+€16,022) and Net result for the year (+€2,079)
- Receivables within one year -€1,233
no longer reported in 2026 (was €1,233)
- Tangible fixed assets +€530
up €530 (+226%), from €235 to €765
- Trade debts +€16,022
up €16,022 (+6,978%), from €230 to €16,252
- Profit (loss) carried forward +€2,079
up €2,079 (+5.1%), from -€40,998 to -€38,919
- Accrued charges and deferred income -€1,234
down €1,234 (-34.3%), from €3,601 to €2,367
- Tax, wage and social debts -€1,061
down €1,061 (-37.4%), from €2,839 to €1,778
- Other debts -€635
down €635 (-18.0%), from €3,527 to €2,892
- Gross operating margin -€12,539
down €12,539 (-79.1%), from €15,861 to €3,321
- Taxes -€264
down €264 (-48.3%), from €546 to €282
- Other operating charges -€216
down €216 (-26.4%), from €817 to €601
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €28,419 | €43,589 | +€15,170 | +53.4% |
| Fixed assets | 21/28 | €686 | €1,216 | +€530 | +77.4% |
| Tangible fixed assets | 22/27 | €235 | €765 | +€530 | +226% |
| Plant, machinery and equipment | 23 | €235 | €765 | +€530 | +226% |
| Financial fixed assets | 28 | €451 | €451 | = | 0.0% |
| Current assets | 29/58 | €27,733 | €42,373 | +€14,640 | +52.8% |
| Amounts receivable within one year | 40/41 | €1,233 | - | -€1,233 | |
| Other amounts receivable | 41 | €1,233 | - | -€1,233 | |
| Cash at bank and in hand | 54/58 | €25,933 | €27,750 | +€1,817 | +7.0% |
| Deferred charges and accrued income | 490/1 | €567 | €14,623 | +€14,056 | +2,480% |
| Total equity and liabilities | 10/49 | €28,419 | €43,589 | +€15,170 | +53.4% |
| Equity | 10/15 | -€11,778 | -€9,699 | +€2,079 | +17.7% |
| Contributions | 10/11 | €28,600 | €28,600 | = | 0.0% |
| Reserves | 13 | €620 | €620 | = | 0.0% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Reserves not available under the articles | 1311 | €620 | €620 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,998 | -€38,919 | +€2,079 | +5.1% |
| Amounts payable | 17/49 | €40,197 | €53,289 | +€13,091 | +32.6% |
| Amounts payable after more than one year | 17 | €30,000 | €30,000 | = | 0.0% |
| Financial debts | 170/4 | €30,000 | €30,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €6,596 | €20,922 | +€14,326 | +217% |
| Trade debts | 44 | €230 | €16,252 | +€16,022 | +6,978% |
| Suppliers | 440/4 | €230 | €16,252 | +€16,022 | +6,978% |
| Taxes, remuneration and social security | 45 | €2,839 | €1,778 | -€1,061 | -37.4% |
| Taxes | 450/3 | €2,839 | €1,778 | -€1,061 | -37.4% |
| Other amounts payable | 47/48 | €3,527 | €2,892 | -€635 | -18.0% |
| Accrued charges and deferred income | 492/3 | €3,601 | €2,367 | -€1,234 | -34.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €279 | €275 | -€3 | -1.2% |
| Other operating charges | 640/8 | €817 | €601 | -€216 | -26.4% |
| Gross operating margin | 9900 | €15,861 | €3,321 | -€12,539 | -79.1% |
| Operating profit (loss) | 9901 | €14,765 | €2,445 | -€12,320 | -83.4% |
| Financial income | 75/76B | €1 | €1 | +€0 | +3.0% |
| Recurring financial income | 75 | €1 | €1 | +€0 | +3.0% |
| Financial charges | 65/66B | €89 | €85 | -€4 | -4.3% |
| Recurring financial charges | 65 | €89 | €85 | -€4 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €14,678 | €2,361 | -€12,316 | -83.9% |
| Income taxes | 67/77 | €546 | €282 | -€264 | -48.3% |
| Profit (loss) for the period | 9904 | €14,131 | €2,079 | -€12,052 | -85.3% |
| Profit (loss) for the period to be appropriated | 9905 | €14,131 | €2,079 | -€12,052 | -85.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.