RAPH MANAGEMENT: 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.
RAPH MANAGEMENT
Largest movements
- Financial fixed assets +€250,000
new in 2025: €250,000
- Receivables within one year +€72,699
up €72,699 (+78.7%), from €92,406 to €165,105
of which Trade receivables: +€41,529
- Tangible fixed assets -€28,788
down €28,788 (-4.4%), from €656,237 to €627,450
of which Plant, machinery and equipment: -€16,616
- Debts after one year +€146,748
up €146,748 (+76.4%), from €192,125 to €338,873
- Profit (loss) carried forward +€69,126
up €69,126 (+50.0%), from €138,281 to €207,407
- Current portion of long-term debt +€40,128
up €40,128 (+117.4%), from €34,191 to €74,319
- Tax, wage and social debts +€27,350
up €27,350 (+120.5%), from €22,695 to €50,045
of which Taxes: +€17,350
- Provisions -€24,276
down €24,276 (-14.3%), from €169,887 to €145,611
- Gross operating margin +€34,195
up €34,195 (+21.8%), from €156,770 to €190,965
- Taxes +€15,751
up €15,751 (+70.1%), from €22,463 to €38,214
- Financial charges +€9,305
up €9,305 (+21.1%), from €44,097 to €53,403
- Other operating charges +€4,045
up €4,045 (+113.3%), from €3,569 to €7,614
- Financial income +€2,124
up €2,124 (+8.8%), from €24,054 to €26,179
of which Non-recurring financial income: +€1,383
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 | €794,874 | €1,088,059 | +€293,185 | +36.9% |
| Fixed assets | 21/28 | €656,237 | €877,450 | +€221,212 | +33.7% |
| Tangible fixed assets | 22/27 | €656,237 | €627,450 | -€28,788 | -4.4% |
| Land and buildings | 22 | €401,636 | €390,242 | -€11,394 | -2.8% |
| Plant, machinery and equipment | 23 | €237,381 | €220,765 | -€16,616 | -7.0% |
| Furniture and vehicles | 24 | €17,220 | €16,442 | -€778 | -4.5% |
| Financial fixed assets | 28 | - | €250,000 | +€250,000 | |
| Current assets | 29/58 | €138,637 | €210,609 | +€71,973 | +51.9% |
| Amounts receivable within one year | 40/41 | €92,406 | €165,105 | +€72,699 | +78.7% |
| Trade receivables | 40 | €74,050 | €115,579 | +€41,529 | +56.1% |
| Other amounts receivable | 41 | €18,356 | €49,526 | +€31,170 | +169.8% |
| Current investments | 50/53 | €41,230 | €41,230 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,486 | €2,668 | -€818 | -23.5% |
| Deferred charges and accrued income | 490/1 | €1,514 | €1,606 | +€92 | +6.1% |
| Total equity and liabilities | 10/49 | €794,874 | €1,088,059 | +€293,185 | +36.9% |
| Equity | 10/15 | €282,641 | €371,767 | +€89,126 | +31.5% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €131,860 | €151,860 | +€20,000 | +15.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €130,000 | €150,000 | +€20,000 | +15.4% |
| Profit (loss) carried forward | 14 | €138,281 | €207,407 | +€69,126 | +50.0% |
| Provisions and deferred taxes | 16 | €169,887 | €145,611 | -€24,276 | -14.3% |
| Provisions for liabilities and charges | 160/5 | €169,887 | €145,611 | -€24,276 | -14.3% |
| Other liabilities and charges | 164/5 | €169,887 | €145,611 | -€24,276 | -14.3% |
| Amounts payable | 17/49 | €342,346 | €570,681 | +€228,335 | +66.7% |
| Amounts payable after more than one year | 17 | €192,125 | €338,873 | +€146,748 | +76.4% |
| Financial debts | 170/4 | €192,125 | €338,873 | +€146,748 | +76.4% |
| Amounts payable within one year | 42/48 | €149,495 | €231,059 | +€81,564 | +54.6% |
| Current portion of amounts payable after more than one year | 42 | €34,191 | €74,319 | +€40,128 | +117.4% |
| Financial debts | 43 | €14,737 | €14,753 | +€16 | +0.1% |
| Credit institutions | 430/8 | €14,737 | €14,753 | +€16 | +0.1% |
| Trade debts | 44 | €3,559 | €18,879 | +€15,320 | +430.5% |
| Suppliers | 440/4 | €3,559 | €18,879 | +€15,320 | +430.5% |
| Taxes, remuneration and social security | 45 | €22,695 | €50,045 | +€27,350 | +120.5% |
| Taxes | 450/3 | €12,695 | €30,045 | +€17,350 | +136.7% |
| Remuneration and social security | 454/9 | €10,000 | €20,000 | +€10,000 | +100.0% |
| Other amounts payable | 47/48 | €74,314 | €73,064 | -€1,250 | -1.7% |
| Accrued charges and deferred income | 492/3 | €726 | €749 | +€23 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,672 | €28,788 | -€884 | -3.0% |
| Other operating charges | 640/8 | €3,569 | €7,614 | +€4,045 | +113.3% |
| Gross operating margin | 9900 | €156,770 | €190,965 | +€34,195 | +21.8% |
| Operating profit (loss) | 9901 | €123,530 | €154,564 | +€31,034 | +25.1% |
| Financial income | 75/76B | €24,054 | €26,179 | +€2,124 | +8.8% |
| Recurring financial income | 75 | €1,161 | €1,903 | +€741 | +63.8% |
| Non-recurring financial income | 76B | €22,893 | €24,276 | +€1,383 | +6.0% |
| Financial charges | 65/66B | €44,097 | €53,403 | +€9,305 | +21.1% |
| Recurring financial charges | 65 | €44,097 | €53,403 | +€9,305 | +21.1% |
| Profit (loss) for the period before taxes | 9903 | €103,487 | €127,340 | +€23,853 | +23.0% |
| Income taxes | 67/77 | €22,463 | €38,214 | +€15,751 | +70.1% |
| Profit (loss) for the period | 9904 | €81,024 | €89,126 | +€8,102 | +10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €81,024 | €89,126 | +€8,102 | +10.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.