RAPHAËL BLOCH: 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.
RAPHAËL BLOCH
Largest movements
- Receivables within one year +€91,031
up €91,031 (+152.8%), from €59,572 to €150,603
of which Trade receivables: +€84,069
- Tangible fixed assets +€45,510
up €45,510 (+70.8%), from €64,246 to €109,756
of which Furniture and vehicles: +€65,744
- Cash +€7,158
up €7,158 (+27.4%), from €26,093 to €33,251
mainly Net result for the year (+€50,116) and Depreciation (+€29,313)
- Reserves +€50,116
up €50,116 (+234.0%), from €21,413 to €71,529
- Debts after one year +€25,637
up €25,637 (+95.8%), from €26,747 to €52,385
- Trade debts +€19,108
up €19,108 (+237.5%), from €8,046 to €27,155
- Tax, wage and social debts +€17,201
up €17,201 (+98.9%), from €17,387 to €34,588
of which Taxes: +€8,965
- Short-term financial debts +€11,848
up €11,848 (+934.7%), from €1,268 to €13,115
- Gross operating margin +€166,933
up €166,933 (+144.9%), from €115,240 to €282,173
- Staff costs +€98,784
up €98,784 (+157.8%), from €62,584 to €161,368
- Depreciation +€11,262
up €11,262 (+62.4%), from €18,051 to €29,313
- Taxes +€7,501
up €7,501 (+126.4%), from €5,936 to €13,437
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 | €150,685 | €296,283 | +€145,597 | +96.6% |
| Fixed assets | 21/28 | €64,326 | €109,836 | +€45,510 | +70.7% |
| Tangible fixed assets | 22/27 | €64,246 | €109,756 | +€45,510 | +70.8% |
| Plant, machinery and equipment | 23 | - | €2,915 | +€2,915 | |
| Furniture and vehicles | 24 | €34,924 | €100,668 | +€65,744 | +188.3% |
| Leasing and similar rights | 25 | €29,323 | €6,173 | -€23,149 | -78.9% |
| Financial fixed assets | 28 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €86,359 | €186,447 | +€100,088 | +115.9% |
| Amounts receivable within one year | 40/41 | €59,572 | €150,603 | +€91,031 | +152.8% |
| Trade receivables | 40 | €58,955 | €143,024 | +€84,069 | +142.6% |
| Other amounts receivable | 41 | €617 | €7,579 | +€6,962 | +1129.1% |
| Cash at bank and in hand | 54/58 | €26,093 | €33,251 | +€7,158 | +27.4% |
| Deferred charges and accrued income | 490/1 | €694 | €2,593 | +€1,899 | +273.6% |
| Total equity and liabilities | 10/49 | €150,685 | €296,283 | +€145,597 | +96.6% |
| Equity | 10/15 | €23,413 | €73,529 | +€50,116 | +214.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €21,413 | €71,529 | +€50,116 | +234.0% |
| Distributable reserves | 133 | €21,413 | €71,529 | +€50,116 | +234.0% |
| Amounts payable | 17/49 | €127,272 | €222,753 | +€95,481 | +75.0% |
| Amounts payable after more than one year | 17 | €26,747 | €52,385 | +€25,637 | +95.8% |
| Financial debts | 170/4 | €26,747 | €52,385 | +€25,637 | +95.8% |
| Amounts payable within one year | 42/48 | €100,525 | €170,368 | +€69,844 | +69.5% |
| Current portion of amounts payable after more than one year | 42 | €14,307 | €24,203 | +€9,896 | +69.2% |
| Financial debts | 43 | €1,268 | €13,115 | +€11,848 | +934.7% |
| Credit institutions | 430/8 | €1,268 | €13,115 | +€11,848 | +934.7% |
| Trade debts | 44 | €8,046 | €27,155 | +€19,108 | +237.5% |
| Suppliers | 440/4 | €8,046 | €27,155 | +€19,108 | +237.5% |
| Taxes, remuneration and social security | 45 | €17,387 | €34,588 | +€17,201 | +98.9% |
| Taxes | 450/3 | €8,370 | €17,335 | +€8,965 | +107.1% |
| Remuneration and social security | 454/9 | €9,017 | €17,253 | +€8,236 | +91.3% |
| Other amounts payable | 47/48 | €59,517 | €71,307 | +€11,790 | +19.8% |
| Remuneration, social security and pensions | 62 | €62,584 | €161,368 | +€98,784 | +157.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,051 | €29,313 | +€11,262 | +62.4% |
| Other operating charges | 640/8 | €4,589 | €4,260 | -€329 | -7.2% |
| Non-recurring operating charges | 66A | - | €20,203 | +€20,203 | |
| Gross operating margin | 9900 | €115,240 | €282,173 | +€166,933 | +144.9% |
| Operating profit (loss) | 9901 | €30,017 | €67,029 | +€37,013 | +123.3% |
| Financial income | 75/76B | €217 | €28 | -€189 | -87.1% |
| Recurring financial income | 75 | €217 | €28 | -€189 | -87.1% |
| Financial charges | 65/66B | €4,092 | €3,504 | -€588 | -14.4% |
| Recurring financial charges | 65 | €4,092 | €3,504 | -€588 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €26,141 | €63,554 | +€37,412 | +143.1% |
| Income taxes | 67/77 | €5,936 | €13,437 | +€7,501 | +126.4% |
| Profit (loss) for the period | 9904 | €20,205 | €50,116 | +€29,911 | +148.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,205 | €50,116 | +€29,911 | +148.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.