RAPHAËL LAHAYE: 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.
RAPHAËL LAHAYE
Largest movements
- Cash -€9,435
down €9,435 (-53.6%), from €17,590 to €8,156
mainly Investment in fixed assets (net) (-€18,389) and Debts after one year (-€10,882)
- Tangible fixed assets -€7,966
down €7,966 (-9.9%), from €80,233 to €72,267
of which Plant, machinery and equipment: -€22,420
- Receivables within one year +€5,463
up €5,463 (+76.6%), from €7,134 to €12,597
of which Trade receivables: +€4,661
- Debts after one year -€10,882
down €10,882 (-16.0%), from €67,933 to €57,051
- Current portion of long-term debt +€4,157
up €4,157 (+21.5%), from €19,299 to €23,456
- Trade debts -€1,961
down €1,961 (-41.8%), from €4,687 to €2,725
- Profit (loss) carried forward -€1,885
down €1,885 (-37.6%), from €5,017 to €3,132
- Gross operating margin +€16,035
up €16,035 (+137%), from €11,668 to €27,703
- Depreciation +€4,416
up €4,416 (+20.1%), from €21,940 to €26,355
- Other operating charges +€858
up €858 (+182%), from €472 to €1,331
- Financial charges +€511
up €511 (+36.8%), from €1,391 to €1,902
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 | €106,197 | €94,464 | -€11,733 | -11.0% |
| Fixed assets | 21/28 | €80,233 | €72,267 | -€7,966 | -9.9% |
| Tangible fixed assets | 22/27 | €80,233 | €72,267 | -€7,966 | -9.9% |
| Plant, machinery and equipment | 23 | €80,233 | €57,813 | -€22,420 | -27.9% |
| Furniture and vehicles | 24 | €0 | €14,454 | +€14,454 | |
| Current assets | 29/58 | €25,964 | €22,197 | -€3,767 | -14.5% |
| Stocks and contracts in progress | 3 | €810 | €0 | -€810 | -100% |
| Stocks | 30/36 | €810 | €0 | -€810 | -100% |
| Amounts receivable within one year | 40/41 | €7,134 | €12,597 | +€5,463 | +76.6% |
| Trade receivables | 40 | €6,019 | €10,680 | +€4,661 | +77.4% |
| Other amounts receivable | 41 | €1,115 | €1,917 | +€802 | +71.9% |
| Cash at bank and in hand | 54/58 | €17,590 | €8,156 | -€9,435 | -53.6% |
| Deferred charges and accrued income | 490/1 | €429 | €1,444 | +€1,015 | +236% |
| Total equity and liabilities | 10/49 | €106,197 | €94,464 | -€11,733 | -11.0% |
| Equity | 10/15 | €13,077 | €11,192 | -€1,885 | -14.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,017 | €3,132 | -€1,885 | -37.6% |
| Amounts payable | 17/49 | €93,120 | €83,272 | -€9,847 | -10.6% |
| Amounts payable after more than one year | 17 | €67,933 | €57,051 | -€10,882 | -16.0% |
| Financial debts | 170/4 | €67,933 | €57,051 | -€10,882 | -16.0% |
| Amounts payable within one year | 42/48 | €25,187 | €26,222 | +€1,035 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | €19,299 | €23,456 | +€4,157 | +21.5% |
| Trade debts | 44 | €4,687 | €2,725 | -€1,961 | -41.8% |
| Suppliers | 440/4 | €4,687 | €2,725 | -€1,961 | -41.8% |
| Taxes, remuneration and social security | 45 | €906 | €0 | -€906 | -100% |
| Taxes | 450/3 | €906 | €0 | -€906 | -100% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €295 | €40 | -€255 | -86.4% |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,940 | €26,355 | +€4,416 | +20.1% |
| Other operating charges | 640/8 | €472 | €1,331 | +€858 | +182% |
| Gross operating margin | 9900 | €11,668 | €27,703 | +€16,035 | +137% |
| Operating profit (loss) | 9901 | -€10,744 | €17 | +€10,761 | |
| Financial charges | 65/66B | €1,391 | €1,902 | +€511 | +36.8% |
| Recurring financial charges | 65 | €1,391 | €1,902 | +€511 | +36.8% |
| Profit (loss) for the period before taxes | 9903 | -€12,135 | -€1,885 | +€10,250 | +84.5% |
| Profit (loss) for the period | 9904 | -€12,135 | -€1,885 | +€10,250 | +84.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,135 | -€1,885 | +€10,250 | +84.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.