RAPHALI: 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.
RAPHALI
Largest movements
- Current investments -€70,000
down €70,000 (-100.0%), from €70,000 to €0
- Cash -€9,123
down €9,123 (-14.7%), from €61,939 to €52,816
mainly Contributions, distributions and other (-€140,000) and Investment in fixed assets (net) (-€3,450)
- Tangible fixed assets -€5,832
down €5,832 (-34.5%), from €16,897 to €11,065
- Reserves -€79,801
down €79,801 (-55.2%), from €144,686 to €64,885
- Current portion of long-term debt -€2,647
down €2,647 (-100.0%), from €2,647 to €0
- Gross operating margin +€18,184
up €18,184 (+26.1%), from €69,596 to €87,780
- Financial income -€2,965
down €2,965 (-99.4%), from €2,984 to €19
- Taxes +€2,964
up €2,964 (+21.5%), from €13,814 to €16,778
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 | €162,896 | €79,192 | -€83,705 | -51.4% |
| Fixed assets | 21/28 | €16,897 | €11,065 | -€5,832 | -34.5% |
| Tangible fixed assets | 22/27 | €16,897 | €11,065 | -€5,832 | -34.5% |
| Furniture and vehicles | 24 | €16,897 | €11,065 | -€5,832 | -34.5% |
| Current assets | 29/58 | €145,999 | €68,127 | -€77,873 | -53.3% |
| Amounts receivable within one year | 40/41 | €13,148 | €14,506 | +€1,358 | +10.3% |
| Trade receivables | 40 | €13,139 | €13,776 | +€637 | +4.8% |
| Other amounts receivable | 41 | €9 | €730 | +€721 | +8145.2% |
| Current investments | 50/53 | €70,000 | €0 | -€70,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €61,939 | €52,816 | -€9,123 | -14.7% |
| Deferred charges and accrued income | 490/1 | €912 | €805 | -€107 | -11.7% |
| Total equity and liabilities | 10/49 | €162,896 | €79,192 | -€83,705 | -51.4% |
| Equity | 10/15 | €147,186 | €67,385 | -€79,801 | -54.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €144,686 | €64,885 | -€79,801 | -55.2% |
| Distributable reserves | 133 | €144,686 | €64,885 | -€79,801 | -55.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €15,711 | €11,807 | -€3,903 | -24.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €15,711 | €11,807 | -€3,903 | -24.8% |
| Current portion of amounts payable after more than one year | 42 | €2,647 | €0 | -€2,647 | -100.0% |
| Trade debts | 44 | €2,610 | €2,885 | +€276 | +10.6% |
| Suppliers | 440/4 | €2,610 | €2,885 | +€276 | +10.6% |
| Taxes, remuneration and social security | 45 | €8,722 | €7,429 | -€1,294 | -14.8% |
| Taxes | 450/3 | €8,722 | €7,429 | -€1,294 | -14.8% |
| Other amounts payable | 47/48 | €1,732 | €1,493 | -€238 | -13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,840 | €9,282 | -€559 | -5.7% |
| Other operating charges | 640/8 | €875 | €904 | +€29 | +3.3% |
| Gross operating margin | 9900 | €69,596 | €87,780 | +€18,184 | +26.1% |
| Operating profit (loss) | 9901 | €58,880 | €77,594 | +€18,714 | +31.8% |
| Financial income | 75/76B | €2,984 | €19 | -€2,965 | -99.4% |
| Recurring financial income | 75 | €2,984 | €19 | -€2,965 | -99.4% |
| Financial charges | 65/66B | €782 | €636 | -€146 | -18.7% |
| Recurring financial charges | 65 | €782 | €636 | -€146 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €61,082 | €76,977 | +€15,895 | +26.0% |
| Income taxes | 67/77 | €13,814 | €16,778 | +€2,964 | +21.5% |
| Profit (loss) for the period | 9904 | €47,268 | €60,199 | +€12,931 | +27.4% |
| Profit (loss) for the period to be appropriated | 9905 | €47,268 | €60,199 | +€12,931 | +27.4% |
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 12 October 2026 via checked.be.