RAPHUS: 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.
RAPHUS
Largest movements
- Receivables within one year -€53,157
down €53,157 (-39.5%), from €134,578 to €81,422
of which Trade receivables: -€61,829
- Financial fixed assets +€8,250
up €8,250 (+160%), from €5,150 to €13,400
- Tangible fixed assets -€6,643
down €6,643 (-30.3%), from €21,911 to €15,268
- Cash +€6,312
up €6,312 (+41.5%), from €15,198 to €21,510
mainly Receivables within one year (+€53,157) and Net result for the year (+€14,638)
- Deferred charges and accrued income -€2,512
down €2,512 (-73.7%), from €3,407 to €896
- Tax, wage and social debts -€29,530
down €29,530 (-60.0%), from €49,227 to €19,697
of which Remuneration and social security: -€26,061
- Trade debts -€24,225
down €24,225 (-40.8%), from €59,350 to €35,125
- Profit (loss) carried forward +€14,638
up €14,638 (+39.9%), from -€36,648 to -€22,010
- Other debts -€4,618
down €4,618 (-5.5%), from €83,674 to €79,056
- Debts after one year -€2,028
no longer reported in 2025 (was €2,028)
- Staff costs -€86,693
down €86,693 (-44.7%), from €194,114 to €107,421
- Gross operating margin -€71,059
down €71,059 (-35.0%), from €203,152 to €132,093
- Financial income +€2,396
new in 2025: €2,396
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 | €180,245 | €132,495 | -€47,749 | -26.5% |
| Fixed assets | 21/28 | €27,061 | €28,668 | +€1,607 | +5.9% |
| Tangible fixed assets | 22/27 | €21,911 | €15,268 | -€6,643 | -30.3% |
| Furniture and vehicles | 24 | €21,911 | €15,268 | -€6,643 | -30.3% |
| Financial fixed assets | 28 | €5,150 | €13,400 | +€8,250 | +160% |
| Current assets | 29/58 | €153,184 | €103,828 | -€49,356 | -32.2% |
| Amounts receivable within one year | 40/41 | €134,578 | €81,422 | -€53,157 | -39.5% |
| Trade receivables | 40 | €134,578 | €72,750 | -€61,829 | -45.9% |
| Other amounts receivable | 41 | - | €8,672 | +€8,672 | |
| Cash at bank and in hand | 54/58 | €15,198 | €21,510 | +€6,312 | +41.5% |
| Deferred charges and accrued income | 490/1 | €3,407 | €896 | -€2,512 | -73.7% |
| Total equity and liabilities | 10/49 | €180,245 | €132,495 | -€47,749 | -26.5% |
| Equity | 10/15 | -€18,048 | -€3,410 | +€14,638 | +81.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,648 | -€22,010 | +€14,638 | +39.9% |
| Amounts payable | 17/49 | €198,292 | €135,905 | -€62,387 | -31.5% |
| Amounts payable after more than one year | 17 | €2,028 | - | -€2,028 | |
| Financial debts | 170/4 | €2,028 | - | -€2,028 | |
| Amounts payable within one year | 42/48 | €196,265 | €135,905 | -€60,359 | -30.8% |
| Current portion of amounts payable after more than one year | 42 | €4,014 | €2,028 | -€1,987 | -49.5% |
| Trade debts | 44 | €59,350 | €35,125 | -€24,225 | -40.8% |
| Suppliers | 440/4 | €59,350 | €35,125 | -€24,225 | -40.8% |
| Taxes, remuneration and social security | 45 | €49,227 | €19,697 | -€29,530 | -60.0% |
| Taxes | 450/3 | €4,534 | €1,065 | -€3,469 | -76.5% |
| Remuneration and social security | 454/9 | €44,693 | €18,632 | -€26,061 | -58.3% |
| Other amounts payable | 47/48 | €83,674 | €79,056 | -€4,618 | -5.5% |
| Remuneration, social security and pensions | 62 | €194,114 | €107,421 | -€86,693 | -44.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,949 | €6,643 | -€306 | -4.4% |
| Other operating charges | 640/8 | €1,458 | €837 | -€621 | -42.6% |
| Gross operating margin | 9900 | €203,152 | €132,093 | -€71,059 | -35.0% |
| Operating profit (loss) | 9901 | €632 | €17,192 | +€16,560 | +2,621% |
| Financial income | 75/76B | - | €2,396 | +€2,396 | |
| Recurring financial income | 75 | - | €2,396 | +€2,396 | |
| Financial charges | 65/66B | €6,759 | €4,735 | -€2,024 | -29.9% |
| Recurring financial charges | 65 | €6,759 | €4,735 | -€2,024 | -29.9% |
| Profit (loss) for the period before taxes | 9903 | -€6,127 | €14,853 | +€20,980 | |
| Income taxes | 67/77 | €221 | €216 | -€6 | -2.7% |
| Profit (loss) for the period | 9904 | -€6,348 | €14,638 | +€20,986 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,348 | €14,638 | +€20,986 |
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.