RAPIN & CO: 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.
RAPIN & CO
Largest movements
- Stocks and contracts -€278,124
down €278,124 (-10.0%), from €2.8m to €2.5m
- Cash +€116,619
up €116,619 (+658.5%), from €17,710 to €134,329
mainly Stocks and contracts (+€278,124) and Net result for the year (+€32,556)
- Receivables within one year +€105,658
up €105,658 (+14.0%), from €755,606 to €861,264
of which Trade receivables: +€127,945
- Short-term financial debts -€44,104
no longer reported in 2025 (was €44,104)
- Trade debts -€42,919
down €42,919 (-82.6%), from €51,955 to €9,036
- Other operating charges -€191,392
down €191,392 (-98.4%), from €194,551 to €3,159
- Gross operating margin -€138,690
down €138,690 (-69.6%), from €199,190 to €60,500
- Taxes +€16,711
up €16,711 (+820.8%), from €2,036 to €18,746
- Financial charges -€3,841
down €3,841 (-42.5%), from €9,028 to €5,187
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 | €3,543,416 | €3,492,438 | -€50,978 | -1.4% |
| Fixed assets | 21/28 | - | €4,835 | +€4,835 | |
| Tangible fixed assets | 22/27 | - | €4,835 | +€4,835 | |
| Furniture and vehicles | 24 | - | €4,835 | +€4,835 | |
| Current assets | 29/58 | €3,543,416 | €3,487,603 | -€55,813 | -1.6% |
| Stocks and contracts in progress | 3 | €2,768,647 | €2,490,523 | -€278,124 | -10.0% |
| Stocks | 30/36 | €2,768,647 | €2,490,523 | -€278,124 | -10.0% |
| Amounts receivable within one year | 40/41 | €755,606 | €861,264 | +€105,658 | +14.0% |
| Trade receivables | 40 | €700,584 | €828,529 | +€127,945 | +18.3% |
| Other amounts receivable | 41 | €55,022 | €32,735 | -€22,288 | -40.5% |
| Cash at bank and in hand | 54/58 | €17,710 | €134,329 | +€116,619 | +658.5% |
| Deferred charges and accrued income | 490/1 | €1,452 | €1,488 | +€35 | +2.4% |
| Total equity and liabilities | 10/49 | €3,543,416 | €3,492,438 | -€50,978 | -1.4% |
| Equity | 10/15 | €1,628,233 | €1,660,789 | +€32,556 | +2.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €764,745 | €797,299 | +€32,554 | +4.3% |
| Distributable reserves | 133 | €764,745 | €797,299 | +€32,554 | +4.3% |
| Profit (loss) carried forward | 14 | €851,088 | €851,090 | +€2 | 0.0% |
| Amounts payable | 17/49 | €1,915,183 | €1,831,649 | -€83,534 | -4.4% |
| Amounts payable within one year | 42/48 | €1,915,183 | €1,831,649 | -€83,534 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €8,570 | €8,333 | -€237 | -2.8% |
| Financial debts | 43 | €44,104 | - | -€44,104 | |
| Credit institutions | 430/8 | €44,104 | - | -€44,104 | |
| Trade debts | 44 | €51,955 | €9,036 | -€42,919 | -82.6% |
| Suppliers | 440/4 | €51,955 | €9,036 | -€42,919 | -82.6% |
| Taxes, remuneration and social security | 45 | - | €1,253 | +€1,253 | |
| Taxes | 450/3 | - | €1,253 | +€1,253 | |
| Other amounts payable | 47/48 | €1,810,554 | €1,813,027 | +€2,473 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €876 | +€876 | |
| Other operating charges | 640/8 | €194,551 | €3,159 | -€191,392 | -98.4% |
| Gross operating margin | 9900 | €199,190 | €60,500 | -€138,690 | -69.6% |
| Operating profit (loss) | 9901 | €4,639 | €56,465 | +€51,826 | +1117.3% |
| Financial income | 75/76B | €541 | €25 | -€516 | -95.4% |
| Recurring financial income | 75 | €541 | €25 | -€516 | -95.4% |
| Financial charges | 65/66B | €9,028 | €5,187 | -€3,841 | -42.5% |
| Recurring financial charges | 65 | €9,028 | €5,187 | -€3,841 | -42.5% |
| Profit (loss) for the period before taxes | 9903 | -€3,848 | €51,303 | +€55,151 | |
| Income taxes | 67/77 | €2,036 | €18,746 | +€16,711 | +820.8% |
| Profit (loss) for the period | 9904 | -€5,884 | €32,556 | +€38,440 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,884 | €32,556 | +€38,440 |
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.