RAPPE: 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.
RAPPE
Largest movements
- Tangible fixed assets +€272,382
up €272,382 (+168%), from €161,866 to €434,248
of which Land and buildings: +€191,669
- Receivables within one year +€88,839
up €88,839 (+18.2%), from €486,941 to €575,780
of which Other amounts receivable: +€48,795
- Debts after one year +€190,690
up €190,690 (+1,551%), from €12,296 to €202,985
- Reserves +€92,700
up €92,700 (+31.2%), from €297,516 to €390,216
of which Distributable reserves: +€92,700
- Tax, wage and social debts +€45,250
up €45,250 (+49.0%), from €92,374 to €137,624
of which Taxes: +€46,889
- Other debts +€26,690
up €26,690 (+321%), from €8,310 to €35,000
- Current portion of long-term debt +€17,922
up €17,922 (+218%), from €8,225 to €26,147
- Other operating charges +€30,335
up €30,335 (+726%), from €4,180 to €34,515
- Staff costs -€18,792
down €18,792 (-78.4%), from €23,971 to €5,179
- Depreciation +€15,522
up €15,522 (+28.4%), from €54,732 to €70,255
- Taxes -€10,169
down €10,169 (-13.8%), from €73,898 to €63,729
- Gross operating margin +€7,399
up €7,399 (+2.4%), from €302,696 to €310,095
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 | €760,627 | €1,125,285 | +€364,658 | +47.9% |
| Fixed assets | 21/28 | €181,050 | €453,432 | +€272,382 | +150% |
| Tangible fixed assets | 22/27 | €161,866 | €434,248 | +€272,382 | +168% |
| Land and buildings | 22 | €24,380 | €216,049 | +€191,669 | +786% |
| Plant, machinery and equipment | 23 | €93,705 | €81,717 | -€11,988 | -12.8% |
| Furniture and vehicles | 24 | €43,781 | €136,482 | +€92,701 | +212% |
| Financial fixed assets | 28 | €19,184 | €19,184 | = | 0.0% |
| Current assets | 29/58 | €579,577 | €671,853 | +€92,276 | +15.9% |
| Amounts receivable within one year | 40/41 | €486,941 | €575,780 | +€88,839 | +18.2% |
| Trade receivables | 40 | €475,818 | €515,861 | +€40,043 | +8.4% |
| Other amounts receivable | 41 | €11,124 | €59,919 | +€48,795 | +439% |
| Cash at bank and in hand | 54/58 | €92,635 | €96,073 | +€3,437 | +3.7% |
| Total equity and liabilities | 10/49 | €760,627 | €1,125,285 | +€364,658 | +47.9% |
| Equity | 10/15 | €316,565 | €409,290 | +€92,724 | +29.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €297,516 | €390,216 | +€92,700 | +31.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €295,656 | €388,356 | +€92,700 | +31.4% |
| Profit (loss) carried forward | 14 | €449 | €474 | +€24 | +5.4% |
| Amounts payable | 17/49 | €444,061 | €715,995 | +€271,934 | +61.2% |
| Amounts payable after more than one year | 17 | €12,296 | €202,985 | +€190,690 | +1,551% |
| Financial debts | 170/4 | €12,296 | €202,985 | +€190,690 | +1,551% |
| Amounts payable within one year | 42/48 | €431,766 | €513,010 | +€81,244 | +18.8% |
| Current portion of amounts payable after more than one year | 42 | €8,225 | €26,147 | +€17,922 | +218% |
| Trade debts | 44 | €322,856 | €314,239 | -€8,618 | -2.7% |
| Suppliers | 440/4 | €322,856 | €314,239 | -€8,618 | -2.7% |
| Taxes, remuneration and social security | 45 | €92,374 | €137,624 | +€45,250 | +49.0% |
| Taxes | 450/3 | €90,736 | €137,624 | +€46,889 | +51.7% |
| Remuneration and social security | 454/9 | €1,639 | - | -€1,639 | |
| Other amounts payable | 47/48 | €8,310 | €35,000 | +€26,690 | +321% |
| Remuneration, social security and pensions | 62 | €23,971 | €5,179 | -€18,792 | -78.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,732 | €70,255 | +€15,522 | +28.4% |
| Other operating charges | 640/8 | €4,180 | €34,515 | +€30,335 | +726% |
| Gross operating margin | 9900 | €302,696 | €310,095 | +€7,399 | +2.4% |
| Operating profit (loss) | 9901 | €219,813 | €200,147 | -€19,666 | -8.9% |
| Financial income | 75/76B | €516 | €61 | -€454 | -88.1% |
| Recurring financial income | 75 | €516 | €61 | -€454 | -88.1% |
| Financial charges | 65/66B | €5,396 | €8,755 | +€3,359 | +62.2% |
| Recurring financial charges | 65 | €3,582 | €8,755 | +€5,173 | +144% |
| Non-recurring financial charges | 66B | €1,814 | - | -€1,814 | |
| Profit (loss) for the period before taxes | 9903 | €214,932 | €191,453 | -€23,479 | -10.9% |
| Income taxes | 67/77 | €73,898 | €63,729 | -€10,169 | -13.8% |
| Profit (loss) for the period | 9904 | €141,035 | €127,724 | -€13,310 | -9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €141,035 | €127,724 | -€13,310 | -9.4% |
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 26 October 2026 via checked.be.