RAPTOR: 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.
What changed
RAPTOR
NACE 55.203, Holiday cottages, homes and apartments
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€414,785
2024 · €27,592+€387,193
Equity
€910,520
2024 · €495,735+€414,785
Cash
€127,511
2024 · €109,508+€18,003
Balance sheet total
€6.6m
2024 · €4.9m+€1.7m
Largest movements
Assets
- Tangible fixed assets +€1.2m
up €1.2m (+28.2%), from €4.3m to €5.5m
of which Land and buildings: +€1.2m
- Receivables within one year +€451,161
up €451,161 (+446%), from €101,190 to €552,351
of which Trade receivables: +€443,257
Equity and liabilities
- Debts after one year +€1.0m
up €1.0m (+34.1%), from €3.0m to €4.1m
- Reserves +€414,785
up €414,785 (+89.0%), from €466,135 to €880,920
of which Distributable reserves: +€424,127
- Current portion of long-term debt +€243,306
up €243,306 (+66.8%), from €364,444 to €607,750
Income statement
- Gross operating margin +€544,579
up €544,579 (+122%), from €445,824 to €990,402
- Taxes +€128,769
up €128,769 (+849%), from €15,169 to €143,937
- Depreciation +€26,948
up €26,948 (+12.7%), from €212,051 to €239,000
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.
Result 2024
€27,592
Gross operating margin
+€544,579
Staff costs
+€2,188
Depreciation
-€26,948
Other operating charges
-€1,594
Financial income
-€628
Financial charges
-€1,635
Taxes
-€128,769
Result 2025
€414,785
raises the resultlowers the result
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.
From operations
+€176,558
Investment
-€1.4m
Financing
+€1.3m
Cash 2024
€109,508
From operations (derived)
+€176,558
Net result for the year
+€414,785
Depreciation
+€239,000
Stocks and contracts
-€6,341
Receivables within one year
-€451,161
Smaller working-capital items
-€2,435
Trade debts
+€31,665
Other debts
+€4,707
Accrued charges and deferred income
-€53,661
Investment (derived)
-€1.4m
Investment in fixed assets (net)
-€1.4m
Financing
+€1.3m
Debts after one year
+€1.0m
Current portion of long-term debt
+€243,306
Cash 2025
€127,511
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,937,398 | €6,609,147 | +€1.7m | +33.9% |
| Fixed assets | 21/28 | €4,357,668 | €5,555,005 | +€1.2m | +27.5% |
| Intangible fixed assets | 21 | €55,581 | €40,605 | -€14,976 | -26.9% |
| Tangible fixed assets | 22/27 | €4,299,097 | €5,511,410 | +€1.2m | +28.2% |
| Land and buildings | 22 | €3,633,154 | €4,859,499 | +€1.2m | +33.8% |
| Plant, machinery and equipment | 23 | €38,634 | €71,323 | +€32,689 | +84.6% |
| Furniture and vehicles | 24 | €24,768 | €19,465 | -€5,303 | -21.4% |
| Leasing and similar rights | 25 | €552,540 | €511,122 | -€41,418 | -7.5% |
| Other tangible fixed assets | 26 | €50,000 | €50,000 | = | 0.0% |
| Financial fixed assets | 28 | €2,990 | €2,990 | = | 0.0% |
| Current assets | 29/58 | €579,730 | €1,054,142 | +€474,412 | +81.8% |
| Stocks and contracts in progress | 3 | €196,188 | €202,529 | +€6,341 | +3.2% |
| Stocks | 30/36 | €196,188 | €202,529 | +€6,341 | +3.2% |
| Amounts receivable within one year | 40/41 | €101,190 | €552,351 | +€451,161 | +446% |
| Trade receivables | 40 | €100,238 | €543,495 | +€443,257 | +442% |
| Other amounts receivable | 41 | €952 | €8,856 | +€7,904 | +830% |
| Cash at bank and in hand | 54/58 | €109,508 | €127,511 | +€18,003 | +16.4% |
| Deferred charges and accrued income | 490/1 | €172,844 | €171,752 | -€1,093 | -0.6% |
| Total equity and liabilities | 10/49 | €4,937,398 | €6,609,147 | +€1.7m | +33.9% |
| Equity | 10/15 | €495,735 | €910,520 | +€414,785 | +83.7% |
| Contributions | 10/11 | €29,600 | €29,600 | = | 0.0% |
| Reserves | 13 | €466,135 | €880,920 | +€414,785 | +89.0% |
| Tax-exempt reserves | 132 | €133,143 | €123,801 | -€9,342 | -7.0% |
| Distributable reserves | 133 | €332,992 | €757,119 | +€424,127 | +127% |
| Provisions and deferred taxes | 16 | €43,596 | €40,482 | -€3,114 | -7.1% |
| Deferred taxes | 168 | €43,596 | €40,482 | -€3,114 | -7.1% |
| Amounts payable | 17/49 | €4,398,067 | €5,658,145 | +€1.3m | +28.7% |
| Amounts payable after more than one year | 17 | €3,033,567 | €4,068,043 | +€1.0m | +34.1% |
| Financial debts | 170/4 | €3,033,567 | €4,068,043 | +€1.0m | +34.1% |
| Amounts payable within one year | 42/48 | €776,330 | €1,055,594 | +€279,264 | +36.0% |
| Current portion of amounts payable after more than one year | 42 | €364,444 | €607,750 | +€243,306 | +66.8% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €75,408 | €107,073 | +€31,665 | +42.0% |
| Suppliers | 440/4 | €75,408 | €107,073 | +€31,665 | +42.0% |
| Taxes, remuneration and social security | 45 | €15,025 | €14,611 | -€414 | -2.8% |
| Taxes | 450/3 | €13,975 | €11,416 | -€2,559 | -18.3% |
| Remuneration and social security | 454/9 | €1,050 | €3,194 | +€2,145 | +204% |
| Other amounts payable | 47/48 | €196,453 | €201,160 | +€4,707 | +2.4% |
| Accrued charges and deferred income | 492/3 | €588,169 | €534,508 | -€53,661 | -9.1% |
| Non-recurring operating income | 76A | €29,560 | €29,560 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €9,332 | €7,143 | -€2,188 | -23.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €212,051 | €239,000 | +€26,948 | +12.7% |
| Other operating charges | 640/8 | €17,070 | €18,664 | +€1,594 | +9.3% |
| Non-recurring operating charges | 66A | €8,849 | €8,849 | = | 0.0% |
| Gross operating margin | 9900 | €445,824 | €990,402 | +€544,579 | +122% |
| Operating profit (loss) | 9901 | €198,521 | €716,746 | +€518,224 | +261% |
| Financial income | 75/76B | €1,169 | €541 | -€628 | -53.7% |
| Recurring financial income | 75 | €1,169 | €541 | -€628 | -53.7% |
| Financial charges | 65/66B | €160,043 | €161,678 | +€1,635 | +1.0% |
| Recurring financial charges | 65 | €160,043 | €161,678 | +€1,635 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €39,647 | €555,609 | +€515,961 | +1,301% |
| Transfer from deferred taxes | 780 | €3,114 | €3,114 | = | 0.0% |
| Income taxes | 67/77 | €15,169 | €143,937 | +€128,769 | +849% |
| Profit (loss) for the period | 9904 | €27,592 | €414,785 | +€387,193 | +1,403% |
| Transfer from tax-exempt reserves | 789 | €9,342 | €9,342 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €36,934 | €424,127 | +€387,193 | +1,048% |
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 17 October 2026 via checked.be.