RARA AVIS: what changed
RARA AVIS
Largest movements
- Tangible fixed assets -€73,633
down €73,633 (-10.8%), from €681,008 to €607,375
of which Land and buildings: -€64,419
- Receivables within one year +€32,858
up €32,858 (+54.4%), from €60,383 to €93,241
of which Other amounts receivable: +€26,953
- Cash -€10,918
down €10,918 (-55.4%), from €19,721 to €8,803
mainly Debts after one year (-€42,331) and Receivables within one year (-€32,858)
- Debts after one year -€42,331
down €42,331 (-22.0%), from €192,214 to €149,883
- Tax, wage and social debts -€14,475
down €14,475 (-76.2%), from €18,992 to €4,517
- Gross operating margin -€36,476
down €36,476 (-27.0%), from €135,152 to €98,676
- Depreciation -€8,724
down €8,724 (-9.7%), from €90,267 to €81,542
- Taxes -€6,056
down €6,056 (-80.4%), from €7,532 to €1,477
- Financial charges -€4,564
down €4,564 (-34.5%), from €13,221 to €8,657
- Financial income +€1,977
up €1,977 (+223%), from €885 to €2,862
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €762,812 | €711,298 | -€51,514 | -6.8% |
| Fixed assets | 21/28 | €681,008 | €607,375 | -€73,633 | -10.8% |
| Tangible fixed assets | 22/27 | €681,008 | €607,375 | -€73,633 | -10.8% |
| Land and buildings | 22 | €639,580 | €575,161 | -€64,419 | -10.1% |
| Plant, machinery and equipment | 23 | €1,011 | €389 | -€623 | -61.6% |
| Furniture and vehicles | 24 | €6,868 | €5,730 | -€1,138 | -16.6% |
| Leasing and similar rights | 25 | €33,549 | €26,096 | -€7,453 | -22.2% |
| Current assets | 29/58 | €81,804 | €103,922 | +€22,119 | +27.0% |
| Amounts receivable within one year | 40/41 | €60,383 | €93,241 | +€32,858 | +54.4% |
| Trade receivables | 40 | €15,428 | €21,333 | +€5,905 | +38.3% |
| Other amounts receivable | 41 | €44,956 | €71,909 | +€26,953 | +60.0% |
| Cash at bank and in hand | 54/58 | €19,721 | €8,803 | -€10,918 | -55.4% |
| Deferred charges and accrued income | 490/1 | €1,699 | €1,878 | +€179 | +10.5% |
| Total equity and liabilities | 10/49 | €762,812 | €711,298 | -€51,514 | -6.8% |
| Equity | 10/15 | €498,056 | €500,414 | +€2,357 | +0.5% |
| Contributions | 10/11 | €468,600 | €468,600 | = | 0.0% |
| Reserves | 13 | €29,456 | €31,814 | +€2,357 | +8.0% |
| Distributable reserves | 133 | €29,456 | €31,814 | +€2,357 | +8.0% |
| Amounts payable | 17/49 | €264,755 | €210,884 | -€53,871 | -20.3% |
| Amounts payable after more than one year | 17 | €192,214 | €149,883 | -€42,331 | -22.0% |
| Financial debts | 170/4 | €192,214 | €149,883 | -€42,331 | -22.0% |
| Amounts payable within one year | 42/48 | €72,541 | €61,000 | -€11,540 | -15.9% |
| Current portion of amounts payable after more than one year | 42 | €47,941 | €42,331 | -€5,610 | -11.7% |
| Financial debts | 43 | - | €998 | +€998 | |
| Credit institutions | 430/8 | - | €998 | +€998 | |
| Trade debts | 44 | €4,749 | €12,322 | +€7,572 | +159% |
| Suppliers | 440/4 | €4,749 | €12,322 | +€7,572 | +159% |
| Taxes, remuneration and social security | 45 | €18,992 | €4,517 | -€14,475 | -76.2% |
| Taxes | 450/3 | €18,992 | €4,517 | -€14,475 | -76.2% |
| Other amounts payable | 47/48 | €859 | €833 | -€26 | -3.0% |
| Non-recurring operating income | 76A | €100 | - | -€100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,267 | €81,542 | -€8,724 | -9.7% |
| Other operating charges | 640/8 | €6,228 | €6,672 | +€444 | +7.1% |
| Gross operating margin | 9900 | €135,152 | €98,676 | -€36,476 | -27.0% |
| Operating profit (loss) | 9901 | €38,658 | €10,462 | -€28,196 | -72.9% |
| Financial income | 75/76B | €885 | €2,862 | +€1,977 | +223% |
| Recurring financial income | 75 | €885 | €2,862 | +€1,977 | +223% |
| Financial charges | 65/66B | €13,221 | €8,657 | -€4,564 | -34.5% |
| Recurring financial charges | 65 | €13,221 | €8,657 | -€4,564 | -34.5% |
| Profit (loss) for the period before taxes | 9903 | €26,322 | €4,667 | -€21,655 | -82.3% |
| Income taxes | 67/77 | €7,532 | €1,477 | -€6,056 | -80.4% |
| Profit (loss) for the period | 9904 | €18,790 | €3,190 | -€15,600 | -83.0% |
| Profit (loss) for the period to be appropriated | 9905 | €18,790 | €3,190 | -€15,600 | -83.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.