RAS EUROPE: 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.
RAS EUROPE
Largest movements
- Receivables within one year +€510,299
up €510,299 (+2,981%), from €17,120 to €527,419
of which Other amounts receivable: +€282,205
- Financial fixed assets +€441,660
up €441,660 (+61.8%), from €715,111 to €1.2m
- Cash -€208,666
down €208,666 (-89.2%), from €233,926 to €25,260
mainly Receivables within one year (-€510,299) and Investment in fixed assets (net) (-€441,660)
- Tangible fixed assets -€100,169
down €100,169 (-14.1%), from €711,952 to €611,783
of which Land and buildings: -€94,690
- Current portion of long-term debt +€1.1m
up €1.1m (+486%), from €218,999 to €1.3m
- Debts after one year -€250,000
down €250,000 (-100%), from €250,000 to €0
- Other debts -€72,983
down €72,983 (-100%), from €72,983 to €0
- Tax, wage and social debts -€59,144
down €59,144 (-100%), from €59,144 to €0
of which Taxes: -€33,789
- Trade debts -€35,206
down €35,206 (-33.0%), from €106,580 to €71,374
- Gross operating margin -€255,098
down €255,098 (-49.1%), from €519,075 to €263,977
- Staff costs -€126,271
down €126,271 (-49.4%), from €255,606 to €129,335
- Taxes -€38,116
down €38,116 (-100.0%), from €38,118 to €1
- Financial charges +€20,612
up €20,612 (+68.6%), from €30,041 to €50,653
- Financial income -€7,905
down €7,905 (-19.5%), from €40,452 to €32,547
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 | €1,683,893 | €2,323,131 | +€639,239 | +38.0% |
| Fixed assets | 21/28 | €1,427,063 | €1,768,554 | +€341,491 | +23.9% |
| Tangible fixed assets | 22/27 | €711,952 | €611,783 | -€100,169 | -14.1% |
| Land and buildings | 22 | €688,031 | €593,341 | -€94,690 | -13.8% |
| Plant, machinery and equipment | 23 | €20,861 | €16,554 | -€4,308 | -20.6% |
| Furniture and vehicles | 24 | €3,060 | €1,888 | -€1,172 | -38.3% |
| Financial fixed assets | 28 | €715,111 | €1,156,771 | +€441,660 | +61.8% |
| Current assets | 29/58 | €256,829 | €554,577 | +€297,748 | +116% |
| Amounts receivable within one year | 40/41 | €17,120 | €527,419 | +€510,299 | +2,981% |
| Trade receivables | 40 | €17,120 | €245,214 | +€228,094 | +1,332% |
| Other amounts receivable | 41 | €0 | €282,205 | +€282,205 | |
| Cash at bank and in hand | 54/58 | €233,926 | €25,260 | -€208,666 | -89.2% |
| Deferred charges and accrued income | 490/1 | €5,783 | €1,899 | -€3,885 | -67.2% |
| Total equity and liabilities | 10/49 | €1,683,893 | €2,323,131 | +€639,239 | +38.0% |
| Equity | 10/15 | €964,487 | €960,469 | -€4,019 | -0.4% |
| Contributions | 10/11 | €600,000 | €600,000 | = | 0.0% |
| Capital | 10 | €600,000 | €600,000 | = | 0.0% |
| Issued capital | 100 | €600,000 | €600,000 | = | 0.0% |
| Reserves | 13 | €60,000 | €60,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €60,000 | €60,000 | = | 0.0% |
| Legal reserve | 130 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €304,487 | €300,469 | -€4,019 | -1.3% |
| Amounts payable | 17/49 | €719,405 | €1,362,663 | +€643,257 | +89.4% |
| Amounts payable after more than one year | 17 | €250,000 | €0 | -€250,000 | -100% |
| Financial debts | 170/4 | €250,000 | €0 | -€250,000 | -100% |
| Amounts payable within one year | 42/48 | €457,705 | €1,354,824 | +€897,119 | +196% |
| Current portion of amounts payable after more than one year | 42 | €218,999 | €1,283,450 | +€1.1m | +486% |
| Trade debts | 44 | €106,580 | €71,374 | -€35,206 | -33.0% |
| Suppliers | 440/4 | €106,580 | €71,374 | -€35,206 | -33.0% |
| Taxes, remuneration and social security | 45 | €59,144 | €0 | -€59,144 | -100% |
| Taxes | 450/3 | €33,789 | €0 | -€33,789 | -100% |
| Remuneration and social security | 454/9 | €25,355 | €0 | -€25,355 | -100% |
| Other amounts payable | 47/48 | €72,983 | €0 | -€72,983 | -100% |
| Accrued charges and deferred income | 492/3 | €11,700 | €7,839 | -€3,862 | -33.0% |
| Remuneration, social security and pensions | 62 | €255,606 | €129,335 | -€126,271 | -49.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,712 | €100,169 | +€3,457 | +3.6% |
| Other operating charges | 640/8 | €20,093 | €20,384 | +€291 | +1.4% |
| Gross operating margin | 9900 | €519,075 | €263,977 | -€255,098 | -49.1% |
| Operating profit (loss) | 9901 | €146,664 | €14,089 | -€132,576 | -90.4% |
| Financial income | 75/76B | €40,452 | €32,547 | -€7,905 | -19.5% |
| Recurring financial income | 75 | €40,452 | €32,547 | -€7,905 | -19.5% |
| Financial charges | 65/66B | €30,041 | €50,653 | +€20,612 | +68.6% |
| Recurring financial charges | 65 | €30,041 | €50,653 | +€20,612 | +68.6% |
| Profit (loss) for the period before taxes | 9903 | €157,075 | -€4,017 | -€161,093 | |
| Income taxes | 67/77 | €38,118 | €1 | -€38,116 | -100.0% |
| Profit (loss) for the period | 9904 | €118,958 | -€4,019 | -€122,976 | |
| Profit (loss) for the period to be appropriated | 9905 | €118,958 | -€4,019 | -€122,976 |
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 31 October 2026 via checked.be.