RASAR: 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.
RASAR
Largest movements
- Cash -€89,400
down €89,400 (-72.9%), from €122,716 to €33,316
mainly Contributions, distributions and other (-€91,237) and Receivables within one year (-€56,966)
- Receivables within one year +€56,966
up €56,966 (+119%), from €47,963 to €104,929
of which Trade receivables: +€56,550
- Current investments +€20,337
up €20,337 (+4.9%), from €414,354 to €434,691
- Reserves -€22,470
down €22,470 (-5.8%), from €390,096 to €367,626
- Gross operating margin +€36,451
up €36,451 (+88.8%), from €41,057 to €77,508
- Taxes +€11,189
up €11,189 (+73.6%), from €15,201 to €26,389
- Financial charges +€8,063
up €8,063, from -€6,199 to €1,865
- Financial income +€5,876
up €5,876 (+39.3%), from €14,941 to €20,816
of which Financial income: +€4,733
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 | €596,598 | €580,991 | -€15,607 | -2.6% |
| Fixed assets | 21/28 | €921 | €494 | -€426 | -46.3% |
| Tangible fixed assets | 22/27 | €921 | €494 | -€426 | -46.3% |
| Plant, machinery and equipment | 23 | €921 | €494 | -€426 | -46.3% |
| Current assets | 29/58 | €595,677 | €580,497 | -€15,180 | -2.5% |
| Amounts receivable within one year | 40/41 | €47,963 | €104,929 | +€56,966 | +119% |
| Trade receivables | 40 | €47,955 | €104,505 | +€56,550 | +118% |
| Other amounts receivable | 41 | €8 | €424 | +€416 | +5,073% |
| Current investments | 50/53 | €414,354 | €434,691 | +€20,337 | +4.9% |
| Cash at bank and in hand | 54/58 | €122,716 | €33,316 | -€89,400 | -72.9% |
| Deferred charges and accrued income | 490/1 | €10,645 | €7,561 | -€3,084 | -29.0% |
| Total equity and liabilities | 10/49 | €596,598 | €580,991 | -€15,607 | -2.6% |
| Equity | 10/15 | €562,658 | €540,188 | -€22,470 | -4.0% |
| Contributions | 10/11 | €148,150 | €148,150 | = | 0.0% |
| Reserves | 13 | €390,096 | €367,626 | -€22,470 | -5.8% |
| Distributable reserves | 133 | €390,096 | €367,626 | -€22,470 | -5.8% |
| Profit (loss) carried forward | 14 | €24,412 | €24,412 | = | 0.0% |
| Amounts payable | 17/49 | €33,940 | €40,804 | +€6,864 | +20.2% |
| Amounts payable within one year | 42/48 | €33,940 | €40,415 | +€6,475 | +19.1% |
| Trade debts | 44 | €1,193 | €202 | -€991 | -83.1% |
| Suppliers | 440/4 | €1,193 | €202 | -€991 | -83.1% |
| Taxes, remuneration and social security | 45 | €20,846 | €26,182 | +€5,336 | +25.6% |
| Taxes | 450/3 | €16,251 | €23,871 | +€7,619 | +46.9% |
| Remuneration and social security | 454/9 | €4,595 | €2,312 | -€2,284 | -49.7% |
| Other amounts payable | 47/48 | €11,901 | €14,031 | +€2,130 | +17.9% |
| Accrued charges and deferred income | 492/3 | - | €388 | +€388 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €426 | €426 | = | 0.0% |
| Other operating charges | 640/8 | €1,016 | €878 | -€138 | -13.6% |
| Gross operating margin | 9900 | €41,057 | €77,508 | +€36,451 | +88.8% |
| Operating profit (loss) | 9901 | €39,614 | €76,204 | +€36,589 | +92.4% |
| Financial income | 75/76B | €14,941 | €20,816 | +€5,876 | +39.3% |
| Recurring financial income | 75 | €12,411 | €17,144 | +€4,733 | +38.1% |
| Non-recurring financial income | 76B | €2,530 | €3,673 | +€1,143 | +45.2% |
| Financial charges | 65/66B | -€6,199 | €1,865 | +€8,063 | |
| Recurring financial charges | 65 | -€6,199 | €1,865 | +€8,063 | |
| Profit (loss) for the period before taxes | 9903 | €60,754 | €95,155 | +€34,402 | +56.6% |
| Income taxes | 67/77 | €15,201 | €26,389 | +€11,189 | +73.6% |
| Profit (loss) for the period | 9904 | €45,553 | €68,766 | +€23,213 | +51.0% |
| Profit (loss) for the period to be appropriated | 9905 | €45,553 | €68,766 | +€23,213 | +51.0% |
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 25 October 2026 via checked.be.