RASC: 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.
RASC
Largest movements
- Financial fixed assets -€3.9m
down €3.9m (-100.0%), from €3.9m to €0
- Current investments +€1.5m
up €1.5m (+156.0%), from €969,490 to €2.5m
- Receivables within one year +€72,939
up €72,939 (+149.2%), from €48,880 to €121,819
of which Other amounts receivable: +€72,098
- Reserves -€3.1m
down €3.1m (-61.6%), from €5.1m to €2.0m
- Tax, wage and social debts +€750,629
up €750,629 (+4085.3%), from €18,374 to €769,002
of which Taxes: +€748,629
- Financial income +€2.7m
up €2.7m (+4301.8%), from €63,725 to €2.8m
of which Non-recurring financial income: +€2.7m
- Financial charges +€1.1m
up €1.1m (+26030.4%), from €4,346 to €1.1m
- Taxes -€55,116
down €55,116 (-99.3%), from €55,493 to €378
- Gross operating margin +€15,203
up €15,203 (+7.6%), from €200,922 to €216,125
- Depreciation -€3,231
down €3,231 (-17.1%), from €18,912 to €15,680
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.
Cash bridge derived
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 | €5,114,625 | €2,746,325 | -€2.4m | -46.3% |
| Fixed assets | 21/28 | €3,972,022 | €30,592 | -€3.9m | -99.2% |
| Tangible fixed assets | 22/27 | €46,272 | €30,592 | -€15,680 | -33.9% |
| Furniture and vehicles | 24 | €41,941 | €27,343 | -€14,598 | -34.8% |
| Other tangible fixed assets | 26 | €4,331 | €3,248 | -€1,083 | -25.0% |
| Financial fixed assets | 28 | €3,925,750 | €0 | -€3.9m | -100.0% |
| Current assets | 29/58 | €1,142,603 | €2,715,733 | +€1.6m | +137.7% |
| Amounts receivable within one year | 40/41 | €48,880 | €121,819 | +€72,939 | +149.2% |
| Trade receivables | 40 | €32,454 | €33,295 | +€841 | +2.6% |
| Other amounts receivable | 41 | €16,426 | €88,525 | +€72,098 | +438.9% |
| Current investments | 50/53 | €969,490 | €2,482,129 | +€1.5m | +156.0% |
| Cash at bank and in hand | 54/58 | €122,422 | €110,622 | -€11,800 | -9.6% |
| Deferred charges and accrued income | 490/1 | €1,810 | €1,163 | -€647 | -35.8% |
| Total equity and liabilities | 10/49 | €5,114,625 | €2,746,325 | -€2.4m | -46.3% |
| Equity | 10/15 | €5,093,597 | €1,974,164 | -€3.1m | -61.2% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200.0% |
| Reserves | 13 | €5,087,397 | €1,955,564 | -€3.1m | -61.6% |
| Distributable reserves | 133 | €5,087,397 | €1,955,564 | -€3.1m | -61.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €21,028 | €772,160 | +€751,132 | +3572.1% |
| Amounts payable within one year | 42/48 | €21,028 | €772,160 | +€751,132 | +3572.1% |
| Trade debts | 44 | €1,505 | €3,158 | +€1,653 | +109.8% |
| Suppliers | 440/4 | €1,505 | €3,158 | +€1,653 | +109.8% |
| Taxes, remuneration and social security | 45 | €18,374 | €769,002 | +€750,629 | +4085.3% |
| Taxes | 450/3 | €18,374 | €767,002 | +€748,629 | +4074.4% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €1,149 | €0 | -€1,149 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,912 | €15,680 | -€3,231 | -17.1% |
| Other operating charges | 640/8 | €1,262 | €1,284 | +€22 | +1.7% |
| Gross operating margin | 9900 | €200,922 | €216,125 | +€15,203 | +7.6% |
| Operating profit (loss) | 9901 | €180,748 | €199,160 | +€18,412 | +10.2% |
| Financial income | 75/76B | €63,725 | €2,805,027 | +€2.7m | +4301.8% |
| Recurring financial income | 75 | €63,725 | €140,891 | +€77,166 | +121.1% |
| Non-recurring financial income | 76B | - | €2,664,136 | +€2.7m | |
| Financial charges | 65/66B | €4,346 | €1,135,641 | +€1.1m | +26030.4% |
| Recurring financial charges | 65 | €4,346 | €1,135,641 | +€1.1m | +26030.4% |
| Profit (loss) for the period before taxes | 9903 | €240,127 | €1,868,545 | +€1.6m | +678.1% |
| Income taxes | 67/77 | €55,493 | €378 | -€55,116 | -99.3% |
| Profit (loss) for the period | 9904 | €184,634 | €1,868,168 | +€1.7m | +911.8% |
| Profit (loss) for the period to be appropriated | 9905 | €184,634 | €1,868,168 | +€1.7m | +911.8% |
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 11 October 2026 via checked.be.