RASERVA: what changed
Two fiscal 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.
RASERVA
Largest movements
- Cash -€77,962
down €77,962 (-31.3%), from €248,862 to €170,900
mainly Contributions, distributions and other (-€317,180) and Debts after one year (-€44,279)
- Receivables after one year -€44,279
no longer reported in 2025 (was €44,279)
- Receivables within one year -€19,271
down €19,271 (-88.7%), from €21,727 to €2,456
- Tangible fixed assets -€5,489
down €5,489 (-19.7%), from €27,843 to €22,354
of which Furniture and vehicles: -€4,895
- Profit (loss) carried forward -€217,647
no longer reported in 2025 (was €217,647)
- Other debts +€91,761
up €91,761 (+629.2%), from €14,585 to €106,345
- Debts after one year -€44,279
no longer reported in 2025 (was €44,279)
- Reserves +€17,678
up €17,678 (+83.5%), from €21,166 to €38,844
- Tax, wage and social debts +€6,080
up €6,080 (+14.5%), from €42,008 to €48,087
- Gross operating margin +€13,105
up €13,105 (+8.5%), from €154,288 to €167,393
- Taxes +€4,210
up €4,210 (+13.4%), from €31,381 to €35,591
- Depreciation +€2,428
up €2,428 (+22.0%), from €11,052 to €13,480
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 | €346,875 | €200,718 | -€146,157 | -42.1% |
| Fixed assets | 21/28 | €27,843 | €22,354 | -€5,489 | -19.7% |
| Tangible fixed assets | 22/27 | €27,843 | €22,354 | -€5,489 | -19.7% |
| Plant, machinery and equipment | 23 | €991 | €496 | -€496 | -50.0% |
| Furniture and vehicles | 24 | €26,065 | €21,170 | -€4,895 | -18.8% |
| Other tangible fixed assets | 26 | €787 | €689 | -€98 | -12.5% |
| Current assets | 29/58 | €319,032 | €178,364 | -€140,667 | -44.1% |
| Amounts receivable after more than one year | 29 | €44,279 | - | -€44,279 | |
| Other amounts receivable | 291 | €44,279 | - | -€44,279 | |
| Amounts receivable within one year | 40/41 | €21,727 | €2,456 | -€19,271 | -88.7% |
| Trade receivables | 40 | €21,727 | €2,456 | -€19,271 | -88.7% |
| Cash at bank and in hand | 54/58 | €248,862 | €170,900 | -€77,962 | -31.3% |
| Deferred charges and accrued income | 490/1 | €4,163 | €5,008 | +€845 | +20.3% |
| Total equity and liabilities | 10/49 | €346,875 | €200,718 | -€146,157 | -42.1% |
| Equity | 10/15 | €243,813 | €43,844 | -€199,969 | -82.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €21,166 | €38,844 | +€17,678 | +83.5% |
| Distributable reserves | 133 | €21,166 | €38,844 | +€17,678 | +83.5% |
| Profit (loss) carried forward | 14 | €217,647 | - | -€217,647 | |
| Amounts payable | 17/49 | €103,062 | €156,874 | +€53,812 | +52.2% |
| Amounts payable after more than one year | 17 | €44,279 | - | -€44,279 | |
| Other amounts payable | 178/9 | €44,279 | - | -€44,279 | |
| Amounts payable within one year | 42/48 | €58,783 | €156,874 | +€98,091 | +166.9% |
| Trade debts | 44 | €2,191 | €2,442 | +€251 | +11.4% |
| Suppliers | 440/4 | €2,191 | €2,442 | +€251 | +11.4% |
| Taxes, remuneration and social security | 45 | €42,008 | €48,087 | +€6,080 | +14.5% |
| Taxes | 450/3 | €42,008 | €48,087 | +€6,080 | +14.5% |
| Other amounts payable | 47/48 | €14,585 | €106,345 | +€91,761 | +629.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,052 | €13,480 | +€2,428 | +22.0% |
| Other operating charges | 640/8 | €725 | €1,040 | +€315 | +43.5% |
| Gross operating margin | 9900 | €154,288 | €167,393 | +€13,105 | +8.5% |
| Operating profit (loss) | 9901 | €142,512 | €152,873 | +€10,361 | +7.3% |
| Financial income | 75/76B | - | €6 | +€6 | |
| Recurring financial income | 75 | - | €6 | +€6 | |
| Financial charges | 65/66B | €153 | €78 | -€75 | -49.2% |
| Recurring financial charges | 65 | €153 | €78 | -€75 | -49.2% |
| Profit (loss) for the period before taxes | 9903 | €142,359 | €152,802 | +€10,443 | +7.3% |
| Income taxes | 67/77 | €31,381 | €35,591 | +€4,210 | +13.4% |
| Profit (loss) for the period | 9904 | €110,978 | €117,211 | +€6,233 | +5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €110,978 | €117,211 | +€6,233 | +5.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.