Rasolar: 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.
Rasolar
Largest movements
- Stocks and contracts -€80,000
down €80,000 (-11.7%), from €681,315 to €601,315
- Cash -€68,450
down €68,450 (-31.2%), from €219,295 to €150,845
mainly Short-term financial debts (-€250,000) and Other debts (-€196,505)
- Deferred charges and accrued income -€29,091
down €29,091 (-70.6%), from €41,196 to €12,106
- Tangible fixed assets -€20,791
down €20,791 (-14.7%), from €141,911 to €121,120
of which Plant, machinery and equipment: -€15,489
- Debts after one year +€257,007
up €257,007 (+170.4%), from €150,866 to €407,874
- Short-term financial debts -€250,000
down €250,000 (-50.0%), from €500,000 to €250,000
- Other debts -€196,505
down €196,505 (-99.0%), from €198,570 to €2,065
- Tax, wage and social debts -€129,181
down €129,181 (-42.3%), from €305,728 to €176,548
of which Taxes: -€95,684
- Current portion of long-term debt +€87,285
up €87,285 (+801.9%), from €10,885 to €98,170
- Staff costs -€438,379
down €438,379 (-35.2%), from €1.2m to €807,332
- Gross operating margin -€352,073
down €352,073 (-24.2%), from €1.5m to €1.1m
- Financial charges +€48,216
up €48,216 (+100.3%), from €48,091 to €96,308
of which Financial charges: +€51,516
- Taxes -€20,063
down €20,063 (-33.0%), from €60,729 to €40,666
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 | €1,835,652 | €1,646,533 | -€189,118 | -10.3% |
| Fixed assets | 21/28 | €142,331 | €121,540 | -€20,791 | -14.6% |
| Tangible fixed assets | 22/27 | €141,911 | €121,120 | -€20,791 | -14.7% |
| Plant, machinery and equipment | 23 | €45,902 | €30,413 | -€15,489 | -33.7% |
| Furniture and vehicles | 24 | €73,602 | €74,873 | +€1,271 | +1.7% |
| Other tangible fixed assets | 26 | €22,408 | €15,834 | -€6,574 | -29.3% |
| Financial fixed assets | 28 | €420 | €420 | = | 0.0% |
| Current assets | 29/58 | €1,693,321 | €1,524,993 | -€168,327 | -9.9% |
| Stocks and contracts in progress | 3 | €681,315 | €601,315 | -€80,000 | -11.7% |
| Stocks | 30/36 | €681,315 | €601,315 | -€80,000 | -11.7% |
| Amounts receivable within one year | 40/41 | €751,514 | €760,728 | +€9,214 | +1.2% |
| Trade receivables | 40 | €691,478 | €759,150 | +€67,672 | +9.8% |
| Other amounts receivable | 41 | €60,037 | €1,578 | -€58,458 | -97.4% |
| Cash at bank and in hand | 54/58 | €219,295 | €150,845 | -€68,450 | -31.2% |
| Deferred charges and accrued income | 490/1 | €41,196 | €12,106 | -€29,091 | -70.6% |
| Total equity and liabilities | 10/49 | €1,835,652 | €1,646,533 | -€189,118 | -10.3% |
| Equity | 10/15 | €634,474 | €702,912 | +€68,438 | +10.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Outside capital | 11 | €6,200 | - | -€6,200 | |
| Share premium | 1100/10 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €628,274 | €696,712 | +€68,438 | +10.9% |
| Non-distributable reserves | 130/1 | €1,152 | - | -€1,152 | |
| Legal reserve | 130 | €1,152 | - | -€1,152 | |
| Distributable reserves | 133 | €627,122 | €696,712 | +€69,590 | +11.1% |
| Amounts payable | 17/49 | €1,201,178 | €943,622 | -€257,557 | -21.4% |
| Amounts payable after more than one year | 17 | €150,866 | €407,874 | +€257,007 | +170.4% |
| Financial debts | 170/4 | €150,866 | €407,874 | +€257,007 | +170.4% |
| Amounts payable within one year | 42/48 | €1,016,547 | €535,748 | -€480,799 | -47.3% |
| Current portion of amounts payable after more than one year | 42 | €10,885 | €98,170 | +€87,285 | +801.9% |
| Financial debts | 43 | €500,000 | €250,000 | -€250,000 | -50.0% |
| Credit institutions | 430/8 | €500,000 | €250,000 | -€250,000 | -50.0% |
| Trade debts | 44 | €1,364 | €8,966 | +€7,602 | +557.5% |
| Suppliers | 440/4 | €1,364 | €8,966 | +€7,602 | +557.5% |
| Taxes, remuneration and social security | 45 | €305,728 | €176,548 | -€129,181 | -42.3% |
| Taxes | 450/3 | €187,426 | €91,742 | -€95,684 | -51.1% |
| Remuneration and social security | 454/9 | €118,302 | €84,805 | -€33,496 | -28.3% |
| Other amounts payable | 47/48 | €198,570 | €2,065 | -€196,505 | -99.0% |
| Accrued charges and deferred income | 492/3 | €33,765 | €0 | -€33,765 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,245,712 | €807,332 | -€438,379 | -35.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,373 | €64,553 | +€11,180 | +20.9% |
| Other operating charges | 640/8 | €27,217 | €24,861 | -€2,356 | -8.7% |
| Non-recurring operating charges | 66A | - | €1,237 | +€1,237 | |
| Gross operating margin | 9900 | €1,455,450 | €1,103,377 | -€352,073 | -24.2% |
| Operating profit (loss) | 9901 | €129,148 | €205,393 | +€76,246 | +59.0% |
| Financial income | 75/76B | €294 | €18 | -€276 | -93.7% |
| Recurring financial income | 75 | €294 | €18 | -€276 | -93.7% |
| Financial charges | 65/66B | €48,091 | €96,308 | +€48,216 | +100.3% |
| Recurring financial charges | 65 | €44,791 | €96,308 | +€51,516 | +115.0% |
| Non-recurring financial charges | 66B | €3,300 | - | -€3,300 | |
| Profit (loss) for the period before taxes | 9903 | €81,350 | €109,104 | +€27,754 | +34.1% |
| Income taxes | 67/77 | €60,729 | €40,666 | -€20,063 | -33.0% |
| Profit (loss) for the period | 9904 | €20,621 | €68,438 | +€47,817 | +231.9% |
| Profit (loss) for the period to be appropriated | 9905 | €20,621 | €68,438 | +€47,817 | +231.9% |
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 6 October 2026 via checked.be.