RATEL: 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.
RATEL
Largest movements
- Tangible fixed assets -€186,827
down €186,827 (-31.9%), from €585,779 to €398,952
of which Other tangible fixed assets: -€160,044
- Cash +€66,300
up €66,300 (+129%), from €51,305 to €117,605
mainly Depreciation (+€186,827) and Accrued charges and deferred income (+€6,630)
- Profit (loss) carried forward -€72,450
down €72,450 (-5.4%), from -€1.3m to -€1.4m
- Debts after one year -€56,533
down €56,533 (-27.8%), from €203,431 to €146,899
- Revaluation surpluses -€24,046
down €24,046 (-6.6%), from €361,668 to €337,622
- Reserves +€24,046
up €24,046 (+4.4%), from €550,580 to €574,627
- Accrued charges and deferred income +€6,630
new in 2025: €6,630
- Gross operating margin +€12,359
up €12,359 (+9.5%), from €130,238 to €142,597
- Depreciation -€6,501
down €6,501 (-3.4%), from €193,329 to €186,827
- Financial charges -€2,914
down €2,914 (-21.1%), from €13,838 to €10,924
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 | €640,581 | €520,401 | -€120,180 | -18.8% |
| Fixed assets | 21/28 | €586,329 | €399,502 | -€186,827 | -31.9% |
| Tangible fixed assets | 22/27 | €585,779 | €398,952 | -€186,827 | -31.9% |
| Land and buildings | 22 | €363,426 | €336,643 | -€26,783 | -7.4% |
| Other tangible fixed assets | 26 | €222,353 | €62,309 | -€160,044 | -72.0% |
| Financial fixed assets | 28 | €550 | €550 | = | 0.0% |
| Current assets | 29/58 | €54,252 | €120,899 | +€66,647 | +123% |
| Amounts receivable within one year | 40/41 | €2,614 | €2,938 | +€323 | +12.4% |
| Trade receivables | 40 | €2,614 | €2,938 | +€323 | +12.4% |
| Cash at bank and in hand | 54/58 | €51,305 | €117,605 | +€66,300 | +129% |
| Deferred charges and accrued income | 490/1 | €333 | €356 | +€23 | +7.0% |
| Total equity and liabilities | 10/49 | €640,581 | €520,401 | -€120,180 | -18.8% |
| Equity | 10/15 | -€359,393 | -€431,843 | -€72,450 | -20.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €361,668 | €337,622 | -€24,046 | -6.6% |
| Reserves | 13 | €550,580 | €574,627 | +€24,046 | +4.4% |
| Distributable reserves | 133 | €550,580 | €574,627 | +€24,046 | +4.4% |
| Profit (loss) carried forward | 14 | -€1,333,641 | -€1,406,091 | -€72,450 | -5.4% |
| Amounts payable | 17/49 | €999,974 | €952,243 | -€47,731 | -4.8% |
| Amounts payable after more than one year | 17 | €203,431 | €146,899 | -€56,533 | -27.8% |
| Financial debts | 170/4 | €203,431 | €146,899 | -€56,533 | -27.8% |
| Amounts payable within one year | 42/48 | €796,543 | €798,715 | +€2,172 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €42,172 | €48,000 | +€5,828 | +13.8% |
| Trade debts | 44 | €7,034 | €614 | -€6,420 | -91.3% |
| Suppliers | 440/4 | €7,034 | €614 | -€6,420 | -91.3% |
| Other amounts payable | 47/48 | €747,337 | €750,100 | +€2,764 | +0.4% |
| Accrued charges and deferred income | 492/3 | - | €6,630 | +€6,630 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €193,329 | €186,827 | -€6,501 | -3.4% |
| Other operating charges | 640/8 | €16,754 | €17,296 | +€541 | +3.2% |
| Gross operating margin | 9900 | €130,238 | €142,597 | +€12,359 | +9.5% |
| Operating profit (loss) | 9901 | -€79,845 | -€61,525 | +€18,319 | +22.9% |
| Financial charges | 65/66B | €13,838 | €10,924 | -€2,914 | -21.1% |
| Recurring financial charges | 65 | €13,838 | €10,924 | -€2,914 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | -€93,683 | -€72,450 | +€21,233 | +22.7% |
| Profit (loss) for the period | 9904 | -€93,683 | -€72,450 | +€21,233 | +22.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€93,683 | -€72,450 | +€21,233 | +22.7% |
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 15 October 2026 via checked.be.