RATESHWAR: 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.
RATESHWAR
Largest movements
- Receivables within one year -€44,693
down €44,693 (-51.4%), from €86,960 to €42,267
of which Other amounts receivable: -€55,085
- Deferred charges and accrued income -€10,453
down €10,453 (-62.2%), from €16,814 to €6,361
- Cash -€8,226
down €8,226 (-26.8%), from €30,709 to €22,483
mainly Contributions, distributions and other (-€44,000) and Other debts (-€36,750)
- Tangible fixed assets -€2,118
down €2,118 (-45.0%), from €4,703 to €2,585
- Other debts -€36,750
down €36,750 (-45.5%), from €80,750 to €44,000
- Tax, wage and social debts -€32,967
down €32,967 (-82.3%), from €40,080 to €7,113
- Trade debts +€9,465
up €9,465 (+242.4%), from €3,904 to €13,369
- Accrued charges and deferred income -€2,528
no longer reported in 2025 (was €2,528)
- Current portion of long-term debt -€2,481
down €2,481 (-24.8%), from €10,000 to €7,519
- Financial charges -€7,312
down €7,312 (-76.4%), from €9,577 to €2,265
of which Non-recurring financial charges: -€6,504
- Financial income -€3,661
down €3,661 (-98.1%), from €3,734 to €73
- Other operating charges +€2,536
up €2,536 (+368.7%), from €688 to €3,223
- Taxes +€2,476
up €2,476 (+21.0%), from €11,805 to €14,281
- Depreciation -€1,620
down €1,620 (-43.3%), from €3,738 to €2,118
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 | €139,187 | €73,697 | -€65,490 | -47.1% |
| Fixed assets | 21/28 | €4,703 | €2,585 | -€2,118 | -45.0% |
| Tangible fixed assets | 22/27 | €4,703 | €2,585 | -€2,118 | -45.0% |
| Plant, machinery and equipment | 23 | €1,596 | €709 | -€887 | -55.6% |
| Furniture and vehicles | 24 | €1,422 | €422 | -€1,000 | -70.3% |
| Other tangible fixed assets | 26 | €1,686 | €1,454 | -€231 | -13.7% |
| Current assets | 29/58 | €134,483 | €71,111 | -€63,372 | -47.1% |
| Amounts receivable within one year | 40/41 | €86,960 | €42,267 | -€44,693 | -51.4% |
| Trade receivables | 40 | €13,408 | €23,799 | +€10,392 | +77.5% |
| Other amounts receivable | 41 | €73,552 | €18,468 | -€55,085 | -74.9% |
| Cash at bank and in hand | 54/58 | €30,709 | €22,483 | -€8,226 | -26.8% |
| Deferred charges and accrued income | 490/1 | €16,814 | €6,361 | -€10,453 | -62.2% |
| Total equity and liabilities | 10/49 | €139,187 | €73,697 | -€65,490 | -47.1% |
| Equity | 10/15 | €1,246 | €1,696 | +€450 | +36.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €246 | €696 | +€450 | +182.6% |
| Amounts payable | 17/49 | €137,940 | €72,000 | -€65,940 | -47.8% |
| Amounts payable within one year | 42/48 | €135,412 | €72,000 | -€63,412 | -46.8% |
| Current portion of amounts payable after more than one year | 42 | €10,000 | €7,519 | -€2,481 | -24.8% |
| Financial debts | 43 | €678 | - | -€678 | |
| Credit institutions | 430/8 | €678 | - | -€678 | |
| Trade debts | 44 | €3,904 | €13,369 | +€9,465 | +242.4% |
| Suppliers | 440/4 | €3,904 | €13,369 | +€9,465 | +242.4% |
| Taxes, remuneration and social security | 45 | €40,080 | €7,113 | -€32,967 | -82.3% |
| Taxes | 450/3 | €40,080 | €7,113 | -€32,967 | -82.3% |
| Other amounts payable | 47/48 | €80,750 | €44,000 | -€36,750 | -45.5% |
| Accrued charges and deferred income | 492/3 | €2,528 | - | -€2,528 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,738 | €2,118 | -€1,620 | -43.3% |
| Other operating charges | 640/8 | €688 | €3,223 | +€2,536 | +368.7% |
| Gross operating margin | 9900 | €65,245 | €66,263 | +€1,018 | +1.6% |
| Operating profit (loss) | 9901 | €60,820 | €60,922 | +€103 | +0.2% |
| Financial income | 75/76B | €3,734 | €73 | -€3,661 | -98.1% |
| Recurring financial income | 75 | €3,734 | €73 | -€3,661 | -98.1% |
| Financial charges | 65/66B | €9,577 | €2,265 | -€7,312 | -76.4% |
| Recurring financial charges | 65 | €3,073 | €2,265 | -€808 | -26.3% |
| Non-recurring financial charges | 66B | €6,504 | - | -€6,504 | |
| Profit (loss) for the period before taxes | 9903 | €54,977 | €58,730 | +€3,753 | +6.8% |
| Income taxes | 67/77 | €11,805 | €14,281 | +€2,476 | +21.0% |
| Profit (loss) for the period | 9904 | €43,172 | €44,450 | +€1,278 | +3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €43,172 | €44,450 | +€1,278 | +3.0% |
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 12 October 2026 via checked.be.