RAUDVARES: 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.
RAUDVARES
Largest movements
- Current investments +€70,000
new in 2025: €70,000
- Deferred charges and accrued income +€24,787
up €24,787 (+25.5%), from €97,344 to €122,130
- Tangible fixed assets -€17,030
down €17,030 (-19.3%), from €88,102 to €71,072
of which Leasing and similar rights: -€15,499
- Cash +€14,666
up €14,666 (+17.5%), from €83,755 to €98,421
mainly Net result for the year (+€122,902) and Depreciation (+€19,284)
- Receivables within one year +€6,107
new in 2025: €6,107
- Reserves +€122,069
up €122,069 (+66.8%), from €182,707 to €304,776
- Debts after one year -€14,889
down €14,889 (-24.9%), from €59,907 to €45,018
- Tax, wage and social debts -€7,360
down €7,360 (-100.0%), from €7,360 to €0
- Gross operating margin +€15,744
up €15,744 (+9.1%), from €172,214 to €187,958
- Depreciation +€14,658
up €14,658 (+316.8%), from €4,627 to €19,284
- Other operating charges +€2,964
up €2,964 (+214.5%), from €1,382 to €4,346
- Financial charges +€2,475
up €2,475 (+153.4%), from €1,613 to €4,088
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 | €269,201 | €367,730 | +€98,529 | +36.6% |
| Fixed assets | 21/28 | €88,102 | €71,072 | -€17,030 | -19.3% |
| Tangible fixed assets | 22/27 | €88,102 | €71,072 | -€17,030 | -19.3% |
| Plant, machinery and equipment | 23 | €2,103 | €1,628 | -€475 | -22.6% |
| Furniture and vehicles | 24 | €11,434 | €10,377 | -€1,057 | -9.2% |
| Leasing and similar rights | 25 | €74,566 | €59,067 | -€15,499 | -20.8% |
| Current assets | 29/58 | €181,099 | €296,658 | +€115,559 | +63.8% |
| Amounts receivable within one year | 40/41 | - | €6,107 | +€6,107 | |
| Other amounts receivable | 41 | - | €6,107 | +€6,107 | |
| Current investments | 50/53 | - | €70,000 | +€70,000 | |
| Cash at bank and in hand | 54/58 | €83,755 | €98,421 | +€14,666 | +17.5% |
| Deferred charges and accrued income | 490/1 | €97,344 | €122,130 | +€24,787 | +25.5% |
| Total equity and liabilities | 10/49 | €269,201 | €367,730 | +€98,529 | +36.6% |
| Equity | 10/15 | €183,707 | €305,776 | +€122,069 | +66.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €182,707 | €304,776 | +€122,069 | +66.8% |
| Distributable reserves | 133 | €182,707 | €304,776 | +€122,069 | +66.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €85,494 | €61,954 | -€23,540 | -27.5% |
| Amounts payable after more than one year | 17 | €59,907 | €45,018 | -€14,889 | -24.9% |
| Financial debts | 170/4 | €59,907 | €45,018 | -€14,889 | -24.9% |
| Amounts payable within one year | 42/48 | €25,588 | €16,937 | -€8,651 | -33.8% |
| Current portion of amounts payable after more than one year | 42 | €14,159 | €14,889 | +€729 | +5.2% |
| Trade debts | 44 | €1,413 | €1,215 | -€198 | -14.0% |
| Suppliers | 440/4 | €1,413 | €1,215 | -€198 | -14.0% |
| Taxes, remuneration and social security | 45 | €7,360 | €0 | -€7,360 | -100.0% |
| Taxes | 450/3 | €7,360 | €0 | -€7,360 | -100.0% |
| Other amounts payable | 47/48 | €2,655 | €833 | -€1,822 | -68.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,627 | €19,284 | +€14,658 | +316.8% |
| Other operating charges | 640/8 | €1,382 | €4,346 | +€2,964 | +214.5% |
| Gross operating margin | 9900 | €172,214 | €187,958 | +€15,744 | +9.1% |
| Operating profit (loss) | 9901 | €166,206 | €164,327 | -€1,878 | -1.1% |
| Financial income | 75/76B | - | €241 | +€241 | |
| Recurring financial income | 75 | - | €241 | +€241 | |
| Financial charges | 65/66B | €1,613 | €4,088 | +€2,475 | +153.4% |
| Recurring financial charges | 65 | €1,613 | €4,088 | +€2,475 | +153.4% |
| Profit (loss) for the period before taxes | 9903 | €164,593 | €160,481 | -€4,112 | -2.5% |
| Income taxes | 67/77 | €37,860 | €37,579 | -€281 | -0.7% |
| Profit (loss) for the period | 9904 | €126,733 | €122,902 | -€3,831 | -3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €126,733 | €122,902 | -€3,831 | -3.0% |
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 4 October 2026 via checked.be.