RAUL: 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.
RAUL
Largest movements
- Current investments -€8,901
down €8,901 (-46.8%), from €19,008 to €10,107
- Reserves +€50,194
up €50,194 (+10.7%), from €470,944 to €521,139
of which Distributable reserves: +€50,194
- Trade debts -€20,251
down €20,251 (-78.9%), from €25,664 to €5,414
- Other debts -€17,461
down €17,461 (-8.1%), from €216,007 to €198,546
- Debts after one year -€15,161
down €15,161 (-42.4%), from €35,771 to €20,610
- Taxes -€4,755
down €4,755 (-17.4%), from €27,297 to €22,542
- Gross operating margin -€3,656
down €3,656 (-3.6%), from €101,356 to €97,700
- Depreciation +€2,181
up €2,181 (+28.0%), from €7,789 to €9,970
- Financial charges -€1,184
down €1,184 (-8.5%), from €13,947 to €12,762
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 | €868,761 | €865,901 | -€2,860 | -0.3% |
| Fixed assets | 21/28 | €504,076 | €501,526 | -€2,550 | -0.5% |
| Tangible fixed assets | 22/27 | €154,076 | €151,526 | -€2,550 | -1.7% |
| Land and buildings | 22 | €146,631 | €146,364 | -€268 | -0.2% |
| Furniture and vehicles | 24 | €0 | - | -€0 | |
| Other tangible fixed assets | 26 | €7,445 | €5,163 | -€2,282 | -30.7% |
| Financial fixed assets | 28 | €350,000 | €350,000 | = | 0.0% |
| Current assets | 29/58 | €364,685 | €364,375 | -€310 | -0.1% |
| Amounts receivable within one year | 40/41 | €292,108 | €292,110 | +€1 | 0.0% |
| Trade receivables | 40 | €72,608 | €72,608 | = | 0.0% |
| Other amounts receivable | 41 | €219,500 | €219,501 | +€1 | 0.0% |
| Current investments | 50/53 | €19,008 | €10,107 | -€8,901 | -46.8% |
| Cash at bank and in hand | 54/58 | €46,237 | €54,696 | +€8,459 | +18.3% |
| Deferred charges and accrued income | 490/1 | €7,331 | €7,462 | +€131 | +1.8% |
| Total equity and liabilities | 10/49 | €868,761 | €865,901 | -€2,860 | -0.3% |
| Equity | 10/15 | €489,544 | €539,739 | +€50,194 | +10.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €470,944 | €521,139 | +€50,194 | +10.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €126,717 | €126,717 | = | 0.0% |
| Distributable reserves | 133 | €342,367 | €392,561 | +€50,194 | +14.7% |
| Provisions and deferred taxes | 16 | €24,932 | €24,932 | = | 0.0% |
| Deferred taxes | 168 | €24,932 | €24,932 | = | 0.0% |
| Amounts payable | 17/49 | €354,285 | €301,230 | -€53,055 | -15.0% |
| Amounts payable after more than one year | 17 | €35,771 | €20,610 | -€15,161 | -42.4% |
| Financial debts | 170/4 | €35,771 | €20,610 | -€15,161 | -42.4% |
| Amounts payable within one year | 42/48 | €318,014 | €280,120 | -€37,894 | -11.9% |
| Current portion of amounts payable after more than one year | 42 | €14,911 | €15,161 | +€250 | +1.7% |
| Trade debts | 44 | €25,664 | €5,414 | -€20,251 | -78.9% |
| Suppliers | 440/4 | €25,664 | €5,414 | -€20,251 | -78.9% |
| Taxes, remuneration and social security | 45 | €61,432 | €61,000 | -€432 | -0.7% |
| Taxes | 450/3 | €57,954 | €57,504 | -€450 | -0.8% |
| Remuneration and social security | 454/9 | €3,478 | €3,496 | +€18 | +0.5% |
| Other amounts payable | 47/48 | €216,007 | €198,546 | -€17,461 | -8.1% |
| Accrued charges and deferred income | 492/3 | €500 | €500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,789 | €9,970 | +€2,181 | +28.0% |
| Other operating charges | 640/8 | €2,424 | €2,371 | -€53 | -2.2% |
| Gross operating margin | 9900 | €101,356 | €97,700 | -€3,656 | -3.6% |
| Operating profit (loss) | 9901 | €91,143 | €85,359 | -€5,785 | -6.3% |
| Financial income | 75/76B | €236 | €141 | -€95 | -40.4% |
| Recurring financial income | 75 | €236 | €141 | -€95 | -40.4% |
| Financial charges | 65/66B | €13,947 | €12,762 | -€1,184 | -8.5% |
| Recurring financial charges | 65 | €13,947 | €12,762 | -€1,184 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €77,432 | €72,737 | -€4,696 | -6.1% |
| Income taxes | 67/77 | €27,297 | €22,542 | -€4,755 | -17.4% |
| Profit (loss) for the period | 9904 | €50,135 | €50,194 | +€59 | +0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €50,135 | €50,194 | +€59 | +0.1% |
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 11 October 2026 via checked.be.