RAUW: 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.
RAUW
Largest movements
- Receivables within one year +€69,927
up €69,927 (+66.6%), from €105,067 to €174,994
of which Other amounts receivable: +€70,497
- Cash +€67,375
up €67,375 (+129%), from €52,112 to €119,487
mainly Net result for the year (+€96,008) and Depreciation (+€46,063)
- Financial fixed assets -€50,500
down €50,500 (-24.9%), from €202,645 to €152,145
- Tangible fixed assets -€36,018
down €36,018 (-16.4%), from €220,145 to €184,128
of which Plant, machinery and equipment: -€36,018
- Reserves +€112,298
up €112,298 (+19.1%), from €586,430 to €698,728
of which Distributable reserves: +€112,298
- Profit (loss) carried forward -€46,290
no longer reported in 2025 (was €46,290)
- Other debts +€30,000
new in 2025: €30,000
- Debts after one year -€26,617
down €26,617 (-33.5%), from €79,551 to €52,934
- Tax, wage and social debts -€18,547
down €18,547 (-34.5%), from €53,827 to €35,281
of which Taxes: -€19,026
- Gross operating margin +€76,092
up €76,092 (+18.8%), from €404,723 to €480,815
- Taxes +€19,171
up €19,171 (+5,496%), from €349 to €19,520
- Financial charges -€9,222
down €9,222 (-42.3%), from €21,780 to €12,558
of which Non-recurring financial charges: -€16,658
- Depreciation -€5,074
down €5,074 (-9.9%), from €51,137 to €46,063
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 | €959,106 | €1,001,010 | +€41,904 | +4.4% |
| Fixed assets | 21/28 | €422,790 | €336,273 | -€86,518 | -20.5% |
| Tangible fixed assets | 22/27 | €220,145 | €184,128 | -€36,018 | -16.4% |
| Plant, machinery and equipment | 23 | €220,145 | €184,128 | -€36,018 | -16.4% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €202,645 | €152,145 | -€50,500 | -24.9% |
| Current assets | 29/58 | €536,315 | €664,737 | +€128,422 | +23.9% |
| Amounts receivable after more than one year | 29 | €350,000 | €350,000 | = | 0.0% |
| Other amounts receivable | 291 | €350,000 | €350,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €25,134 | €20,246 | -€4,888 | -19.4% |
| Stocks | 30/36 | €25,134 | €20,246 | -€4,888 | -19.4% |
| Amounts receivable within one year | 40/41 | €105,067 | €174,994 | +€69,927 | +66.6% |
| Trade receivables | 40 | €36,648 | €36,078 | -€570 | -1.6% |
| Other amounts receivable | 41 | €68,419 | €138,915 | +€70,497 | +103% |
| Current investments | 50/53 | €2 | €2 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €52,112 | €119,487 | +€67,375 | +129% |
| Deferred charges and accrued income | 490/1 | €4,000 | €8 | -€3,992 | -99.8% |
| Total equity and liabilities | 10/49 | €959,106 | €1,001,010 | +€41,904 | +4.4% |
| Equity | 10/15 | €638,920 | €704,928 | +€66,008 | +10.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €586,430 | €698,728 | +€112,298 | +19.1% |
| Tax-exempt reserves | 132 | €66,600 | €66,600 | = | 0.0% |
| Distributable reserves | 133 | €519,830 | €632,128 | +€112,298 | +21.6% |
| Profit (loss) carried forward | 14 | €46,290 | - | -€46,290 | |
| Amounts payable | 17/49 | €320,186 | €296,082 | -€24,103 | -7.5% |
| Amounts payable after more than one year | 17 | €79,551 | €52,934 | -€26,617 | -33.5% |
| Financial debts | 170/4 | €79,551 | €52,934 | -€26,617 | -33.5% |
| Amounts payable within one year | 42/48 | €240,635 | €242,748 | +€2,113 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €28,312 | €28,977 | +€664 | +2.3% |
| Trade debts | 44 | €158,496 | €148,491 | -€10,004 | -6.3% |
| Suppliers | 440/4 | €158,496 | €148,491 | -€10,004 | -6.3% |
| Taxes, remuneration and social security | 45 | €53,827 | €35,281 | -€18,547 | -34.5% |
| Taxes | 450/3 | €39,446 | €20,420 | -€19,026 | -48.2% |
| Remuneration and social security | 454/9 | €14,381 | €14,860 | +€479 | +3.3% |
| Other amounts payable | 47/48 | - | €30,000 | +€30,000 | |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Remuneration, social security and pensions | 62 | €303,963 | €305,745 | +€1,783 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,137 | €46,063 | -€5,074 | -9.9% |
| Other operating charges | 640/8 | €968 | €2,155 | +€1,188 | +123% |
| Gross operating margin | 9900 | €404,723 | €480,815 | +€76,092 | +18.8% |
| Operating profit (loss) | 9901 | €48,656 | €126,851 | +€78,195 | +161% |
| Financial income | 75/76B | €700 | €1,235 | +€535 | +76.4% |
| Recurring financial income | 75 | €652 | €1,235 | +€582 | +89.3% |
| Non-recurring financial income | 76B | €48 | - | -€48 | |
| Financial charges | 65/66B | €21,780 | €12,558 | -€9,222 | -42.3% |
| Recurring financial charges | 65 | €5,122 | €12,558 | +€7,436 | +145% |
| Non-recurring financial charges | 66B | €16,658 | - | -€16,658 | |
| Profit (loss) for the period before taxes | 9903 | €27,576 | €115,528 | +€87,952 | +319% |
| Income taxes | 67/77 | €349 | €19,520 | +€19,171 | +5,496% |
| Profit (loss) for the period | 9904 | €27,227 | €96,008 | +€68,781 | +253% |
| Profit (loss) for the period to be appropriated | 9905 | €27,227 | €96,008 | +€68,781 | +253% |
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 13 October 2026 via checked.be.