RAUW-MAUS: 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-MAUS
Largest movements
- Receivables after one year +€73,948
new in 2025: €73,948
- Receivables within one year -€32,006
down €32,006 (-46.9%), from €68,271 to €36,265
of which Other amounts receivable: -€57,645
- Tangible fixed assets -€19,370
down €19,370 (-36.2%), from €53,562 to €34,192
of which Plant, machinery and equipment: -€12,637
- Cash +€10,701
up €10,701 (+34.7%), from €30,849 to €41,550
mainly Net result for the year (+€32,541) and Receivables within one year (+€32,006)
- Reserves +€32,541
up €32,541 (+53.5%), from €60,860 to €93,401
of which Distributable reserves: +€34,401
- Trade debts -€14,596
down €14,596 (-79.5%), from €18,352 to €3,756
- Tax, wage and social debts +€12,996
up €12,996 (+86.6%), from €15,003 to €27,999
- Accrued charges and deferred income +€3,822
up €3,822 (+30,819%), from €12 to €3,834
- Gross operating margin +€37,655
up €37,655 (+197%), from €19,108 to €56,763
- Taxes +€12,773
new in 2025: €12,773
- Financial income +€9,261
up €9,261 (+1,064%), from €870 to €10,131
of which Non-recurring financial income: +€5,500
- Financial charges +€789
up €789 (+408%), from €193 to €982
- Depreciation -€683
down €683 (-3.4%), from €20,053 to €19,370
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 | €287,360 | €322,122 | +€34,762 | +12.1% |
| Fixed assets | 21/28 | €53,662 | €34,192 | -€19,470 | -36.3% |
| Tangible fixed assets | 22/27 | €53,562 | €34,192 | -€19,370 | -36.2% |
| Plant, machinery and equipment | 23 | €33,788 | €21,151 | -€12,637 | -37.4% |
| Furniture and vehicles | 24 | €19,774 | €13,041 | -€6,733 | -34.0% |
| Financial fixed assets | 28 | €100 | - | -€100 | |
| Current assets | 29/58 | €233,698 | €287,930 | +€54,232 | +23.2% |
| Amounts receivable after more than one year | 29 | - | €73,948 | +€73,948 | |
| Other amounts receivable | 291 | - | €73,948 | +€73,948 | |
| Stocks and contracts in progress | 3 | €11,393 | €14,189 | +€2,796 | +24.5% |
| Stocks | 30/36 | €11,393 | €14,189 | +€2,796 | +24.5% |
| Amounts receivable within one year | 40/41 | €68,271 | €36,265 | -€32,006 | -46.9% |
| Trade receivables | 40 | €626 | €26,265 | +€25,639 | +4,098% |
| Other amounts receivable | 41 | €67,645 | €10,000 | -€57,645 | -85.2% |
| Current investments | 50/53 | €120,618 | €120,618 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €30,849 | €41,550 | +€10,701 | +34.7% |
| Deferred charges and accrued income | 490/1 | €2,567 | €1,360 | -€1,207 | -47.0% |
| Total equity and liabilities | 10/49 | €287,360 | €322,122 | +€34,762 | +12.1% |
| Equity | 10/15 | €253,992 | €284,867 | +€30,875 | +12.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €60,860 | €93,401 | +€32,541 | +53.5% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €59,000 | €93,401 | +€34,401 | +58.3% |
| Profit (loss) carried forward | 14 | €174,532 | €172,866 | -€1,666 | -1.0% |
| Amounts payable | 17/49 | €33,368 | €37,255 | +€3,887 | +11.6% |
| Amounts payable within one year | 42/48 | €33,355 | €33,421 | +€66 | +0.2% |
| Trade debts | 44 | €18,352 | €3,756 | -€14,596 | -79.5% |
| Suppliers | 440/4 | €18,352 | €3,756 | -€14,596 | -79.5% |
| Taxes, remuneration and social security | 45 | €15,003 | €27,999 | +€12,996 | +86.6% |
| Taxes | 450/3 | €15,003 | €27,999 | +€12,996 | +86.6% |
| Other amounts payable | 47/48 | €0 | €1,666 | +€1,666 | |
| Accrued charges and deferred income | 492/3 | €12 | €3,834 | +€3,822 | +30,819% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,053 | €19,370 | -€683 | -3.4% |
| Other operating charges | 640/8 | €1,097 | €1,228 | +€131 | +12.0% |
| Gross operating margin | 9900 | €19,108 | €56,763 | +€37,655 | +197% |
| Operating profit (loss) | 9901 | -€2,041 | €36,165 | +€38,206 | |
| Financial income | 75/76B | €870 | €10,131 | +€9,261 | +1,064% |
| Recurring financial income | 75 | €870 | €4,631 | +€3,761 | +432% |
| Non-recurring financial income | 76B | - | €5,500 | +€5,500 | |
| Financial charges | 65/66B | €193 | €982 | +€789 | +408% |
| Recurring financial charges | 65 | €193 | €982 | +€789 | +408% |
| Profit (loss) for the period before taxes | 9903 | -€1,364 | €45,314 | +€46,678 | |
| Income taxes | 67/77 | - | €12,773 | +€12,773 | |
| Profit (loss) for the period | 9904 | -€1,364 | €32,541 | +€33,905 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,364 | €32,541 | +€33,905 |
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 21 October 2026 via checked.be.