RAW STADIA: 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.
RAW STADIA
Largest movements
- Cash -€182,811
down €182,811 (-55.2%), from €331,277 to €148,466
mainly Net result for the year (-€937,634) and Investment in fixed assets (net) (-€88,763)
- Intangible fixed assets +€51,891
up €51,891 (+106%), from €48,929 to €100,820
- Receivables within one year +€47,574
up €47,574 (+10.8%), from €440,187 to €487,761
of which Trade receivables: +€59,234
- Deferred charges and accrued income +€12,545
up €12,545 (+725%), from €1,730 to €14,275
- Financial fixed assets +€9,928
up €9,928 (+4,964%), from €200 to €10,128
- Profit (loss) carried forward -€937,634
down €937,634 (-155%), from -€603,155 to -€1.5m
- Other debts +€799,504
up €799,504 (+74.0%), from €1.1m to €1.9m
- Trade debts +€83,763
up €83,763 (+807%), from €10,386 to €94,149
- Debts after one year -€20,000
down €20,000 (-8.0%), from €250,000 to €230,000
- Short-term financial debts +€16,642
up €16,642, from €0 to €16,642
of which Other loans: +€16,642
- Gross operating margin -€380,273
down €380,273 (-324%), from -€117,344 to -€497,617
- Other operating charges +€46,552
up €46,552 (+1,505%), from €3,093 to €49,645
- Staff costs +€45,622
up €45,622 (+15.7%), from €290,691 to €336,313
- Depreciation +€18,021
up €18,021 (+268%), from €6,728 to €24,749
- Taxes +€10,855
up €10,855 (+5,694%), from €191 to €11,046
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 | €837,659 | €778,981 | -€58,678 | -7.0% |
| Fixed assets | 21/28 | €64,465 | €128,479 | +€64,014 | +99.3% |
| Intangible fixed assets | 21 | €48,929 | €100,820 | +€51,891 | +106% |
| Tangible fixed assets | 22/27 | €15,336 | €17,531 | +€2,195 | +14.3% |
| Plant, machinery and equipment | 23 | €148 | €58 | -€89 | -60.5% |
| Furniture and vehicles | 24 | €15,188 | €17,472 | +€2,284 | +15.0% |
| Financial fixed assets | 28 | €200 | €10,128 | +€9,928 | +4,964% |
| Current assets | 29/58 | €773,194 | €650,502 | -€122,692 | -15.9% |
| Amounts receivable within one year | 40/41 | €440,187 | €487,761 | +€47,574 | +10.8% |
| Trade receivables | 40 | €313,747 | €372,982 | +€59,234 | +18.9% |
| Other amounts receivable | 41 | €126,440 | €114,780 | -€11,660 | -9.2% |
| Cash at bank and in hand | 54/58 | €331,277 | €148,466 | -€182,811 | -55.2% |
| Deferred charges and accrued income | 490/1 | €1,730 | €14,275 | +€12,545 | +725% |
| Total equity and liabilities | 10/49 | €837,659 | €778,981 | -€58,678 | -7.0% |
| Equity | 10/15 | -€584,555 | -€1,522,189 | -€937,634 | -160% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€603,155 | -€1,540,789 | -€937,634 | -155% |
| Amounts payable | 17/49 | €1,422,214 | €2,301,170 | +€878,956 | +61.8% |
| Amounts payable after more than one year | 17 | €250,000 | €230,000 | -€20,000 | -8.0% |
| Financial debts | 170/4 | €250,000 | €230,000 | -€20,000 | -8.0% |
| Amounts payable within one year | 42/48 | €1,170,723 | €2,062,127 | +€891,404 | +76.1% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | €20,000 | = | 0.0% |
| Financial debts | 43 | €0 | €16,642 | +€16,642 | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €0 | €16,642 | +€16,642 | |
| Trade debts | 44 | €10,386 | €94,149 | +€83,763 | +807% |
| Suppliers | 440/4 | €10,386 | €94,149 | +€83,763 | +807% |
| Taxes, remuneration and social security | 45 | €59,841 | €51,336 | -€8,505 | -14.2% |
| Taxes | 450/3 | €6,515 | €12,126 | +€5,612 | +86.1% |
| Remuneration and social security | 454/9 | €53,326 | €39,210 | -€14,116 | -26.5% |
| Other amounts payable | 47/48 | €1,080,496 | €1,880,000 | +€799,504 | +74.0% |
| Accrued charges and deferred income | 492/3 | €1,491 | €9,043 | +€7,552 | +506% |
| Remuneration, social security and pensions | 62 | €290,691 | €336,313 | +€45,622 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,728 | €24,749 | +€18,021 | +268% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,020 | €0 | +€2,020 | |
| Other operating charges | 640/8 | €3,093 | €49,645 | +€46,552 | +1,505% |
| Gross operating margin | 9900 | -€117,344 | -€497,617 | -€380,273 | -324% |
| Operating profit (loss) | 9901 | -€415,837 | -€908,324 | -€492,487 | -118% |
| Financial income | 75/76B | €0 | €225 | +€225 | +1,122,650% |
| Recurring financial income | 75 | €0 | €225 | +€225 | +1,122,650% |
| Financial charges | 65/66B | €10,422 | €18,489 | +€8,067 | +77.4% |
| Recurring financial charges | 65 | €10,422 | €18,489 | +€8,067 | +77.4% |
| Profit (loss) for the period before taxes | 9903 | -€426,259 | -€926,588 | -€500,329 | -117% |
| Income taxes | 67/77 | €191 | €11,046 | +€10,855 | +5,694% |
| Profit (loss) for the period | 9904 | -€426,450 | -€937,634 | -€511,184 | -120% |
| Profit (loss) for the period to be appropriated | 9905 | -€426,450 | -€937,634 | -€511,184 | -120% |
Source: filed annual accounts (NBB), financial years ended 29 February 2024 and 28 February 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.