RAZ: 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.
RAZ
Largest movements
- Receivables within one year -€54,565
down €54,565 (-93.0%), from €58,675 to €4,111
of which Trade receivables: -€46,793
- Tangible fixed assets +€12,715
new in 2025: €12,715
- Cash +€9,063
up €9,063 (+549.8%), from €1,649 to €10,711
mainly Receivables within one year (+€54,565)
- Deferred charges and accrued income +€999
new in 2025: €999
- Profit (loss) carried forward -€20,310
new in 2025: -€20,310
- Tax, wage and social debts -€5,523
down €5,523 (-31.3%), from €17,619 to €12,096
of which Remuneration and social security: -€4,337
- Debts after one year -€4,100
no longer reported in 2025 (was €4,100)
- Trade debts -€1,855
down €1,855 (-67.7%), from €2,739 to €883
- Gross operating margin -€103,127
down €103,127, from €93,845 to -€9,283
- Staff costs -€38,821
down €38,821 (-85.2%), from €45,591 to €6,770
- Taxes -€14,456
no longer reported in 2025 (was €14,456)
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 | €60,324 | €28,536 | -€31,788 | -52.7% |
| Fixed assets | 21/28 | - | €12,715 | +€12,715 | |
| Tangible fixed assets | 22/27 | - | €12,715 | +€12,715 | |
| Furniture and vehicles | 24 | - | €12,715 | +€12,715 | |
| Current assets | 29/58 | €60,324 | €15,821 | -€44,503 | -73.8% |
| Amounts receivable within one year | 40/41 | €58,675 | €4,111 | -€54,565 | -93.0% |
| Trade receivables | 40 | €46,793 | - | -€46,793 | |
| Other amounts receivable | 41 | €11,883 | €4,111 | -€7,772 | -65.4% |
| Cash at bank and in hand | 54/58 | €1,649 | €10,711 | +€9,063 | +549.8% |
| Deferred charges and accrued income | 490/1 | - | €999 | +€999 | |
| Total equity and liabilities | 10/49 | €60,324 | €28,536 | -€31,788 | -52.7% |
| Equity | 10/15 | €35,866 | €15,557 | -€20,310 | -56.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €33,866 | €33,866 | = | 0.0% |
| Distributable reserves | 133 | €33,866 | €33,866 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€20,310 | -€20,310 | |
| Amounts payable | 17/49 | €24,458 | €12,979 | -€11,478 | -46.9% |
| Amounts payable after more than one year | 17 | €4,100 | - | -€4,100 | |
| Other amounts payable | 178/9 | €4,100 | - | -€4,100 | |
| Amounts payable within one year | 42/48 | €20,358 | €12,979 | -€7,378 | -36.2% |
| Trade debts | 44 | €2,739 | €883 | -€1,855 | -67.7% |
| Suppliers | 440/4 | €2,739 | €883 | -€1,855 | -67.7% |
| Taxes, remuneration and social security | 45 | €17,619 | €12,096 | -€5,523 | -31.3% |
| Taxes | 450/3 | €13,282 | €12,096 | -€1,186 | -8.9% |
| Remuneration and social security | 454/9 | €4,337 | - | -€4,337 | |
| Remuneration, social security and pensions | 62 | €45,591 | €6,770 | -€38,821 | -85.2% |
| Other operating charges | 640/8 | €236 | €240 | +€4 | +1.7% |
| Non-recurring operating charges | 66A | €10,535 | €3,025 | -€7,510 | -71.3% |
| Gross operating margin | 9900 | €93,845 | -€9,283 | -€103,127 | |
| Operating profit (loss) | 9901 | €37,483 | -€19,318 | -€56,800 | |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €958 | €992 | +€34 | +3.5% |
| Recurring financial charges | 65 | €958 | €992 | +€34 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €36,525 | -€20,310 | -€56,835 | |
| Income taxes | 67/77 | €14,456 | - | -€14,456 | |
| Profit (loss) for the period | 9904 | €22,069 | -€20,310 | -€42,379 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,069 | -€20,310 | -€42,379 |
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 8 October 2026 via checked.be.