Razco: 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.
Razco
Largest movements
- Tangible fixed assets +€53,161
up €53,161 (+97.1%), from €54,752 to €107,912
of which Land and buildings: +€54,010
- Cash -€18,086
down €18,086 (-22.8%), from €79,160 to €61,074
mainly Investment in fixed assets (net) (-€57,108) and Contributions, distributions and other (-€57,000)
- Profit (loss) carried forward +€93,633
new in 2025: €93,633
- Other debts -€45,155
down €45,155 (-44.2%), from €102,231 to €57,076
- Debts after one year -€17,021
down €17,021 (-70.0%), from €24,300 to €7,279
- Tax, wage and social debts +€4,137
up €4,137 (+30.6%), from €13,522 to €17,659
- Gross operating margin -€10,170
down €10,170 (-4.6%), from €221,183 to €211,013
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 | €176,117 | €211,889 | +€35,772 | +20.3% |
| Fixed assets | 21/28 | €54,752 | €107,912 | +€53,161 | +97.1% |
| Tangible fixed assets | 22/27 | €54,752 | €107,912 | +€53,161 | +97.1% |
| Land and buildings | 22 | €50,204 | €104,215 | +€54,010 | +107.6% |
| Plant, machinery and equipment | 23 | €159 | €150 | -€9 | -5.6% |
| Furniture and vehicles | 24 | €4,389 | €3,548 | -€841 | -19.2% |
| Current assets | 29/58 | €121,365 | €103,976 | -€17,389 | -14.3% |
| Amounts receivable within one year | 40/41 | €41,648 | €42,902 | +€1,254 | +3.0% |
| Trade receivables | 40 | €41,648 | €42,902 | +€1,254 | +3.0% |
| Cash at bank and in hand | 54/58 | €79,160 | €61,074 | -€18,086 | -22.8% |
| Deferred charges and accrued income | 490/1 | €557 | - | -€557 | |
| Total equity and liabilities | 10/49 | €176,117 | €211,889 | +€35,772 | +20.3% |
| Equity | 10/15 | €2,000 | €95,633 | +€93,633 | +4681.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €93,633 | +€93,633 | |
| Amounts payable | 17/49 | €174,117 | €116,256 | -€57,861 | -33.2% |
| Amounts payable after more than one year | 17 | €24,300 | €7,279 | -€17,021 | -70.0% |
| Financial debts | 170/4 | €24,300 | €7,279 | -€17,021 | -70.0% |
| Amounts payable within one year | 42/48 | €149,816 | €108,976 | -€40,840 | -27.3% |
| Current portion of amounts payable after more than one year | 42 | €16,405 | €17,021 | +€616 | +3.8% |
| Financial debts | 43 | €16,915 | €16,866 | -€48 | -0.3% |
| Credit institutions | 430/8 | €16,915 | €16,866 | -€48 | -0.3% |
| Trade debts | 44 | €744 | €354 | -€389 | -52.4% |
| Suppliers | 440/4 | €744 | €354 | -€389 | -52.4% |
| Taxes, remuneration and social security | 45 | €13,522 | €17,659 | +€4,137 | +30.6% |
| Taxes | 450/3 | €13,522 | €17,659 | +€4,137 | +30.6% |
| Other amounts payable | 47/48 | €102,231 | €57,076 | -€45,155 | -44.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,246 | €3,947 | +€1,701 | +75.7% |
| Other operating charges | 640/8 | €2,459 | €1,314 | -€1,145 | -46.6% |
| Gross operating margin | 9900 | €221,183 | €211,013 | -€10,170 | -4.6% |
| Operating profit (loss) | 9901 | €216,478 | €205,752 | -€10,726 | -5.0% |
| Financial income | 75/76B | €933 | €341 | -€592 | -63.4% |
| Recurring financial income | 75 | €933 | €341 | -€592 | -63.4% |
| Financial charges | 65/66B | €2,546 | €2,810 | +€264 | +10.4% |
| Recurring financial charges | 65 | €2,546 | €2,810 | +€264 | +10.4% |
| Profit (loss) for the period before taxes | 9903 | €214,865 | €203,283 | -€11,582 | -5.4% |
| Income taxes | 67/77 | €50,877 | €52,651 | +€1,774 | +3.5% |
| Profit (loss) for the period | 9904 | €163,988 | €150,633 | -€13,355 | -8.1% |
| Profit (loss) for the period to be appropriated | 9905 | €163,988 | €150,633 | -€13,355 | -8.1% |
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.