RAZEK: 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.
RAZEK
Largest movements
- Receivables within one year +€4,398
up €4,398 (+5.4%), from €81,716 to €86,115
of which Other amounts receivable: +€8,767
- Cash -€4,292
down €4,292 (-37.0%), from €11,604 to €7,312
- Trade debts -€9,465
down €9,465 (-70.6%), from €13,416 to €3,951
- Reserves +€7,691
up €7,691 (+76.7%), from €10,024 to €17,715
of which Distributable reserves: +€7,691
- Gross operating margin -€11,113
down €11,113, from €9,491 to -€1,623
- Taxes -€4,027
down €4,027 (-87.9%), from €4,583 to €556
- Other operating charges +€686
up €686 (+116.5%), from €589 to €1,274
- Financial income +€598
up €598 (+15.1%), from €3,956 to €4,554
- Financial charges +€180
up €180 (+265.5%), from €68 to €248
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €99,392 | €98,309 | -€1,084 | -1.1% |
| Fixed assets | 21/28 | €694 | €328 | -€366 | -52.7% |
| Tangible fixed assets | 22/27 | €694 | €328 | -€366 | -52.7% |
| Plant, machinery and equipment | 23 | €694 | €328 | -€366 | -52.7% |
| Current assets | 29/58 | €98,698 | €97,981 | -€718 | -0.7% |
| Amounts receivable within one year | 40/41 | €81,716 | €86,115 | +€4,398 | +5.4% |
| Trade receivables | 40 | €5,656 | €1,287 | -€4,369 | -77.2% |
| Other amounts receivable | 41 | €76,060 | €84,828 | +€8,767 | +11.5% |
| Cash at bank and in hand | 54/58 | €11,604 | €7,312 | -€4,292 | -37.0% |
| Deferred charges and accrued income | 490/1 | €5,377 | €4,554 | -€824 | -15.3% |
| Total equity and liabilities | 10/49 | €99,392 | €98,309 | -€1,084 | -1.1% |
| Equity | 10/15 | €81,010 | €89,371 | +€8,362 | +10.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €10,024 | €17,715 | +€7,691 | +76.7% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €8,024 | €15,715 | +€7,691 | +95.9% |
| Profit (loss) carried forward | 14 | €52,385 | €53,056 | +€671 | +1.3% |
| Amounts payable | 17/49 | €18,383 | €8,937 | -€9,445 | -51.4% |
| Amounts payable within one year | 42/48 | €18,383 | €8,937 | -€9,445 | -51.4% |
| Trade debts | 44 | €13,416 | €3,951 | -€9,465 | -70.6% |
| Suppliers | 440/4 | €13,416 | €3,951 | -€9,465 | -70.6% |
| Taxes, remuneration and social security | 45 | €4,967 | €4,986 | +€20 | +0.4% |
| Taxes | 450/3 | €4,967 | €4,986 | +€20 | +0.4% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €183 | €183 | = | 0.0% |
| Other operating charges | 640/8 | €589 | €1,274 | +€686 | +116.5% |
| Gross operating margin | 9900 | €9,491 | -€1,623 | -€11,113 | |
| Operating profit (loss) | 9901 | €8,719 | -€3,080 | -€11,799 | |
| Financial income | 75/76B | €3,956 | €4,554 | +€598 | +15.1% |
| Recurring financial income | 75 | €3,956 | €4,554 | +€598 | +15.1% |
| Financial charges | 65/66B | €68 | €248 | +€180 | +265.5% |
| Recurring financial charges | 65 | €68 | €248 | +€180 | +265.5% |
| Profit (loss) for the period before taxes | 9903 | €12,607 | €1,226 | -€11,381 | -90.3% |
| Income taxes | 67/77 | €4,583 | €556 | -€4,027 | -87.9% |
| Profit (loss) for the period | 9904 | €8,024 | €671 | -€7,354 | -91.6% |
| Profit (loss) for the period to be appropriated | 9905 | €8,024 | €671 | -€7,354 | -91.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.