RAZZI: 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.
RAZZI
Largest movements
- Cash +€14,256
up €14,256 (+328%), from €4,348 to €18,604
mainly Net result for the year (+€15,489) and Other debts (+€14,467)
- Receivables within one year -€5,779
down €5,779 (-8.4%), from €68,939 to €63,160
of which Other amounts receivable: -€5,779
- Tangible fixed assets +€4,114
up €4,114 (+17.4%), from €23,664 to €27,778
of which Land and buildings: +€6,677
- Deferred charges and accrued income +€2,377
new in 2025: €2,377
- Other debts +€14,467
new in 2025: €14,467
- Debts after one year -€8,137
down €8,137 (-26.8%), from €30,344 to €22,207
- Reserves +€7,076
up €7,076 (+6.2%), from €113,590 to €120,666
of which Distributable reserves: +€7,076
- Depreciation -€10,740
down €10,740 (-48.7%), from €22,069 to €11,328
- Other operating charges -€4,153
down €4,153 (-35.3%), from €11,758 to €7,605
- Gross operating margin -€3,305
down €3,305 (-6.6%), from €49,849 to €46,544
- Taxes +€2,951
up €2,951 (+41.3%), from €7,143 to €10,095
- Financial income -€564
down €564 (-18.0%), from €3,139 to €2,576
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 | €172,848 | €187,817 | +€14,969 | +8.7% |
| Fixed assets | 21/28 | €99,561 | €103,675 | +€4,114 | +4.1% |
| Tangible fixed assets | 22/27 | €23,664 | €27,778 | +€4,114 | +17.4% |
| Land and buildings | 22 | €15,851 | €22,528 | +€6,677 | +42.1% |
| Plant, machinery and equipment | 23 | €2,637 | €2,523 | -€114 | -4.3% |
| Furniture and vehicles | 24 | €211 | €48 | -€163 | -77.5% |
| Other tangible fixed assets | 26 | €4,965 | €2,679 | -€2,286 | -46.0% |
| Financial fixed assets | 28 | €75,898 | €75,898 | = | 0.0% |
| Current assets | 29/58 | €73,287 | €84,142 | +€10,854 | +14.8% |
| Amounts receivable within one year | 40/41 | €68,939 | €63,160 | -€5,779 | -8.4% |
| Trade receivables | 40 | €8,849 | €8,849 | = | 0.0% |
| Other amounts receivable | 41 | €60,090 | €54,311 | -€5,779 | -9.6% |
| Cash at bank and in hand | 54/58 | €4,348 | €18,604 | +€14,256 | +328% |
| Deferred charges and accrued income | 490/1 | - | €2,377 | +€2,377 | |
| Total equity and liabilities | 10/49 | €172,848 | €187,817 | +€14,969 | +8.7% |
| Equity | 10/15 | €125,990 | €133,066 | +€7,076 | +5.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €113,590 | €120,666 | +€7,076 | +6.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,483 | €10,483 | = | 0.0% |
| Distributable reserves | 133 | €101,247 | €108,323 | +€7,076 | +7.0% |
| Amounts payable | 17/49 | €46,859 | €54,751 | +€7,892 | +16.8% |
| Amounts payable after more than one year | 17 | €30,344 | €22,207 | -€8,137 | -26.8% |
| Financial debts | 170/4 | €30,344 | €22,207 | -€8,137 | -26.8% |
| Amounts payable within one year | 42/48 | €16,515 | €32,544 | +€16,029 | +97.1% |
| Current portion of amounts payable after more than one year | 42 | €9,166 | €9,666 | +€501 | +5.5% |
| Trade debts | 44 | €1,564 | €1,967 | +€403 | +25.7% |
| Suppliers | 440/4 | €1,564 | €1,967 | +€403 | +25.7% |
| Taxes, remuneration and social security | 45 | €5,785 | €6,444 | +€659 | +11.4% |
| Taxes | 450/3 | €5,785 | €6,444 | +€659 | +11.4% |
| Other amounts payable | 47/48 | - | €14,467 | +€14,467 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,069 | €11,328 | -€10,740 | -48.7% |
| Other operating charges | 640/8 | €11,758 | €7,605 | -€4,153 | -35.3% |
| Gross operating margin | 9900 | €49,849 | €46,544 | -€3,305 | -6.6% |
| Operating profit (loss) | 9901 | €16,023 | €27,611 | +€11,589 | +72.3% |
| Financial income | 75/76B | €3,139 | €2,576 | -€564 | -18.0% |
| Recurring financial income | 75 | €3,139 | €2,576 | -€564 | -18.0% |
| Financial charges | 65/66B | €4,940 | €4,603 | -€336 | -6.8% |
| Recurring financial charges | 65 | €4,940 | €4,603 | -€336 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | €14,222 | €25,584 | +€11,361 | +79.9% |
| Income taxes | 67/77 | €7,143 | €10,095 | +€2,951 | +41.3% |
| Profit (loss) for the period | 9904 | €7,079 | €15,489 | +€8,410 | +119% |
| Profit (loss) for the period to be appropriated | 9905 | €7,079 | €15,489 | +€8,410 | +119% |
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 26 October 2026 via checked.be.