RRAFS: 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.
RRAFS
Largest movements
- Tangible fixed assets +€390,602
up €390,602 (+554%), from €70,459 to €461,061
of which Land and buildings: +€393,917
- Current investments -€100,000
down €100,000 (-100%), from €100,000 to €0
- Receivables within one year +€77,897
up €77,897 (+372%), from €20,918 to €98,815
of which Other amounts receivable: +€82,686
- Cash +€37,497
up €37,497 (+32.4%), from €115,627 to €153,123
mainly Debts after one year (+€398,100) and Current investments (+€100,000)
- Debts after one year +€398,100
new in 2025: €398,100
- Reserves +€27,701
up €27,701 (+10.5%), from €262,636 to €290,337
of which Distributable reserves: +€27,701
- Tax, wage and social debts -€15,596
down €15,596 (-58.6%), from €26,602 to €11,006
of which Taxes: -€15,596
- Taxes -€7,079
down €7,079 (-30.0%), from €23,605 to €16,526
- Depreciation +€2,059
up €2,059 (+12.7%), from €16,152 to €18,211
- Gross operating margin +€2,052
up €2,052 (+2.4%), from €86,563 to €88,615
- Financial income +€1,520
up €1,520 (+417%), from €364 to €1,884
- Other operating charges +€1,413
up €1,413 (+128%), from €1,100 to €2,513
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 | €311,526 | €717,330 | +€405,804 | +130% |
| Fixed assets | 21/28 | €70,459 | €461,061 | +€390,602 | +554% |
| Tangible fixed assets | 22/27 | €70,459 | €461,061 | +€390,602 | +554% |
| Land and buildings | 22 | €2,281 | €396,198 | +€393,917 | +17,272% |
| Plant, machinery and equipment | 23 | €19,602 | €11,649 | -€7,953 | -40.6% |
| Furniture and vehicles | 24 | €13,434 | €18,479 | +€5,045 | +37.6% |
| Other tangible fixed assets | 26 | €35,141 | €34,734 | -€407 | -1.2% |
| Current assets | 29/58 | €241,068 | €256,270 | +€15,202 | +6.3% |
| Amounts receivable within one year | 40/41 | €20,918 | €98,815 | +€77,897 | +372% |
| Trade receivables | 40 | €20,915 | €16,126 | -€4,789 | -22.9% |
| Other amounts receivable | 41 | €3 | €82,689 | +€82,686 | +3,180,238% |
| Current investments | 50/53 | €100,000 | €0 | -€100,000 | -100% |
| Cash at bank and in hand | 54/58 | €115,627 | €153,123 | +€37,497 | +32.4% |
| Deferred charges and accrued income | 490/1 | €4,523 | €4,331 | -€192 | -4.2% |
| Total equity and liabilities | 10/49 | €311,526 | €717,330 | +€405,804 | +130% |
| Equity | 10/15 | €275,036 | €302,737 | +€27,701 | +10.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €262,636 | €290,337 | +€27,701 | +10.5% |
| Tax-exempt reserves | 132 | €695 | €695 | = | 0.0% |
| Distributable reserves | 133 | €261,941 | €289,643 | +€27,701 | +10.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €36,491 | €414,593 | +€378,102 | +1,036% |
| Amounts payable after more than one year | 17 | - | €398,100 | +€398,100 | |
| Financial debts | 170/4 | - | €398,100 | +€398,100 | |
| Amounts payable within one year | 42/48 | €36,381 | €16,493 | -€19,888 | -54.7% |
| Trade debts | 44 | €4,362 | €493 | -€3,869 | -88.7% |
| Suppliers | 440/4 | €4,362 | €493 | -€3,869 | -88.7% |
| Advances received on contracts in progress | 46 | - | €38 | +€38 | |
| Taxes, remuneration and social security | 45 | €26,602 | €11,006 | -€15,596 | -58.6% |
| Taxes | 450/3 | €15,602 | €6 | -€15,596 | -100.0% |
| Remuneration and social security | 454/9 | €11,000 | €11,000 | = | 0.0% |
| Other amounts payable | 47/48 | €5,418 | €4,957 | -€461 | -8.5% |
| Accrued charges and deferred income | 492/3 | €109 | €0 | -€109 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,152 | €18,211 | +€2,059 | +12.7% |
| Other operating charges | 640/8 | €1,100 | €2,513 | +€1,413 | +128% |
| Gross operating margin | 9900 | €86,563 | €88,615 | +€2,052 | +2.4% |
| Operating profit (loss) | 9901 | €69,311 | €67,891 | -€1,420 | -2.0% |
| Financial income | 75/76B | €364 | €1,884 | +€1,520 | +417% |
| Recurring financial income | 75 | €364 | €1,884 | +€1,520 | +417% |
| Financial charges | 65/66B | €275 | €983 | +€709 | +258% |
| Recurring financial charges | 65 | €275 | €983 | +€709 | +258% |
| Profit (loss) for the period before taxes | 9903 | €69,401 | €68,791 | -€609 | -0.9% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €23,605 | €16,526 | -€7,079 | -30.0% |
| Profit (loss) for the period | 9904 | €45,796 | €52,265 | +€6,469 | +14.1% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €45,796 | €52,265 | +€6,469 | +14.1% |
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 17 October 2026 via checked.be.