THIELEMANS RAF: 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.
THIELEMANS RAF
Largest movements
- Cash +€60,249
up €60,249 (+126.5%), from €47,633 to €107,882
mainly Net result for the year (+€47,555) and Tax, wage and social debts (+€8,202)
- Tangible fixed assets -€3,059
down €3,059 (-26.9%), from €11,385 to €8,326
of which Plant, machinery and equipment: -€2,301
- Deferred charges and accrued income +€2,600
up €2,600 (+141.5%), from €1,837 to €4,437
- Reserves +€47,555
up €47,555 (+141.5%), from €33,606 to €81,161
- Tax, wage and social debts +€8,202
up €8,202 (+80.2%), from €10,232 to €18,434
- Trade debts +€3,460
up €3,460 (+137.1%), from €2,523 to €5,983
- Gross operating margin +€32,828
up €32,828 (+104.2%), from €31,506 to €64,334
- Taxes +€6,840
up €6,840 (+110.6%), from €6,182 to €13,022
- Financial charges -€730
down €730 (-46.7%), from €1,562 to €832
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 | €60,855 | €120,645 | +€59,790 | +98.2% |
| Fixed assets | 21/28 | €11,385 | €8,326 | -€3,059 | -26.9% |
| Tangible fixed assets | 22/27 | €11,385 | €8,326 | -€3,059 | -26.9% |
| Plant, machinery and equipment | 23 | €6,936 | €4,635 | -€2,301 | -33.2% |
| Furniture and vehicles | 24 | €4,449 | €3,691 | -€758 | -17.0% |
| Current assets | 29/58 | €49,470 | €112,319 | +€62,849 | +127.0% |
| Cash at bank and in hand | 54/58 | €47,633 | €107,882 | +€60,249 | +126.5% |
| Deferred charges and accrued income | 490/1 | €1,837 | €4,437 | +€2,600 | +141.5% |
| Total equity and liabilities | 10/49 | €60,855 | €120,645 | +€59,790 | +98.2% |
| Equity | 10/15 | €34,606 | €82,161 | +€47,555 | +137.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €33,606 | €81,161 | +€47,555 | +141.5% |
| Distributable reserves | 133 | €33,606 | €81,161 | +€47,555 | +141.5% |
| Amounts payable | 17/49 | €26,249 | €38,484 | +€12,235 | +46.6% |
| Amounts payable within one year | 42/48 | €25,685 | €38,484 | +€12,799 | +49.8% |
| Trade debts | 44 | €2,523 | €5,983 | +€3,460 | +137.1% |
| Suppliers | 440/4 | €2,523 | €5,983 | +€3,460 | +137.1% |
| Taxes, remuneration and social security | 45 | €10,232 | €18,434 | +€8,202 | +80.2% |
| Taxes | 450/3 | €10,232 | €18,434 | +€8,202 | +80.2% |
| Other amounts payable | 47/48 | €12,930 | €14,067 | +€1,137 | +8.8% |
| Accrued charges and deferred income | 492/3 | €564 | - | -€564 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,439 | €3,059 | +€620 | +25.4% |
| Gross operating margin | 9900 | €31,506 | €64,334 | +€32,828 | +104.2% |
| Operating profit (loss) | 9901 | €29,067 | €61,275 | +€32,208 | +110.8% |
| Financial income | 75/76B | - | €134 | +€134 | |
| Recurring financial income | 75 | - | €134 | +€134 | |
| Financial charges | 65/66B | €1,562 | €832 | -€730 | -46.7% |
| Recurring financial charges | 65 | €1,562 | €832 | -€730 | -46.7% |
| Profit (loss) for the period before taxes | 9903 | €27,505 | €60,577 | +€33,072 | +120.2% |
| Income taxes | 67/77 | €6,182 | €13,022 | +€6,840 | +110.6% |
| Profit (loss) for the period | 9904 | €21,323 | €47,555 | +€26,232 | +123.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,323 | €47,555 | +€26,232 | +123.0% |
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 30 September 2026 via checked.be.