VAN HOUWE RAF: 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.
VAN HOUWE RAF
Largest movements
- Receivables within one year +€15,547
up €15,547 (+55.0%), from €28,280 to €43,827
of which Trade receivables: +€10,242
- Cash -€8,792
down €8,792 (-12.4%), from €70,735 to €61,943
mainly Contributions, distributions and other (-€21,000) and Receivables within one year (-€15,547)
- Tangible fixed assets -€6,090
down €6,090 (-19.2%), from €31,684 to €25,594
of which Furniture and vehicles: -€5,866
- Other debts +€10,450
up €10,450 (+110%), from €9,500 to €19,950
- Reserves -€7,700
down €7,700 (-8.8%), from €87,250 to €79,550
- Debts after one year -€5,639
down €5,639 (-32.0%), from €17,638 to €11,999
- Trade debts +€5,531
up €5,531 (+77.8%), from €7,113 to €12,644
- Tax, wage and social debts -€2,293
down €2,293 (-55.9%), from €4,101 to €1,808
- Gross operating margin -€16,155
down €16,155 (-35.0%), from €46,101 to €29,945
- Taxes -€4,479
down €4,479 (-45.1%), from €9,935 to €5,457
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 | €131,373 | €132,038 | +€665 | +0.5% |
| Fixed assets | 21/28 | €32,358 | €26,268 | -€6,090 | -18.8% |
| Tangible fixed assets | 22/27 | €31,684 | €25,594 | -€6,090 | -19.2% |
| Land and buildings | 22 | €738 | €590 | -€148 | -20.0% |
| Plant, machinery and equipment | 23 | €76 | - | -€76 | |
| Furniture and vehicles | 24 | €30,869 | €25,004 | -€5,866 | -19.0% |
| Financial fixed assets | 28 | €674 | €674 | = | 0.0% |
| Current assets | 29/58 | €99,015 | €105,770 | +€6,755 | +6.8% |
| Amounts receivable within one year | 40/41 | €28,280 | €43,827 | +€15,547 | +55.0% |
| Trade receivables | 40 | €21,215 | €31,457 | +€10,242 | +48.3% |
| Other amounts receivable | 41 | €7,065 | €12,370 | +€5,305 | +75.1% |
| Cash at bank and in hand | 54/58 | €70,735 | €61,943 | -€8,792 | -12.4% |
| Total equity and liabilities | 10/49 | €131,373 | €132,038 | +€665 | +0.5% |
| Equity | 10/15 | €87,609 | €79,998 | -€7,612 | -8.7% |
| Reserves | 13 | €87,250 | €79,550 | -€7,700 | -8.8% |
| Distributable reserves | 133 | €87,250 | €79,550 | -€7,700 | -8.8% |
| Profit (loss) carried forward | 14 | €359 | €448 | +€88 | +24.6% |
| Amounts payable | 17/49 | €43,764 | €52,040 | +€8,277 | +18.9% |
| Amounts payable after more than one year | 17 | €17,638 | €11,999 | -€5,639 | -32.0% |
| Financial debts | 170/4 | €17,638 | €11,999 | -€5,639 | -32.0% |
| Amounts payable within one year | 42/48 | €26,126 | €40,041 | +€13,916 | +53.3% |
| Current portion of amounts payable after more than one year | 42 | €5,411 | €5,639 | +€228 | +4.2% |
| Trade debts | 44 | €7,113 | €12,644 | +€5,531 | +77.8% |
| Suppliers | 440/4 | €7,113 | €12,644 | +€5,531 | +77.8% |
| Taxes, remuneration and social security | 45 | €4,101 | €1,808 | -€2,293 | -55.9% |
| Taxes | 450/3 | €4,101 | €1,808 | -€2,293 | -55.9% |
| Other amounts payable | 47/48 | €9,500 | €19,950 | +€10,450 | +110% |
| Non-recurring operating income | 76A | €9,000 | - | -€9,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,608 | €8,751 | +€143 | +1.7% |
| Other operating charges | 640/8 | €1,245 | €1,284 | +€39 | +3.1% |
| Gross operating margin | 9900 | €46,101 | €29,945 | -€16,155 | -35.0% |
| Operating profit (loss) | 9901 | €36,247 | €19,910 | -€16,337 | -45.1% |
| Financial income | 75/76B | €17 | €1 | -€16 | -94.8% |
| Recurring financial income | 75 | €17 | €1 | -€16 | -94.8% |
| Financial charges | 65/66B | €1,249 | €1,066 | -€184 | -14.7% |
| Recurring financial charges | 65 | €1,249 | €1,066 | -€184 | -14.7% |
| Profit (loss) for the period before taxes | 9903 | €35,015 | €18,845 | -€16,170 | -46.2% |
| Income taxes | 67/77 | €9,935 | €5,457 | -€4,479 | -45.1% |
| Profit (loss) for the period | 9904 | €25,080 | €13,388 | -€11,691 | -46.6% |
| Profit (loss) for the period to be appropriated | 9905 | €25,080 | €13,388 | -€11,691 | -46.6% |
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 18 October 2026 via checked.be.