VAN RAFELGHEM: 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 RAFELGHEM
Largest movements
- Cash -€12,971
down €12,971 (-79.4%), from €16,344 to €3,374
mainly Other debts (-€7,111) and Trade debts (-€4,865)
- Stocks and contracts +€4,147
up €4,147 (+3.3%), from €126,690 to €130,837
- Tangible fixed assets -€2,199
down €2,199 (-18.6%), from €11,809 to €9,610
of which Plant, machinery and equipment: -€2,242
- Receivables within one year -€1,771
down €1,771 (-71.1%), from €2,491 to €720
of which Trade receivables: -€1,984
- Other debts -€7,111
down €7,111 (-20.3%), from €35,061 to €27,950
- Trade debts -€4,865
down €4,865 (-70.4%), from €6,905 to €2,041
- Tax, wage and social debts -€1,871
down €1,871 (-27.1%), from €6,900 to €5,029
- Gross operating margin -€2,952
down €2,952 (-24.9%), from €11,848 to €8,896
- Taxes -€1,142
down €1,142 (-44.5%), from €2,566 to €1,424
- Depreciation +€202
up €202 (+4.4%), from €4,610 to €4,811
- Financial charges -€193
down €193 (-24.6%), from €783 to €591
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 | €158,242 | €145,472 | -€12,770 | -8.1% |
| Fixed assets | 21/28 | €11,839 | €9,640 | -€2,199 | -18.6% |
| Tangible fixed assets | 22/27 | €11,809 | €9,610 | -€2,199 | -18.6% |
| Land and buildings | 22 | €1,548 | €1,353 | -€195 | -12.6% |
| Plant, machinery and equipment | 23 | €9,760 | €7,518 | -€2,242 | -23.0% |
| Furniture and vehicles | 24 | €501 | €739 | +€238 | +47.6% |
| Financial fixed assets | 28 | €30 | €30 | = | 0.0% |
| Current assets | 29/58 | €146,403 | €135,832 | -€10,571 | -7.2% |
| Stocks and contracts in progress | 3 | €126,690 | €130,837 | +€4,147 | +3.3% |
| Stocks | 30/36 | €126,690 | €130,837 | +€4,147 | +3.3% |
| Amounts receivable within one year | 40/41 | €2,491 | €720 | -€1,771 | -71.1% |
| Trade receivables | 40 | €2,485 | €501 | -€1,984 | -79.8% |
| Other amounts receivable | 41 | €6 | €218 | +€212 | +3,406% |
| Cash at bank and in hand | 54/58 | €16,344 | €3,374 | -€12,971 | -79.4% |
| Deferred charges and accrued income | 490/1 | €877 | €902 | +€24 | +2.8% |
| Total equity and liabilities | 10/49 | €158,242 | €145,472 | -€12,770 | -8.1% |
| Equity | 10/15 | €109,066 | €110,452 | +€1,387 | +1.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €102,635 | €102,635 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €100,775 | €100,775 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,161 | -€10,774 | +€1,387 | +11.4% |
| Amounts payable | 17/49 | €49,176 | €35,020 | -€14,156 | -28.8% |
| Amounts payable within one year | 42/48 | €49,176 | €35,020 | -€14,156 | -28.8% |
| Trade debts | 44 | €6,905 | €2,041 | -€4,865 | -70.4% |
| Suppliers | 440/4 | €6,905 | €2,041 | -€4,865 | -70.4% |
| Advances received on contracts in progress | 46 | €310 | - | -€310 | |
| Taxes, remuneration and social security | 45 | €6,900 | €5,029 | -€1,871 | -27.1% |
| Taxes | 450/3 | €6,900 | €5,029 | -€1,871 | -27.1% |
| Other amounts payable | 47/48 | €35,061 | €27,950 | -€7,111 | -20.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,610 | €4,811 | +€202 | +4.4% |
| Other operating charges | 640/8 | €669 | €683 | +€14 | +2.1% |
| Gross operating margin | 9900 | €11,848 | €8,896 | -€2,952 | -24.9% |
| Operating profit (loss) | 9901 | €6,569 | €3,402 | -€3,168 | -48.2% |
| Financial income | 75/76B | €8 | - | -€8 | |
| Recurring financial income | 75 | €8 | - | -€8 | |
| Financial charges | 65/66B | €783 | €591 | -€193 | -24.6% |
| Recurring financial charges | 65 | €783 | €591 | -€193 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | €5,794 | €2,811 | -€2,983 | -51.5% |
| Income taxes | 67/77 | €2,566 | €1,424 | -€1,142 | -44.5% |
| Profit (loss) for the period | 9904 | €3,228 | €1,387 | -€1,841 | -57.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,228 | €1,387 | -€1,841 | -57.0% |
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 19 October 2026 via checked.be.