RADA: 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.
What changed
RADA
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€18,142
2024 · -€7,548+€25,690
Equity
€1.4m
2024 · €1.3m+€18,142
Cash
€16,012
2024 · €11,311+€4,702
Balance sheet total
€2.4m
2024 · €2.4m-€60,377
Largest movements
Assets
- Tangible fixed assets -€65,036
down €65,036 (-2.7%), from €2.4m to €2.3m
of which Land and buildings: -€89,009
Equity and liabilities
- Other debts -€43,981
down €43,981 (-7.8%), from €563,579 to €519,598
Income statement
- Gross operating margin +€36,388
up €36,388 (+29.5%), from €123,167 to €159,555
- Taxes +€10,732
up €10,732 (+54.2%), from €19,813 to €30,546
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.
Result 2024
-€7,548
Gross operating margin
+€36,388
Depreciation
+€916
Other operating charges
-€1,047
Financial income
-€0
Financial charges
+€941
Taxes
-€10,732
Deferred taxes and other
-€775
Result 2025
€18,142
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€71,608
Investment
-€44,253
Financing
-€22,654
Cash 2024
€11,311
From operations (derived)
+€71,608
Net result for the year
+€18,142
Depreciation
+€109,505
Smaller working-capital items
-€406
Provisions
-€20,197
Tax, wage and social debts
+€10,871
Other debts
-€43,981
Accrued charges and deferred income
-€2,327
Investment (derived)
-€44,253
Investment in fixed assets (net)
-€44,253
Financing
-€22,654
Debts after one year
-€23,655
Current portion of long-term debt
+€1,000
Cash 2025
€16,012
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,421,253 | €2,360,876 | -€60,377 | -2.5% |
| Fixed assets | 21/28 | €2,409,007 | €2,343,754 | -€65,253 | -2.7% |
| Tangible fixed assets | 22/27 | €2,408,790 | €2,343,754 | -€65,036 | -2.7% |
| Land and buildings | 22 | €2,385,389 | €2,296,380 | -€89,009 | -3.7% |
| Plant, machinery and equipment | 23 | €3,975 | €3,479 | -€496 | -12.5% |
| Furniture and vehicles | 24 | €19,426 | €43,896 | +€24,470 | +126% |
| Financial fixed assets | 28 | €217 | €0 | -€217 | -100% |
| Current assets | 29/58 | €12,246 | €17,122 | +€4,876 | +39.8% |
| Cash at bank and in hand | 54/58 | €11,311 | €16,012 | +€4,702 | +41.6% |
| Deferred charges and accrued income | 490/1 | €935 | €1,110 | +€174 | +18.6% |
| Total equity and liabilities | 10/49 | €2,421,253 | €2,360,876 | -€60,377 | -2.5% |
| Equity | 10/15 | €1,348,154 | €1,366,296 | +€18,142 | +1.3% |
| Contributions | 10/11 | €363,340 | €363,340 | = | 0.0% |
| Capital | 10 | €363,340 | €363,340 | = | 0.0% |
| Issued capital | 100 | €363,340 | €363,340 | = | 0.0% |
| Reserves | 13 | €984,815 | €1,002,957 | +€18,142 | +1.8% |
| Non-distributable reserves | 130/1 | €8,792 | €8,792 | = | 0.0% |
| Legal reserve | 130 | €8,792 | €8,792 | = | 0.0% |
| Tax-exempt reserves | 132 | €858,133 | €818,910 | -€39,223 | -4.6% |
| Distributable reserves | 133 | €117,889 | €175,255 | +€57,365 | +48.7% |
| Provisions and deferred taxes | 16 | €310,079 | €289,882 | -€20,197 | -6.5% |
| Deferred taxes | 168 | €310,079 | €289,882 | -€20,197 | -6.5% |
| Amounts payable | 17/49 | €763,020 | €704,697 | -€58,323 | -7.6% |
| Amounts payable after more than one year | 17 | €152,708 | €129,053 | -€23,655 | -15.5% |
| Financial debts | 170/4 | €148,624 | €124,969 | -€23,655 | -15.9% |
| Other amounts payable | 178/9 | €4,084 | €4,084 | = | 0.0% |
| Amounts payable within one year | 42/48 | €607,985 | €575,644 | -€32,341 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €22,654 | €23,655 | +€1,000 | +4.4% |
| Trade debts | 44 | €1,264 | €1,032 | -€232 | -18.4% |
| Suppliers | 440/4 | €1,264 | €1,032 | -€232 | -18.4% |
| Taxes, remuneration and social security | 45 | €20,488 | €31,359 | +€10,871 | +53.1% |
| Taxes | 450/3 | €20,488 | €31,359 | +€10,871 | +53.1% |
| Other amounts payable | 47/48 | €563,579 | €519,598 | -€43,981 | -7.8% |
| Accrued charges and deferred income | 492/3 | €2,327 | €0 | -€2,327 | -100% |
| Non-recurring operating income | 76A | - | €17,000 | +€17,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,422 | €109,505 | -€916 | -0.8% |
| Other operating charges | 640/8 | €13,125 | €14,172 | +€1,047 | +8.0% |
| Gross operating margin | 9900 | €123,167 | €159,555 | +€36,388 | +29.5% |
| Operating profit (loss) | 9901 | -€379 | €35,878 | +€36,257 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €8,327 | €7,387 | -€941 | -11.3% |
| Recurring financial charges | 65 | €8,327 | €7,387 | -€941 | -11.3% |
| Profit (loss) for the period before taxes | 9903 | -€8,707 | €28,491 | +€37,198 | |
| Transfer from deferred taxes | 780 | €20,972 | €20,197 | -€775 | -3.7% |
| Income taxes | 67/77 | €19,813 | €30,546 | +€10,732 | +54.2% |
| Profit (loss) for the period | 9904 | -€7,548 | €18,142 | +€25,690 | |
| Transfer from tax-exempt reserves | 789 | €40,728 | €39,223 | -€1,505 | -3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €33,180 | €57,365 | +€24,185 | +72.9% |
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 29 October 2026 via checked.be.