CALAY RAPHAEL: 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.
CALAY RAPHAEL
Largest movements
- Cash +€99,101
up €99,101 (+96.4%), from €102,778 to €201,879
mainly Depreciation (+€127,308) and Net result for the year (+€37,573)
- Tangible fixed assets -€64,186
down €64,186 (-17.6%), from €364,834 to €300,647
- Stocks and contracts -€34,540
down €34,540 (-60.0%), from €57,536 to €22,996
of which Stocks: -€19,540
- Receivables within one year +€13,560
up €13,560 (+6.1%), from €221,644 to €235,203
of which Trade receivables: +€11,626
- Deferred charges and accrued income -€11,339
down €11,339 (-65.2%), from €17,378 to €6,039
- Reserves +€37,573
up €37,573 (+6.6%), from €570,793 to €608,366
of which Distributable reserves: +€37,573
- Current portion of long-term debt -€20,558
down €20,558 (-52.8%), from €38,920 to €18,362
- Debts after one year -€18,362
no longer reported in 2025 (was €18,362)
- Gross operating margin +€84,044
up €84,044 (+39.4%), from €213,118 to €297,162
- Staff costs +€29,295
up €29,295 (+30.8%), from €95,143 to €124,439
- Taxes +€7,680
up €7,680 (+1,698%), from €452 to €8,132
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 | €767,250 | €770,305 | +€3,055 | +0.4% |
| Fixed assets | 21/28 | €367,915 | €304,188 | -€63,727 | -17.3% |
| Tangible fixed assets | 22/27 | €364,834 | €300,647 | -€64,186 | -17.6% |
| Land and buildings | 22 | €79,202 | €73,251 | -€5,951 | -7.5% |
| Plant, machinery and equipment | 23 | €201,645 | €186,333 | -€15,312 | -7.6% |
| Furniture and vehicles | 24 | €63,967 | €41,063 | -€22,904 | -35.8% |
| Leasing and similar rights | 25 | €20,020 | - | -€20,020 | |
| Financial fixed assets | 28 | €3,081 | €3,540 | +€459 | +14.9% |
| Current assets | 29/58 | €399,335 | €466,117 | +€66,782 | +16.7% |
| Stocks and contracts in progress | 3 | €57,536 | €22,996 | -€34,540 | -60.0% |
| Stocks | 30/36 | €42,536 | €22,996 | -€19,540 | -45.9% |
| Contracts in progress | 37 | €15,000 | - | -€15,000 | |
| Amounts receivable within one year | 40/41 | €221,644 | €235,203 | +€13,560 | +6.1% |
| Trade receivables | 40 | €200,096 | €211,722 | +€11,626 | +5.8% |
| Other amounts receivable | 41 | €21,548 | €23,482 | +€1,934 | +9.0% |
| Cash at bank and in hand | 54/58 | €102,778 | €201,879 | +€99,101 | +96.4% |
| Deferred charges and accrued income | 490/1 | €17,378 | €6,039 | -€11,339 | -65.2% |
| Total equity and liabilities | 10/49 | €767,250 | €770,305 | +€3,055 | +0.4% |
| Equity | 10/15 | €641,954 | €686,147 | +€44,193 | +6.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €570,793 | €608,366 | +€37,573 | +6.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €568,933 | €606,506 | +€37,573 | +6.6% |
| Profit (loss) carried forward | 14 | €46,349 | €45,549 | -€800 | -1.7% |
| Investment grants | 15 | €6,213 | €13,633 | +€7,420 | +119% |
| Amounts payable | 17/49 | €125,295 | €84,158 | -€41,138 | -32.8% |
| Amounts payable after more than one year | 17 | €18,362 | - | -€18,362 | |
| Financial debts | 170/4 | €18,362 | - | -€18,362 | |
| Amounts payable within one year | 42/48 | €106,934 | €84,158 | -€22,776 | -21.3% |
| Current portion of amounts payable after more than one year | 42 | €38,920 | €18,362 | -€20,558 | -52.8% |
| Trade debts | 44 | €19,536 | €21,610 | +€2,074 | +10.6% |
| Suppliers | 440/4 | €19,536 | €21,610 | +€2,074 | +10.6% |
| Taxes, remuneration and social security | 45 | €18,437 | €17,664 | -€773 | -4.2% |
| Taxes | 450/3 | €15,331 | €13,704 | -€1,628 | -10.6% |
| Remuneration and social security | 454/9 | €3,106 | €3,961 | +€855 | +27.5% |
| Other amounts payable | 47/48 | €30,040 | €26,521 | -€3,519 | -11.7% |
| Non-recurring operating income | 76A | - | €1,835 | +€1,835 | |
| Remuneration, social security and pensions | 62 | €95,143 | €124,439 | +€29,295 | +30.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,416 | €127,308 | -€1,107 | -0.9% |
| Other operating charges | 640/8 | €5,132 | €5,997 | +€865 | +16.8% |
| Non-recurring operating charges | 66A | €273 | - | -€273 | |
| Gross operating margin | 9900 | €213,118 | €297,162 | +€84,044 | +39.4% |
| Operating profit (loss) | 9901 | -€15,846 | €39,418 | +€55,264 | |
| Financial income | 75/76B | €5,754 | €7,505 | +€1,751 | +30.4% |
| Recurring financial income | 75 | €5,754 | €7,505 | +€1,751 | +30.4% |
| Financial charges | 65/66B | €1,727 | €1,218 | -€509 | -29.5% |
| Recurring financial charges | 65 | €1,727 | €1,218 | -€509 | -29.5% |
| Profit (loss) for the period before taxes | 9903 | -€11,820 | €45,705 | +€57,525 | |
| Income taxes | 67/77 | €452 | €8,132 | +€7,680 | +1,698% |
| Profit (loss) for the period | 9904 | -€12,272 | €37,573 | +€49,845 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,272 | €37,573 | +€49,845 |
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 14 October 2026 via checked.be.