Dr. Raja: 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.
Dr. Raja
Largest movements
- Receivables within one year +€123,257
up €123,257 (+16.1%), from €765,230 to €888,487
of which Other amounts receivable: +€161,123
- Cash -€28,307
down €28,307 (-15.6%), from €181,199 to €152,892
mainly Receivables within one year (-€123,257) and Trade debts (-€42,344)
- Reserves +€185,256
up €185,256 (+36.5%), from €507,816 to €693,072
- Trade debts -€42,344
down €42,344 (-63.9%), from €66,287 to €23,943
- Debts after one year -€31,552
down €31,552 (-10.0%), from €316,574 to €285,022
- Tax, wage and social debts -€26,128
down €26,128 (-16.0%), from €163,008 to €136,879
- Gross operating margin -€37,869
down €37,869 (-12.8%), from €296,672 to €258,803
- Taxes -€27,236
down €27,236 (-40.4%), from €67,450 to €40,214
- Financial charges +€23,771
up €23,771 (+1193.7%), from €1,991 to €25,762
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,083,730 | €1,171,110 | +€87,380 | +8.1% |
| Fixed assets | 21/28 | €137,301 | €129,731 | -€7,570 | -5.5% |
| Tangible fixed assets | 22/27 | €137,301 | €129,731 | -€7,570 | -5.5% |
| Land and buildings | 22 | €132,705 | €126,455 | -€6,250 | -4.7% |
| Furniture and vehicles | 24 | €4,595 | €3,275 | -€1,320 | -28.7% |
| Current assets | 29/58 | €946,429 | €1,041,380 | +€94,950 | +10.0% |
| Amounts receivable within one year | 40/41 | €765,230 | €888,487 | +€123,257 | +16.1% |
| Trade receivables | 40 | €37,866 | - | -€37,866 | |
| Other amounts receivable | 41 | €727,364 | €888,487 | +€161,123 | +22.2% |
| Cash at bank and in hand | 54/58 | €181,199 | €152,892 | -€28,307 | -15.6% |
| Total equity and liabilities | 10/49 | €1,083,730 | €1,171,110 | +€87,380 | +8.1% |
| Equity | 10/15 | €527,816 | €713,072 | +€185,256 | +35.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €507,816 | €693,072 | +€185,256 | +36.5% |
| Distributable reserves | 133 | €507,816 | €693,072 | +€185,256 | +36.5% |
| Amounts payable | 17/49 | €555,914 | €458,038 | -€97,876 | -17.6% |
| Amounts payable after more than one year | 17 | €316,574 | €285,022 | -€31,552 | -10.0% |
| Financial debts | 170/4 | €316,574 | €285,022 | -€31,552 | -10.0% |
| Amounts payable within one year | 42/48 | €239,340 | €173,016 | -€66,324 | -27.7% |
| Current portion of amounts payable after more than one year | 42 | €10,046 | €12,194 | +€2,148 | +21.4% |
| Trade debts | 44 | €66,287 | €23,943 | -€42,344 | -63.9% |
| Suppliers | 440/4 | €66,287 | €23,943 | -€42,344 | -63.9% |
| Taxes, remuneration and social security | 45 | €163,008 | €136,879 | -€26,128 | -16.0% |
| Taxes | 450/3 | €163,008 | €136,879 | -€26,128 | -16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,573 | €7,570 | -€3 | 0.0% |
| Gross operating margin | 9900 | €296,672 | €258,803 | -€37,869 | -12.8% |
| Operating profit (loss) | 9901 | €289,099 | €251,233 | -€37,866 | -13.1% |
| Financial income | 75/76B | €1,452 | - | -€1,452 | |
| Recurring financial income | 75 | €1,452 | - | -€1,452 | |
| Financial charges | 65/66B | €1,991 | €25,762 | +€23,771 | +1193.7% |
| Recurring financial charges | 65 | €1,991 | €25,762 | +€23,771 | +1193.7% |
| Profit (loss) for the period before taxes | 9903 | €288,559 | €225,470 | -€63,089 | -21.9% |
| Income taxes | 67/77 | €67,450 | €40,214 | -€27,236 | -40.4% |
| Profit (loss) for the period | 9904 | €221,109 | €185,256 | -€35,853 | -16.2% |
| Profit (loss) for the period to be appropriated | 9905 | €221,109 | €185,256 | -€35,853 | -16.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.