EL.RAYAN: 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.
EL.RAYAN
Largest movements
- Receivables within one year +€83,547
up €83,547 (+153%), from €54,560 to €138,107
of which Trade receivables: +€61,337
- Tangible fixed assets +€19,117
up €19,117 (+47.4%), from €40,301 to €59,417
- Cash -€8,142
down €8,142 (-55.2%), from €14,761 to €6,619
mainly Receivables within one year (-€83,547) and Investment in fixed assets (net) (-€23,256)
- Trade debts +€73,368
up €73,368 (+149%), from €49,155 to €122,523
- Tax, wage and social debts +€22,493
new in 2025: €22,493
- Turnover +€161,426
new in 2025: €161,426
- Purchases and services +€147,256
new in 2025: €147,256
- Depreciation -€10,096
down €10,096 (-71.2%), from €14,175 to €4,079
- Gross operating margin -€6,248
down €6,248 (-30.6%), from €20,418 to €14,170
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 | €134,308 | €228,889 | +€94,582 | +70.4% |
| Fixed assets | 21/28 | €43,201 | €62,377 | +€19,177 | +44.4% |
| Tangible fixed assets | 22/27 | €40,301 | €59,417 | +€19,117 | +47.4% |
| Furniture and vehicles | 24 | €40,301 | €59,417 | +€19,117 | +47.4% |
| Financial fixed assets | 28 | €2,900 | €2,960 | +€60 | +2.1% |
| Current assets | 29/58 | €91,107 | €166,512 | +€75,405 | +82.8% |
| Stocks and contracts in progress | 3 | €21,786 | €21,786 | = | 0.0% |
| Stocks | 30/36 | €21,786 | €21,786 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €54,560 | €138,107 | +€83,547 | +153% |
| Trade receivables | 40 | €51,559 | €112,896 | +€61,337 | +119% |
| Other amounts receivable | 41 | €3,001 | €25,211 | +€22,210 | +740% |
| Cash at bank and in hand | 54/58 | €14,761 | €6,619 | -€8,142 | -55.2% |
| Total equity and liabilities | 10/49 | €134,308 | €228,889 | +€94,582 | +70.4% |
| Equity | 10/15 | -€4,531 | -€3,657 | +€875 | +19.3% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Contributions outside capital | 11 | €37,200 | - | -€37,200 | |
| Other | 1109/19 | €37,200 | - | -€37,200 | |
| Profit (loss) carried forward | 14 | -€41,731 | -€40,857 | +€875 | +2.1% |
| Amounts payable | 17/49 | €138,839 | €232,546 | +€93,707 | +67.5% |
| Amounts payable within one year | 42/48 | €138,839 | €232,546 | +€93,707 | +67.5% |
| Trade debts | 44 | €49,155 | €122,523 | +€73,368 | +149% |
| Suppliers | 440/4 | €49,155 | €122,523 | +€73,368 | +149% |
| Taxes, remuneration and social security | 45 | - | €22,493 | +€22,493 | |
| Taxes | 450/3 | - | €22,493 | +€22,493 | |
| Other amounts payable | 47/48 | €89,684 | €87,530 | -€2,154 | -2.4% |
| Turnover | 70 | - | €161,426 | +€161,426 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €147,256 | +€147,256 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,175 | €4,079 | -€10,096 | -71.2% |
| Other operating charges | 640/8 | €256 | €400 | +€144 | +56.1% |
| Non-recurring operating charges | 66A | - | €8,000 | +€8,000 | |
| Gross operating margin | 9900 | €20,418 | €14,170 | -€6,248 | -30.6% |
| Operating profit (loss) | 9901 | €5,987 | €1,691 | -€4,296 | -71.8% |
| Financial charges | 65/66B | €244 | €816 | +€573 | +235% |
| Recurring financial charges | 65 | €244 | €816 | +€573 | +235% |
| Profit (loss) for the period before taxes | 9903 | €5,743 | €875 | -€4,869 | -84.8% |
| Profit (loss) for the period | 9904 | €5,743 | €875 | -€4,869 | -84.8% |
| Profit (loss) for the period to be appropriated | 9905 | €5,743 | €875 | -€4,869 | -84.8% |
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.