GORAYA: 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.
GORAYA
Largest movements
- Cash +€58,247
up €58,247 (+22.5%), from €258,684 to €316,931
mainly Depreciation (+€54,472) and Net result for the year (+€53,775)
- Tangible fixed assets -€33,632
down €33,632 (-24.2%), from €138,762 to €105,131
of which Plant, machinery and equipment: -€22,473
- Receivables within one year +€5,334
up €5,334 (+25.3%), from €21,071 to €26,405
of which Other amounts receivable: +€2,970
- Other debts +€43,355
up €43,355 (+229.4%), from €18,900 to €62,256
- Trade debts +€16,295
up €16,295 (+50.1%), from €32,516 to €48,811
- Debts after one year -€15,664
down €15,664 (-56.8%), from €27,564 to €11,901
- Reserves -€8,481
down €8,481 (-2.9%), from €289,483 to €281,002
- Tax, wage and social debts -€5,444
down €5,444 (-18.0%), from €30,179 to €24,735
of which Remuneration and social security: -€11,937
- Gross operating margin -€42,150
down €42,150 (-18.1%), from €232,926 to €190,776
- Staff costs -€37,054
down €37,054 (-40.8%), from €90,830 to €53,777
- Depreciation +€3,222
up €3,222 (+6.3%), from €51,249 to €54,472
- Taxes -€2,737
down €2,737 (-11.8%), from €23,135 to €20,399
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.
Cash bridge derived
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 | €426,476 | €456,768 | +€30,292 | +7.1% |
| Fixed assets | 21/28 | €138,987 | €105,356 | -€33,632 | -24.2% |
| Tangible fixed assets | 22/27 | €138,762 | €105,131 | -€33,632 | -24.2% |
| Plant, machinery and equipment | 23 | €47,365 | €24,893 | -€22,473 | -47.4% |
| Furniture and vehicles | 24 | €56,023 | €37,255 | -€18,768 | -33.5% |
| Other tangible fixed assets | 26 | €35,374 | €42,983 | +€7,609 | +21.5% |
| Financial fixed assets | 28 | €225 | €225 | = | 0.0% |
| Current assets | 29/58 | €287,489 | €351,412 | +€63,924 | +22.2% |
| Stocks and contracts in progress | 3 | €6,491 | €6,688 | +€197 | +3.0% |
| Stocks | 30/36 | €6,491 | €6,688 | +€197 | +3.0% |
| Amounts receivable within one year | 40/41 | €21,071 | €26,405 | +€5,334 | +25.3% |
| Trade receivables | 40 | €14,790 | €17,154 | +€2,364 | +16.0% |
| Other amounts receivable | 41 | €6,281 | €9,251 | +€2,970 | +47.3% |
| Cash at bank and in hand | 54/58 | €258,684 | €316,931 | +€58,247 | +22.5% |
| Deferred charges and accrued income | 490/1 | €1,242 | €1,388 | +€146 | +11.7% |
| Total equity and liabilities | 10/49 | €426,476 | €456,768 | +€30,292 | +7.1% |
| Equity | 10/15 | €301,883 | €293,402 | -€8,481 | -2.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €289,483 | €281,002 | -€8,481 | -2.9% |
| Distributable reserves | 133 | €289,483 | €281,002 | -€8,481 | -2.9% |
| Amounts payable | 17/49 | €124,593 | €163,366 | +€38,773 | +31.1% |
| Amounts payable after more than one year | 17 | €27,564 | €11,901 | -€15,664 | -56.8% |
| Financial debts | 170/4 | €27,564 | €11,901 | -€15,664 | -56.8% |
| Amounts payable within one year | 42/48 | €97,029 | €151,465 | +€54,436 | +56.1% |
| Current portion of amounts payable after more than one year | 42 | €15,434 | €15,664 | +€230 | +1.5% |
| Trade debts | 44 | €32,516 | €48,811 | +€16,295 | +50.1% |
| Suppliers | 440/4 | €32,516 | €48,811 | +€16,295 | +50.1% |
| Taxes, remuneration and social security | 45 | €30,179 | €24,735 | -€5,444 | -18.0% |
| Taxes | 450/3 | €11,060 | €17,553 | +€6,493 | +58.7% |
| Remuneration and social security | 454/9 | €19,119 | €7,182 | -€11,937 | -62.4% |
| Other amounts payable | 47/48 | €18,900 | €62,256 | +€43,355 | +229.4% |
| Remuneration, social security and pensions | 62 | €90,830 | €53,777 | -€37,054 | -40.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,249 | €54,472 | +€3,222 | +6.3% |
| Other operating charges | 640/8 | €581 | €916 | +€335 | +57.6% |
| Non-recurring operating charges | 66A | €854 | €3,222 | +€2,367 | +277.0% |
| Gross operating margin | 9900 | €232,926 | €190,776 | -€42,150 | -18.1% |
| Operating profit (loss) | 9901 | €89,410 | €78,390 | -€11,020 | -12.3% |
| Financial income | 75/76B | €67 | €334 | +€266 | +394.8% |
| Recurring financial income | 75 | €67 | €334 | +€266 | +394.8% |
| Financial charges | 65/66B | €4,970 | €4,551 | -€419 | -8.4% |
| Recurring financial charges | 65 | €4,881 | €4,412 | -€469 | -9.6% |
| Non-recurring financial charges | 66B | €88 | €139 | +€50 | +56.9% |
| Profit (loss) for the period before taxes | 9903 | €84,508 | €74,173 | -€10,335 | -12.2% |
| Income taxes | 67/77 | €23,135 | €20,399 | -€2,737 | -11.8% |
| Profit (loss) for the period | 9904 | €61,373 | €53,775 | -€7,599 | -12.4% |
| Profit (loss) for the period to be appropriated | 9905 | €61,373 | €53,775 | -€7,599 | -12.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.