JUWELEN RAYJO: 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.
JUWELEN RAYJO
Largest movements
- Stocks and contracts +€199,574
up €199,574 (+30.3%), from €658,694 to €858,268
- Cash +€96,962
up €96,962 (+70.4%), from €137,687 to €234,648
mainly Net result for the year (+€194,749) and Tax, wage and social debts (+€100,335)
- Receivables within one year +€27,604
up €27,604 (+29.2%), from €94,557 to €122,162
of which Other amounts receivable: +€27,489
- Reserves +€194,749
up €194,749 (+25.2%), from €772,936 to €967,685
of which Distributable reserves: +€194,749
- Tax, wage and social debts +€100,335
up €100,335 (+307%), from €32,651 to €132,986
of which Taxes: +€104,218
- Trade debts +€44,565
up €44,565 (+143%), from €31,263 to €75,828
- Other debts -€24,601
down €24,601 (-99.9%), from €24,625 to €24
- Gross operating margin +€214,793
up €214,793 (+95.4%), from €225,081 to €439,874
- Taxes +€87,667
up €87,667 (+956%), from €9,169 to €96,836
- Staff costs -€50,678
down €50,678 (-27.5%), from €184,240 to €133,562
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 | €925,070 | €1,240,224 | +€315,154 | +34.1% |
| Fixed assets | 21/28 | €34,132 | €25,146 | -€8,986 | -26.3% |
| Tangible fixed assets | 22/27 | €33,787 | €24,801 | -€8,986 | -26.6% |
| Plant, machinery and equipment | 23 | €23,056 | €15,439 | -€7,617 | -33.0% |
| Furniture and vehicles | 24 | €4,678 | €3,672 | -€1,005 | -21.5% |
| Other tangible fixed assets | 26 | €6,053 | €5,690 | -€364 | -6.0% |
| Financial fixed assets | 28 | €345 | €345 | = | 0.0% |
| Current assets | 29/58 | €890,938 | €1,215,078 | +€324,140 | +36.4% |
| Stocks and contracts in progress | 3 | €658,694 | €858,268 | +€199,574 | +30.3% |
| Stocks | 30/36 | €658,694 | €858,268 | +€199,574 | +30.3% |
| Amounts receivable within one year | 40/41 | €94,557 | €122,162 | +€27,604 | +29.2% |
| Trade receivables | 40 | €41,991 | €42,106 | +€115 | +0.3% |
| Other amounts receivable | 41 | €52,566 | €80,056 | +€27,489 | +52.3% |
| Cash at bank and in hand | 54/58 | €137,687 | €234,648 | +€96,962 | +70.4% |
| Total equity and liabilities | 10/49 | €925,070 | €1,240,224 | +€315,154 | +34.1% |
| Equity | 10/15 | €834,936 | €1,029,685 | +€194,749 | +23.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €772,936 | €967,685 | +€194,749 | +25.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €766,736 | €961,485 | +€194,749 | +25.4% |
| Amounts payable | 17/49 | €90,135 | €210,540 | +€120,405 | +134% |
| Amounts payable within one year | 42/48 | €90,135 | €210,540 | +€120,405 | +134% |
| Current portion of amounts payable after more than one year | 42 | €1,595 | €1,701 | +€106 | +6.6% |
| Trade debts | 44 | €31,263 | €75,828 | +€44,565 | +143% |
| Suppliers | 440/4 | €31,263 | €75,828 | +€44,565 | +143% |
| Taxes, remuneration and social security | 45 | €32,651 | €132,986 | +€100,335 | +307% |
| Taxes | 450/3 | €13,624 | €117,842 | +€104,218 | +765% |
| Remuneration and social security | 454/9 | €19,027 | €15,144 | -€3,883 | -20.4% |
| Other amounts payable | 47/48 | €24,625 | €24 | -€24,601 | -99.9% |
| Non-recurring operating income | 76A | - | €2,612 | +€2,612 | |
| Remuneration, social security and pensions | 62 | €184,240 | €133,562 | -€50,678 | -27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,060 | €11,996 | -€64 | -0.5% |
| Other operating charges | 640/8 | €3,047 | €2,354 | -€694 | -22.8% |
| Gross operating margin | 9900 | €225,081 | €439,874 | +€214,793 | +95.4% |
| Operating profit (loss) | 9901 | €25,734 | €291,963 | +€266,229 | +1,035% |
| Financial income | 75/76B | €518 | €2,844 | +€2,326 | +449% |
| Recurring financial income | 75 | €518 | €2,844 | +€2,326 | +449% |
| Financial charges | 65/66B | €3,224 | €3,221 | -€3 | -0.1% |
| Recurring financial charges | 65 | €3,224 | €3,221 | -€3 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €23,027 | €291,585 | +€268,558 | +1,166% |
| Income taxes | 67/77 | €9,169 | €96,836 | +€87,667 | +956% |
| Profit (loss) for the period | 9904 | €13,858 | €194,749 | +€180,891 | +1,305% |
| Profit (loss) for the period to be appropriated | 9905 | €13,858 | €194,749 | +€180,891 | +1,305% |
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.