O-Ray: 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.
O-Ray
Largest movements
- Tangible fixed assets -€12,145
down €12,145 (-46.2%), from €26,272 to €14,127
- Cash +€7,282
up €7,282 (+66.0%), from €11,030 to €18,312
mainly Depreciation (+€12,145) and Net result for the year (+€10,340)
- Receivables within one year +€5,514
up €5,514 (+302.3%), from €1,824 to €7,338
of which Trade receivables: +€4,828
- Debts after one year -€10,409
down €10,409 (-92.1%), from €11,298 to €889
- Profit (loss) carried forward +€10,340
up €10,340 (+67.3%), from €15,375 to €25,715
- Trade debts +€617
up €617 (+313.6%), from €197 to €814
- Current portion of long-term debt +€453
up €453 (+4.6%), from €9,956 to €10,409
- Gross operating margin +€4,198
up €4,198 (+19.1%), from €21,966 to €26,164
- Depreciation +€1,126
up €1,126 (+10.2%), from €11,019 to €12,145
- Taxes +€728
up €728 (+34.9%), from €2,086 to €2,814
- Financial charges -€488
down €488 (-37.9%), from €1,288 to €800
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 | €39,304 | €39,915 | +€611 | +1.6% |
| Fixed assets | 21/28 | €26,272 | €14,127 | -€12,145 | -46.2% |
| Tangible fixed assets | 22/27 | €26,272 | €14,127 | -€12,145 | -46.2% |
| Furniture and vehicles | 24 | €26,272 | €14,127 | -€12,145 | -46.2% |
| Current assets | 29/58 | €13,032 | €25,788 | +€12,756 | +97.9% |
| Amounts receivable within one year | 40/41 | €1,824 | €7,338 | +€5,514 | +302.3% |
| Trade receivables | 40 | €1,410 | €6,238 | +€4,828 | +342.4% |
| Other amounts receivable | 41 | €414 | €1,101 | +€686 | +165.6% |
| Cash at bank and in hand | 54/58 | €11,030 | €18,312 | +€7,282 | +66.0% |
| Deferred charges and accrued income | 490/1 | €177 | €137 | -€40 | -22.4% |
| Total equity and liabilities | 10/49 | €39,304 | €39,915 | +€611 | +1.6% |
| Equity | 10/15 | €17,375 | €27,715 | +€10,340 | +59.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,375 | €25,715 | +€10,340 | +67.3% |
| Amounts payable | 17/49 | €21,929 | €12,200 | -€9,729 | -44.4% |
| Amounts payable after more than one year | 17 | €11,298 | €889 | -€10,409 | -92.1% |
| Financial debts | 170/4 | €11,298 | €889 | -€10,409 | -92.1% |
| Amounts payable within one year | 42/48 | €10,631 | €11,311 | +€681 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €9,956 | €10,409 | +€453 | +4.6% |
| Trade debts | 44 | €197 | €814 | +€617 | +313.6% |
| Suppliers | 440/4 | €197 | €814 | +€617 | +313.6% |
| Other amounts payable | 47/48 | €477 | €88 | -€390 | -81.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,019 | €12,145 | +€1,126 | +10.2% |
| Other operating charges | 640/8 | €169 | €66 | -€104 | -61.2% |
| Gross operating margin | 9900 | €21,966 | €26,164 | +€4,198 | +19.1% |
| Operating profit (loss) | 9901 | €10,777 | €13,954 | +€3,176 | +29.5% |
| Financial charges | 65/66B | €1,288 | €800 | -€488 | -37.9% |
| Recurring financial charges | 65 | €1,288 | €800 | -€488 | -37.9% |
| Profit (loss) for the period before taxes | 9903 | €9,489 | €13,154 | +€3,665 | +38.6% |
| Income taxes | 67/77 | €2,086 | €2,814 | +€728 | +34.9% |
| Profit (loss) for the period | 9904 | €7,404 | €10,340 | +€2,937 | +39.7% |
| Profit (loss) for the period to be appropriated | 9905 | €7,404 | €10,340 | +€2,937 | +39.7% |
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 3 October 2026 via checked.be.