Ra.Jo: 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.
Ra.Jo
Largest movements
- Tangible fixed assets -€5,747
down €5,747 (-14.9%), from €38,456 to €32,709
- Receivables within one year +€5,399
up €5,399 (+66.3%), from €8,142 to €13,541
of which Trade receivables: +€8,033
- Stocks and contracts +€4,046
up €4,046 (+12.2%), from €33,119 to €37,165
- Cash +€2,470
up €2,470 (+9.7%), from €25,337 to €27,808
mainly Depreciation (+€9,469) and Net result for the year (+€8,099)
- Profit (loss) carried forward +€8,099
up €8,099 (+75.3%), from -€10,755 to -€2,656
- Debts after one year -€5,927
down €5,927 (-8.4%), from €70,215 to €64,287
- Tax, wage and social debts +€4,632
up €4,632 (+57.9%), from €7,997 to €12,629
of which Taxes: +€4,212
- Accrued charges and deferred income -€2,378
down €2,378 (-100.0%), from €2,378 to €0
- Gross operating margin +€30,419
up €30,419 (+752.7%), from €4,041 to €34,460
- Staff costs +€4,702
up €4,702 (+103.6%), from €4,538 to €9,240
- Depreciation +€3,413
up €3,413 (+56.4%), from €6,056 to €9,469
- Financial charges +€2,473
up €2,473 (+60.4%), from €4,094 to €6,568
- Taxes +€1,070
new in 2025: €1,070
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 | €109,716 | €114,858 | +€5,142 | +4.7% |
| Fixed assets | 21/28 | €42,520 | €35,833 | -€6,687 | -15.7% |
| Intangible fixed assets | 21 | €4,064 | €3,124 | -€940 | -23.1% |
| Tangible fixed assets | 22/27 | €38,456 | €32,709 | -€5,747 | -14.9% |
| Plant, machinery and equipment | 23 | €2,350 | €1,310 | -€1,040 | -44.3% |
| Furniture and vehicles | 24 | €9,179 | €6,883 | -€2,297 | -25.0% |
| Other tangible fixed assets | 26 | €26,927 | €24,517 | -€2,410 | -9.0% |
| Current assets | 29/58 | €67,196 | €79,025 | +€11,829 | +17.6% |
| Stocks and contracts in progress | 3 | €33,119 | €37,165 | +€4,046 | +12.2% |
| Stocks | 30/36 | €33,119 | €37,165 | +€4,046 | +12.2% |
| Amounts receivable within one year | 40/41 | €8,142 | €13,541 | +€5,399 | +66.3% |
| Trade receivables | 40 | - | €8,033 | +€8,033 | |
| Other amounts receivable | 41 | €8,142 | €5,508 | -€2,634 | -32.4% |
| Cash at bank and in hand | 54/58 | €25,337 | €27,808 | +€2,470 | +9.7% |
| Deferred charges and accrued income | 490/1 | €598 | €512 | -€86 | -14.4% |
| Total equity and liabilities | 10/49 | €109,716 | €114,858 | +€5,142 | +4.7% |
| Equity | 10/15 | -€8,755 | -€656 | +€8,099 | +92.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,755 | -€2,656 | +€8,099 | +75.3% |
| Amounts payable | 17/49 | €118,471 | €115,514 | -€2,957 | -2.5% |
| Amounts payable after more than one year | 17 | €70,215 | €64,287 | -€5,927 | -8.4% |
| Financial debts | 170/4 | €70,215 | €64,287 | -€5,927 | -8.4% |
| Amounts payable within one year | 42/48 | €45,879 | €51,227 | +€5,348 | +11.7% |
| Current portion of amounts payable after more than one year | 42 | €30,682 | €30,927 | +€245 | +0.8% |
| Financial debts | 43 | €23 | €34 | +€11 | +47.8% |
| Credit institutions | 430/8 | €23 | €34 | +€11 | +47.8% |
| Trade debts | 44 | €6,594 | €6,843 | +€250 | +3.8% |
| Suppliers | 440/4 | €6,594 | €6,843 | +€250 | +3.8% |
| Taxes, remuneration and social security | 45 | €7,997 | €12,629 | +€4,632 | +57.9% |
| Taxes | 450/3 | €7,583 | €11,794 | +€4,212 | +55.5% |
| Remuneration and social security | 454/9 | €415 | €835 | +€420 | +101.4% |
| Other amounts payable | 47/48 | €583 | €793 | +€211 | +36.2% |
| Accrued charges and deferred income | 492/3 | €2,378 | €0 | -€2,378 | -100.0% |
| Remuneration, social security and pensions | 62 | €4,538 | €9,240 | +€4,702 | +103.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,056 | €9,469 | +€3,413 | +56.4% |
| Other operating charges | 640/8 | €183 | €321 | +€138 | +75.6% |
| Non-recurring operating charges | 66A | €96 | €0 | -€96 | -100.0% |
| Gross operating margin | 9900 | €4,041 | €34,460 | +€30,419 | +752.7% |
| Operating profit (loss) | 9901 | -€6,832 | €15,430 | +€22,262 | |
| Financial income | 75/76B | €171 | €306 | +€135 | +79.1% |
| Recurring financial income | 75 | €171 | €306 | +€135 | +79.1% |
| Financial charges | 65/66B | €4,094 | €6,568 | +€2,473 | +60.4% |
| Recurring financial charges | 65 | €4,094 | €6,568 | +€2,473 | +60.4% |
| Profit (loss) for the period before taxes | 9903 | -€10,755 | €9,169 | +€19,924 | |
| Income taxes | 67/77 | - | €1,070 | +€1,070 | |
| Profit (loss) for the period | 9904 | -€10,755 | €8,099 | +€18,854 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,755 | €8,099 | +€18,854 |
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.