RAJ GEMS: 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.
RAJ GEMS
Largest movements
- Receivables within one year -€30,585
down €30,585 (-23.6%), from €129,529 to €98,945
of which Trade receivables: -€30,861
- Cash +€11,102
up €11,102 (+108%), from €10,272 to €21,374
mainly Receivables within one year (+€30,585) and Depreciation (+€1,559)
- Trade debts -€10,168
down €10,168 (-15.5%), from €65,450 to €55,282
- Profit (loss) carried forward -€6,917
down €6,917 (-0.8%), from -€814,160 to -€821,077
- Write-downs +€95,775
no longer reported in 2025 (was -€95,775)
- Other operating charges -€80,025
no longer reported in 2025 (was €80,025)
- Financial charges +€48,128
up €48,128 (+1,926%), from €2,499 to €50,627
- Financial income +€46,562
new in 2025: €46,562
- Taxes -€20,279
no longer reported in 2025 (was €20,279)
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 | €545,639 | €524,597 | -€21,042 | -3.9% |
| Fixed assets | 21/28 | €1,559 | - | -€1,559 | |
| Tangible fixed assets | 22/27 | €1,559 | - | -€1,559 | |
| Plant, machinery and equipment | 23 | €1,559 | - | -€1,559 | |
| Current assets | 29/58 | €544,080 | €524,597 | -€19,483 | -3.6% |
| Stocks and contracts in progress | 3 | €404,279 | €404,279 | = | 0.0% |
| Stocks | 30/36 | €404,279 | €404,279 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €129,529 | €98,945 | -€30,585 | -23.6% |
| Trade receivables | 40 | €127,934 | €97,073 | -€30,861 | -24.1% |
| Other amounts receivable | 41 | €1,596 | €1,872 | +€277 | +17.3% |
| Cash at bank and in hand | 54/58 | €10,272 | €21,374 | +€11,102 | +108% |
| Total equity and liabilities | 10/49 | €545,639 | €524,597 | -€21,042 | -3.9% |
| Equity | 10/15 | €109,807 | €102,890 | -€6,917 | -6.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €905,367 | €905,367 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €903,507 | €903,507 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€814,160 | -€821,077 | -€6,917 | -0.8% |
| Amounts payable | 17/49 | €435,832 | €421,707 | -€14,124 | -3.2% |
| Amounts payable within one year | 42/48 | €431,875 | €421,707 | -€10,168 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €23,004 | €23,004 | = | 0.0% |
| Trade debts | 44 | €65,450 | €55,282 | -€10,168 | -15.5% |
| Suppliers | 440/4 | €65,450 | €55,282 | -€10,168 | -15.5% |
| Taxes, remuneration and social security | 45 | €17,464 | €17,464 | = | 0.0% |
| Taxes | 450/3 | €17,464 | €17,464 | = | 0.0% |
| Other amounts payable | 47/48 | €325,957 | €325,957 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,956 | - | -€3,956 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,559 | €1,559 | +€0 | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€95,775 | - | +€95,775 | |
| Other operating charges | 640/8 | €80,025 | - | -€80,025 | |
| Gross operating margin | 9900 | €1,369 | -€1,294 | -€2,663 | |
| Operating profit (loss) | 9901 | €15,561 | -€2,852 | -€18,413 | |
| Financial income | 75/76B | - | €46,562 | +€46,562 | |
| Recurring financial income | 75 | - | €46,562 | +€46,562 | |
| Financial charges | 65/66B | €2,499 | €50,627 | +€48,128 | +1,926% |
| Recurring financial charges | 65 | €2,499 | €50,627 | +€48,128 | +1,926% |
| Profit (loss) for the period before taxes | 9903 | €13,061 | -€6,917 | -€19,979 | |
| Income taxes | 67/77 | €20,279 | - | -€20,279 | |
| Profit (loss) for the period | 9904 | -€7,218 | -€6,917 | +€300 | +4.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,218 | -€6,917 | +€300 | +4.2% |
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 27 October 2026 via checked.be.