RAJA-trading: 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.
RAJA-trading
Largest movements
- Cash +€55,990
up €55,990 (+175%), from €32,042 to €88,032
mainly Debts after one year (+€58,714) and Stocks and contracts (+€48,932)
- Stocks and contracts -€48,932
down €48,932 (-18.1%), from €270,304 to €221,372
- Receivables within one year -€28,405
down €28,405 (-15.2%), from €187,098 to €158,693
of which Trade receivables: -€20,446
- Intangible fixed assets -€19,973
down €19,973 (-17.5%), from €114,179 to €94,206
- Other debts -€92,600
down €92,600 (-100%), from €92,600 to €0
- Debts after one year +€58,714
up €58,714 (+160%), from €36,806 to €95,520
of which Other amounts payable: +€86,124
- Current portion of long-term debt -€49,032
down €49,032 (-64.1%), from €76,442 to €27,410
- Trade debts +€21,766
up €21,766 (+116%), from €18,747 to €40,513
- Reserves +€17,712
up €17,712 (+19.4%), from €91,389 to €109,101
- Gross operating margin -€109,115
down €109,115 (-66.5%), from €164,071 to €54,956
- Taxes -€11,271
down €11,271 (-64.7%), from €17,420 to €6,149
- Depreciation +€4,175
up €4,175 (+22.9%), from €18,205 to €22,380
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 | €612,186 | €570,537 | -€41,650 | -6.8% |
| Fixed assets | 21/28 | €122,742 | €100,362 | -€22,380 | -18.2% |
| Intangible fixed assets | 21 | €114,179 | €94,206 | -€19,973 | -17.5% |
| Tangible fixed assets | 22/27 | €8,563 | €6,156 | -€2,407 | -28.1% |
| Plant, machinery and equipment | 23 | €7,645 | €5,585 | -€2,060 | -26.9% |
| Furniture and vehicles | 24 | €918 | €570 | -€347 | -37.8% |
| Current assets | 29/58 | €489,444 | €470,175 | -€19,269 | -3.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €270,304 | €221,372 | -€48,932 | -18.1% |
| Stocks | 30/36 | €270,304 | €221,372 | -€48,932 | -18.1% |
| Amounts receivable within one year | 40/41 | €187,098 | €158,693 | -€28,405 | -15.2% |
| Trade receivables | 40 | €133,661 | €113,214 | -€20,446 | -15.3% |
| Other amounts receivable | 41 | €53,438 | €45,479 | -€7,959 | -14.9% |
| Cash at bank and in hand | 54/58 | €32,042 | €88,032 | +€55,990 | +175% |
| Deferred charges and accrued income | 490/1 | - | €2,079 | +€2,079 | |
| Total equity and liabilities | 10/49 | €612,186 | €570,537 | -€41,650 | -6.8% |
| Equity | 10/15 | €234,989 | €252,701 | +€17,712 | +7.5% |
| Contributions | 10/11 | €143,600 | €143,600 | = | 0.0% |
| Reserves | 13 | €91,389 | €109,101 | +€17,712 | +19.4% |
| Distributable reserves | 133 | €91,389 | €109,101 | +€17,712 | +19.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €377,197 | €317,835 | -€59,362 | -15.7% |
| Amounts payable after more than one year | 17 | €36,806 | €95,520 | +€58,714 | +160% |
| Financial debts | 170/4 | €36,806 | €9,396 | -€27,410 | -74.5% |
| Other amounts payable | 178/9 | €0 | €86,124 | +€86,124 | |
| Amounts payable within one year | 42/48 | €336,172 | €219,389 | -€116,784 | -34.7% |
| Current portion of amounts payable after more than one year | 42 | €76,442 | €27,410 | -€49,032 | -64.1% |
| Financial debts | 43 | €108,835 | €108,812 | -€23 | 0.0% |
| Credit institutions | 430/8 | €108,835 | €108,812 | -€23 | 0.0% |
| Trade debts | 44 | €18,747 | €40,513 | +€21,766 | +116% |
| Suppliers | 440/4 | €18,747 | €40,513 | +€21,766 | +116% |
| Taxes, remuneration and social security | 45 | €39,549 | €42,654 | +€3,105 | +7.9% |
| Taxes | 450/3 | €39,549 | €42,654 | +€3,105 | +7.9% |
| Other amounts payable | 47/48 | €92,600 | €0 | -€92,600 | -100% |
| Accrued charges and deferred income | 492/3 | €4,219 | €2,927 | -€1,293 | -30.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,205 | €22,380 | +€4,175 | +22.9% |
| Other operating charges | 640/8 | €0 | - | = | |
| Gross operating margin | 9900 | €164,071 | €54,956 | -€109,115 | -66.5% |
| Operating profit (loss) | 9901 | €145,865 | €32,576 | -€113,289 | -77.7% |
| Financial income | 75/76B | €953 | €1,341 | +€388 | +40.7% |
| Recurring financial income | 75 | €953 | €1,341 | +€388 | +40.7% |
| Financial charges | 65/66B | €11,626 | €10,056 | -€1,571 | -13.5% |
| Recurring financial charges | 65 | €11,626 | €10,056 | -€1,571 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €135,193 | €23,861 | -€111,331 | -82.4% |
| Income taxes | 67/77 | €17,420 | €6,149 | -€11,271 | -64.7% |
| Profit (loss) for the period | 9904 | €117,772 | €17,712 | -€100,060 | -85.0% |
| Profit (loss) for the period to be appropriated | 9905 | €117,772 | €17,712 | -€100,060 | -85.0% |
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 28 October 2026 via checked.be.