RAJESE: 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.
RAJESE
Largest movements
- Receivables within one year +€45,993
up €45,993 (+691%), from €6,652 to €52,645
of which Trade receivables: +€27,536
- Tangible fixed assets +€5,966
up €5,966 (+79.3%), from €7,526 to €13,492
of which Furniture and vehicles: +€4,108
- Cash -€2,513
down €2,513 (-4.4%), from €57,155 to €54,642
mainly Receivables within one year (-€45,993) and Investment in fixed assets (net) (-€8,455)
- Reserves +€38,231
up €38,231 (+58.9%), from €64,885 to €103,116
- Tax, wage and social debts +€13,143
up €13,143 (+52,591%), from €25 to €13,168
of which Taxes: +€10,149
- Gross operating margin -€6,896
down €6,896 (-11.0%), from €62,901 to €56,005
- Taxes +€1,456
up €1,456 (+11.1%), from €13,105 to €14,561
- Depreciation +€1,199
up €1,199 (+92.9%), from €1,290 to €2,489
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 | €71,386 | €121,745 | +€50,359 | +70.5% |
| Fixed assets | 21/28 | €7,526 | €13,492 | +€5,966 | +79.3% |
| Tangible fixed assets | 22/27 | €7,526 | €13,492 | +€5,966 | +79.3% |
| Plant, machinery and equipment | 23 | - | €1,858 | +€1,858 | |
| Furniture and vehicles | 24 | €7,526 | €11,634 | +€4,108 | +54.6% |
| Current assets | 29/58 | €63,861 | €108,253 | +€44,393 | +69.5% |
| Amounts receivable within one year | 40/41 | €6,652 | €52,645 | +€45,993 | +691% |
| Trade receivables | 40 | €2,617 | €30,153 | +€27,536 | +1,052% |
| Other amounts receivable | 41 | €4,034 | €22,492 | +€18,458 | +458% |
| Cash at bank and in hand | 54/58 | €57,155 | €54,642 | -€2,513 | -4.4% |
| Deferred charges and accrued income | 490/1 | €54 | €967 | +€912 | +1,680% |
| Total equity and liabilities | 10/49 | €71,386 | €121,745 | +€50,359 | +70.5% |
| Equity | 10/15 | €67,885 | €106,116 | +€38,231 | +56.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €64,885 | €103,116 | +€38,231 | +58.9% |
| Distributable reserves | 133 | €64,885 | €103,116 | +€38,231 | +58.9% |
| Amounts payable | 17/49 | €3,501 | €15,629 | +€12,128 | +346% |
| Amounts payable within one year | 42/48 | €2,530 | €15,018 | +€12,488 | +494% |
| Trade debts | 44 | €2,505 | €1,851 | -€654 | -26.1% |
| Suppliers | 440/4 | €2,505 | €1,851 | -€654 | -26.1% |
| Taxes, remuneration and social security | 45 | €25 | €13,168 | +€13,143 | +52,591% |
| Taxes | 450/3 | €25 | €10,174 | +€10,149 | +40,612% |
| Remuneration and social security | 454/9 | - | €2,994 | +€2,994 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €972 | €611 | -€361 | -37.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,290 | €2,489 | +€1,199 | +92.9% |
| Other operating charges | 640/8 | €525 | €617 | +€92 | +17.6% |
| Gross operating margin | 9900 | €62,901 | €56,005 | -€6,896 | -11.0% |
| Operating profit (loss) | 9901 | €61,086 | €52,899 | -€8,187 | -13.4% |
| Financial income | 75/76B | - | €5 | +€5 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Financial charges | 65/66B | €164 | €112 | -€52 | -31.6% |
| Recurring financial charges | 65 | €164 | €112 | -€52 | -31.6% |
| Profit (loss) for the period before taxes | 9903 | €60,923 | €52,792 | -€8,130 | -13.3% |
| Income taxes | 67/77 | €13,105 | €14,561 | +€1,456 | +11.1% |
| Profit (loss) for the period | 9904 | €47,818 | €38,231 | -€9,586 | -20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €47,818 | €38,231 | -€9,586 | -20.0% |
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 22 October 2026 via checked.be.