RAJO: 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.
RAJO
Largest movements
- Stocks and contracts +€95,040
up €95,040 (+38.4%), from €247,670 to €342,710
- Cash -€55,643
down €55,643 (-53.1%), from €104,877 to €49,234
mainly Stocks and contracts (-€95,040) and Investment in fixed assets (net) (-€23,728)
- Receivables within one year -€13,600
down €13,600 (-8.7%), from €155,839 to €142,240
of which Trade receivables: -€45,098
- Profit (loss) carried forward +€42,059
up €42,059 (+88.4%), from €47,563 to €89,621
- Tax, wage and social debts -€17,572
down €17,572 (-34.1%), from €51,482 to €33,910
- Trade debts -€12,576
down €12,576 (-21.5%), from €58,624 to €46,048
- Current portion of long-term debt +€11,826
new in 2025: €11,826
- Gross operating margin -€25,285
down €25,285 (-18.2%), from €138,692 to €113,407
- Financial charges -€13,704
down €13,704 (-37.8%), from €36,257 to €22,554
of which Non-recurring financial charges: -€10,066
- Taxes -€5,921
down €5,921 (-24.9%), from €23,740 to €17,819
- Financial income +€3,233
up €3,233 (+122.3%), from €2,643 to €5,876
- Other operating charges -€2,819
down €2,819 (-51.9%), from €5,435 to €2,616
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 | €558,227 | €581,964 | +€23,738 | +4.3% |
| Fixed assets | 21/28 | €48,527 | €46,468 | -€2,059 | -4.2% |
| Tangible fixed assets | 22/27 | €46,677 | €44,618 | -€2,059 | -4.4% |
| Plant, machinery and equipment | 23 | €44,901 | €43,554 | -€1,347 | -3.0% |
| Furniture and vehicles | 24 | €1,776 | €1,064 | -€713 | -40.1% |
| Financial fixed assets | 28 | €1,850 | €1,850 | = | 0.0% |
| Current assets | 29/58 | €509,699 | €535,496 | +€25,797 | +5.1% |
| Stocks and contracts in progress | 3 | €247,670 | €342,710 | +€95,040 | +38.4% |
| Stocks | 30/36 | €247,670 | €342,710 | +€95,040 | +38.4% |
| Amounts receivable within one year | 40/41 | €155,839 | €142,240 | -€13,600 | -8.7% |
| Trade receivables | 40 | €155,839 | €110,741 | -€45,098 | -28.9% |
| Other amounts receivable | 41 | - | €31,499 | +€31,499 | |
| Cash at bank and in hand | 54/58 | €104,877 | €49,234 | -€55,643 | -53.1% |
| Deferred charges and accrued income | 490/1 | €1,313 | €1,313 | = | 0.0% |
| Total equity and liabilities | 10/49 | €558,227 | €581,964 | +€23,738 | +4.3% |
| Equity | 10/15 | €448,121 | €490,180 | +€42,059 | +9.4% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €558 | €558 | = | 0.0% |
| Non-distributable reserves | 130/1 | €558 | €558 | = | 0.0% |
| Reserves not available under the articles | 1311 | €558 | €558 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,563 | €89,621 | +€42,059 | +88.4% |
| Amounts payable | 17/49 | €110,105 | €91,784 | -€18,321 | -16.6% |
| Amounts payable within one year | 42/48 | €110,105 | €91,784 | -€18,321 | -16.6% |
| Current portion of amounts payable after more than one year | 42 | - | €11,826 | +€11,826 | |
| Trade debts | 44 | €58,624 | €46,048 | -€12,576 | -21.5% |
| Suppliers | 440/4 | €58,624 | €46,048 | -€12,576 | -21.5% |
| Taxes, remuneration and social security | 45 | €51,482 | €33,910 | -€17,572 | -34.1% |
| Taxes | 450/3 | €51,482 | €33,910 | -€17,572 | -34.1% |
| Remuneration, social security and pensions | 62 | €8,448 | €8,448 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,968 | €25,787 | +€819 | +3.3% |
| Other operating charges | 640/8 | €5,435 | €2,616 | -€2,819 | -51.9% |
| Gross operating margin | 9900 | €138,692 | €113,407 | -€25,285 | -18.2% |
| Operating profit (loss) | 9901 | €99,840 | €76,555 | -€23,285 | -23.3% |
| Financial income | 75/76B | €2,643 | €5,876 | +€3,233 | +122.3% |
| Recurring financial income | 75 | €2,643 | €5,876 | +€3,233 | +122.3% |
| Financial charges | 65/66B | €36,257 | €22,554 | -€13,704 | -37.8% |
| Recurring financial charges | 65 | €26,191 | €22,554 | -€3,637 | -13.9% |
| Non-recurring financial charges | 66B | €10,066 | - | -€10,066 | |
| Profit (loss) for the period before taxes | 9903 | €66,226 | €59,878 | -€6,348 | -9.6% |
| Income taxes | 67/77 | €23,740 | €17,819 | -€5,921 | -24.9% |
| Profit (loss) for the period | 9904 | €42,486 | €42,059 | -€427 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €42,486 | €42,059 | -€427 | -1.0% |
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 1 October 2026 via checked.be.