RAY 292: 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.
RAY 292
Largest movements
- Receivables within one year +€65,402
up €65,402 (+412.8%), from €15,844 to €81,246
- Cash +€12,089
up €12,089 (+74.1%), from €16,310 to €28,399
mainly Net result for the year (+€61,709) and Tax, wage and social debts (+€10,787)
- Tangible fixed assets -€3,215
down €3,215 (-40.8%), from €7,871 to €4,656
of which Furniture and vehicles: -€1,848
- Reserves +€49,500
up €49,500 (+28.5%), from €173,588 to €223,088
of which Distributable reserves: +€49,500
- Tax, wage and social debts +€10,787
up €10,787 (+163.6%), from €6,594 to €17,381
- Trade debts +€9,597
up €9,597 (+140.4%), from €6,834 to €16,431
- Gross operating margin +€24,819
up €24,819 (+40.6%), from €61,113 to €85,932
- Taxes +€6,550
up €6,550 (+49.1%), from €13,341 to €19,891
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 | €233,012 | €306,107 | +€73,095 | +31.4% |
| Fixed assets | 21/28 | €7,871 | €4,656 | -€3,215 | -40.8% |
| Tangible fixed assets | 22/27 | €7,871 | €4,656 | -€3,215 | -40.8% |
| Furniture and vehicles | 24 | €3,996 | €2,148 | -€1,848 | -46.2% |
| Other tangible fixed assets | 26 | €3,875 | €2,508 | -€1,367 | -35.3% |
| Current assets | 29/58 | €225,141 | €301,451 | +€76,310 | +33.9% |
| Amounts receivable after more than one year | 29 | €190,000 | €190,000 | = | 0.0% |
| Other amounts receivable | 291 | €190,000 | €190,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €15,844 | €81,246 | +€65,402 | +412.8% |
| Other amounts receivable | 41 | €15,844 | €81,246 | +€65,402 | +412.8% |
| Cash at bank and in hand | 54/58 | €16,310 | €28,399 | +€12,089 | +74.1% |
| Deferred charges and accrued income | 490/1 | €2,987 | €1,806 | -€1,181 | -39.5% |
| Total equity and liabilities | 10/49 | €233,012 | €306,107 | +€73,095 | +31.4% |
| Equity | 10/15 | €198,501 | €248,211 | +€49,710 | +25.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €173,588 | €223,088 | +€49,500 | +28.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,228 | €4,228 | = | 0.0% |
| Distributable reserves | 133 | €167,500 | €217,000 | +€49,500 | +29.6% |
| Profit (loss) carried forward | 14 | €18,713 | €18,923 | +€210 | +1.1% |
| Amounts payable | 17/49 | €34,511 | €57,896 | +€23,385 | +67.8% |
| Amounts payable within one year | 42/48 | €27,428 | €50,812 | +€23,384 | +85.3% |
| Current portion of amounts payable after more than one year | 42 | €5,000 | €5,000 | = | 0.0% |
| Trade debts | 44 | €6,834 | €16,431 | +€9,597 | +140.4% |
| Suppliers | 440/4 | €6,834 | €16,431 | +€9,597 | +140.4% |
| Taxes, remuneration and social security | 45 | €6,594 | €17,381 | +€10,787 | +163.6% |
| Taxes | 450/3 | €6,594 | €17,381 | +€10,787 | +163.6% |
| Other amounts payable | 47/48 | €9,000 | €12,000 | +€3,000 | +33.3% |
| Accrued charges and deferred income | 492/3 | €7,083 | €7,084 | +€1 | 0.0% |
| Non-recurring operating income | 76A | €3,189 | - | -€3,189 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,153 | €3,215 | +€62 | +2.0% |
| Other operating charges | 640/8 | €320 | €192 | -€128 | -40.0% |
| Gross operating margin | 9900 | €61,113 | €85,932 | +€24,819 | +40.6% |
| Operating profit (loss) | 9901 | €57,640 | €82,525 | +€24,885 | +43.2% |
| Financial charges | 65/66B | €514 | €925 | +€411 | +80.0% |
| Recurring financial charges | 65 | €514 | €925 | +€411 | +80.0% |
| Profit (loss) for the period before taxes | 9903 | €57,126 | €81,600 | +€24,474 | +42.8% |
| Income taxes | 67/77 | €13,341 | €19,891 | +€6,550 | +49.1% |
| Profit (loss) for the period | 9904 | €43,785 | €61,709 | +€17,924 | +40.9% |
| Profit (loss) for the period to be appropriated | 9905 | €43,785 | €61,709 | +€17,924 | +40.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.