RAY DE WULF: 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.
RAY DE WULF
Largest movements
- Cash -€68,323
down €68,323 (-14.0%), from €487,920 to €419,597
mainly Trade debts (-€114,739) and Contributions, distributions and other (-€80,000)
- Receivables within one year -€48,849
down €48,849 (-27.3%), from €178,829 to €129,979
- Stocks and contracts +€37,316
up €37,316 (+51.4%), from €72,551 to €109,867
- Trade debts -€114,739
down €114,739 (-49.6%), from €231,495 to €116,756
- Reserves +€16,472
up €16,472 (+10.3%), from €160,258 to €176,730
of which Distributable reserves: +€16,472
- Other debts +€11,105
up €11,105 (+11.4%), from €97,241 to €108,347
- Staff costs +€9,959
up €9,959 (+37.6%), from €26,520 to €36,478
- Gross operating margin +€8,665
up €8,665 (+6.1%), from €142,563 to €151,228
- Depreciation -€5,580
down €5,580 (-43.2%), from €12,907 to €7,326
- Taxes +€1,522
up €1,522 (+21.7%), from €7,030 to €8,552
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 | €754,214 | €667,031 | -€87,183 | -11.6% |
| Fixed assets | 21/28 | €14,914 | €7,587 | -€7,326 | -49.1% |
| Tangible fixed assets | 22/27 | €14,914 | €7,587 | -€7,326 | -49.1% |
| Plant, machinery and equipment | 23 | €7,892 | €6,082 | -€1,810 | -22.9% |
| Furniture and vehicles | 24 | €139 | - | -€139 | |
| Leasing and similar rights | 25 | €2,556 | €1,024 | -€1,531 | -59.9% |
| Other tangible fixed assets | 26 | €4,327 | €481 | -€3,846 | -88.9% |
| Current assets | 29/58 | €739,300 | €659,443 | -€79,856 | -10.8% |
| Stocks and contracts in progress | 3 | €72,551 | €109,867 | +€37,316 | +51.4% |
| Stocks | 30/36 | €72,551 | €109,867 | +€37,316 | +51.4% |
| Amounts receivable within one year | 40/41 | €178,829 | €129,979 | -€48,849 | -27.3% |
| Trade receivables | 40 | €178,829 | €129,979 | -€48,849 | -27.3% |
| Cash at bank and in hand | 54/58 | €487,920 | €419,597 | -€68,323 | -14.0% |
| Total equity and liabilities | 10/49 | €754,214 | €667,031 | -€87,183 | -11.6% |
| Equity | 10/15 | €411,147 | €427,620 | +€16,472 | +4.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €160,258 | €176,730 | +€16,472 | +10.3% |
| 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 | €40,945 | €40,945 | = | 0.0% |
| Distributable reserves | 133 | €117,453 | €133,925 | +€16,472 | +14.0% |
| Profit (loss) carried forward | 14 | €232,290 | €232,290 | = | 0.0% |
| Amounts payable | 17/49 | €343,066 | €239,411 | -€103,655 | -30.2% |
| Amounts payable within one year | 42/48 | €343,066 | €239,411 | -€103,655 | -30.2% |
| Trade debts | 44 | €231,495 | €116,756 | -€114,739 | -49.6% |
| Suppliers | 440/4 | €231,495 | €116,756 | -€114,739 | -49.6% |
| Taxes, remuneration and social security | 45 | €14,330 | €14,308 | -€22 | -0.2% |
| Taxes | 450/3 | €12,149 | €11,040 | -€1,108 | -9.1% |
| Remuneration and social security | 454/9 | €2,181 | €3,268 | +€1,087 | +49.8% |
| Other amounts payable | 47/48 | €97,241 | €108,347 | +€11,105 | +11.4% |
| Remuneration, social security and pensions | 62 | €26,520 | €36,478 | +€9,959 | +37.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,907 | €7,326 | -€5,580 | -43.2% |
| Other operating charges | 640/8 | €2,486 | €2,497 | +€11 | +0.5% |
| Gross operating margin | 9900 | €142,563 | €151,228 | +€8,665 | +6.1% |
| Operating profit (loss) | 9901 | €100,651 | €104,926 | +€4,275 | +4.2% |
| Financial income | 75/76B | €70 | €123 | +€53 | +74.7% |
| Recurring financial income | 75 | €70 | €123 | +€53 | +74.7% |
| Financial charges | 65/66B | €9 | €24 | +€15 | +157% |
| Recurring financial charges | 65 | €9 | €24 | +€15 | +157% |
| Profit (loss) for the period before taxes | 9903 | €100,712 | €105,025 | +€4,313 | +4.3% |
| Income taxes | 67/77 | €7,030 | €8,552 | +€1,522 | +21.7% |
| Profit (loss) for the period | 9904 | €93,681 | €96,472 | +€2,791 | +3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €93,681 | €96,472 | +€2,791 | +3.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.