Ray Finance: 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 Finance
Largest movements
- Financial fixed assets +€9,551
up €9,551 (+4.2%), from €229,679 to €239,229
- Receivables within one year -€9,204
down €9,204 (-59.4%), from €15,485 to €6,281
- Cash +€6,162
up €6,162 (+325%), from €1,895 to €8,057
mainly Receivables within one year (+€9,204) and Other debts (+€2,311)
No liability line moved by more than 1% of the balance sheet total.
- Staff costs -€31,959
down €31,959 (-100%), from €31,959 to €0
- Gross operating margin -€29,658
down €29,658 (-83.5%), from €35,504 to €5,846
- Other operating charges +€2,115
up €2,115 (+178%), from €1,189 to €3,304
- Taxes +€1,389
new in 2025: €1,389
- Depreciation -€568
down €568 (-25.9%), from €2,196 to €1,628
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 | €254,419 | €258,055 | +€3,636 | +1.4% |
| Fixed assets | 21/28 | €232,117 | €240,039 | +€7,923 | +3.4% |
| Tangible fixed assets | 22/27 | €2,438 | €810 | -€1,628 | -66.8% |
| Furniture and vehicles | 24 | €2,438 | €810 | -€1,628 | -66.8% |
| Financial fixed assets | 28 | €229,679 | €239,229 | +€9,551 | +4.2% |
| Current assets | 29/58 | €22,303 | €18,016 | -€4,287 | -19.2% |
| Amounts receivable within one year | 40/41 | €15,485 | €6,281 | -€9,204 | -59.4% |
| Trade receivables | 40 | €15,485 | €6,281 | -€9,204 | -59.4% |
| Cash at bank and in hand | 54/58 | €1,895 | €8,057 | +€6,162 | +325% |
| Deferred charges and accrued income | 490/1 | €4,923 | €3,678 | -€1,245 | -25.3% |
| Total equity and liabilities | 10/49 | €254,419 | €258,055 | +€3,636 | +1.4% |
| Equity | 10/15 | €20,441 | €22,507 | +€2,066 | +10.1% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,559 | -€37,493 | +€2,066 | +5.2% |
| Amounts payable | 17/49 | €233,979 | €235,548 | +€1,570 | +0.7% |
| Amounts payable within one year | 42/48 | €229,479 | €231,798 | +€2,320 | +1.0% |
| Financial debts | 43 | €567 | €122 | -€445 | -78.6% |
| Other loans | 439 | €567 | €122 | -€445 | -78.6% |
| Trade debts | 44 | €5,854 | €4,919 | -€935 | -16.0% |
| Suppliers | 440/4 | €5,854 | €4,919 | -€935 | -16.0% |
| Taxes, remuneration and social security | 45 | €0 | €1,389 | +€1,389 | |
| Taxes | 450/3 | - | €1,389 | +€1,389 | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €223,058 | €225,369 | +€2,311 | +1.0% |
| Accrued charges and deferred income | 492/3 | €4,500 | €3,750 | -€750 | -16.7% |
| Remuneration, social security and pensions | 62 | €31,959 | €0 | -€31,959 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,196 | €1,628 | -€568 | -25.9% |
| Other operating charges | 640/8 | €1,189 | €3,304 | +€2,115 | +178% |
| Gross operating margin | 9900 | €35,504 | €5,846 | -€29,658 | -83.5% |
| Operating profit (loss) | 9901 | €161 | €914 | +€753 | +467% |
| Financial income | 75/76B | €2,505 | €2,553 | +€48 | +1.9% |
| Recurring financial income | 75 | €2,505 | €2,553 | +€48 | +1.9% |
| Financial charges | 65/66B | €50 | €12 | -€38 | -76.1% |
| Recurring financial charges | 65 | €50 | €12 | -€38 | -76.1% |
| Profit (loss) for the period before taxes | 9903 | €2,616 | €3,455 | +€838 | +32.0% |
| Income taxes | 67/77 | - | €1,389 | +€1,389 | |
| Profit (loss) for the period | 9904 | €2,616 | €2,066 | -€550 | -21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,616 | €2,066 | -€550 | -21.0% |
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 26 October 2026 via checked.be.