RAY INT.: 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 INT.
Largest movements
- Tangible fixed assets -€54,870
down €54,870 (-23.6%), from €232,416 to €177,546
of which Furniture and vehicles: -€39,571
- Cash +€34,540
up €34,540 (+260%), from €13,272 to €47,813
mainly Depreciation (+€91,020) and Trade debts (+€28,407)
- Receivables within one year +€26,663
up €26,663 (+9.2%), from €290,010 to €316,674
of which Other amounts receivable: +€34,804
- Financial fixed assets -€19,858
down €19,858 (-91.3%), from €21,750 to €1,892
- Current portion of long-term debt -€30,559
down €30,559 (-39.1%), from €78,111 to €47,553
- Trade debts +€28,407
up €28,407 (+24.5%), from €115,884 to €144,291
- Tax, wage and social debts -€18,410
down €18,410 (-28.1%), from €65,588 to €47,178
of which Taxes: -€14,268
- Reserves +€8,759
up €8,759 (+4.4%), from €197,455 to €206,215
- Gross operating margin +€85,153
up €85,153 (+31.1%), from €273,568 to €358,721
- Other operating charges +€62,839
up €62,839 (+672%), from €9,346 to €72,186
- Staff costs +€61,655
up €61,655 (+68.8%), from €89,603 to €151,258
- Financial charges +€22,787
up €22,787 (+137%), from €16,576 to €39,363
- Taxes -€14,875
down €14,875 (-82.6%), from €18,007 to €3,132
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 | €558,994 | €547,192 | -€11,802 | -2.1% |
| Fixed assets | 21/28 | €254,166 | €179,438 | -€74,728 | -29.4% |
| Tangible fixed assets | 22/27 | €232,416 | €177,546 | -€54,870 | -23.6% |
| Plant, machinery and equipment | 23 | €1,380 | €2,080 | +€700 | +50.8% |
| Furniture and vehicles | 24 | €183,157 | €143,586 | -€39,571 | -21.6% |
| Leasing and similar rights | 25 | €47,879 | €31,879 | -€16,000 | -33.4% |
| Financial fixed assets | 28 | €21,750 | €1,892 | -€19,858 | -91.3% |
| Current assets | 29/58 | €304,828 | €367,754 | +€62,926 | +20.6% |
| Amounts receivable within one year | 40/41 | €290,010 | €316,674 | +€26,663 | +9.2% |
| Trade receivables | 40 | €150,604 | €142,463 | -€8,141 | -5.4% |
| Other amounts receivable | 41 | €139,407 | €174,211 | +€34,804 | +25.0% |
| Cash at bank and in hand | 54/58 | €13,272 | €47,813 | +€34,540 | +260% |
| Deferred charges and accrued income | 490/1 | €1,545 | €3,268 | +€1,723 | +111% |
| Total equity and liabilities | 10/49 | €558,994 | €547,192 | -€11,802 | -2.1% |
| Equity | 10/15 | €205,455 | €214,215 | +€8,759 | +4.3% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €197,455 | €206,215 | +€8,759 | +4.4% |
| Distributable reserves | 133 | €197,455 | €206,215 | +€8,759 | +4.4% |
| Amounts payable | 17/49 | €353,539 | €332,978 | -€20,561 | -5.8% |
| Amounts payable after more than one year | 17 | €93,956 | €93,956 | = | 0.0% |
| Financial debts | 170/4 | €93,956 | €93,956 | = | 0.0% |
| Amounts payable within one year | 42/48 | €259,583 | €239,022 | -€20,561 | -7.9% |
| Current portion of amounts payable after more than one year | 42 | €78,111 | €47,553 | -€30,559 | -39.1% |
| Trade debts | 44 | €115,884 | €144,291 | +€28,407 | +24.5% |
| Suppliers | 440/4 | €115,884 | €144,291 | +€28,407 | +24.5% |
| Taxes, remuneration and social security | 45 | €65,588 | €47,178 | -€18,410 | -28.1% |
| Taxes | 450/3 | €54,384 | €40,116 | -€14,268 | -26.2% |
| Remuneration and social security | 454/9 | €11,205 | €7,063 | -€4,142 | -37.0% |
| Non-recurring operating income | 76A | €890 | - | -€890 | |
| Remuneration, social security and pensions | 62 | €89,603 | €151,258 | +€61,655 | +68.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,277 | €91,020 | +€11,743 | +14.8% |
| Other operating charges | 640/8 | €9,346 | €72,186 | +€62,839 | +672% |
| Gross operating margin | 9900 | €273,568 | €358,721 | +€85,153 | +31.1% |
| Operating profit (loss) | 9901 | €95,342 | €44,257 | -€51,085 | -53.6% |
| Financial income | 75/76B | €36 | €6,997 | +€6,961 | +19,091% |
| Recurring financial income | 75 | €36 | €6,997 | +€6,961 | +19,091% |
| Financial charges | 65/66B | €16,576 | €39,363 | +€22,787 | +137% |
| Recurring financial charges | 65 | €16,576 | €39,363 | +€22,787 | +137% |
| Profit (loss) for the period before taxes | 9903 | €78,802 | €11,891 | -€66,911 | -84.9% |
| Income taxes | 67/77 | €18,007 | €3,132 | -€14,875 | -82.6% |
| Profit (loss) for the period | 9904 | €60,794 | €8,759 | -€52,035 | -85.6% |
| Profit (loss) for the period to be appropriated | 9905 | €60,794 | €8,759 | -€52,035 | -85.6% |
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 24 October 2026 via checked.be.