RAYALO: 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.
RAYALO
Largest movements
- Tangible fixed assets -€28,584
down €28,584 (-7.2%), from €399,075 to €370,491
of which Land and buildings: -€17,252
- Cash +€7,687
up €7,687 (+2611.0%), from €294 to €7,982
mainly Depreciation (+€28,584) and Receivables within one year (+€3,881)
- Current portion of long-term debt -€10,149
down €10,149 (-48.5%), from €20,917 to €10,768
- Debts after one year -€9,854
down €9,854 (-12.6%), from €78,486 to €68,632
- Tax, wage and social debts -€8,966
down €8,966 (-54.7%), from €16,379 to €7,413
- Gross operating margin -€12,723
down €12,723 (-22.9%), from €55,451 to €42,728
- Taxes -€5,587
down €5,587 (-77.9%), from €7,172 to €1,585
- Financial income -€2,090
no longer reported in 2025 (was €2,090)
- Other operating charges -€1,816
down €1,816 (-33.9%), from €5,357 to €3,541
- Financial charges -€932
down €932 (-13.9%), from €6,693 to €5,761
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 | €426,502 | €401,401 | -€25,100 | -5.9% |
| Fixed assets | 21/28 | €399,075 | €371,241 | -€27,834 | -7.0% |
| Tangible fixed assets | 22/27 | €399,075 | €370,491 | -€28,584 | -7.2% |
| Land and buildings | 22 | €350,143 | €332,891 | -€17,252 | -4.9% |
| Plant, machinery and equipment | 23 | €40,558 | €34,953 | -€5,605 | -13.8% |
| Furniture and vehicles | 24 | €8,374 | €2,647 | -€5,726 | -68.4% |
| Financial fixed assets | 28 | - | €750 | +€750 | |
| Current assets | 29/58 | €27,427 | €30,160 | +€2,733 | +10.0% |
| Amounts receivable within one year | 40/41 | €26,060 | €22,179 | -€3,881 | -14.9% |
| Trade receivables | 40 | €182 | €10,182 | +€10,000 | +5509.6% |
| Other amounts receivable | 41 | €25,879 | €11,997 | -€13,881 | -53.6% |
| Cash at bank and in hand | 54/58 | €294 | €7,982 | +€7,687 | +2611.0% |
| Deferred charges and accrued income | 490/1 | €1,073 | - | -€1,073 | |
| Total equity and liabilities | 10/49 | €426,502 | €401,401 | -€25,100 | -5.9% |
| Equity | 10/15 | €276,314 | €279,573 | +€3,258 | +1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €257,714 | €260,973 | +€3,258 | +1.3% |
| Distributable reserves | 133 | €257,714 | €260,973 | +€3,258 | +1.3% |
| Amounts payable | 17/49 | €150,187 | €121,829 | -€28,359 | -18.9% |
| Amounts payable after more than one year | 17 | €78,486 | €68,632 | -€9,854 | -12.6% |
| Financial debts | 170/4 | €78,486 | €68,632 | -€9,854 | -12.6% |
| Amounts payable within one year | 42/48 | €71,701 | €53,197 | -€18,504 | -25.8% |
| Current portion of amounts payable after more than one year | 42 | €20,917 | €10,768 | -€10,149 | -48.5% |
| Trade debts | 44 | €409 | €116 | -€293 | -71.6% |
| Suppliers | 440/4 | €409 | €116 | -€293 | -71.6% |
| Taxes, remuneration and social security | 45 | €16,379 | €7,413 | -€8,966 | -54.7% |
| Taxes | 450/3 | €16,379 | €7,413 | -€8,966 | -54.7% |
| Other amounts payable | 47/48 | €33,996 | €34,900 | +€904 | +2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,274 | €28,584 | -€690 | -2.4% |
| Other operating charges | 640/8 | €5,357 | €3,541 | -€1,816 | -33.9% |
| Gross operating margin | 9900 | €55,451 | €42,728 | -€12,723 | -22.9% |
| Operating profit (loss) | 9901 | €20,820 | €10,604 | -€10,216 | -49.1% |
| Financial income | 75/76B | €2,090 | - | -€2,090 | |
| Recurring financial income | 75 | €2,090 | - | -€2,090 | |
| Financial charges | 65/66B | €6,693 | €5,761 | -€932 | -13.9% |
| Recurring financial charges | 65 | €6,693 | €5,761 | -€932 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €16,217 | €4,843 | -€11,374 | -70.1% |
| Income taxes | 67/77 | €7,172 | €1,585 | -€5,587 | -77.9% |
| Profit (loss) for the period | 9904 | €9,045 | €3,258 | -€5,787 | -64.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,045 | €3,258 | -€5,787 | -64.0% |
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 2 October 2026 via checked.be.