RAYAN GH: 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.
RAYAN GH
Largest movements
- Receivables after one year -€77,604
no longer reported in 2025 (was €77,604)
- Intangible fixed assets +€50,922
new in 2025: €50,922
- Financial fixed assets +€18,420
new in 2025: €18,420
- Stocks and contracts +€12,250
new in 2025: €12,250
- Receivables within one year +€11,582
up €11,582 (+126%), from €9,160 to €20,742
of which Other amounts receivable: +€7,392
- Reserves +€13,964
up €13,964 (+17.0%), from €82,275 to €96,239
of which Distributable reserves: +€13,964
- Trade debts +€5,689
up €5,689 (+1,293%), from €440 to €6,129
- Debts after one year -€3,171
no longer reported in 2025 (was €3,171)
- Tax, wage and social debts -€2,497
down €2,497 (-21.8%), from €11,446 to €8,949
of which Remuneration and social security: -€4,977
- Profit (loss) carried forward +€1,396
up €1,396 (+43.7%), from €3,196 to €4,592
- Turnover +€257,938
new in 2025: €257,938
- Purchases and services +€170,668
new in 2025: €170,668
- Gross operating margin +€59,100
up €59,100 (+172%), from €34,376 to €93,476
- Staff costs +€52,996
up €52,996 (+446%), from €11,892 to €64,888
- Taxes -€6,380
down €6,380 (-70.0%), from €9,118 to €2,738
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 | €112,929 | €128,309 | +€15,381 | +13.6% |
| Fixed assets | 21/28 | €1,334 | €74,134 | +€72,799 | +5,456% |
| Intangible fixed assets | 21 | - | €50,922 | +€50,922 | |
| Tangible fixed assets | 22/27 | €1,334 | €4,792 | +€3,457 | +259% |
| Plant, machinery and equipment | 23 | €1,334 | €1,334 | = | 0.0% |
| Furniture and vehicles | 24 | - | €3,457 | +€3,457 | |
| Financial fixed assets | 28 | - | €18,420 | +€18,420 | |
| Current assets | 29/58 | €111,594 | €54,176 | -€57,419 | -51.5% |
| Amounts receivable after more than one year | 29 | €77,604 | - | -€77,604 | |
| Other amounts receivable | 291 | €77,604 | - | -€77,604 | |
| Stocks and contracts in progress | 3 | - | €12,250 | +€12,250 | |
| Stocks | 30/36 | - | €12,250 | +€12,250 | |
| Amounts receivable within one year | 40/41 | €9,160 | €20,742 | +€11,582 | +126% |
| Trade receivables | 40 | - | €4,191 | +€4,191 | |
| Other amounts receivable | 41 | €9,160 | €16,552 | +€7,392 | +80.7% |
| Cash at bank and in hand | 54/58 | €24,462 | €21,183 | -€3,279 | -13.4% |
| Deferred charges and accrued income | 490/1 | €368 | - | -€368 | |
| Total equity and liabilities | 10/49 | €112,929 | €128,309 | +€15,381 | +13.6% |
| Equity | 10/15 | €97,871 | €113,231 | +€15,360 | +15.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €82,275 | €96,239 | +€13,964 | +17.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €80,415 | €94,379 | +€13,964 | +17.4% |
| Profit (loss) carried forward | 14 | €3,196 | €4,592 | +€1,396 | +43.7% |
| Amounts payable | 17/49 | €15,058 | €15,078 | +€20 | +0.1% |
| Amounts payable after more than one year | 17 | €3,171 | - | -€3,171 | |
| Financial debts | 170/4 | €3,171 | - | -€3,171 | |
| Amounts payable within one year | 42/48 | €11,887 | €15,078 | +€3,192 | +26.9% |
| Trade debts | 44 | €440 | €6,129 | +€5,689 | +1,293% |
| Suppliers | 440/4 | €440 | €6,129 | +€5,689 | +1,293% |
| Taxes, remuneration and social security | 45 | €11,446 | €8,949 | -€2,497 | -21.8% |
| Taxes | 450/3 | €5,149 | €7,629 | +€2,480 | +48.2% |
| Remuneration and social security | 454/9 | €6,298 | €1,321 | -€4,977 | -79.0% |
| Turnover | 70 | - | €257,938 | +€257,938 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €170,668 | +€170,668 | |
| Remuneration, social security and pensions | 62 | €11,892 | €64,888 | +€52,996 | +446% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €5,804 | +€5,804 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €324 | - | -€324 | |
| Other operating charges | 640/8 | €958 | €3,500 | +€2,542 | +265% |
| Gross operating margin | 9900 | €34,376 | €93,476 | +€59,100 | +172% |
| Operating profit (loss) | 9901 | €21,201 | €19,283 | -€1,918 | -9.0% |
| Financial income | 75/76B | €74 | €1 | -€74 | -99.2% |
| Recurring financial income | 75 | €74 | €1 | -€74 | -99.2% |
| Financial charges | 65/66B | €1,567 | €1,185 | -€382 | -24.4% |
| Recurring financial charges | 65 | €1,567 | €1,185 | -€382 | -24.4% |
| Profit (loss) for the period before taxes | 9903 | €19,708 | €18,099 | -€1,610 | -8.2% |
| Income taxes | 67/77 | €9,118 | €2,738 | -€6,380 | -70.0% |
| Profit (loss) for the period | 9904 | €10,590 | €15,360 | +€4,770 | +45.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,590 | €15,360 | +€4,770 | +45.0% |
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 22 October 2026 via checked.be.