RAYAN ZAIO: 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 ZAIO
Largest movements
- Receivables within one year +€28,427
up €28,427 (+158%), from €17,970 to €46,397
of which Other amounts receivable: +€15,817
- Cash +€7,073
up €7,073 (+41.6%), from €16,994 to €24,067
mainly Trade debts (+€33,469) and Tax, wage and social debts (+€19,967)
- Tangible fixed assets +€4,811
up €4,811 (+57.9%), from €8,312 to €13,123
- Deferred charges and accrued income -€3,461
no longer reported in 2025 (was €3,461)
- Trade debts +€33,469
up €33,469 (+267%), from €12,554 to €46,023
- Tax, wage and social debts +€19,967
new in 2025: €19,967
of which Remuneration and social security: +€18,398
- Other debts -€17,840
no longer reported in 2025 (was €17,840)
- Profit (loss) carried forward +€1,254
up €1,254 (+8.4%), from €14,951 to €16,205
- Staff costs -€13,379
down €13,379 (-97.3%), from €13,751 to €372
- Depreciation +€5,189
up €5,189 (+173%), from €3,000 to €8,189
- Gross operating margin -€4,485
down €4,485 (-23.6%), from €18,982 to €14,496
- Taxes +€3,586
up €3,586 (+1,012%), from €355 to €3,941
- Other operating charges +€200
up €200 (+39.8%), from €502 to €701
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 | €46,737 | €83,587 | +€36,851 | +78.8% |
| Fixed assets | 21/28 | €8,312 | €13,123 | +€4,811 | +57.9% |
| Tangible fixed assets | 22/27 | €8,312 | €13,123 | +€4,811 | +57.9% |
| Furniture and vehicles | 24 | €8,312 | €13,123 | +€4,811 | +57.9% |
| Current assets | 29/58 | €38,425 | €70,464 | +€32,039 | +83.4% |
| Amounts receivable within one year | 40/41 | €17,970 | €46,397 | +€28,427 | +158% |
| Trade receivables | 40 | €16,152 | €28,762 | +€12,610 | +78.1% |
| Other amounts receivable | 41 | €1,818 | €17,635 | +€15,817 | +870% |
| Cash at bank and in hand | 54/58 | €16,994 | €24,067 | +€7,073 | +41.6% |
| Deferred charges and accrued income | 490/1 | €3,461 | - | -€3,461 | |
| Total equity and liabilities | 10/49 | €46,737 | €83,587 | +€36,851 | +78.8% |
| Equity | 10/15 | €16,343 | €17,597 | +€1,254 | +7.7% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €1,391 | €1,391 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,391 | €1,391 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,391 | €1,391 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,951 | €16,205 | +€1,254 | +8.4% |
| Amounts payable | 17/49 | €30,393 | €65,990 | +€35,597 | +117% |
| Amounts payable within one year | 42/48 | €30,393 | €65,990 | +€35,597 | +117% |
| Trade debts | 44 | €12,554 | €46,023 | +€33,469 | +267% |
| Suppliers | 440/4 | €12,554 | €46,023 | +€33,469 | +267% |
| Taxes, remuneration and social security | 45 | - | €19,967 | +€19,967 | |
| Taxes | 450/3 | - | €1,569 | +€1,569 | |
| Remuneration and social security | 454/9 | - | €18,398 | +€18,398 | |
| Other amounts payable | 47/48 | €17,840 | - | -€17,840 | |
| Remuneration, social security and pensions | 62 | €13,751 | €372 | -€13,379 | -97.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,000 | €8,189 | +€5,189 | +173% |
| Other operating charges | 640/8 | €502 | €701 | +€200 | +39.8% |
| Gross operating margin | 9900 | €18,982 | €14,496 | -€4,485 | -23.6% |
| Operating profit (loss) | 9901 | €1,729 | €5,234 | +€3,506 | +203% |
| Financial charges | 65/66B | €61 | €40 | -€22 | -35.6% |
| Recurring financial charges | 65 | €61 | €40 | -€22 | -35.6% |
| Profit (loss) for the period before taxes | 9903 | €1,667 | €5,195 | +€3,527 | +212% |
| Income taxes | 67/77 | €355 | €3,941 | +€3,586 | +1,012% |
| Profit (loss) for the period | 9904 | €1,313 | €1,254 | -€59 | -4.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,313 | €1,254 | -€59 | -4.5% |
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 21 October 2026 via checked.be.