RAYCO: 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.
RAYCO
Largest movements
- Receivables within one year +€29,352
up €29,352 (+143.7%), from €20,423 to €49,775
of which Other amounts receivable: +€23,967
- Tangible fixed assets +€17,371
up €17,371 (+1.3%), from €1.3m to €1.3m
- Other debts +€167,286
up €167,286 (+73.9%), from €226,360 to €393,645
- Debts after one year -€79,963
down €79,963 (-9.7%), from €827,168 to €747,205
- Reserves -€34,112
down €34,112 (-28.8%), from €118,271 to €84,159
of which Distributable reserves: -€33,462
- Other operating charges -€10,203
down €10,203 (-43.0%), from €23,707 to €13,504
- Financial charges +€9,392
up €9,392 (+21.1%), from €44,599 to €53,991
- Depreciation +€4,057
up €4,057 (+7.9%), from €51,582 to €55,639
- Gross operating margin +€2,449
up €2,449 (+2.0%), from €123,281 to €125,730
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 | €1,346,964 | €1,400,987 | +€54,023 | +4.0% |
| Fixed assets | 21/28 | €1,294,846 | €1,312,217 | +€17,371 | +1.3% |
| Tangible fixed assets | 22/27 | €1,293,548 | €1,310,920 | +€17,371 | +1.3% |
| Land and buildings | 22 | €1,293,548 | €1,310,920 | +€17,371 | +1.3% |
| Financial fixed assets | 28 | €1,297 | €1,297 | = | 0.0% |
| Current assets | 29/58 | €52,118 | €88,770 | +€36,652 | +70.3% |
| Amounts receivable within one year | 40/41 | €20,423 | €49,775 | +€29,352 | +143.7% |
| Trade receivables | 40 | €6,926 | €12,311 | +€5,385 | +77.7% |
| Other amounts receivable | 41 | €13,497 | €37,464 | +€23,967 | +177.6% |
| Cash at bank and in hand | 54/58 | €31,695 | €38,995 | +€7,300 | +23.0% |
| Total equity and liabilities | 10/49 | €1,346,964 | €1,400,987 | +€54,023 | +4.0% |
| Equity | 10/15 | €197,271 | €163,159 | -€34,112 | -17.3% |
| Contributions | 10/11 | €79,000 | €79,000 | = | 0.0% |
| Reserves | 13 | €118,271 | €84,159 | -€34,112 | -28.8% |
| Non-distributable reserves | 130/1 | €7,900 | €7,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,900 | €7,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,013 | €4,362 | -€651 | -13.0% |
| Distributable reserves | 133 | €105,358 | €71,897 | -€33,462 | -31.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €1,020 | €583 | -€437 | -42.8% |
| Deferred taxes | 168 | €1,020 | €583 | -€437 | -42.8% |
| Amounts payable | 17/49 | €1,148,674 | €1,237,246 | +€88,572 | +7.7% |
| Amounts payable after more than one year | 17 | €827,168 | €747,205 | -€79,963 | -9.7% |
| Financial debts | 170/4 | €827,168 | €747,205 | -€79,963 | -9.7% |
| Amounts payable within one year | 42/48 | €315,923 | €484,457 | +€168,535 | +53.3% |
| Current portion of amounts payable after more than one year | 42 | €78,006 | €79,963 | +€1,957 | +2.5% |
| Financial debts | 43 | €10,000 | €10,000 | = | 0.0% |
| Credit institutions | 430/8 | €10,000 | €10,000 | = | 0.0% |
| Trade debts | 44 | €1,233 | €537 | -€696 | -56.5% |
| Suppliers | 440/4 | €1,233 | €537 | -€696 | -56.5% |
| Taxes, remuneration and social security | 45 | €324 | €313 | -€12 | -3.6% |
| Taxes | 450/3 | €324 | €313 | -€12 | -3.6% |
| Other amounts payable | 47/48 | €226,360 | €393,645 | +€167,286 | +73.9% |
| Accrued charges and deferred income | 492/3 | €5,583 | €5,583 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,582 | €55,639 | +€4,057 | +7.9% |
| Other operating charges | 640/8 | €23,707 | €13,504 | -€10,203 | -43.0% |
| Gross operating margin | 9900 | €123,281 | €125,730 | +€2,449 | +2.0% |
| Operating profit (loss) | 9901 | €47,991 | €56,587 | +€8,596 | +17.9% |
| Financial income | 75/76B | €276 | €902 | +€627 | +227.4% |
| Recurring financial income | 75 | €276 | €902 | +€627 | +227.4% |
| Financial charges | 65/66B | €44,599 | €53,991 | +€9,392 | +21.1% |
| Recurring financial charges | 65 | €44,599 | €53,991 | +€9,392 | +21.1% |
| Profit (loss) for the period before taxes | 9903 | €3,668 | €3,498 | -€169 | -4.6% |
| Transfer from deferred taxes | 780 | €437 | €437 | = | 0.0% |
| Income taxes | 67/77 | €1,513 | €1,459 | -€54 | -3.6% |
| Profit (loss) for the period | 9904 | €2,591 | €2,476 | -€115 | -4.5% |
| Transfer from tax-exempt reserves | 789 | €651 | €651 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,242 | €3,127 | -€115 | -3.6% |
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 8 October 2026 via checked.be.