RAYCON: 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.
RAYCON
Largest movements
- Cash +€38,481
up €38,481 (+282%), from €13,652 to €52,133
mainly Net result for the year (+€19,756) and Depreciation (+€12,733)
- Tangible fixed assets -€3,436
down €3,436 (-6.3%), from €54,416 to €50,980
- Receivables within one year -€2,321
down €2,321 (-29.4%), from €7,905 to €5,584
of which Other amounts receivable: -€5,267
- Reserves +€19,756
up €19,756 (+82.0%), from €24,096 to €43,852
- Tax, wage and social debts +€8,184
new in 2025: €8,184
- Other debts +€6,150
up €6,150 (+19.5%), from €31,501 to €37,652
- Trade debts -€1,367
down €1,367 (-60.1%), from €2,273 to €906
- Gross operating margin +€32,474
up €32,474 (+315%), from €10,306 to €42,780
- Depreciation +€10,890
up €10,890 (+591%), from €1,843 to €12,733
- Taxes +€7,698
up €7,698 (+543%), from €1,416 to €9,115
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 | €75,973 | €108,698 | +€32,725 | +43.1% |
| Fixed assets | 21/28 | €54,416 | €50,980 | -€3,436 | -6.3% |
| Tangible fixed assets | 22/27 | €54,416 | €50,980 | -€3,436 | -6.3% |
| Furniture and vehicles | 24 | €54,416 | €50,980 | -€3,436 | -6.3% |
| Current assets | 29/58 | €21,557 | €57,717 | +€36,160 | +168% |
| Amounts receivable within one year | 40/41 | €7,905 | €5,584 | -€2,321 | -29.4% |
| Trade receivables | 40 | €2,638 | €5,584 | +€2,946 | +112% |
| Other amounts receivable | 41 | €5,267 | - | -€5,267 | |
| Cash at bank and in hand | 54/58 | €13,652 | €52,133 | +€38,481 | +282% |
| Total equity and liabilities | 10/49 | €75,973 | €108,698 | +€32,725 | +43.1% |
| Equity | 10/15 | €42,199 | €61,955 | +€19,756 | +46.8% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €24,096 | €43,852 | +€19,756 | +82.0% |
| Distributable reserves | 133 | €24,096 | €43,852 | +€19,756 | +82.0% |
| Profit (loss) carried forward | 14 | €3,843 | €3,843 | = | 0.0% |
| Amounts payable | 17/49 | €33,774 | €46,742 | +€12,968 | +38.4% |
| Amounts payable within one year | 42/48 | €33,774 | €46,742 | +€12,968 | +38.4% |
| Trade debts | 44 | €2,273 | €906 | -€1,367 | -60.1% |
| Suppliers | 440/4 | €2,273 | €906 | -€1,367 | -60.1% |
| Taxes, remuneration and social security | 45 | - | €8,184 | +€8,184 | |
| Taxes | 450/3 | - | €8,184 | +€8,184 | |
| Other amounts payable | 47/48 | €31,501 | €37,652 | +€6,150 | +19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,843 | €12,733 | +€10,890 | +591% |
| Other operating charges | 640/8 | €1,034 | €1,118 | +€83 | +8.1% |
| Gross operating margin | 9900 | €10,306 | €42,780 | +€32,474 | +315% |
| Operating profit (loss) | 9901 | €7,429 | €28,929 | +€21,500 | +289% |
| Financial charges | 65/66B | €54 | €58 | +€4 | +7.8% |
| Recurring financial charges | 65 | €54 | €58 | +€4 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | €7,375 | €28,871 | +€21,496 | +291% |
| Income taxes | 67/77 | €1,416 | €9,115 | +€7,698 | +543% |
| Profit (loss) for the period | 9904 | €5,959 | €19,756 | +€13,798 | +232% |
| Profit (loss) for the period to be appropriated | 9905 | €5,959 | €19,756 | +€13,798 | +232% |
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 19 October 2026 via checked.be.