RAYDEC: 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.
RAYDEC
Largest movements
- Receivables within one year +€73,394
up €73,394 (+16.5%), from €443,733 to €517,127
of which Other amounts receivable: +€85,979
- Other debts +€335,771
up €335,771 (+424.2%), from €79,161 to €414,932
- Reserves -€266,839
down €266,839 (-33.8%), from €790,504 to €523,666
- Gross operating margin -€37,734
down €37,734 (-14.4%), from €261,739 to €224,005
- Taxes -€9,922
down €9,922 (-12.3%), from €80,785 to €70,863
- Financial income +€5,987
up €5,987 (+61.9%), from €9,674 to €15,660
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 | €920,642 | €993,961 | +€73,319 | +8.0% |
| Fixed assets | 21/28 | €4,656 | €2,706 | -€1,950 | -41.9% |
| Tangible fixed assets | 22/27 | €4,606 | €2,656 | -€1,950 | -42.3% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €4,606 | €2,656 | -€1,950 | -42.3% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €915,987 | €991,255 | +€75,269 | +8.2% |
| Amounts receivable within one year | 40/41 | €443,733 | €517,127 | +€73,394 | +16.5% |
| Trade receivables | 40 | €171,165 | €158,581 | -€12,584 | -7.4% |
| Other amounts receivable | 41 | €272,567 | €358,546 | +€85,979 | +31.5% |
| Cash at bank and in hand | 54/58 | €470,910 | €471,415 | +€504 | +0.1% |
| Deferred charges and accrued income | 490/1 | €1,344 | €2,714 | +€1,370 | +101.9% |
| Total equity and liabilities | 10/49 | €920,642 | €993,961 | +€73,319 | +8.0% |
| Equity | 10/15 | €809,097 | €542,258 | -€266,839 | -33.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €790,504 | €523,666 | -€266,839 | -33.8% |
| Distributable reserves | 133 | €790,504 | €523,666 | -€266,839 | -33.8% |
| Amounts payable | 17/49 | €111,546 | €451,703 | +€340,157 | +304.9% |
| Amounts payable within one year | 42/48 | €111,546 | €451,703 | +€340,157 | +304.9% |
| Financial debts | 43 | €27,616 | €27,592 | -€24 | -0.1% |
| Credit institutions | 430/8 | €27,616 | €27,592 | -€24 | -0.1% |
| Trade debts | 44 | €769 | €1,219 | +€450 | +58.5% |
| Suppliers | 440/4 | €769 | €1,219 | +€450 | +58.5% |
| Taxes, remuneration and social security | 45 | €4,000 | €7,960 | +€3,960 | +99.0% |
| Taxes | 450/3 | €1,927 | €5,863 | +€3,937 | +204.3% |
| Remuneration and social security | 454/9 | €2,073 | €2,096 | +€24 | +1.1% |
| Other amounts payable | 47/48 | €79,161 | €414,932 | +€335,771 | +424.2% |
| Remuneration, social security and pensions | 62 | €16,159 | €16,313 | +€154 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,245 | €1,950 | +€705 | +56.7% |
| Other operating charges | 640/8 | €174 | €624 | +€450 | +258.7% |
| Gross operating margin | 9900 | €261,739 | €224,005 | -€37,734 | -14.4% |
| Operating profit (loss) | 9901 | €244,161 | €205,118 | -€39,043 | -16.0% |
| Financial income | 75/76B | €9,674 | €15,660 | +€5,987 | +61.9% |
| Recurring financial income | 75 | €9,674 | €15,660 | +€5,987 | +61.9% |
| Financial charges | 65/66B | €1,869 | €1,822 | -€47 | -2.5% |
| Recurring financial charges | 65 | €1,869 | €1,822 | -€47 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €251,966 | €218,957 | -€33,009 | -13.1% |
| Income taxes | 67/77 | €80,785 | €70,863 | -€9,922 | -12.3% |
| Profit (loss) for the period | 9904 | €171,181 | €148,094 | -€23,087 | -13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €171,181 | €148,094 | -€23,087 | -13.5% |
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 29 September 2026 via checked.be.