RAYDOX: 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.
RAYDOX
Largest movements
- Receivables after one year -€195,000
down €195,000 (-100.0%), from €195,000 to €0
- Cash -€89,187
down €89,187 (-31.5%), from €283,051 to €193,864
mainly Contributions, distributions and other (-€460,813) and Investment in fixed assets (net) (-€54,492)
- Receivables within one year -€26,829
down €26,829 (-69.8%), from €38,454 to €11,625
of which Other amounts receivable: -€26,507
- Tangible fixed assets +€22,195
up €22,195 (+34.2%), from €64,859 to €87,054
of which Plant, machinery and equipment: +€20,117
- Deferred charges and accrued income -€9,970
down €9,970 (-49.7%), from €20,058 to €10,089
- Reserves -€382,904
down €382,904 (-70.0%), from €547,007 to €164,104
- Tax, wage and social debts +€70,209
up €70,209 (+399.1%), from €17,590 to €87,799
of which Taxes: +€61,715
- Trade debts +€22,449
up €22,449 (+79.9%), from €28,112 to €50,562
- Staff costs +€21,105
up €21,105 (+15.0%), from €141,032 to €162,137
- Gross operating margin +€20,120
up €20,120 (+7.5%), from €269,584 to €289,703
- Depreciation +€6,654
up €6,654 (+33.2%), from €20,030 to €26,684
- Financial income -€6,187
down €6,187 (-97.8%), from €6,329 to €141
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 | €616,810 | €321,064 | -€295,745 | -47.9% |
| Fixed assets | 21/28 | €68,609 | €96,416 | +€27,808 | +40.5% |
| Intangible fixed assets | 21 | - | €5,612 | +€5,612 | |
| Tangible fixed assets | 22/27 | €64,859 | €87,054 | +€22,195 | +34.2% |
| Land and buildings | 22 | €3,384 | €447 | -€2,937 | -86.8% |
| Plant, machinery and equipment | 23 | €52,355 | €72,472 | +€20,117 | +38.4% |
| Furniture and vehicles | 24 | €4,643 | €5,129 | +€486 | +10.5% |
| Other tangible fixed assets | 26 | €4,477 | €9,006 | +€4,529 | +101.2% |
| Financial fixed assets | 28 | €3,750 | €3,750 | = | 0.0% |
| Current assets | 29/58 | €548,201 | €224,648 | -€323,553 | -59.0% |
| Amounts receivable after more than one year | 29 | €195,000 | €0 | -€195,000 | -100.0% |
| Other amounts receivable | 291 | €195,000 | €0 | -€195,000 | -100.0% |
| Stocks and contracts in progress | 3 | €11,638 | €9,071 | -€2,568 | -22.1% |
| Stocks | 30/36 | €11,638 | €9,071 | -€2,568 | -22.1% |
| Amounts receivable within one year | 40/41 | €38,454 | €11,625 | -€26,829 | -69.8% |
| Trade receivables | 40 | €322 | €0 | -€322 | -100.0% |
| Other amounts receivable | 41 | €38,132 | €11,625 | -€26,507 | -69.5% |
| Cash at bank and in hand | 54/58 | €283,051 | €193,864 | -€89,187 | -31.5% |
| Deferred charges and accrued income | 490/1 | €20,058 | €10,089 | -€9,970 | -49.7% |
| Total equity and liabilities | 10/49 | €616,810 | €321,064 | -€295,745 | -47.9% |
| Equity | 10/15 | €565,607 | €182,704 | -€382,904 | -67.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €547,007 | €164,104 | -€382,904 | -70.0% |
| Distributable reserves | 133 | €547,007 | €164,104 | -€382,904 | -70.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €51,202 | €138,360 | +€87,158 | +170.2% |
| Amounts payable within one year | 42/48 | €51,202 | €138,360 | +€87,158 | +170.2% |
| Trade debts | 44 | €28,112 | €50,562 | +€22,449 | +79.9% |
| Suppliers | 440/4 | €28,112 | €50,562 | +€22,449 | +79.9% |
| Taxes, remuneration and social security | 45 | €17,590 | €87,799 | +€70,209 | +399.1% |
| Taxes | 450/3 | €0 | €61,715 | +€61,715 | |
| Remuneration and social security | 454/9 | €17,590 | €26,083 | +€8,494 | +48.3% |
| Other amounts payable | 47/48 | €5,500 | €0 | -€5,500 | -100.0% |
| Remuneration, social security and pensions | 62 | €141,032 | €162,137 | +€21,105 | +15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,030 | €26,684 | +€6,654 | +33.2% |
| Other operating charges | 640/8 | €2,152 | €2,170 | +€18 | +0.8% |
| Gross operating margin | 9900 | €269,584 | €289,703 | +€20,120 | +7.5% |
| Operating profit (loss) | 9901 | €106,369 | €98,712 | -€7,657 | -7.2% |
| Financial income | 75/76B | €6,329 | €141 | -€6,187 | -97.8% |
| Recurring financial income | 75 | €6,329 | €141 | -€6,187 | -97.8% |
| Financial charges | 65/66B | €2,760 | €3,005 | +€246 | +8.9% |
| Recurring financial charges | 65 | €2,760 | €3,005 | +€246 | +8.9% |
| Profit (loss) for the period before taxes | 9903 | €109,938 | €95,848 | -€14,090 | -12.8% |
| Income taxes | 67/77 | €20,625 | €17,939 | -€2,686 | -13.0% |
| Profit (loss) for the period | 9904 | €89,313 | €77,909 | -€11,404 | -12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €89,313 | €77,909 | -€11,404 | -12.8% |
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 30 September 2026 via checked.be.