RAYEN PROJECTS: 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.
RAYEN PROJECTS
Largest movements
- Cash +€1.3m
up €1.3m (+232.8%), from €553,644 to €1.8m
mainly Net result for the year (+€1.2m) and Current investments (+€1.0m)
- Current investments -€1.0m
no longer reported in 2025 (was €1.0m)
- Stocks and contracts +€394,263
up €394,263 (+31.7%), from €1.2m to €1.6m
of which Contracts in progress: +€394,263
- Advances received +€486,452
up €486,452 (+44.4%), from €1.1m to €1.6m
- Trade debts -€123,369
down €123,369 (-86.4%), from €142,717 to €19,347
- Other debts +€100,220
up €100,220 (+10.0%), from €1.0m to €1.1m
- Reserves +€90,000
up €90,000 (+7.7%), from €1.2m to €1.3m
of which Distributable reserves: +€90,000
- Tax, wage and social debts +€53,883
up €53,883 (+127.5%), from €42,272 to €96,156
of which Taxes: +€53,814
- Gross operating margin +€239,363
up €239,363 (+10.0%), from €2.4m to €2.6m
- Taxes +€54,648
up €54,648 (+16.6%), from €329,178 to €383,825
- Write-downs -€35,934
no longer reported in 2025 (was €35,934)
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 | €4,167,819 | €4,774,676 | +€606,857 | +14.6% |
| Fixed assets | 21/28 | €317,696 | €281,994 | -€35,701 | -11.2% |
| Tangible fixed assets | 22/27 | €272,513 | €248,663 | -€23,850 | -8.8% |
| Plant, machinery and equipment | 23 | €14,269 | €14,017 | -€252 | -1.8% |
| Furniture and vehicles | 24 | €135,398 | €138,488 | +€3,090 | +2.3% |
| Leasing and similar rights | 25 | €36,967 | - | -€36,967 | |
| Other tangible fixed assets | 26 | €85,879 | €96,157 | +€10,279 | +12.0% |
| Financial fixed assets | 28 | €45,183 | €33,332 | -€11,852 | -26.2% |
| Current assets | 29/58 | €3,850,124 | €4,492,682 | +€642,558 | +16.7% |
| Stocks and contracts in progress | 3 | €1,243,757 | €1,638,019 | +€394,263 | +31.7% |
| Stocks | 30/36 | €160,000 | €160,000 | = | 0.0% |
| Contracts in progress | 37 | €1,083,757 | €1,478,019 | +€394,263 | +36.4% |
| Amounts receivable within one year | 40/41 | €1,045,302 | €1,012,251 | -€33,051 | -3.2% |
| Trade receivables | 40 | €950,612 | €964,169 | +€13,556 | +1.4% |
| Other amounts receivable | 41 | €94,690 | €48,082 | -€46,608 | -49.2% |
| Current investments | 50/53 | €1,000,000 | - | -€1.0m | |
| Cash at bank and in hand | 54/58 | €553,644 | €1,842,412 | +€1.3m | +232.8% |
| Deferred charges and accrued income | 490/1 | €7,421 | - | -€7,421 | |
| Total equity and liabilities | 10/49 | €4,167,819 | €4,774,676 | +€606,857 | +14.6% |
| Equity | 10/15 | €1,868,231 | €1,957,901 | +€89,670 | +4.8% |
| Contributions | 10/11 | €696,763 | €696,763 | = | 0.0% |
| Capital | 10 | €696,763 | €696,763 | = | 0.0% |
| Issued capital | 100 | €696,763 | €696,763 | = | 0.0% |
| Reserves | 13 | €1,169,746 | €1,259,746 | +€90,000 | +7.7% |
| Non-distributable reserves | 130/1 | €69,676 | €69,676 | = | 0.0% |
| Legal reserve | 130 | €69,676 | €69,676 | = | 0.0% |
| Tax-exempt reserves | 132 | €69 | €69 | = | 0.0% |
| Distributable reserves | 133 | €1,100,000 | €1,190,000 | +€90,000 | +8.2% |
| Profit (loss) carried forward | 14 | €1,722 | €1,392 | -€330 | -19.2% |
| Provisions and deferred taxes | 16 | €19,859 | €19,859 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €19,859 | €19,859 | = | 0.0% |
| Pensions and similar obligations | 160 | €4,658 | €4,658 | = | 0.0% |
| Environmental obligations | 163 | €15,201 | €15,201 | = | 0.0% |
| Amounts payable | 17/49 | €2,279,730 | €2,796,917 | +€517,187 | +22.7% |
| Amounts payable within one year | 42/48 | €2,279,730 | €2,796,917 | +€517,187 | +22.7% |
| Trade debts | 44 | €142,717 | €19,347 | -€123,369 | -86.4% |
| Suppliers | 440/4 | €142,717 | €19,347 | -€123,369 | -86.4% |
| Advances received on contracts in progress | 46 | €1,094,731 | €1,581,183 | +€486,452 | +44.4% |
| Taxes, remuneration and social security | 45 | €42,272 | €96,156 | +€53,883 | +127.5% |
| Taxes | 450/3 | €2,627 | €56,440 | +€53,814 | +2048.5% |
| Remuneration and social security | 454/9 | €39,645 | €39,715 | +€70 | +0.2% |
| Other amounts payable | 47/48 | €1,000,011 | €1,100,231 | +€100,220 | +10.0% |
| Non-recurring operating income | 76A | €8,678 | - | -€8,678 | |
| Remuneration, social security and pensions | 62 | €991,902 | €984,336 | -€7,566 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,183 | €96,392 | +€3,209 | +3.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €35,934 | - | -€35,934 | |
| Other operating charges | 640/8 | €23,821 | €17,615 | -€6,206 | -26.1% |
| Gross operating margin | 9900 | €2,403,131 | €2,642,494 | +€239,363 | +10.0% |
| Operating profit (loss) | 9901 | €1,258,291 | €1,544,151 | +€285,860 | +22.7% |
| Financial income | 75/76B | €28,003 | €32,614 | +€4,612 | +16.5% |
| Recurring financial income | 75 | €28,003 | €32,614 | +€4,612 | +16.5% |
| Financial charges | 65/66B | €3,715 | €3,270 | -€445 | -12.0% |
| Recurring financial charges | 65 | €3,715 | €3,270 | -€445 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €1,282,578 | €1,573,495 | +€290,917 | +22.7% |
| Income taxes | 67/77 | €329,178 | €383,825 | +€54,648 | +16.6% |
| Profit (loss) for the period | 9904 | €953,401 | €1,189,670 | +€236,269 | +24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €953,401 | €1,189,670 | +€236,269 | +24.8% |
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 4 October 2026 via checked.be.