RAYFERENCE: what changed
RAYFERENCE
Largest movements
- Deferred charges and accrued income +€100,066
up €100,066 (+59.5%), from €168,189 to €268,256
- Receivables within one year +€59,218
up €59,218 (+247%), from €23,958 to €83,175
of which Trade receivables: +€42,889
- Cash +€12,163
up €12,163 (+10.9%), from €111,206 to €123,369
mainly Net result for the year (+€102,371) and Accrued charges and deferred income (+€100,267)
- Tangible fixed assets +€8,604
up €8,604 (+79.4%), from €10,836 to €19,440
- Accrued charges and deferred income +€100,267
up €100,267 (+114%), from €87,684 to €187,951
- Profit (loss) carried forward +€42,371
up €42,371 (+57.0%), from €74,308 to €116,679
- Other debts +€14,798
up €14,798 (+29.6%), from €50,072 to €64,870
- Tax, wage and social debts +€11,209
up €11,209 (+52.9%), from €21,175 to €32,384
of which Remuneration and social security: +€9,523
- Trade debts +€10,401
up €10,401 (+16.5%), from €63,097 to €73,498
- Gross operating margin +€153,009
up €153,009 (+46.6%), from €328,052 to €481,061
- Staff costs +€104,062
up €104,062 (+44.0%), from €236,552 to €340,614
- Taxes +€8,455
up €8,455 (+45.4%), from €18,641 to €27,096
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €316,753 | €496,805 | +€180,051 | +56.8% |
| Fixed assets | 21/28 | €13,401 | €22,005 | +€8,604 | +64.2% |
| Tangible fixed assets | 22/27 | €10,836 | €19,440 | +€8,604 | +79.4% |
| Furniture and vehicles | 24 | €10,836 | €19,440 | +€8,604 | +79.4% |
| Financial fixed assets | 28 | €2,565 | €2,565 | = | 0.0% |
| Current assets | 29/58 | €303,352 | €474,800 | +€171,447 | +56.5% |
| Amounts receivable within one year | 40/41 | €23,958 | €83,175 | +€59,218 | +247% |
| Trade receivables | 40 | €6,046 | €48,934 | +€42,889 | +709% |
| Other amounts receivable | 41 | €17,912 | €34,241 | +€16,329 | +91.2% |
| Cash at bank and in hand | 54/58 | €111,206 | €123,369 | +€12,163 | +10.9% |
| Deferred charges and accrued income | 490/1 | €168,189 | €268,256 | +€100,066 | +59.5% |
| Total equity and liabilities | 10/49 | €316,753 | €496,805 | +€180,051 | +56.8% |
| Equity | 10/15 | €94,726 | €137,097 | +€42,371 | +44.7% |
| Contributions | 10/11 | €20,405 | €20,405 | = | 0.0% |
| Reserves | 13 | €13 | €13 | = | 0.0% |
| Distributable reserves | 133 | €13 | €13 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,308 | €116,679 | +€42,371 | +57.0% |
| Amounts payable | 17/49 | €222,028 | €359,708 | +€137,680 | +62.0% |
| Amounts payable within one year | 42/48 | €134,344 | €171,757 | +€37,413 | +27.8% |
| Financial debts | 43 | - | €1,005 | +€1,005 | |
| Credit institutions | 430/8 | - | €1,005 | +€1,005 | |
| Trade debts | 44 | €63,097 | €73,498 | +€10,401 | +16.5% |
| Suppliers | 440/4 | €63,097 | €73,498 | +€10,401 | +16.5% |
| Taxes, remuneration and social security | 45 | €21,175 | €32,384 | +€11,209 | +52.9% |
| Taxes | 450/3 | €0 | €1,686 | +€1,686 | |
| Remuneration and social security | 454/9 | €21,175 | €30,698 | +€9,523 | +45.0% |
| Other amounts payable | 47/48 | €50,072 | €64,870 | +€14,798 | +29.6% |
| Accrued charges and deferred income | 492/3 | €87,684 | €187,951 | +€100,267 | +114% |
| Remuneration, social security and pensions | 62 | €236,552 | €340,614 | +€104,062 | +44.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,378 | €9,128 | -€250 | -2.7% |
| Other operating charges | 640/8 | €1,368 | €400 | -€968 | -70.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €328,052 | €481,061 | +€153,009 | +46.6% |
| Operating profit (loss) | 9901 | €80,753 | €130,919 | +€50,166 | +62.1% |
| Financial income | 75/76B | €906 | €319 | -€587 | -64.8% |
| Recurring financial income | 75 | €906 | €319 | -€587 | -64.8% |
| Financial charges | 65/66B | €1,279 | €1,771 | +€492 | +38.4% |
| Recurring financial charges | 65 | €1,279 | €1,771 | +€492 | +38.4% |
| Profit (loss) for the period before taxes | 9903 | €80,380 | €129,467 | +€49,087 | +61.1% |
| Income taxes | 67/77 | €18,641 | €27,096 | +€8,455 | +45.4% |
| Profit (loss) for the period | 9904 | €61,740 | €102,371 | +€40,632 | +65.8% |
| Profit (loss) for the period to be appropriated | 9905 | €61,740 | €102,371 | +€40,632 | +65.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.