RAYFRAN: 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.
RAYFRAN
Largest movements
- Cash -€26,526
down €26,526 (-21.8%), from €121,769 to €95,243
mainly Current portion of long-term debt (-€23,550) and Tax, wage and social debts (-€16,317)
- Tangible fixed assets -€17,552
down €17,552 (-16.9%), from €103,775 to €86,223
of which Plant, machinery and equipment: -€12,324
- Receivables within one year +€11,760
up €11,760 (+39.6%), from €29,688 to €41,447
of which Other amounts receivable: +€6,259
- Stocks and contracts +€8,576
up €8,576 (+45.6%), from €18,826 to €27,402
- Current portion of long-term debt -€23,550
down €23,550 (-50.6%), from €46,555 to €23,005
- Tax, wage and social debts -€16,317
down €16,317 (-13.6%), from €119,986 to €103,670
of which Remuneration and social security: -€15,999
- Trade debts +€12,964
up €12,964 (+21.5%), from €60,277 to €73,241
- Profit (loss) carried forward +€3,161
up €3,161 (+1.4%), from -€228,595 to -€225,434
- Depreciation -€22,739
down €22,739 (-53.4%), from €42,601 to €19,862
- Staff costs +€22,430
up €22,430 (+5.8%), from €390,078 to €412,508
- Gross operating margin -€20,996
down €20,996 (-4.3%), from €487,542 to €466,546
- Taxes -€9,823
down €9,823 (-82.9%), from €11,850 to €2,027
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 | €295,759 | €272,017 | -€23,742 | -8.0% |
| Fixed assets | 21/28 | €125,477 | €107,925 | -€17,552 | -14.0% |
| Tangible fixed assets | 22/27 | €103,775 | €86,223 | -€17,552 | -16.9% |
| Plant, machinery and equipment | 23 | €86,571 | €74,247 | -€12,324 | -14.2% |
| Furniture and vehicles | 24 | €17,204 | €11,976 | -€5,228 | -30.4% |
| Financial fixed assets | 28 | €21,702 | €21,702 | = | 0.0% |
| Current assets | 29/58 | €170,283 | €164,093 | -€6,190 | -3.6% |
| Stocks and contracts in progress | 3 | €18,826 | €27,402 | +€8,576 | +45.6% |
| Stocks | 30/36 | €18,826 | €27,402 | +€8,576 | +45.6% |
| Amounts receivable within one year | 40/41 | €29,688 | €41,447 | +€11,760 | +39.6% |
| Trade receivables | 40 | €2,596 | €8,097 | +€5,501 | +212% |
| Other amounts receivable | 41 | €27,092 | €33,351 | +€6,259 | +23.1% |
| Cash at bank and in hand | 54/58 | €121,769 | €95,243 | -€26,526 | -21.8% |
| Total equity and liabilities | 10/49 | €295,759 | €272,017 | -€23,742 | -8.0% |
| Equity | 10/15 | €34,766 | €37,927 | +€3,161 | +9.1% |
| Contributions | 10/11 | €175,000 | €175,000 | = | 0.0% |
| Reserves | 13 | €88,361 | €88,361 | = | 0.0% |
| Distributable reserves | 133 | €88,361 | €88,361 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€228,595 | -€225,434 | +€3,161 | +1.4% |
| Amounts payable | 17/49 | €260,993 | €234,090 | -€26,903 | -10.3% |
| Amounts payable within one year | 42/48 | €260,993 | €234,090 | -€26,903 | -10.3% |
| Current portion of amounts payable after more than one year | 42 | €46,555 | €23,005 | -€23,550 | -50.6% |
| Trade debts | 44 | €60,277 | €73,241 | +€12,964 | +21.5% |
| Suppliers | 440/4 | €60,277 | €73,241 | +€12,964 | +21.5% |
| Taxes, remuneration and social security | 45 | €119,986 | €103,670 | -€16,317 | -13.6% |
| Taxes | 450/3 | €34,591 | €34,273 | -€317 | -0.9% |
| Remuneration and social security | 454/9 | €85,396 | €69,397 | -€15,999 | -18.7% |
| Other amounts payable | 47/48 | €34,175 | €34,175 | +€0 | 0.0% |
| Remuneration, social security and pensions | 62 | €390,078 | €412,508 | +€22,430 | +5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,601 | €19,862 | -€22,739 | -53.4% |
| Other operating charges | 640/8 | €19,975 | €21,040 | +€1,065 | +5.3% |
| Non-recurring operating charges | 66A | €534 | - | -€534 | |
| Gross operating margin | 9900 | €487,542 | €466,546 | -€20,996 | -4.3% |
| Operating profit (loss) | 9901 | €34,354 | €13,137 | -€21,218 | -61.8% |
| Financial income | 75/76B | €2 | €307 | +€305 | +15,252% |
| Recurring financial income | 75 | €2 | €307 | +€305 | +15,252% |
| Financial charges | 65/66B | €8,497 | €8,256 | -€240 | -2.8% |
| Recurring financial charges | 65 | €8,497 | €8,256 | -€240 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | €25,860 | €5,187 | -€20,672 | -79.9% |
| Income taxes | 67/77 | €11,850 | €2,027 | -€9,823 | -82.9% |
| Profit (loss) for the period | 9904 | €14,010 | €3,161 | -€10,849 | -77.4% |
| Profit (loss) for the period to be appropriated | 9905 | €14,010 | €3,161 | -€10,849 | -77.4% |
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 27 October 2026 via checked.be.