RAYGUN: 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.
RAYGUN
Largest movements
- Receivables within one year +€164,489
up €164,489 (+42.9%), from €383,605 to €548,094
of which Trade receivables: +€142,004
- Cash -€59,979
down €59,979 (-24.9%), from €240,616 to €180,637
mainly Receivables within one year (-€164,489) and Other debts (-€110,652)
- Tangible fixed assets -€25,146
down €25,146 (-32.5%), from €77,323 to €52,177
of which Other tangible fixed assets: -€14,827
- Trade debts +€176,368
up €176,368 (+93.9%), from €187,761 to €364,129
- Other debts -€110,652
down €110,652 (-52.5%), from €210,816 to €100,164
- Profit (loss) carried forward -€40,595
down €40,595 (-20.6%), from €197,123 to €156,527
- Tax, wage and social debts +€35,703
up €35,703 (+41.1%), from €86,929 to €122,632
of which Taxes: +€18,125
- Current portion of long-term debt +€18,591
up €18,591, from €0 to €18,591
- Gross operating margin -€53,677
down €53,677 (-11.5%), from €465,204 to €411,527
- Staff costs +€44,649
up €44,649 (+18.9%), from €235,859 to €280,507
- Depreciation -€22,682
down €22,682 (-36.4%), from €62,244 to €39,562
- Taxes -€20,577
down €20,577 (-42.5%), from €48,385 to €27,807
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 | €704,628 | €784,043 | +€79,415 | +11.3% |
| Fixed assets | 21/28 | €78,580 | €53,434 | -€25,146 | -32.0% |
| Tangible fixed assets | 22/27 | €77,323 | €52,177 | -€25,146 | -32.5% |
| Plant, machinery and equipment | 23 | €10,344 | €9,528 | -€816 | -7.9% |
| Furniture and vehicles | 24 | €29,539 | €20,036 | -€9,503 | -32.2% |
| Other tangible fixed assets | 26 | €37,440 | €22,613 | -€14,827 | -39.6% |
| Financial fixed assets | 28 | €1,257 | €1,257 | = | 0.0% |
| Current assets | 29/58 | €626,049 | €730,609 | +€104,560 | +16.7% |
| Amounts receivable within one year | 40/41 | €383,605 | €548,094 | +€164,489 | +42.9% |
| Trade receivables | 40 | €378,605 | €520,609 | +€142,004 | +37.5% |
| Other amounts receivable | 41 | €5,000 | €27,485 | +€22,485 | +449.7% |
| Cash at bank and in hand | 54/58 | €240,616 | €180,637 | -€59,979 | -24.9% |
| Deferred charges and accrued income | 490/1 | €1,828 | €1,878 | +€51 | +2.8% |
| Total equity and liabilities | 10/49 | €704,628 | €784,043 | +€79,415 | +11.3% |
| Equity | 10/15 | €219,123 | €178,527 | -€40,595 | -18.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €197,123 | €156,527 | -€40,595 | -20.6% |
| Amounts payable | 17/49 | €485,506 | €605,516 | +€120,010 | +24.7% |
| Amounts payable within one year | 42/48 | €485,506 | €605,516 | +€120,010 | +24.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | €18,591 | +€18,591 | |
| Trade debts | 44 | €187,761 | €364,129 | +€176,368 | +93.9% |
| Suppliers | 440/4 | €187,761 | €364,129 | +€176,368 | +93.9% |
| Taxes, remuneration and social security | 45 | €86,929 | €122,632 | +€35,703 | +41.1% |
| Taxes | 450/3 | €55,678 | €73,803 | +€18,125 | +32.6% |
| Remuneration and social security | 454/9 | €31,251 | €48,829 | +€17,578 | +56.2% |
| Other amounts payable | 47/48 | €210,816 | €100,164 | -€110,652 | -52.5% |
| Remuneration, social security and pensions | 62 | €235,859 | €280,507 | +€44,649 | +18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,244 | €39,562 | -€22,682 | -36.4% |
| Other operating charges | 640/8 | €591 | €379 | -€212 | -35.9% |
| Gross operating margin | 9900 | €465,204 | €411,527 | -€53,677 | -11.5% |
| Operating profit (loss) | 9901 | €166,510 | €91,079 | -€75,431 | -45.3% |
| Financial income | 75/76B | €115 | €72 | -€43 | -37.2% |
| Recurring financial income | 75 | €115 | €72 | -€43 | -37.2% |
| Financial charges | 65/66B | €4,496 | €3,939 | -€557 | -12.4% |
| Recurring financial charges | 65 | €4,496 | €3,939 | -€557 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €162,129 | €87,212 | -€74,917 | -46.2% |
| Income taxes | 67/77 | €48,385 | €27,807 | -€20,577 | -42.5% |
| Profit (loss) for the period | 9904 | €113,744 | €59,405 | -€54,340 | -47.8% |
| Profit (loss) for the period to be appropriated | 9905 | €113,744 | €59,405 | -€54,340 | -47.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.