RAYLAS: 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.
RAYLAS
Largest movements
- Cash -€27,180
down €27,180 (-62.6%), from €43,421 to €16,241
mainly Net result for the year (-€38,652) and Debts after one year (-€14,743)
- Tangible fixed assets -€25,892
down €25,892 (-9.8%), from €264,099 to €238,207
of which Land and buildings: -€15,337
- Profit (loss) carried forward -€38,652
down €38,652 (-24.4%), from -€158,605 to -€197,257
- Debts after one year -€14,743
down €14,743 (-25.1%), from €58,760 to €44,017
- Revaluation surpluses -€8,484
down €8,484 (-5.4%), from €155,822 to €147,338
- Reserves +€8,484
up €8,484 (+11.2%), from €76,088 to €84,572
of which Distributable reserves: +€8,484
- Staff costs +€20,756
up €20,756 (+34.3%), from €60,516 to €81,272
- Gross operating margin -€15,942
down €15,942 (-17.6%), from €90,586 to €74,644
- Depreciation -€1,968
down €1,968 (-7.1%), from €27,860 to €25,892
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 | €348,826 | €295,004 | -€53,822 | -15.4% |
| Fixed assets | 21/28 | €264,099 | €238,207 | -€25,892 | -9.8% |
| Tangible fixed assets | 22/27 | €264,099 | €238,207 | -€25,892 | -9.8% |
| Land and buildings | 22 | €222,889 | €207,551 | -€15,337 | -6.9% |
| Plant, machinery and equipment | 23 | €4,143 | €2,802 | -€1,341 | -32.4% |
| Furniture and vehicles | 24 | €27,886 | €21,061 | -€6,825 | -24.5% |
| Other tangible fixed assets | 26 | €9,181 | €6,792 | -€2,389 | -26.0% |
| Current assets | 29/58 | €84,727 | €56,797 | -€27,930 | -33.0% |
| Amounts receivable after more than one year | 29 | €39,299 | €39,299 | = | 0.0% |
| Other amounts receivable | 291 | €39,299 | €39,299 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €978 | €228 | -€750 | -76.7% |
| Other amounts receivable | 41 | €978 | €228 | -€750 | -76.7% |
| Cash at bank and in hand | 54/58 | €43,421 | €16,241 | -€27,180 | -62.6% |
| Deferred charges and accrued income | 490/1 | €1,030 | €1,030 | = | 0.0% |
| Total equity and liabilities | 10/49 | €348,826 | €295,004 | -€53,822 | -15.4% |
| Equity | 10/15 | €240,304 | €201,653 | -€38,652 | -16.1% |
| Contributions | 10/11 | €167,000 | €167,000 | = | 0.0% |
| Capital | 10 | €167,000 | €167,000 | = | 0.0% |
| Issued capital | 100 | €167,000 | €167,000 | = | 0.0% |
| Revaluation surpluses | 12 | €155,822 | €147,338 | -€8,484 | -5.4% |
| Reserves | 13 | €76,088 | €84,572 | +€8,484 | +11.2% |
| Non-distributable reserves | 130/1 | €16,700 | €16,700 | = | 0.0% |
| Legal reserve | 130 | €16,700 | €16,700 | = | 0.0% |
| Distributable reserves | 133 | €59,388 | €67,872 | +€8,484 | +14.3% |
| Profit (loss) carried forward | 14 | -€158,605 | -€197,257 | -€38,652 | -24.4% |
| Amounts payable | 17/49 | €108,522 | €93,351 | -€15,170 | -14.0% |
| Amounts payable after more than one year | 17 | €58,760 | €44,017 | -€14,743 | -25.1% |
| Financial debts | 170/4 | €58,760 | €44,017 | -€14,743 | -25.1% |
| Amounts payable within one year | 42/48 | €49,762 | €49,334 | -€427 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €14,317 | €14,743 | +€426 | +3.0% |
| Trade debts | 44 | €8,693 | €7,050 | -€1,643 | -18.9% |
| Suppliers | 440/4 | €8,693 | €7,050 | -€1,643 | -18.9% |
| Taxes, remuneration and social security | 45 | €2,523 | €4,023 | +€1,500 | +59.5% |
| Remuneration and social security | 454/9 | €2,523 | €4,023 | +€1,500 | +59.5% |
| Other amounts payable | 47/48 | €24,229 | €23,519 | -€710 | -2.9% |
| Remuneration, social security and pensions | 62 | €60,516 | €81,272 | +€20,756 | +34.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,860 | €25,892 | -€1,968 | -7.1% |
| Other operating charges | 640/8 | €3,970 | €3,941 | -€29 | -0.7% |
| Gross operating margin | 9900 | €90,586 | €74,644 | -€15,942 | -17.6% |
| Operating profit (loss) | 9901 | -€1,759 | -€36,461 | -€34,701 | -1972.5% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €2,476 | €2,191 | -€285 | -11.5% |
| Recurring financial charges | 65 | €2,476 | €2,191 | -€285 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | -€4,235 | -€38,652 | -€34,416 | -812.6% |
| Profit (loss) for the period | 9904 | -€4,235 | -€38,652 | -€34,416 | -812.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,235 | -€38,652 | -€34,416 | -812.6% |
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.