raypAth DN: 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.
raypAth DN
Largest movements
- Receivables within one year +€17,892
up €17,892 (+1,278%), from €1,400 to €19,292
of which Trade receivables: +€17,967
- Cash -€801
down €801 (-28.4%), from €2,822 to €2,021
mainly Receivables within one year (-€17,892) and Accrued charges and deferred income (-€387)
- Trade debts +€13,746
up €13,746 (+617%), from €2,229 to €15,975
- Reserves +€2,627
up €2,627 (+494%), from €532 to €3,159
- Tax, wage and social debts +€840
up €840 (+360%), from €233 to €1,073
- Accrued charges and deferred income -€387
no longer reported in 2025 (was €387)
- Gross operating margin +€2,585
up €2,585 (+166%), from €1,562 to €4,147
- Taxes +€840
up €840 (+360%), from €233 to €1,073
- Other operating charges -€372
down €372 (-48.2%), from €772 to €400
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 | €4,421 | €21,313 | +€16,891 | +382% |
| Fixed assets | 21/28 | €200 | - | -€200 | |
| Financial fixed assets | 28 | €200 | - | -€200 | |
| Current assets | 29/58 | €4,221 | €21,313 | +€17,091 | +405% |
| Amounts receivable within one year | 40/41 | €1,400 | €19,292 | +€17,892 | +1,278% |
| Trade receivables | 40 | €1,204 | €19,171 | +€17,967 | +1,493% |
| Other amounts receivable | 41 | €196 | €121 | -€75 | -38.2% |
| Cash at bank and in hand | 54/58 | €2,822 | €2,021 | -€801 | -28.4% |
| Total equity and liabilities | 10/49 | €4,421 | €21,313 | +€16,891 | +382% |
| Equity | 10/15 | €1,532 | €4,159 | +€2,627 | +172% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €532 | €3,159 | +€2,627 | +494% |
| Distributable reserves | 133 | €532 | €3,159 | +€2,627 | +494% |
| Amounts payable | 17/49 | €2,890 | €17,154 | +€14,264 | +494% |
| Amounts payable within one year | 42/48 | €2,503 | €17,154 | +€14,651 | +585% |
| Trade debts | 44 | €2,229 | €15,975 | +€13,746 | +617% |
| Suppliers | 440/4 | €2,229 | €15,975 | +€13,746 | +617% |
| Taxes, remuneration and social security | 45 | €233 | €1,073 | +€840 | +360% |
| Taxes | 450/3 | €233 | €1,073 | +€840 | +360% |
| Other amounts payable | 47/48 | €41 | €106 | +€65 | +160% |
| Accrued charges and deferred income | 492/3 | €387 | - | -€387 | |
| Other operating charges | 640/8 | €772 | €400 | -€372 | -48.2% |
| Gross operating margin | 9900 | €1,562 | €4,147 | +€2,585 | +166% |
| Operating profit (loss) | 9901 | €790 | €3,748 | +€2,957 | +374% |
| Financial charges | 65/66B | €26 | €47 | +€22 | +85.2% |
| Recurring financial charges | 65 | €26 | €47 | +€22 | +85.2% |
| Profit (loss) for the period before taxes | 9903 | €765 | €3,700 | +€2,936 | +384% |
| Income taxes | 67/77 | €233 | €1,073 | +€840 | +360% |
| Profit (loss) for the period | 9904 | €532 | €2,627 | +€2,096 | +394% |
| Profit (loss) for the period to be appropriated | 9905 | €532 | €2,627 | +€2,096 | +394% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.