RAYS: 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.
RAYS
Largest movements
- Cash -€63,639
down €63,639 (-55.1%), from €115,593 to €51,954
mainly Investment in fixed assets (net) (-€21,415) and Tax, wage and social debts (-€16,306)
- Receivables within one year +€16,179
up €16,179 (+10.1%), from €159,473 to €175,652
of which Other amounts receivable: +€45,308
- Tangible fixed assets +€13,914
up €13,914 (+39.8%), from €35,001 to €48,915
of which Furniture and vehicles: +€13,082
- Stocks and contracts +€9,404
up €9,404 (+132.5%), from €7,096 to €16,500
- Tax, wage and social debts -€16,306
down €16,306 (-59.5%), from €27,393 to €11,087
of which Taxes: -€16,645
- Trade debts -€13,615
down €13,615 (-33.6%), from €40,577 to €26,963
- Profit (loss) carried forward +€12,946
up €12,946 (+7.3%), from €176,545 to €189,491
- Debts after one year -€3,511
down €3,511 (-16.1%), from €21,797 to €18,286
- Gross operating margin +€47,000
up €47,000 (+314.4%), from €14,950 to €61,950
- Staff costs -€14,068
down €14,068 (-23.6%), from €59,723 to €45,655
- Depreciation +€3,093
up €3,093 (+70.2%), from €4,408 to €7,501
- Other operating charges -€860
down €860 (-47.1%), from €1,828 to €968
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 | €319,760 | €295,031 | -€24,729 | -7.7% |
| Fixed assets | 21/28 | €37,011 | €50,925 | +€13,914 | +37.6% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €35,001 | €48,915 | +€13,914 | +39.8% |
| Plant, machinery and equipment | 23 | €345 | €1,177 | +€832 | +241.3% |
| Furniture and vehicles | 24 | €32,456 | €45,538 | +€13,082 | +40.3% |
| Other tangible fixed assets | 26 | €2,200 | €2,200 | = | 0.0% |
| Financial fixed assets | 28 | €2,010 | €2,010 | = | 0.0% |
| Current assets | 29/58 | €282,749 | €244,106 | -€38,643 | -13.7% |
| Stocks and contracts in progress | 3 | €7,096 | €16,500 | +€9,404 | +132.5% |
| Stocks | 30/36 | €7,096 | €16,500 | +€9,404 | +132.5% |
| Amounts receivable within one year | 40/41 | €159,473 | €175,652 | +€16,179 | +10.1% |
| Trade receivables | 40 | €84,403 | €55,274 | -€29,129 | -34.5% |
| Other amounts receivable | 41 | €75,070 | €120,378 | +€45,308 | +60.4% |
| Cash at bank and in hand | 54/58 | €115,593 | €51,954 | -€63,639 | -55.1% |
| Deferred charges and accrued income | 490/1 | €587 | €0 | -€587 | -100.0% |
| Total equity and liabilities | 10/49 | €319,760 | €295,031 | -€24,729 | -7.7% |
| Equity | 10/15 | €224,216 | €237,163 | +€12,946 | +5.8% |
| Contributions | 10/11 | €20,122 | €20,122 | = | 0.0% |
| Reserves | 13 | €27,549 | €27,549 | = | 0.0% |
| Distributable reserves | 133 | €27,549 | €27,549 | = | 0.0% |
| Profit (loss) carried forward | 14 | €176,545 | €189,491 | +€12,946 | +7.3% |
| Amounts payable | 17/49 | €95,543 | €57,868 | -€37,675 | -39.4% |
| Amounts payable after more than one year | 17 | €21,797 | €18,286 | -€3,511 | -16.1% |
| Financial debts | 170/4 | €21,797 | €18,286 | -€3,511 | -16.1% |
| Amounts payable within one year | 42/48 | €73,746 | €39,582 | -€34,164 | -46.3% |
| Current portion of amounts payable after more than one year | 42 | €4,122 | €1,532 | -€2,590 | -62.8% |
| Trade debts | 44 | €40,577 | €26,963 | -€13,615 | -33.6% |
| Suppliers | 440/4 | €40,577 | €26,963 | -€13,615 | -33.6% |
| Advances received on contracts in progress | 46 | €1,653 | €0 | -€1,653 | -100.0% |
| Taxes, remuneration and social security | 45 | €27,393 | €11,087 | -€16,306 | -59.5% |
| Taxes | 450/3 | €19,489 | €2,844 | -€16,645 | -85.4% |
| Remuneration and social security | 454/9 | €7,904 | €8,243 | +€340 | +4.3% |
| Remuneration, social security and pensions | 62 | €59,723 | €45,655 | -€14,068 | -23.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,408 | €7,501 | +€3,093 | +70.2% |
| Other operating charges | 640/8 | €1,828 | €968 | -€860 | -47.1% |
| Non-recurring operating charges | 66A | - | €345 | +€345 | |
| Gross operating margin | 9900 | €14,950 | €61,950 | +€47,000 | +314.4% |
| Operating profit (loss) | 9901 | -€51,009 | €7,482 | +€58,491 | |
| Financial income | 75/76B | €7,416 | €7,945 | +€529 | +7.1% |
| Recurring financial income | 75 | €7,416 | €7,945 | +€529 | +7.1% |
| Financial charges | 65/66B | €1,754 | €2,178 | +€424 | +24.1% |
| Recurring financial charges | 65 | €1,754 | €2,178 | +€424 | +24.1% |
| Profit (loss) for the period before taxes | 9903 | -€45,347 | €13,250 | +€58,596 | |
| Income taxes | 67/77 | €307 | €304 | -€3 | -1.0% |
| Profit (loss) for the period | 9904 | -€45,653 | €12,946 | +€58,599 | |
| Profit (loss) for the period to be appropriated | 9905 | -€45,653 | €12,946 | +€58,599 |
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 9 October 2026 via checked.be.