RaYSun: 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.
RaYSun
Largest movements
- Cash -€80,260
down €80,260 (-68.9%), from €116,459 to €36,198
mainly Net result for the year (-€175,102) and Short-term financial debts (-€125,000)
- Receivables within one year -€45,538
down €45,538 (-56.9%), from €80,049 to €34,511
of which Other amounts receivable: -€51,369
- Deferred charges and accrued income +€43,984
up €43,984 (+1578.7%), from €2,786 to €46,771
- Intangible fixed assets +€25,614
up €25,614 (+57.1%), from €44,887 to €70,501
- Debts after one year +€212,212
up €212,212 (+131.7%), from €161,121 to €373,333
of which Financial debts: +€227,212
- Profit (loss) carried forward -€175,102
down €175,102 (-50.4%), from -€347,275 to -€522,377
- Short-term financial debts -€125,000
no longer reported in 2025 (was €125,000)
- Current portion of long-term debt +€47,788
up €47,788 (+1232.1%), from €3,879 to €51,667
- Other debts -€20,000
down €20,000 (-71.4%), from €28,000 to €8,000
- Gross operating margin +€97,567
up €97,567 (+42.5%), from -€229,407 to -€131,840
- Financial income -€16,097
down €16,097 (-100.0%), from €16,103 to €6
of which Non-recurring financial income: -€12,800
- Depreciation +€11,666
up €11,666 (+1176.7%), from €991 to €12,657
- Financial charges +€8,278
up €8,278 (+82.4%), from €10,041 to €18,320
- Staff costs +€3,561
up €3,561 (+44.8%), from €7,943 to €11,504
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 | €245,269 | €190,655 | -€54,614 | -22.3% |
| Fixed assets | 21/28 | €45,976 | €73,176 | +€27,200 | +59.2% |
| Intangible fixed assets | 21 | €44,887 | €70,501 | +€25,614 | +57.1% |
| Financial fixed assets | 28 | €1,089 | €2,675 | +€1,586 | +145.6% |
| Current assets | 29/58 | €199,294 | €117,480 | -€81,814 | -41.1% |
| Amounts receivable within one year | 40/41 | €80,049 | €34,511 | -€45,538 | -56.9% |
| Trade receivables | 40 | €11,486 | €17,317 | +€5,831 | +50.8% |
| Other amounts receivable | 41 | €68,563 | €17,194 | -€51,369 | -74.9% |
| Cash at bank and in hand | 54/58 | €116,459 | €36,198 | -€80,260 | -68.9% |
| Deferred charges and accrued income | 490/1 | €2,786 | €46,771 | +€43,984 | +1578.7% |
| Total equity and liabilities | 10/49 | €245,269 | €190,655 | -€54,614 | -22.3% |
| Equity | 10/15 | -€87,275 | -€262,377 | -€175,102 | -200.6% |
| Contributions | 10/11 | €260,000 | €260,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€347,275 | -€522,377 | -€175,102 | -50.4% |
| Amounts payable | 17/49 | €332,545 | €453,032 | +€120,488 | +36.2% |
| Amounts payable after more than one year | 17 | €161,121 | €373,333 | +€212,212 | +131.7% |
| Financial debts | 170/4 | €146,121 | €373,333 | +€227,212 | +155.5% |
| Other amounts payable | 178/9 | €15,000 | - | -€15,000 | |
| Amounts payable within one year | 42/48 | €171,423 | €79,699 | -€91,724 | -53.5% |
| Current portion of amounts payable after more than one year | 42 | €3,879 | €51,667 | +€47,788 | +1232.1% |
| Financial debts | 43 | €125,000 | - | -€125,000 | |
| Other loans | 439 | €125,000 | - | -€125,000 | |
| Trade debts | 44 | €14,135 | €16,477 | +€2,342 | +16.6% |
| Suppliers | 440/4 | €14,135 | €16,477 | +€2,342 | +16.6% |
| Taxes, remuneration and social security | 45 | €410 | €3,555 | +€3,146 | +767.7% |
| Taxes | 450/3 | €410 | €410 | = | 0.0% |
| Remuneration and social security | 454/9 | - | €3,146 | +€3,146 | |
| Other amounts payable | 47/48 | €28,000 | €8,000 | -€20,000 | -71.4% |
| Remuneration, social security and pensions | 62 | €7,943 | €11,504 | +€3,561 | +44.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €991 | €12,657 | +€11,666 | +1176.7% |
| Other operating charges | 640/8 | €990 | €787 | -€203 | -20.5% |
| Gross operating margin | 9900 | -€229,407 | -€131,840 | +€97,567 | +42.5% |
| Operating profit (loss) | 9901 | -€239,331 | -€156,788 | +€82,543 | +34.5% |
| Financial income | 75/76B | €16,103 | €6 | -€16,097 | -100.0% |
| Recurring financial income | 75 | €3,303 | €6 | -€3,297 | -99.8% |
| Non-recurring financial income | 76B | €12,800 | - | -€12,800 | |
| Financial charges | 65/66B | €10,041 | €18,320 | +€8,278 | +82.4% |
| Recurring financial charges | 65 | €10,041 | €18,320 | +€8,278 | +82.4% |
| Profit (loss) for the period before taxes | 9903 | -€233,269 | -€175,102 | +€58,167 | +24.9% |
| Profit (loss) for the period | 9904 | -€233,269 | -€175,102 | +€58,167 | +24.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€233,269 | -€175,102 | +€58,167 | +24.9% |
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 28 September 2026 via checked.be.