RAYTECH: 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.
RAYTECH
Largest movements
- Current investments +€250,000
up €250,000 (+35.7%), from €700,000 to €950,000
- Tangible fixed assets -€154,443
down €154,443 (-22.5%), from €687,206 to €532,764
of which Plant, machinery and equipment: -€104,688
- Stocks and contracts -€129,984
down €129,984 (-32.9%), from €395,550 to €265,566
- Cash -€115,771
down €115,771 (-24.9%), from €465,194 to €349,423
mainly Contributions, distributions and other (-€700,000) and Current investments (-€250,000)
- Receivables within one year +€56,045
up €56,045 (+16.5%), from €339,631 to €395,677
of which Trade receivables: +€46,115
- Reserves -€509,639
down €509,639 (-24.5%), from €2.1m to €1.6m
of which Distributable reserves: -€509,639
- Other debts +€350,000
up €350,000 (+100.0%), from €350,000 to €700,000
- Trade debts -€59,665
down €59,665 (-38.0%), from €157,173 to €97,508
- Tax, wage and social debts +€56,515
up €56,515 (+46.1%), from €122,684 to €179,199
of which Taxes: +€28,267
- Gross operating margin -€204,713
down €204,713 (-11.8%), from €1.7m to €1.5m
- Staff costs -€40,704
down €40,704 (-3.8%), from €1.1m to €1.0m
- Taxes -€28,575
down €28,575 (-29.0%), from €98,604 to €70,029
- Depreciation -€23,731
down €23,731 (-8.9%), from €266,144 to €242,412
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 | €2,753,055 | €2,583,832 | -€169,223 | -6.1% |
| Fixed assets | 21/28 | €761,004 | €587,177 | -€173,826 | -22.8% |
| Intangible fixed assets | 21 | €73,735 | €54,351 | -€19,384 | -26.3% |
| Tangible fixed assets | 22/27 | €687,206 | €532,764 | -€154,443 | -22.5% |
| Land and buildings | 22 | €32,444 | €25,527 | -€6,917 | -21.3% |
| Plant, machinery and equipment | 23 | €491,588 | €386,900 | -€104,688 | -21.3% |
| Furniture and vehicles | 24 | €163,175 | €120,337 | -€42,838 | -26.3% |
| Financial fixed assets | 28 | €62 | €62 | = | 0.0% |
| Current assets | 29/58 | €1,992,052 | €1,996,655 | +€4,604 | +0.2% |
| Stocks and contracts in progress | 3 | €395,550 | €265,566 | -€129,984 | -32.9% |
| Stocks | 30/36 | €395,550 | €265,566 | -€129,984 | -32.9% |
| Amounts receivable within one year | 40/41 | €339,631 | €395,677 | +€56,045 | +16.5% |
| Trade receivables | 40 | €308,694 | €354,809 | +€46,115 | +14.9% |
| Other amounts receivable | 41 | €30,938 | €40,868 | +€9,931 | +32.1% |
| Current investments | 50/53 | €700,000 | €950,000 | +€250,000 | +35.7% |
| Cash at bank and in hand | 54/58 | €465,194 | €349,423 | -€115,771 | -24.9% |
| Deferred charges and accrued income | 490/1 | €91,676 | €35,989 | -€55,687 | -60.7% |
| Total equity and liabilities | 10/49 | €2,753,055 | €2,583,832 | -€169,223 | -6.1% |
| Equity | 10/15 | €2,107,274 | €1,597,635 | -€509,639 | -24.2% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €2,076,274 | €1,566,635 | -€509,639 | -24.5% |
| Tax-exempt reserves | 132 | €152 | €152 | = | 0.0% |
| Distributable reserves | 133 | €2,076,122 | €1,566,483 | -€509,639 | -24.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €645,781 | €986,197 | +€340,416 | +52.7% |
| Amounts payable within one year | 42/48 | €644,443 | €986,197 | +€341,755 | +53.0% |
| Trade debts | 44 | €157,173 | €97,508 | -€59,665 | -38.0% |
| Suppliers | 440/4 | €157,173 | €97,508 | -€59,665 | -38.0% |
| Advances received on contracts in progress | 46 | €14,585 | €9,490 | -€5,095 | -34.9% |
| Taxes, remuneration and social security | 45 | €122,684 | €179,199 | +€56,515 | +46.1% |
| Taxes | 450/3 | €3,705 | €31,973 | +€28,267 | +762.9% |
| Remuneration and social security | 454/9 | €118,979 | €147,227 | +€28,248 | +23.7% |
| Other amounts payable | 47/48 | €350,000 | €700,000 | +€350,000 | +100.0% |
| Accrued charges and deferred income | 492/3 | €1,339 | €0 | -€1,339 | -100.0% |
| Remuneration, social security and pensions | 62 | €1,063,078 | €1,022,375 | -€40,704 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €266,144 | €242,412 | -€23,731 | -8.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,879 | €5,320 | +€2,441 | +84.8% |
| Other operating charges | 640/8 | €8,034 | €4,729 | -€3,304 | -41.1% |
| Non-recurring operating charges | 66A | €13,584 | €2,160 | -€11,424 | -84.1% |
| Gross operating margin | 9900 | €1,728,676 | €1,523,963 | -€204,713 | -11.8% |
| Operating profit (loss) | 9901 | €374,957 | €246,967 | -€127,990 | -34.1% |
| Financial income | 75/76B | €24,167 | €14,517 | -€9,649 | -39.9% |
| Recurring financial income | 75 | €24,167 | €14,517 | -€9,649 | -39.9% |
| Financial charges | 65/66B | €804 | €1,094 | +€290 | +36.1% |
| Recurring financial charges | 65 | €804 | €1,094 | +€290 | +36.1% |
| Profit (loss) for the period before taxes | 9903 | €398,320 | €260,390 | -€137,930 | -34.6% |
| Income taxes | 67/77 | €98,604 | €70,029 | -€28,575 | -29.0% |
| Profit (loss) for the period | 9904 | €299,716 | €190,361 | -€109,355 | -36.5% |
| Profit (loss) for the period to be appropriated | 9905 | €299,716 | €190,361 | -€109,355 | -36.5% |
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.