RAYUELA: what changed
RAYUELA
Largest movements
- Intangible fixed assets +€97,094
up €97,094 (+14.4%), from €674,601 to €771,694
- Receivables within one year -€40,081
down €40,081 (-21.3%), from €187,737 to €147,655
of which Other amounts receivable: -€34,526
- Cash +€12,250
up €12,250 (+30.2%), from €40,564 to €52,814
mainly Depreciation (+€235,764) and Contributions, distributions and other (+€96,205)
- Investment grants +€96,205
up €96,205 (+11.4%), from €841,460 to €937,665
- Trade debts -€17,650
down €17,650 (-76.6%), from €23,039 to €5,389
- Accrued charges and deferred income -€13,684
no longer reported in 2025 (was €13,684)
- Depreciation +€89,113
up €89,113 (+60.8%), from €146,652 to €235,764
- Financial income +€73,449
up €73,449 (+44.9%), from €163,503 to €236,952
- Gross operating margin +€67,338
up €67,338, from -€10,200 to €57,138
- Financial charges +€49,378
up €49,378 (+2,263%), from €2,182 to €51,560
- Taxes +€686
up €686 (+80.6%), from €851 to €1,536
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €904,621 | €973,209 | +€68,588 | +7.6% |
| Fixed assets | 21/28 | €676,165 | €772,291 | +€96,126 | +14.2% |
| Intangible fixed assets | 21 | €674,601 | €771,694 | +€97,094 | +14.4% |
| Tangible fixed assets | 22/27 | €1,464 | €497 | -€968 | -66.1% |
| Furniture and vehicles | 24 | €1,464 | €497 | -€968 | -66.1% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €228,456 | €200,918 | -€27,538 | -12.1% |
| Amounts receivable within one year | 40/41 | €187,737 | €147,655 | -€40,081 | -21.3% |
| Trade receivables | 40 | €6,395 | €839 | -€5,555 | -86.9% |
| Other amounts receivable | 41 | €181,342 | €146,816 | -€34,526 | -19.0% |
| Cash at bank and in hand | 54/58 | €40,564 | €52,814 | +€12,250 | +30.2% |
| Deferred charges and accrued income | 490/1 | €156 | €449 | +€293 | +188% |
| Total equity and liabilities | 10/49 | €904,621 | €973,209 | +€68,588 | +7.6% |
| Equity | 10/15 | €865,474 | €966,283 | +€100,809 | +11.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,170 | €1,170 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,170 | €1,170 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,170 | €1,170 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,244 | €8,848 | +€4,604 | +108% |
| Investment grants | 15 | €841,460 | €937,665 | +€96,205 | +11.4% |
| Amounts payable | 17/49 | €39,147 | €6,926 | -€32,222 | -82.3% |
| Amounts payable within one year | 42/48 | €25,463 | €6,926 | -€18,538 | -72.8% |
| Trade debts | 44 | €23,039 | €5,389 | -€17,650 | -76.6% |
| Suppliers | 440/4 | €23,039 | €5,389 | -€17,650 | -76.6% |
| Taxes, remuneration and social security | 45 | €851 | €1,536 | +€686 | +80.6% |
| Taxes | 450/3 | €851 | €1,536 | +€686 | +80.6% |
| Other amounts payable | 47/48 | €1,573 | - | -€1,573 | |
| Accrued charges and deferred income | 492/3 | €13,684 | - | -€13,684 | |
| Non-recurring operating income | 76A | - | €1,490 | +€1,490 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,652 | €235,764 | +€89,113 | +60.8% |
| Other operating charges | 640/8 | €510 | €526 | +€16 | +3.2% |
| Non-recurring operating charges | 66A | - | €100 | +€100 | |
| Gross operating margin | 9900 | -€10,200 | €57,138 | +€67,338 | |
| Operating profit (loss) | 9901 | -€157,361 | -€179,252 | -€21,891 | -13.9% |
| Financial income | 75/76B | €163,503 | €236,952 | +€73,449 | +44.9% |
| Recurring financial income | 75 | €163,503 | €236,952 | +€73,449 | +44.9% |
| Financial charges | 65/66B | €2,182 | €51,560 | +€49,378 | +2,263% |
| Recurring financial charges | 65 | €2,182 | €51,560 | +€49,378 | +2,263% |
| Profit (loss) for the period before taxes | 9903 | €3,960 | €6,140 | +€2,180 | +55.1% |
| Income taxes | 67/77 | €851 | €1,536 | +€686 | +80.6% |
| Profit (loss) for the period | 9904 | €3,109 | €4,604 | +€1,495 | +48.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,109 | €4,604 | +€1,495 | +48.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.