RAYVOLT BELGIUM: 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.
RAYVOLT BELGIUM
Largest movements
- Receivables within one year +€32,795
up €32,795 (+446%), from €7,353 to €40,148
of which Trade receivables: +€31,149
- Cash +€32,753
up €32,753 (+69.4%), from €47,213 to €79,966
mainly Trade debts (+€38,686) and Net result for the year (+€27,038)
- Tangible fixed assets -€10,851
down €10,851 (-28.0%), from €38,817 to €27,967
of which Leasing and similar rights: -€10,418
- Stocks and contracts -€3,721
down €3,721 (-2.7%), from €137,505 to €133,784
- Trade debts +€38,686
up €38,686 (+4,736%), from €817 to €39,503
- Reserves +€27,038
up €27,038 (+23.2%), from €116,310 to €143,347
- Debts after one year -€9,776
down €9,776 (-13.9%), from €70,178 to €60,401
of which Financial debts: -€9,776
- Gross operating margin +€11,725
up €11,725 (+27.4%), from €42,749 to €54,474
- Taxes +€4,791
up €4,791 (+49.8%), from €9,620 to €14,411
- Financial income +€1,654
up €1,654 (+162%), from €1,019 to €2,673
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 | €231,060 | €282,994 | +€51,934 | +22.5% |
| Fixed assets | 21/28 | €38,817 | €27,967 | -€10,851 | -28.0% |
| Tangible fixed assets | 22/27 | €38,817 | €27,967 | -€10,851 | -28.0% |
| Plant, machinery and equipment | 23 | €943 | €510 | -€433 | -45.9% |
| Leasing and similar rights | 25 | €37,874 | €27,457 | -€10,418 | -27.5% |
| Current assets | 29/58 | €192,243 | €255,027 | +€62,784 | +32.7% |
| Stocks and contracts in progress | 3 | €137,505 | €133,784 | -€3,721 | -2.7% |
| Stocks | 30/36 | €137,505 | €133,784 | -€3,721 | -2.7% |
| Amounts receivable within one year | 40/41 | €7,353 | €40,148 | +€32,795 | +446% |
| Trade receivables | 40 | €3,500 | €34,650 | +€31,149 | +890% |
| Other amounts receivable | 41 | €3,853 | €5,499 | +€1,646 | +42.7% |
| Cash at bank and in hand | 54/58 | €47,213 | €79,966 | +€32,753 | +69.4% |
| Deferred charges and accrued income | 490/1 | €172 | €1,129 | +€958 | +558% |
| Total equity and liabilities | 10/49 | €231,060 | €282,994 | +€51,934 | +22.5% |
| Equity | 10/15 | €128,710 | €155,747 | +€27,038 | +21.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €116,310 | €143,347 | +€27,038 | +23.2% |
| Distributable reserves | 133 | €116,310 | €143,347 | +€27,038 | +23.2% |
| Amounts payable | 17/49 | €102,350 | €127,246 | +€24,896 | +24.3% |
| Amounts payable after more than one year | 17 | €70,178 | €60,401 | -€9,776 | -13.9% |
| Financial debts | 170/4 | €30,178 | €20,401 | -€9,776 | -32.4% |
| Other amounts payable | 178/9 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €32,172 | €66,845 | +€34,673 | +108% |
| Current portion of amounts payable after more than one year | 42 | €9,352 | €9,776 | +€424 | +4.5% |
| Financial debts | 43 | - | €73 | +€73 | |
| Credit institutions | 430/8 | - | €73 | +€73 | |
| Trade debts | 44 | €817 | €39,503 | +€38,686 | +4,736% |
| Suppliers | 440/4 | €817 | €39,503 | +€38,686 | +4,736% |
| Taxes, remuneration and social security | 45 | €13,036 | €10,311 | -€2,725 | -20.9% |
| Taxes | 450/3 | €13,036 | €10,311 | -€2,725 | -20.9% |
| Other amounts payable | 47/48 | €8,967 | €7,182 | -€1,785 | -19.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,773 | €10,851 | +€77 | +0.7% |
| Other operating charges | 640/8 | €1,292 | €914 | -€378 | -29.2% |
| Gross operating margin | 9900 | €42,749 | €54,474 | +€11,725 | +27.4% |
| Operating profit (loss) | 9901 | €30,683 | €42,709 | +€12,026 | +39.2% |
| Financial income | 75/76B | €1,019 | €2,673 | +€1,654 | +162% |
| Recurring financial income | 75 | €1,019 | €2,673 | +€1,654 | +162% |
| Financial charges | 65/66B | €3,677 | €3,934 | +€257 | +7.0% |
| Recurring financial charges | 65 | €3,677 | €3,934 | +€257 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €28,026 | €41,448 | +€13,423 | +47.9% |
| Income taxes | 67/77 | €9,620 | €14,411 | +€4,791 | +49.8% |
| Profit (loss) for the period | 9904 | €18,406 | €27,038 | +€8,632 | +46.9% |
| Profit (loss) for the period to be appropriated | 9905 | €18,406 | €27,038 | +€8,632 | +46.9% |
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 24 October 2026 via checked.be.