Relay Securities: 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.
Relay Securities
Largest movements
- Current investments -€8.0m
down €8.0m (-19.0%), from €42.3m to €34.3m
- Financial fixed assets +€4.5m
new in 2024: €4.5m
- Receivables after one year +€4.3m
up €4.3m (+65.5%), from €6.6m to €11.0m
- Deferred charges and accrued income +€736,551
up €736,551 (+1200.7%), from €61,346 to €797,896
- Reserves +€1.2m
up €1.2m (+2.3%), from €52.8m to €54.1m
- Tax, wage and social debts +€568,391
up €568,391 (+1100.8%), from €51,633 to €620,024
- Financial income +€2.0m
up €2.0m (+317.2%), from €622,145 to €2.6m
- Gross operating margin -€708,297
down €708,297, from €434,629 to -€273,669
- Taxes +€534,661
up €534,661 (+346.7%), from €154,231 to €688,892
- Depreciation +€161,651
up €161,651 (+119.1%), from €135,728 to €297,379
- Financial charges +€82,724
up €82,724 (+299.7%), from €27,605 to €110,329
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €53,262,454 | €55,075,871 | +€1.8m | +3.4% |
| Fixed assets | 21/28 | €2,941,363 | €7,754,961 | +€4.8m | +163.7% |
| Intangible fixed assets | 21 | - | €540,198 | +€540,198 | |
| Tangible fixed assets | 22/27 | €2,941,363 | €2,713,563 | -€227,800 | -7.7% |
| Land and buildings | 22 | €734,091 | €700,720 | -€33,371 | -4.5% |
| Plant, machinery and equipment | 23 | €2,205,570 | €1,947,521 | -€258,049 | -11.7% |
| Furniture and vehicles | 24 | €1,702 | €65,322 | +€63,619 | +3737.3% |
| Financial fixed assets | 28 | - | €4,501,200 | +€4.5m | |
| Current assets | 29/58 | €50,321,091 | €47,320,910 | -€3.0m | -6.0% |
| Amounts receivable after more than one year | 29 | €6,637,791 | €10,982,791 | +€4.3m | +65.5% |
| Other amounts receivable | 291 | €6,637,791 | €10,982,791 | +€4.3m | +65.5% |
| Stocks and contracts in progress | 3 | €418,219 | €466,127 | +€47,909 | +11.5% |
| Stocks | 30/36 | €418,219 | €466,127 | +€47,909 | +11.5% |
| Amounts receivable within one year | 40/41 | €92,178 | €47,465 | -€44,713 | -48.5% |
| Trade receivables | 40 | €2,674 | €1,847 | -€827 | -30.9% |
| Other amounts receivable | 41 | €89,504 | €45,618 | -€43,886 | -49.0% |
| Current investments | 50/53 | €42,338,298 | €34,298,808 | -€8.0m | -19.0% |
| Cash at bank and in hand | 54/58 | €773,259 | €727,822 | -€45,437 | -5.9% |
| Deferred charges and accrued income | 490/1 | €61,346 | €797,896 | +€736,551 | +1200.7% |
| Total equity and liabilities | 10/49 | €53,262,454 | €55,075,871 | +€1.8m | +3.4% |
| Equity | 10/15 | €53,197,778 | €54,418,106 | +€1.2m | +2.3% |
| Contributions | 10/11 | €354,337 | €354,337 | = | 0.0% |
| Reserves | 13 | €52,843,441 | €54,063,769 | +€1.2m | +2.3% |
| Distributable reserves | 133 | €52,843,441 | €54,063,769 | +€1.2m | +2.3% |
| Amounts payable | 17/49 | €64,676 | €657,765 | +€593,089 | +917.0% |
| Amounts payable within one year | 42/48 | €64,676 | €657,765 | +€593,089 | +917.0% |
| Trade debts | 44 | €11,897 | €37,741 | +€25,843 | +217.2% |
| Suppliers | 440/4 | €11,897 | €37,741 | +€25,843 | +217.2% |
| Taxes, remuneration and social security | 45 | €51,633 | €620,024 | +€568,391 | +1100.8% |
| Taxes | 450/3 | €51,633 | €620,024 | +€568,391 | +1100.8% |
| Other amounts payable | 47/48 | €1,145 | - | -€1,145 | |
| Non-recurring operating income | 76A | €531,967 | - | -€531,967 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,728 | €297,379 | +€161,651 | +119.1% |
| Other operating charges | 640/8 | €3,656 | €5,008 | +€1,352 | +37.0% |
| Gross operating margin | 9900 | €434,629 | -€273,669 | -€708,297 | |
| Operating profit (loss) | 9901 | €295,244 | -€576,056 | -€871,300 | |
| Financial income | 75/76B | €622,145 | €2,595,604 | +€2.0m | +317.2% |
| Recurring financial income | 75 | €622,145 | €2,595,604 | +€2.0m | +317.2% |
| Financial charges | 65/66B | €27,605 | €110,329 | +€82,724 | +299.7% |
| Recurring financial charges | 65 | €27,605 | €110,329 | +€82,724 | +299.7% |
| Profit (loss) for the period before taxes | 9903 | €889,785 | €1,909,219 | +€1.0m | +114.6% |
| Income taxes | 67/77 | €154,231 | €688,892 | +€534,661 | +346.7% |
| Profit (loss) for the period | 9904 | €735,554 | €1,220,327 | +€484,773 | +65.9% |
| Profit (loss) for the period to be appropriated | 9905 | €735,554 | €1,220,327 | +€484,773 | +65.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.