ROYAL RAYS: 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.
ROYAL RAYS
Largest movements
- Stocks and contracts -€1.1m
down €1.1m (-36.5%), from €3.1m to €1.9m
- Receivables within one year -€999,737
down €999,737 (-48.4%), from €2.1m to €1.1m
of which Trade receivables: -€997,073
- Cash -€240,857
down €240,857 (-74.5%), from €323,456 to €82,599
mainly Trade debts (-€2.1m) and Other debts (-€288,379)
- Trade debts -€2.1m
down €2.1m (-78.4%), from €2.7m to €585,805
- Other debts -€288,379
down €288,379 (-12.1%), from €2.4m to €2.1m
- Gross operating margin -€39,824
down €39,824 (-37.7%), from €105,680 to €65,857
- Depreciation -€4,239
down €4,239 (-26.4%), from €16,028 to €11,789
- Other operating charges -€2,517
down €2,517 (-40.2%), from €6,259 to €3,742
- Taxes +€2,408
up €2,408 (+18.3%), from €13,195 to €15,603
- Financial charges +€1,289
up €1,289 (+12.4%), from €10,383 to €11,672
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 | €5,690,015 | €3,332,734 | -€2.4m | -41.4% |
| Fixed assets | 21/28 | €180,861 | €169,072 | -€11,789 | -6.5% |
| Tangible fixed assets | 22/27 | €179,954 | €168,166 | -€11,789 | -6.6% |
| Land and buildings | 22 | €161,742 | €157,812 | -€3,929 | -2.4% |
| Plant, machinery and equipment | 23 | €18,209 | €10,350 | -€7,859 | -43.2% |
| Furniture and vehicles | 24 | €3 | €3 | = | 0.0% |
| Financial fixed assets | 28 | €907 | €907 | = | 0.0% |
| Current assets | 29/58 | €5,509,154 | €3,163,662 | -€2.3m | -42.6% |
| Stocks and contracts in progress | 3 | €3,056,954 | €1,941,318 | -€1.1m | -36.5% |
| Stocks | 30/36 | €3,056,954 | €1,941,318 | -€1.1m | -36.5% |
| Amounts receivable within one year | 40/41 | €2,063,613 | €1,063,876 | -€999,737 | -48.4% |
| Trade receivables | 40 | €2,055,031 | €1,057,958 | -€997,073 | -48.5% |
| Other amounts receivable | 41 | €8,582 | €5,917 | -€2,664 | -31.0% |
| Cash at bank and in hand | 54/58 | €323,456 | €82,599 | -€240,857 | -74.5% |
| Deferred charges and accrued income | 490/1 | €65,130 | €75,869 | +€10,739 | +16.5% |
| Total equity and liabilities | 10/49 | €5,690,015 | €3,332,734 | -€2.4m | -41.4% |
| Equity | 10/15 | €579,233 | €602,585 | +€23,352 | +4.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €560,633 | €583,985 | +€23,352 | +4.2% |
| Distributable reserves | 133 | €560,633 | €583,985 | +€23,352 | +4.2% |
| Amounts payable | 17/49 | €5,110,782 | €2,730,149 | -€2.4m | -46.6% |
| Amounts payable within one year | 42/48 | €5,110,782 | €2,702,576 | -€2.4m | -47.1% |
| Trade debts | 44 | €2,713,722 | €585,805 | -€2.1m | -78.4% |
| Suppliers | 440/4 | €2,713,722 | €585,805 | -€2.1m | -78.4% |
| Taxes, remuneration and social security | 45 | €3,970 | €12,060 | +€8,090 | +204% |
| Taxes | 450/3 | €955 | - | -€955 | |
| Remuneration and social security | 454/9 | €3,015 | €12,060 | +€9,045 | +300% |
| Other amounts payable | 47/48 | €2,393,090 | €2,104,712 | -€288,379 | -12.1% |
| Accrued charges and deferred income | 492/3 | - | €27,572 | +€27,572 | |
| Non-recurring operating income | 76A | €2,431 | - | -€2,431 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,028 | €11,789 | -€4,239 | -26.4% |
| Other operating charges | 640/8 | €6,259 | €3,742 | -€2,517 | -40.2% |
| Gross operating margin | 9900 | €105,680 | €65,857 | -€39,824 | -37.7% |
| Operating profit (loss) | 9901 | €83,393 | €50,326 | -€33,068 | -39.7% |
| Financial income | 75/76B | €385 | €302 | -€83 | -21.7% |
| Recurring financial income | 75 | €385 | €302 | -€83 | -21.7% |
| Financial charges | 65/66B | €10,383 | €11,672 | +€1,289 | +12.4% |
| Recurring financial charges | 65 | €10,383 | €11,672 | +€1,289 | +12.4% |
| Profit (loss) for the period before taxes | 9903 | €73,395 | €38,955 | -€34,440 | -46.9% |
| Income taxes | 67/77 | €13,195 | €15,603 | +€2,408 | +18.3% |
| Profit (loss) for the period | 9904 | €60,201 | €23,352 | -€36,848 | -61.2% |
| Profit (loss) for the period to be appropriated | 9905 | €60,201 | €23,352 | -€36,848 | -61.2% |
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 16 October 2026 via checked.be.