PASSAGE RAVENSTEIN: 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.
PASSAGE RAVENSTEIN
Largest movements
- Receivables within one year -€1.1m
down €1.1m (-32.3%), from €3.4m to €2.3m
of which Other amounts receivable: -€1.0m
- Financial fixed assets +€676,105
up €676,105 (+2.6%), from €25.6m to €26.2m
- Trade debts +€1.1m
up €1.1m (+226%), from €477,983 to €1.6m
- Debts after one year -€700,000
down €700,000 (-5.5%), from €12.8m to €12.1m
- Gross operating margin -€863,544
down €863,544 (-50.0%), from €1.7m to €863,314
- Financial charges -€238,465
down €238,465 (-32.7%), from €728,552 to €490,087
- Financial income -€227,524
down €227,524 (-48.7%), from €467,539 to €240,015
- Other operating charges +€83,140
up €83,140 (+17.3%), from €480,858 to €563,998
- Depreciation +€21,178
up €21,178 (+9.5%), from €221,972 to €243,150
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 | €33,079,848 | €33,027,536 | -€52,313 | -0.2% |
| Fixed assets | 21/28 | €29,444,784 | €30,446,370 | +€1.0m | +3.4% |
| Tangible fixed assets | 22/27 | €3,882,842 | €4,208,324 | +€325,482 | +8.4% |
| Land and buildings | 22 | €3,869,044 | €4,196,223 | +€327,180 | +8.5% |
| Plant, machinery and equipment | 23 | €13,798 | €12,100 | -€1,698 | -12.3% |
| Financial fixed assets | 28 | €25,561,942 | €26,238,047 | +€676,105 | +2.6% |
| Current assets | 29/58 | €3,635,065 | €2,581,166 | -€1.1m | -29.0% |
| Amounts receivable within one year | 40/41 | €3,378,038 | €2,287,453 | -€1.1m | -32.3% |
| Trade receivables | 40 | €625,827 | €572,054 | -€53,773 | -8.6% |
| Other amounts receivable | 41 | €2,752,211 | €1,715,399 | -€1.0m | -37.7% |
| Current investments | 50/53 | €1,032 | €1,038 | +€5 | +0.5% |
| Cash at bank and in hand | 54/58 | €66,786 | €142,762 | +€75,975 | +114% |
| Deferred charges and accrued income | 490/1 | €189,208 | €149,913 | -€39,295 | -20.8% |
| Total equity and liabilities | 10/49 | €33,079,848 | €33,027,536 | -€52,313 | -0.2% |
| Equity | 10/15 | €18,686,021 | €18,484,176 | -€201,845 | -1.1% |
| Contributions | 10/11 | €19,703,194 | €19,703,194 | = | 0.0% |
| Capital | 10 | €19,703,194 | €19,703,194 | = | 0.0% |
| Issued capital | 100 | €19,703,194 | €19,703,194 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,017,173 | -€1,219,018 | -€201,845 | -19.8% |
| Amounts payable | 17/49 | €14,393,828 | €14,543,360 | +€149,532 | +1.0% |
| Amounts payable after more than one year | 17 | €12,775,000 | €12,075,000 | -€700,000 | -5.5% |
| Financial debts | 170/4 | €12,775,000 | €12,075,000 | -€700,000 | -5.5% |
| Amounts payable within one year | 42/48 | €1,274,952 | €2,263,770 | +€988,818 | +77.6% |
| Current portion of amounts payable after more than one year | 42 | €700,000 | €700,000 | = | 0.0% |
| Trade debts | 44 | €477,983 | €1,559,261 | +€1.1m | +226% |
| Suppliers | 440/4 | €477,983 | €1,559,261 | +€1.1m | +226% |
| Other amounts payable | 47/48 | €96,970 | €4,510 | -€92,460 | -95.3% |
| Accrued charges and deferred income | 492/3 | €343,876 | €204,590 | -€139,286 | -40.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €221,972 | €243,150 | +€21,178 | +9.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,939 | +€7,939 | |
| Other operating charges | 640/8 | €480,858 | €563,998 | +€83,140 | +17.3% |
| Gross operating margin | 9900 | €1,726,858 | €863,314 | -€863,544 | -50.0% |
| Operating profit (loss) | 9901 | €1,024,029 | €48,227 | -€975,801 | -95.3% |
| Financial income | 75/76B | €467,539 | €240,015 | -€227,524 | -48.7% |
| Recurring financial income | 75 | €467,539 | €240,015 | -€227,524 | -48.7% |
| Financial charges | 65/66B | €728,552 | €490,087 | -€238,465 | -32.7% |
| Recurring financial charges | 65 | €728,552 | €490,087 | -€238,465 | -32.7% |
| Profit (loss) for the period before taxes | 9903 | €763,015 | -€201,845 | -€964,860 | |
| Income taxes | 67/77 | €1 | - | -€1 | |
| Profit (loss) for the period | 9904 | €763,014 | -€201,845 | -€964,859 | |
| Profit (loss) for the period to be appropriated | 9905 | €763,014 | -€201,845 | -€964,859 |
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.