RAAVEN: 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.
RAAVEN
Largest movements
- Cash +€31,605
up €31,605 (+86.5%), from €36,534 to €68,139
mainly Other debts (+€58,069) and Net result for the year (+€41,606)
- Tangible fixed assets +€7,916
up €7,916 (+103%), from €7,720 to €15,636
of which Furniture and vehicles: +€5,888
- Receivables within one year +€3,092
up €3,092 (+105%), from €2,934 to €6,026
- Stocks and contracts +€1,510
new in 2025: €1,510
- Intangible fixed assets -€1,222
down €1,222 (-11.3%), from €10,817 to €9,595
- Other debts +€58,069
up €58,069 (+2,003%), from €2,899 to €60,968
- Reserves -€17,218
down €17,218 (-33.4%), from €51,607 to €34,389
- Tax, wage and social debts +€2,200
new in 2025: €2,200
- Gross operating margin -€13,014
down €13,014 (-18.0%), from €72,302 to €59,288
- Taxes -€2,967
down €2,967 (-21.7%), from €13,684 to €10,717
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 | €58,004 | €101,805 | +€43,801 | +75.5% |
| Fixed assets | 21/28 | €18,537 | €26,131 | +€7,594 | +41.0% |
| Intangible fixed assets | 21 | €10,817 | €9,595 | -€1,222 | -11.3% |
| Tangible fixed assets | 22/27 | €7,720 | €15,636 | +€7,916 | +103% |
| Plant, machinery and equipment | 23 | €1,928 | €4,074 | +€2,146 | +111% |
| Furniture and vehicles | 24 | €4,964 | €10,852 | +€5,888 | +119% |
| Other tangible fixed assets | 26 | €829 | €711 | -€118 | -14.3% |
| Financial fixed assets | 28 | - | €900 | +€900 | |
| Current assets | 29/58 | €39,467 | €75,674 | +€36,207 | +91.7% |
| Stocks and contracts in progress | 3 | - | €1,510 | +€1,510 | |
| Stocks | 30/36 | - | €1,510 | +€1,510 | |
| Amounts receivable within one year | 40/41 | €2,934 | €6,026 | +€3,092 | +105% |
| Other amounts receivable | 41 | €2,934 | €6,026 | +€3,092 | +105% |
| Cash at bank and in hand | 54/58 | €36,534 | €68,139 | +€31,605 | +86.5% |
| Total equity and liabilities | 10/49 | €58,004 | €101,805 | +€43,801 | +75.5% |
| Equity | 10/15 | €53,607 | €36,389 | -€17,218 | -32.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €51,607 | €34,389 | -€17,218 | -33.4% |
| Distributable reserves | 133 | €51,607 | €34,389 | -€17,218 | -33.4% |
| Amounts payable | 17/49 | €4,398 | €65,416 | +€61,018 | +1,388% |
| Amounts payable within one year | 42/48 | €4,398 | €64,770 | +€60,372 | +1,373% |
| Trade debts | 44 | €1,498 | €1,602 | +€104 | +6.9% |
| Suppliers | 440/4 | €1,498 | €1,602 | +€104 | +6.9% |
| Taxes, remuneration and social security | 45 | - | €2,200 | +€2,200 | |
| Remuneration and social security | 454/9 | - | €2,200 | +€2,200 | |
| Other amounts payable | 47/48 | €2,899 | €60,968 | +€58,069 | +2,003% |
| Accrued charges and deferred income | 492/3 | - | €646 | +€646 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,209 | €6,607 | +€399 | +6.4% |
| Other operating charges | 640/8 | €212 | €429 | +€217 | +102% |
| Non-recurring operating charges | 66A | - | €254 | +€254 | |
| Gross operating margin | 9900 | €72,302 | €59,288 | -€13,014 | -18.0% |
| Operating profit (loss) | 9901 | €65,881 | €51,997 | -€13,884 | -21.1% |
| Financial income | 75/76B | €291 | €451 | +€159 | +54.6% |
| Recurring financial income | 75 | €291 | €451 | +€159 | +54.6% |
| Financial charges | 65/66B | €23 | €125 | +€102 | +455% |
| Recurring financial charges | 65 | €23 | €125 | +€102 | +455% |
| Profit (loss) for the period before taxes | 9903 | €66,150 | €52,323 | -€13,827 | -20.9% |
| Income taxes | 67/77 | €13,684 | €10,717 | -€2,967 | -21.7% |
| Profit (loss) for the period | 9904 | €52,466 | €41,606 | -€10,860 | -20.7% |
| Profit (loss) for the period to be appropriated | 9905 | €52,466 | €41,606 | -€10,860 | -20.7% |
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 19 October 2026 via checked.be.