RAVANA: 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.
RAVANA
Largest movements
- Receivables within one year -€301,738
down €301,738 (-38.7%), from €780,049 to €478,311
of which Trade receivables: -€286,213
- Tangible fixed assets -€104,092
down €104,092 (-10.8%), from €964,018 to €859,926
of which Plant, machinery and equipment: -€63,016
- Cash +€77,731
up €77,731 (+139.2%), from €55,861 to €133,592
mainly Receivables within one year (+€301,738) and Depreciation (+€118,050)
- Current investments -€26,935
down €26,935 (-73.1%), from €36,841 to €9,906
- Profit (loss) carried forward -€96,401
down €96,401 (-77.2%), from €124,877 to €28,476
- Tax, wage and social debts -€81,739
down €81,739 (-67.3%), from €121,422 to €39,683
of which Taxes: -€44,225
- Debts after one year -€79,690
down €79,690 (-30.1%), from €264,888 to €185,198
- Reserves -€55,711
down €55,711 (-11.3%), from €492,504 to €436,793
- Trade debts -€46,051
down €46,051 (-9.6%), from €477,634 to €431,583
- Gross operating margin -€141,215
down €141,215 (-19.0%), from €741,568 to €600,353
- Taxes -€16,495
down €16,495, from €15,195 to -€1,300
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.
Cash bridge derived
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 | €1,949,407 | €1,584,414 | -€364,993 | -18.7% |
| Fixed assets | 21/28 | €964,018 | €859,926 | -€104,092 | -10.8% |
| Tangible fixed assets | 22/27 | €964,018 | €859,926 | -€104,092 | -10.8% |
| Land and buildings | 22 | €545,785 | €522,357 | -€23,428 | -4.3% |
| Plant, machinery and equipment | 23 | €386,557 | €323,541 | -€63,016 | -16.3% |
| Furniture and vehicles | 24 | €31,676 | €14,028 | -€17,648 | -55.7% |
| Current assets | 29/58 | €985,389 | €724,488 | -€260,901 | -26.5% |
| Stocks and contracts in progress | 3 | €112,638 | €102,679 | -€9,959 | -8.8% |
| Stocks | 30/36 | €112,638 | €102,679 | -€9,959 | -8.8% |
| Amounts receivable within one year | 40/41 | €780,049 | €478,311 | -€301,738 | -38.7% |
| Trade receivables | 40 | €737,253 | €451,040 | -€286,213 | -38.8% |
| Other amounts receivable | 41 | €42,796 | €27,271 | -€15,525 | -36.3% |
| Current investments | 50/53 | €36,841 | €9,906 | -€26,935 | -73.1% |
| Cash at bank and in hand | 54/58 | €55,861 | €133,592 | +€77,731 | +139.2% |
| Total equity and liabilities | 10/49 | €1,949,407 | €1,584,414 | -€364,993 | -18.7% |
| Equity | 10/15 | €864,159 | €712,047 | -€152,112 | -17.6% |
| Contributions | 10/11 | €246,778 | €246,778 | = | 0.0% |
| Reserves | 13 | €492,504 | €436,793 | -€55,711 | -11.3% |
| Distributable reserves | 133 | €492,504 | €436,793 | -€55,711 | -11.3% |
| Profit (loss) carried forward | 14 | €124,877 | €28,476 | -€96,401 | -77.2% |
| Amounts payable | 17/49 | €1,085,248 | €872,367 | -€212,881 | -19.6% |
| Amounts payable after more than one year | 17 | €264,888 | €185,198 | -€79,690 | -30.1% |
| Financial debts | 170/4 | €264,888 | €185,198 | -€79,690 | -30.1% |
| Amounts payable within one year | 42/48 | €820,360 | €687,169 | -€133,191 | -16.2% |
| Current portion of amounts payable after more than one year | 42 | €118,304 | €101,910 | -€16,394 | -13.9% |
| Financial debts | 43 | €103,000 | €103,000 | = | 0.0% |
| Credit institutions | 430/8 | €103,000 | €103,000 | = | 0.0% |
| Trade debts | 44 | €477,634 | €431,583 | -€46,051 | -9.6% |
| Suppliers | 440/4 | €477,634 | €431,583 | -€46,051 | -9.6% |
| Taxes, remuneration and social security | 45 | €121,422 | €39,683 | -€81,739 | -67.3% |
| Taxes | 450/3 | €44,225 | - | -€44,225 | |
| Remuneration and social security | 454/9 | €77,197 | €39,683 | -€37,514 | -48.6% |
| Other amounts payable | 47/48 | - | €10,993 | +€10,993 | |
| Remuneration, social security and pensions | 62 | €538,339 | €539,484 | +€1,145 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,196 | €118,050 | -€6,146 | -4.9% |
| Other operating charges | 640/8 | €10,734 | €12,321 | +€1,587 | +14.8% |
| Gross operating margin | 9900 | €741,568 | €600,353 | -€141,215 | -19.0% |
| Operating profit (loss) | 9901 | €68,299 | -€69,502 | -€137,801 | |
| Financial income | 75/76B | €5,139 | €153 | -€4,986 | -97.0% |
| Recurring financial income | 75 | €5,139 | €153 | -€4,986 | -97.0% |
| Financial charges | 65/66B | €29,056 | €28,351 | -€705 | -2.4% |
| Recurring financial charges | 65 | €29,056 | €28,351 | -€705 | -2.4% |
| Profit (loss) for the period before taxes | 9903 | €44,382 | -€97,700 | -€142,082 | |
| Income taxes | 67/77 | €15,195 | -€1,300 | -€16,495 | |
| Profit (loss) for the period | 9904 | €29,187 | -€96,400 | -€125,587 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,187 | -€96,400 | -€125,587 |
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 10 October 2026 via checked.be.