RAVEL: 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.
RAVEL
Largest movements
- Stocks and contracts -€77,365
down €77,365 (-20.1%), from €384,500 to €307,135
- Receivables within one year -€9,594
down €9,594 (-22.4%), from €42,789 to €33,195
- Cash -€6,739
down €6,739 (-20.0%), from €33,624 to €26,885
mainly Debts after one year (-€54,267) and Investment in fixed assets (net) (-€31,727)
- Debts after one year -€54,267
down €54,267 (-12.7%), from €426,528 to €372,261
of which Financial debts: -€39,224
- Trade debts -€14,627
down €14,627 (-21.8%), from €66,991 to €52,364
- Other debts -€14,267
down €14,267 (-40.4%), from €35,316 to €21,049
- Tax, wage and social debts -€11,025
down €11,025 (-38.5%), from €28,647 to €17,622
- Write-downs -€53,730
down €53,730 (-90.8%), from €59,160 to €5,430
- Gross operating margin -€35,443
down €35,443 (-31.6%), from €112,286 to €76,843
- Depreciation +€3,241
up €3,241 (+11.2%), from €28,870 to €32,111
- Taxes +€3,101
up €3,101 (+175%), from €1,771 to €4,872
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 | €651,048 | €555,120 | -€95,928 | -14.7% |
| Fixed assets | 21/28 | €180,403 | €180,019 | -€384 | -0.2% |
| Tangible fixed assets | 22/27 | €180,403 | €180,019 | -€384 | -0.2% |
| Land and buildings | 22 | €157,613 | €141,212 | -€16,401 | -10.4% |
| Plant, machinery and equipment | 23 | €413 | €36 | -€377 | -91.3% |
| Furniture and vehicles | 24 | €22,377 | €13,076 | -€9,301 | -41.6% |
| Leasing and similar rights | 25 | - | €25,695 | +€25,695 | |
| Current assets | 29/58 | €470,645 | €375,101 | -€95,544 | -20.3% |
| Stocks and contracts in progress | 3 | €384,500 | €307,135 | -€77,365 | -20.1% |
| Stocks | 30/36 | €384,500 | €307,135 | -€77,365 | -20.1% |
| Amounts receivable within one year | 40/41 | €42,789 | €33,195 | -€9,594 | -22.4% |
| Trade receivables | 40 | €42,789 | €33,195 | -€9,594 | -22.4% |
| Cash at bank and in hand | 54/58 | €33,624 | €26,885 | -€6,739 | -20.0% |
| Deferred charges and accrued income | 490/1 | €9,732 | €7,886 | -€1,846 | -19.0% |
| Total equity and liabilities | 10/49 | €651,048 | €555,120 | -€95,928 | -14.7% |
| Equity | 10/15 | €23,159 | €22,764 | -€395 | -1.7% |
| Revaluation surpluses | 12 | €57,129 | €57,129 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€33,970 | -€34,365 | -€395 | -1.2% |
| Amounts payable | 17/49 | €627,889 | €532,356 | -€95,533 | -15.2% |
| Amounts payable after more than one year | 17 | €426,528 | €372,261 | -€54,267 | -12.7% |
| Financial debts | 170/4 | €289,118 | €249,894 | -€39,224 | -13.6% |
| Other amounts payable | 178/9 | €137,410 | €122,367 | -€15,043 | -10.9% |
| Amounts payable within one year | 42/48 | €201,361 | €160,095 | -€41,266 | -20.5% |
| Current portion of amounts payable after more than one year | 42 | €70,407 | €65,095 | -€5,312 | -7.5% |
| Financial debts | 43 | - | €2,168 | +€2,168 | |
| Credit institutions | 430/8 | - | €2,168 | +€2,168 | |
| Trade debts | 44 | €66,991 | €52,364 | -€14,627 | -21.8% |
| Suppliers | 440/4 | €66,991 | €52,364 | -€14,627 | -21.8% |
| Advances received on contracts in progress | 46 | - | €1,797 | +€1,797 | |
| Taxes, remuneration and social security | 45 | €28,647 | €17,622 | -€11,025 | -38.5% |
| Taxes | 450/3 | €28,647 | €17,622 | -€11,025 | -38.5% |
| Other amounts payable | 47/48 | €35,316 | €21,049 | -€14,267 | -40.4% |
| Non-recurring operating income | 76A | - | €413 | +€413 | |
| Remuneration, social security and pensions | 62 | €686 | - | -€686 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,870 | €32,111 | +€3,241 | +11.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €59,160 | €5,430 | -€53,730 | -90.8% |
| Other operating charges | 640/8 | €15,460 | €15,589 | +€129 | +0.8% |
| Non-recurring operating charges | 66A | €6,880 | - | -€6,880 | |
| Gross operating margin | 9900 | €112,286 | €76,843 | -€35,443 | -31.6% |
| Operating profit (loss) | 9901 | €1,230 | €23,713 | +€22,483 | +1,828% |
| Financial income | 75/76B | €11 | €27 | +€16 | +145% |
| Recurring financial income | 75 | €11 | €27 | +€16 | +145% |
| Financial charges | 65/66B | €18,205 | €19,263 | +€1,058 | +5.8% |
| Recurring financial charges | 65 | €18,205 | €19,263 | +€1,058 | +5.8% |
| Profit (loss) for the period before taxes | 9903 | -€16,964 | €4,477 | +€21,441 | |
| Income taxes | 67/77 | €1,771 | €4,872 | +€3,101 | +175% |
| Profit (loss) for the period | 9904 | -€18,735 | -€395 | +€18,340 | +97.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,735 | -€395 | +€18,340 | +97.9% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.