RAVEN DEVELOPMENT: what changed
Two fiscal 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.
RAVEN DEVELOPMENT
Largest movements
- Receivables within one year +€1.2m
up €1.2m (+37.9%), from €3.1m to €4.3m
of which Trade receivables: +€1.2m
- Stocks and contracts -€163,337
down €163,337 (-26.2%), from €624,024 to €460,687
- Other debts +€1.3m
up €1.3m (+41.3%), from €3.1m to €4.4m
- Trade debts -€327,641
down €327,641 (-39.8%), from €822,555 to €494,915
- Gross operating margin +€536,253
up €536,253, from -€55,818 to €480,435
- Financial charges -€67,535
down €67,535 (-90.0%), from €75,069 to €7,534
- Financial income +€6,768
up €6,768 (+2183.2%), from €310 to €7,078
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 | €3,842,901 | €4,817,384 | +€974,483 | +25.4% |
| Fixed assets | 21/28 | €24,474 | €16,707 | -€7,768 | -31.7% |
| Intangible fixed assets | 21 | €6,657 | €4,947 | -€1,710 | -25.7% |
| Tangible fixed assets | 22/27 | €17,818 | €11,760 | -€6,058 | -34.0% |
| Plant, machinery and equipment | 23 | €2,326 | €1,004 | -€1,323 | -56.8% |
| Furniture and vehicles | 24 | €15,491 | €10,756 | -€4,735 | -30.6% |
| Current assets | 29/58 | €3,818,427 | €4,800,677 | +€982,251 | +25.7% |
| Stocks and contracts in progress | 3 | €624,024 | €460,687 | -€163,337 | -26.2% |
| Stocks | 30/36 | €624,024 | €460,687 | -€163,337 | -26.2% |
| Amounts receivable within one year | 40/41 | €3,140,670 | €4,331,369 | +€1.2m | +37.9% |
| Trade receivables | 40 | €2,626,221 | €3,812,092 | +€1.2m | +45.2% |
| Other amounts receivable | 41 | €514,449 | €519,277 | +€4,827 | +0.9% |
| Cash at bank and in hand | 54/58 | €53,733 | €8,622 | -€45,111 | -84.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €3,842,901 | €4,817,384 | +€974,483 | +25.4% |
| Equity | 10/15 | -€132,692 | -€131,103 | +€1,589 | +1.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€135,692 | -€134,103 | +€1,589 | +1.2% |
| Amounts payable | 17/49 | €3,975,593 | €4,948,487 | +€972,894 | +24.5% |
| Amounts payable within one year | 42/48 | €3,975,593 | €4,948,487 | +€972,894 | +24.5% |
| Trade debts | 44 | €822,555 | €494,915 | -€327,641 | -39.8% |
| Suppliers | 440/4 | €822,555 | €494,915 | -€327,641 | -39.8% |
| Taxes, remuneration and social security | 45 | €6,866 | €7,293 | +€427 | +6.2% |
| Taxes | 450/3 | €4,609 | €7,293 | +€2,684 | +58.2% |
| Remuneration and social security | 454/9 | €2,257 | €0 | -€2,257 | -100.0% |
| Other amounts payable | 47/48 | €3,146,172 | €4,446,280 | +€1.3m | +41.3% |
| Non-recurring operating income | 76A | - | €173,611 | +€173,611 | |
| Remuneration, social security and pensions | 62 | €21,881 | €17,708 | -€4,173 | -19.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,620 | €7,768 | -€3,852 | -33.2% |
| Other operating charges | 640/8 | €3,096 | €2,915 | -€180 | -5.8% |
| Gross operating margin | 9900 | -€55,818 | €480,435 | +€536,253 | |
| Operating profit (loss) | 9901 | -€92,414 | €452,044 | +€544,459 | |
| Financial income | 75/76B | €310 | €7,078 | +€6,768 | +2183.2% |
| Recurring financial income | 75 | €310 | €7,078 | +€6,768 | +2183.2% |
| Financial charges | 65/66B | €75,069 | €7,534 | -€67,535 | -90.0% |
| Recurring financial charges | 65 | €75,069 | €7,534 | -€67,535 | -90.0% |
| Profit (loss) for the period before taxes | 9903 | -€167,173 | €451,589 | +€618,762 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€167,173 | €451,589 | +€618,762 | |
| Profit (loss) for the period to be appropriated | 9905 | -€167,173 | €451,589 | +€618,762 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.