Raven Proprietary: 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.
Raven Proprietary
Largest movements
- Tangible fixed assets +€2.9m
up €2.9m (+185%), from €1.5m to €4.4m
- Stocks and contracts +€486,825
up €486,825 (+52.8%), from €922,539 to €1.4m
- Receivables within one year -€293,913
down €293,913 (-100%), from €293,913 to €0
- Debts after one year +€3.1m
up €3.1m (+158%), from €2.0m to €5.0m
- Short-term financial debts +€697,000
new in 2025: €697,000
- Other debts -€545,864
down €545,864 (-86.3%), from €632,814 to €86,950
- Profit (loss) carried forward -€131,731
down €131,731 (-761%), from -€17,319 to -€149,050
- Trade debts -€87,067
down €87,067 (-67.7%), from €128,579 to €41,511
- Financial charges +€121,580
up €121,580 (+175%), from €69,630 to €191,210
of which Non-recurring financial charges: +€78,288
- Depreciation +€64,594
up €64,594 (+210%), from €30,740 to €95,334
- Gross operating margin +€64,196
up €64,196 (+64.6%), from €99,422 to €163,617
- Financial income -€8,508
down €8,508 (-100.0%), from €8,508 to €0
- Other operating charges +€3,661
up €3,661 (+71.2%), from €5,143 to €8,804
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 | €2,771,523 | €5,869,155 | +€3.1m | +112% |
| Fixed assets | 21/28 | €1,543,532 | €4,399,094 | +€2.9m | +185% |
| Tangible fixed assets | 22/27 | €1,543,532 | €4,399,094 | +€2.9m | +185% |
| Land and buildings | 22 | €1,543,532 | €4,399,094 | +€2.9m | +185% |
| Current assets | 29/58 | €1,227,991 | €1,470,062 | +€242,070 | +19.7% |
| Stocks and contracts in progress | 3 | €922,539 | €1,409,365 | +€486,825 | +52.8% |
| Stocks | 30/36 | €922,539 | €1,409,365 | +€486,825 | +52.8% |
| Amounts receivable within one year | 40/41 | €293,913 | €0 | -€293,913 | -100% |
| Other amounts receivable | 41 | €293,913 | €0 | -€293,913 | -100% |
| Cash at bank and in hand | 54/58 | €7,516 | €52,777 | +€45,261 | +602% |
| Deferred charges and accrued income | 490/1 | €4,023 | €7,920 | +€3,897 | +96.9% |
| Total equity and liabilities | 10/49 | €2,771,523 | €5,869,155 | +€3.1m | +112% |
| Equity | 10/15 | -€10,119 | -€141,850 | -€131,731 | -1,302% |
| Contributions | 10/11 | €7,200 | €7,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,319 | -€149,050 | -€131,731 | -761% |
| Amounts payable | 17/49 | €2,781,642 | €6,011,005 | +€3.2m | +116% |
| Amounts payable after more than one year | 17 | €1,951,749 | €5,035,260 | +€3.1m | +158% |
| Financial debts | 170/4 | €1,951,749 | €5,035,260 | +€3.1m | +158% |
| Amounts payable within one year | 42/48 | €825,789 | €943,746 | +€117,957 | +14.3% |
| Current portion of amounts payable after more than one year | 42 | €64,397 | €118,285 | +€53,888 | +83.7% |
| Financial debts | 43 | - | €697,000 | +€697,000 | |
| Credit institutions | 430/8 | - | €697,000 | +€697,000 | |
| Trade debts | 44 | €128,579 | €41,511 | -€87,067 | -67.7% |
| Suppliers | 440/4 | €128,579 | €41,511 | -€87,067 | -67.7% |
| Other amounts payable | 47/48 | €632,814 | €86,950 | -€545,864 | -86.3% |
| Accrued charges and deferred income | 492/3 | €4,104 | €31,998 | +€27,895 | +680% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,740 | €95,334 | +€64,594 | +210% |
| Other operating charges | 640/8 | €5,143 | €8,804 | +€3,661 | +71.2% |
| Gross operating margin | 9900 | €99,422 | €163,617 | +€64,196 | +64.6% |
| Operating profit (loss) | 9901 | €63,538 | €59,479 | -€4,059 | -6.4% |
| Financial income | 75/76B | €8,508 | €0 | -€8,508 | -100.0% |
| Recurring financial income | 75 | €8,508 | €0 | -€8,508 | -100.0% |
| Financial charges | 65/66B | €69,630 | €191,210 | +€121,580 | +175% |
| Recurring financial charges | 65 | €69,630 | €112,922 | +€43,292 | +62.2% |
| Non-recurring financial charges | 66B | - | €78,288 | +€78,288 | |
| Profit (loss) for the period before taxes | 9903 | €2,417 | -€131,731 | -€134,147 | |
| Profit (loss) for the period | 9904 | €2,417 | -€131,731 | -€134,147 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,417 | -€131,731 | -€134,147 |
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 29 October 2026 via checked.be.