Ravenstein 36: 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.
What changed
Ravenstein 36
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€2.1m
2024 · -€3.2m+€1.1m
Equity
€15.2m
2024 · €14.6m+€628,549
Cash
€415,333
2024 · €926,033-€510,700
Balance sheet total
€50.8m
2024 · €51.9m-€1.1m
Largest movements
Assets
- Tangible fixed assets -€2.2m
down €2.2m (-4.5%), from €49.7m to €47.4m
- Deferred charges and accrued income +€1.3m
up €1.3m (+116%), from €1.1m to €2.4m
Equity and liabilities
- Contributions +€2.8m
up €2.8m (+11.2%), from €24.7m to €27.5m
- Profit (loss) carried forward -€2.1m
down €2.1m (-20.8%), from -€10.3m to -€12.4m
- Debts after one year -€2.1m
down €2.1m (-5.7%), from €36.6m to €34.5m
Income statement
- Gross operating margin +€2.6m
new in 2025: €2.6m
- Turnover -€2.0m
no longer reported in 2025 (was €2.0m)
- Services and other goods -€1.6m
no longer reported in 2025 (was €1.6m)
- Other operating income -€1.4m
no longer reported in 2025 (was €1.4m)
- Financial charges -€732,691
down €732,691 (-30.0%), from €2.4m to €1.7m
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.
Result 2024
-€3.2m
Turnover
-€2.0m
Other operating income
-€1.4m
Services and other goods
+€1.6m
Depreciation
-€155,114
Other operating charges
-€65,000
Other operating items
+€2.4m
Financial income
-€26,311
Financial charges
+€732,691
Deferred taxes and other
+€79
Result 2025
-€2.1m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€1.1m
Investment
-€115,643
Financing
+€687,066
Cash 2024
€926,033
From operations (derived)
-€1.1m
Net result for the year
-€2.1m
Depreciation
+€2.3m
Receivables within one year
-€332,837
Deferred charges and accrued income
-€1.3m
Provisions
-€5,058
Trade debts
+€32,880
Tax, wage and social debts
-€118,220
Accrued charges and deferred income
+€435,082
Investment (derived)
-€115,643
Investment in fixed assets (net)
-€115,643
Financing
+€687,066
Debts after one year
-€2.1m
Contributions, distributions and other
+€2.8m
Cash 2025
€415,333
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €51,865,548 | €50,758,842 | -€1.1m | -2.1% |
| Fixed assets | 21/28 | €49,654,899 | €47,428,225 | -€2.2m | -4.5% |
| Tangible fixed assets | 22/27 | €49,654,899 | €47,428,225 | -€2.2m | -4.5% |
| Land and buildings | 22 | €49,654,899 | €47,428,225 | -€2.2m | -4.5% |
| Current assets | 29/58 | €2,210,649 | €3,330,617 | +€1.1m | +50.7% |
| Amounts receivable within one year | 40/41 | €162,274 | €495,111 | +€332,837 | +205% |
| Trade receivables | 40 | €27,859 | €393,342 | +€365,483 | +1,312% |
| Other amounts receivable | 41 | €134,415 | €101,769 | -€32,646 | -24.3% |
| Cash at bank and in hand | 54/58 | €926,033 | €415,333 | -€510,700 | -55.1% |
| Deferred charges and accrued income | 490/1 | €1,122,342 | €2,420,173 | +€1.3m | +116% |
| Total equity and liabilities | 10/49 | €51,865,548 | €50,758,842 | -€1.1m | -2.1% |
| Equity | 10/15 | €14,587,451 | €15,216,000 | +€628,549 | +4.3% |
| Contributions | 10/11 | €24,738,029 | €27,520,211 | +€2.8m | +11.2% |
| Profit (loss) carried forward | 14 | -€10,288,637 | -€12,427,093 | -€2.1m | -20.8% |
| Investment grants | 15 | €138,059 | €122,883 | -€15,176 | -11.0% |
| Provisions and deferred taxes | 16 | €46,019 | €40,961 | -€5,058 | -11.0% |
| Deferred taxes | 168 | €46,019 | €40,961 | -€5,058 | -11.0% |
| Amounts payable | 17/49 | €37,232,078 | €35,501,881 | -€1.7m | -4.6% |
| Amounts payable after more than one year | 17 | €36,555,476 | €34,475,537 | -€2.1m | -5.7% |
| Financial debts | 170/4 | €36,555,476 | €34,475,537 | -€2.1m | -5.7% |
| Other loans | 174 | €36,555,476 | - | -€36.6m | |
| Amounts payable within one year | 42/48 | €270,042 | €184,703 | -€85,339 | -31.6% |
| Trade debts | 44 | €100,730 | €133,610 | +€32,880 | +32.6% |
| Suppliers | 440/4 | €100,730 | €133,610 | +€32,880 | +32.6% |
| Taxes, remuneration and social security | 45 | €169,312 | €51,092 | -€118,220 | -69.8% |
| Taxes | 450/3 | €169,312 | €51,092 | -€118,220 | -69.8% |
| Accrued charges and deferred income | 492/3 | €406,560 | €841,642 | +€435,082 | +107% |
| Operating income | 70/76A | €3,410,642 | - | -€3.4m | |
| Turnover | 70 | €1,986,061 | - | -€2.0m | |
| Other operating income | 74 | €1,421,056 | - | -€1.4m | |
| Non-recurring operating income | 76A | €3,525 | €153,943 | +€150,418 | +4,267% |
| Operating charges | 60/66A | €4,233,081 | - | -€4.2m | |
| Services and other goods | 61 | €1,597,541 | - | -€1.6m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,187,203 | €2,342,317 | +€155,114 | +7.1% |
| Other operating charges | 640/8 | €448,317 | €513,317 | +€65,000 | +14.5% |
| Non-recurring operating charges | 66A | €20 | €156,277 | +€156,257 | +781,287% |
| Gross operating margin | 9900 | - | €2,550,722 | +€2.6m | |
| Operating profit (loss) | 9901 | -€822,439 | -€461,189 | +€361,250 | +43.9% |
| Financial income | 75/76B | €52,541 | €26,230 | -€26,311 | -50.1% |
| Recurring financial income | 75 | €52,541 | €26,230 | -€26,311 | -50.1% |
| Income from current assets | 751 | €37,601 | - | -€37,601 | |
| Other financial income | 752/9 | €14,940 | - | -€14,940 | |
| Financial charges | 65/66B | €2,441,247 | €1,708,556 | -€732,691 | -30.0% |
| Recurring financial charges | 65 | €2,441,247 | €1,708,556 | -€732,691 | -30.0% |
| Debt charges | 650 | €2,404,859 | - | -€2.4m | |
| Other financial charges | 652/9 | €36,388 | - | -€36,388 | |
| Profit (loss) for the period before taxes | 9903 | -€3,211,145 | -€2,143,515 | +€1.1m | +33.2% |
| Transfer from deferred taxes | 780 | €4,980 | €5,059 | +€79 | +1.6% |
| Profit (loss) for the period | 9904 | -€3,206,165 | -€2,138,456 | +€1.1m | +33.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,206,165 | -€2,138,456 | +€1.1m | +33.3% |
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 17 October 2026 via checked.be.