RAVENSTEYN: 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.
RAVENSTEYN
Largest movements
- Tangible fixed assets -€201,724
down €201,724 (-4.8%), from €4.2m to €4.0m
of which Assets under construction and advance payments: -€173,497
- Other debts +€744,531
up €744,531 (+32.1%), from €2.3m to €3.1m
- Short-term financial debts -€475,911
down €475,911 (-22.6%), from €2.1m to €1.6m
- Profit (loss) carried forward -€201,832
down €201,832 (-11.8%), from -€1.7m to -€1.9m
- Tax, wage and social debts -€158,764
no longer reported in 2025 (was €158,764)
- Trade debts -€110,666
down €110,666 (-22.2%), from €498,011 to €387,345
- Gross operating margin +€46,251
up €46,251 (+85.8%), from -€53,912 to -€7,661
- Financial charges +€32,287
up €32,287 (+38.9%), from €83,039 to €115,326
- Other operating charges +€29,170
up €29,170 (+136.0%), from €21,449 to €50,620
- Financial income -€3,481
down €3,481 (-100.0%), from €3,482 to €1
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 | €4,253,146 | €4,050,505 | -€202,641 | -4.8% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €4,232,412 | €4,030,688 | -€201,724 | -4.8% |
| Tangible fixed assets | 22/27 | €4,230,282 | €4,028,558 | -€201,724 | -4.8% |
| Land and buildings | 22 | €652,485 | €625,348 | -€27,137 | -4.2% |
| Plant, machinery and equipment | 23 | €4,931 | €3,841 | -€1,090 | -22.1% |
| Assets under construction and advance payments | 27 | €3,572,865 | €3,399,369 | -€173,497 | -4.9% |
| Financial fixed assets | 28 | €2,130 | €2,130 | = | 0.0% |
| Current assets | 29/58 | €20,734 | €19,817 | -€918 | -4.4% |
| Amounts receivable within one year | 40/41 | €12,834 | €12,227 | -€607 | -4.7% |
| Trade receivables | 40 | €11,789 | €12,227 | +€438 | +3.7% |
| Other amounts receivable | 41 | €1,045 | - | -€1,045 | |
| Cash at bank and in hand | 54/58 | €7,901 | €7,524 | -€377 | -4.8% |
| Deferred charges and accrued income | 490/1 | - | €66 | +€66 | |
| Total equity and liabilities | 10/49 | €4,253,146 | €4,050,505 | -€202,641 | -4.8% |
| Equity | 10/15 | -€828,937 | -€1,030,769 | -€201,832 | -24.3% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Revaluation surpluses | 12 | €478,305 | €478,305 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,717,241 | -€1,919,073 | -€201,832 | -11.8% |
| Amounts payable | 17/49 | €5,082,082 | €5,081,273 | -€809 | 0.0% |
| Amounts payable within one year | 42/48 | €5,082,016 | €5,081,207 | -€809 | 0.0% |
| Financial debts | 43 | €2,109,381 | €1,633,470 | -€475,911 | -22.6% |
| Credit institutions | 430/8 | €2,109,381 | €1,633,470 | -€475,911 | -22.6% |
| Trade debts | 44 | €498,011 | €387,345 | -€110,666 | -22.2% |
| Suppliers | 440/4 | €498,011 | €387,345 | -€110,666 | -22.2% |
| Taxes, remuneration and social security | 45 | €158,764 | - | -€158,764 | |
| Taxes | 450/3 | €158,764 | - | -€158,764 | |
| Other amounts payable | 47/48 | €2,315,860 | €3,060,392 | +€744,531 | +32.1% |
| Accrued charges and deferred income | 492/3 | €66 | €66 | = | 0.0% |
| Non-recurring operating income | 76A | - | €160,000 | +€160,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,347 | €28,227 | -€120 | -0.4% |
| Other operating charges | 640/8 | €21,449 | €50,620 | +€29,170 | +136.0% |
| Gross operating margin | 9900 | -€53,912 | -€7,661 | +€46,251 | +85.8% |
| Operating profit (loss) | 9901 | -€103,708 | -€86,507 | +€17,200 | +16.6% |
| Financial income | 75/76B | €3,482 | €1 | -€3,481 | -100.0% |
| Recurring financial income | 75 | €3,482 | €1 | -€3,481 | -100.0% |
| Financial charges | 65/66B | €83,039 | €115,326 | +€32,287 | +38.9% |
| Recurring financial charges | 65 | €83,039 | €115,326 | +€32,287 | +38.9% |
| Profit (loss) for the period before taxes | 9903 | -€183,264 | -€201,832 | -€18,568 | -10.1% |
| Profit (loss) for the period | 9904 | -€183,264 | -€201,832 | -€18,568 | -10.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€183,264 | -€201,832 | -€18,568 | -10.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.