RAVINO: 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.
RAVINO
Largest movements
- Tangible fixed assets +€294,488
up €294,488 (+30.3%), from €970,913 to €1.3m
- Cash -€31,973
down €31,973 (-62.5%), from €51,158 to €19,185
mainly Investment in fixed assets (net) (-€319,200) and Receivables within one year (-€30,000)
- Receivables within one year +€30,000
new in 2025: €30,000
- Debts after one year +€208,102
up €208,102 (+29.9%), from €695,928 to €904,031
- Reserves +€40,712
up €40,712 (+94.3%), from €43,194 to €83,906
- Tax, wage and social debts +€36,389
up €36,389 (+180.8%), from €20,128 to €56,518
of which Taxes: +€30,450
- Current portion of long-term debt +€15,561
up €15,561 (+26.4%), from €58,937 to €74,497
- Staff costs +€16,922
up €16,922 (+1119.2%), from €1,512 to €18,434
- Gross operating margin +€11,198
up €11,198 (+10.7%), from €104,194 to €115,392
- Financial charges +€3,195
up €3,195 (+27.5%), from €11,598 to €14,793
- Depreciation +€2,640
up €2,640 (+12.0%), from €22,072 to €24,712
- Other operating charges +€1,424
up €1,424 (+1013.6%), from €141 to €1,565
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 | €1,022,071 | €1,315,896 | +€293,825 | +28.7% |
| Fixed assets | 21/28 | €970,913 | €1,265,401 | +€294,488 | +30.3% |
| Tangible fixed assets | 22/27 | €970,913 | €1,265,401 | +€294,488 | +30.3% |
| Land and buildings | 22 | €970,913 | €1,265,401 | +€294,488 | +30.3% |
| Current assets | 29/58 | €51,158 | €50,495 | -€663 | -1.3% |
| Amounts receivable within one year | 40/41 | - | €30,000 | +€30,000 | |
| Trade receivables | 40 | - | €30,000 | +€30,000 | |
| Cash at bank and in hand | 54/58 | €51,158 | €19,185 | -€31,973 | -62.5% |
| Deferred charges and accrued income | 490/1 | - | €1,310 | +€1,310 | |
| Total equity and liabilities | 10/49 | €1,022,071 | €1,315,896 | +€293,825 | +28.7% |
| Equity | 10/15 | €93,194 | €133,906 | +€40,712 | +43.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €43,194 | €83,906 | +€40,712 | +94.3% |
| Distributable reserves | 133 | €43,194 | €83,906 | +€40,712 | +94.3% |
| Amounts payable | 17/49 | €928,877 | €1,181,990 | +€253,113 | +27.2% |
| Amounts payable after more than one year | 17 | €695,928 | €904,031 | +€208,102 | +29.9% |
| Financial debts | 170/4 | €695,928 | €904,031 | +€208,102 | +29.9% |
| Amounts payable within one year | 42/48 | €232,948 | €277,959 | +€45,011 | +19.3% |
| Current portion of amounts payable after more than one year | 42 | €58,937 | €74,497 | +€15,561 | +26.4% |
| Trade debts | 44 | €1,936 | €5,216 | +€3,280 | +169.5% |
| Suppliers | 440/4 | €1,936 | €5,216 | +€3,280 | +169.5% |
| Taxes, remuneration and social security | 45 | €20,128 | €56,518 | +€36,389 | +180.8% |
| Taxes | 450/3 | €19,174 | €49,624 | +€30,450 | +158.8% |
| Remuneration and social security | 454/9 | €954 | €6,893 | +€5,939 | +622.4% |
| Other amounts payable | 47/48 | €151,948 | €141,728 | -€10,219 | -6.7% |
| Remuneration, social security and pensions | 62 | €1,512 | €18,434 | +€16,922 | +1119.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,072 | €24,712 | +€2,640 | +12.0% |
| Other operating charges | 640/8 | €141 | €1,565 | +€1,424 | +1013.6% |
| Gross operating margin | 9900 | €104,194 | €115,392 | +€11,198 | +10.7% |
| Operating profit (loss) | 9901 | €80,470 | €70,682 | -€9,788 | -12.2% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €11,598 | €14,793 | +€3,195 | +27.5% |
| Recurring financial charges | 65 | €11,598 | €14,793 | +€3,195 | +27.5% |
| Profit (loss) for the period before taxes | 9903 | €68,871 | €55,888 | -€12,983 | -18.9% |
| Income taxes | 67/77 | €14,707 | €15,176 | +€469 | +3.2% |
| Profit (loss) for the period | 9904 | €54,164 | €40,712 | -€13,452 | -24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €54,164 | €40,712 | -€13,452 | -24.8% |
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 6 October 2026 via checked.be.