RAVN: 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.
RAVN
Largest movements
- Cash -€133,473
down €133,473 (-85.3%), from €156,481 to €23,007
mainly Receivables within one year (-€77,059) and Net result for the year (-€41,156)
- Receivables within one year +€77,059
up €77,059 (+1458.6%), from €5,283 to €82,342
of which Trade receivables: +€69,718
- Deferred charges and accrued income +€3,089
up €3,089 (+1172.7%), from €263 to €3,352
- Stocks and contracts +€2,144
up €2,144 (+4.7%), from €45,780 to €47,924
- Reserves -€41,156
down €41,156 (-29.5%), from €139,282 to €98,126
- Tax, wage and social debts -€27,076
down €27,076 (-52.9%), from €51,165 to €24,089
of which Taxes: -€28,184
- Trade debts +€17,118
up €17,118 (+91.7%), from €18,677 to €35,795
- Gross operating margin -€129,230
down €129,230, from €92,556 to -€36,674
- Taxes -€19,284
down €19,284 (-98.3%), from €19,614 to €331
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 | €212,898 | €160,511 | -€52,387 | -24.6% |
| Fixed assets | 21/28 | €5,091 | €3,885 | -€1,206 | -23.7% |
| Tangible fixed assets | 22/27 | €5,091 | €3,885 | -€1,206 | -23.7% |
| Plant, machinery and equipment | 23 | €4,107 | €2,735 | -€1,371 | -33.4% |
| Furniture and vehicles | 24 | €984 | €1,150 | +€166 | +16.8% |
| Current assets | 29/58 | €207,807 | €156,626 | -€51,182 | -24.6% |
| Stocks and contracts in progress | 3 | €45,780 | €47,924 | +€2,144 | +4.7% |
| Stocks | 30/36 | €45,780 | €47,924 | +€2,144 | +4.7% |
| Amounts receivable within one year | 40/41 | €5,283 | €82,342 | +€77,059 | +1458.6% |
| Trade receivables | 40 | €5,283 | €75,001 | +€69,718 | +1319.6% |
| Other amounts receivable | 41 | - | €7,341 | +€7,341 | |
| Cash at bank and in hand | 54/58 | €156,481 | €23,007 | -€133,473 | -85.3% |
| Deferred charges and accrued income | 490/1 | €263 | €3,352 | +€3,089 | +1172.7% |
| Total equity and liabilities | 10/49 | €212,898 | €160,511 | -€52,387 | -24.6% |
| Equity | 10/15 | €141,782 | €100,626 | -€41,156 | -29.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €139,282 | €98,126 | -€41,156 | -29.5% |
| Distributable reserves | 133 | €139,282 | €98,126 | -€41,156 | -29.5% |
| Amounts payable | 17/49 | €71,116 | €59,885 | -€11,232 | -15.8% |
| Amounts payable within one year | 42/48 | €71,116 | €59,885 | -€11,232 | -15.8% |
| Trade debts | 44 | €18,677 | €35,795 | +€17,118 | +91.7% |
| Suppliers | 440/4 | €18,677 | €35,795 | +€17,118 | +91.7% |
| Taxes, remuneration and social security | 45 | €51,165 | €24,089 | -€27,076 | -52.9% |
| Taxes | 450/3 | €51,165 | €22,981 | -€28,184 | -55.1% |
| Remuneration and social security | 454/9 | - | €1,109 | +€1,109 | |
| Other amounts payable | 47/48 | €1,274 | - | -€1,274 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,101 | €1,684 | +€584 | +53.0% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €92,556 | -€36,674 | -€129,230 | |
| Operating profit (loss) | 9901 | €91,337 | -€38,478 | -€129,815 | |
| Financial income | 75/76B | €453 | €247 | -€206 | -45.5% |
| Recurring financial income | 75 | €453 | €247 | -€206 | -45.5% |
| Financial charges | 65/66B | €3,013 | €2,594 | -€419 | -13.9% |
| Recurring financial charges | 65 | €3,013 | €2,594 | -€419 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €88,777 | -€40,825 | -€129,602 | |
| Income taxes | 67/77 | €19,614 | €331 | -€19,284 | -98.3% |
| Profit (loss) for the period | 9904 | €69,163 | -€41,156 | -€110,319 | |
| Profit (loss) for the period to be appropriated | 9905 | €69,163 | -€41,156 | -€110,319 |
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 29 September 2026 via checked.be.