RAVOS: 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.
RAVOS
Largest movements
- Tangible fixed assets +€74,052
up €74,052 (+12.4%), from €596,354 to €670,406
of which Land and buildings: +€344,624
- Cash -€34,772
down €34,772 (-82.2%), from €42,311 to €7,540
mainly Investment in fixed assets (net) (-€115,740) and Other debts (-€7,068)
- Debts after one year +€37,313
up €37,313 (+10.5%), from €356,424 to €393,736
of which Other amounts payable: +€37,500
- Accrued charges and deferred income +€10,446
up €10,446 (+91.6%), from €11,400 to €21,846
- Gross operating margin -€50,897
down €50,897 (-44.1%), from €115,419 to €64,521
- Depreciation +€21,228
up €21,228 (+104%), from €20,460 to €41,688
- Taxes -€19,815
down €19,815 (-92.0%), from €21,534 to €1,719
- Financial charges +€4,057
up €4,057 (+19.9%), from €20,351 to €24,408
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 | €684,122 | €719,756 | +€35,634 | +5.2% |
| Fixed assets | 21/28 | €596,404 | €670,456 | +€74,052 | +12.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €596,354 | €670,406 | +€74,052 | +12.4% |
| Land and buildings | 22 | €325,460 | €670,084 | +€344,624 | +106% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €740 | €323 | -€417 | -56.4% |
| Assets under construction and advance payments | 27 | €270,154 | - | -€270,154 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €87,718 | €49,300 | -€38,418 | -43.8% |
| Amounts receivable within one year | 40/41 | €35,153 | €34,474 | -€678 | -1.9% |
| Trade receivables | 40 | €22,773 | €25,257 | +€2,484 | +10.9% |
| Other amounts receivable | 41 | €12,379 | €9,217 | -€3,162 | -25.5% |
| Cash at bank and in hand | 54/58 | €42,311 | €7,540 | -€34,772 | -82.2% |
| Deferred charges and accrued income | 490/1 | €10,254 | €7,286 | -€2,968 | -28.9% |
| Total equity and liabilities | 10/49 | €684,122 | €719,756 | +€35,634 | +5.2% |
| Equity | 10/15 | €174,338 | €167,837 | -€6,502 | -3.7% |
| Contributions | 10/11 | €23,200 | €23,200 | = | 0.0% |
| Reserves | 13 | €151,138 | €144,637 | -€6,502 | -4.3% |
| Distributable reserves | 133 | €151,138 | €144,637 | -€6,502 | -4.3% |
| Amounts payable | 17/49 | €509,784 | €551,920 | +€42,136 | +8.3% |
| Amounts payable after more than one year | 17 | €356,424 | €393,736 | +€37,313 | +10.5% |
| Financial debts | 170/4 | €356,424 | €356,236 | -€187 | -0.1% |
| Other amounts payable | 178/9 | - | €37,500 | +€37,500 | |
| Amounts payable within one year | 42/48 | €141,960 | €136,338 | -€5,623 | -4.0% |
| Current portion of amounts payable after more than one year | 42 | €49,401 | €46,449 | -€2,952 | -6.0% |
| Trade debts | 44 | €8,313 | €10,989 | +€2,677 | +32.2% |
| Suppliers | 440/4 | €8,313 | €10,989 | +€2,677 | +32.2% |
| Taxes, remuneration and social security | 45 | €834 | €2,554 | +€1,720 | +206% |
| Taxes | 450/3 | €834 | €2,554 | +€1,720 | +206% |
| Other amounts payable | 47/48 | €83,413 | €76,345 | -€7,068 | -8.5% |
| Accrued charges and deferred income | 492/3 | €11,400 | €21,846 | +€10,446 | +91.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,460 | €41,688 | +€21,228 | +104% |
| Other operating charges | 640/8 | €4,099 | €3,211 | -€888 | -21.7% |
| Gross operating margin | 9900 | €115,419 | €64,521 | -€50,897 | -44.1% |
| Operating profit (loss) | 9901 | €90,860 | €19,622 | -€71,238 | -78.4% |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €20,351 | €24,408 | +€4,057 | +19.9% |
| Recurring financial charges | 65 | €20,351 | €24,408 | +€4,057 | +19.9% |
| Profit (loss) for the period before taxes | 9903 | €70,509 | -€4,782 | -€75,291 | |
| Income taxes | 67/77 | €21,534 | €1,719 | -€19,815 | -92.0% |
| Profit (loss) for the period | 9904 | €48,974 | -€6,502 | -€55,476 | |
| Profit (loss) for the period to be appropriated | 9905 | €48,974 | -€6,502 | -€55,476 |
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 18 October 2026 via checked.be.