RED RAVEN: 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.
RED RAVEN
Largest movements
- Cash +€145,512
up €145,512 (+377%), from €38,571 to €184,083
mainly Debts after one year (+€301,285) and Depreciation (+€141,754)
- Debts after one year +€301,285
up €301,285 (+8.8%), from €3.4m to €3.7m
- Trade debts -€74,951
down €74,951 (-25.9%), from €289,845 to €214,894
- Profit (loss) carried forward -€65,398
down €65,398 (-59.0%), from -€110,884 to -€176,283
- Gross operating margin -€17,363
down €17,363 (-18.0%), from €96,344 to €78,981
- Depreciation +€16,460
up €16,460 (+13.1%), from €125,294 to €141,754
- Financial income +€6,682
up €6,682 (+315%), from €2,122 to €8,805
- Other operating charges +€3,558
up €3,558 (+50.0%), from €7,111 to €10,669
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 | €3,634,716 | €3,799,698 | +€164,982 | +4.5% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €2,961,336 | €2,957,463 | -€3,873 | -0.1% |
| Tangible fixed assets | 22/27 | €2,941,311 | €2,937,438 | -€3,873 | -0.1% |
| Land and buildings | 22 | €1,461,669 | €1,415,418 | -€46,251 | -3.2% |
| Furniture and vehicles | 24 | €13,082 | €6,969 | -€6,113 | -46.7% |
| Other tangible fixed assets | 26 | €1,466,560 | €1,515,051 | +€48,492 | +3.3% |
| Financial fixed assets | 28 | €20,025 | €20,025 | = | 0.0% |
| Current assets | 29/58 | €673,380 | €842,235 | +€168,855 | +25.1% |
| Amounts receivable after more than one year | 29 | €47,000 | €47,000 | = | 0.0% |
| Trade receivables | 290 | €47,000 | - | -€47,000 | |
| Other amounts receivable | 291 | - | €47,000 | +€47,000 | |
| Amounts receivable within one year | 40/41 | €586,828 | €611,152 | +€24,324 | +4.1% |
| Trade receivables | 40 | €135,244 | €130,476 | -€4,768 | -3.5% |
| Other amounts receivable | 41 | €451,584 | €480,676 | +€29,092 | +6.4% |
| Cash at bank and in hand | 54/58 | €38,571 | €184,083 | +€145,512 | +377% |
| Deferred charges and accrued income | 490/1 | €981 | - | -€981 | |
| Total equity and liabilities | 10/49 | €3,634,716 | €3,799,698 | +€164,982 | +4.5% |
| Equity | 10/15 | -€92,284 | -€157,683 | -€65,398 | -70.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€110,884 | -€176,283 | -€65,398 | -59.0% |
| Amounts payable | 17/49 | €3,727,000 | €3,957,381 | +€230,380 | +6.2% |
| Amounts payable after more than one year | 17 | €3,424,807 | €3,726,092 | +€301,285 | +8.8% |
| Financial debts | 170/4 | €3,424,807 | €3,726,092 | +€301,285 | +8.8% |
| Amounts payable within one year | 42/48 | €302,194 | €231,289 | -€70,905 | -23.5% |
| Current portion of amounts payable after more than one year | 42 | €9,716 | €5,715 | -€4,001 | -41.2% |
| Trade debts | 44 | €289,845 | €214,894 | -€74,951 | -25.9% |
| Suppliers | 440/4 | €289,845 | €214,894 | -€74,951 | -25.9% |
| Taxes, remuneration and social security | 45 | €2,633 | €10,680 | +€8,047 | +306% |
| Taxes | 450/3 | €2,633 | €10,680 | +€8,047 | +306% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,294 | €141,754 | +€16,460 | +13.1% |
| Other operating charges | 640/8 | €7,111 | €10,669 | +€3,558 | +50.0% |
| Gross operating margin | 9900 | €96,344 | €78,981 | -€17,363 | -18.0% |
| Operating profit (loss) | 9901 | -€36,062 | -€73,442 | -€37,381 | -104% |
| Financial income | 75/76B | €2,122 | €8,805 | +€6,682 | +315% |
| Recurring financial income | 75 | €2,122 | €8,805 | +€6,682 | +315% |
| Financial charges | 65/66B | €638 | €232 | -€406 | -63.6% |
| Recurring financial charges | 65 | €638 | €232 | -€406 | -63.6% |
| Profit (loss) for the period before taxes | 9903 | -€34,578 | -€64,870 | -€30,293 | -87.6% |
| Income taxes | 67/77 | €656 | €528 | -€128 | -19.5% |
| Profit (loss) for the period | 9904 | -€35,234 | -€65,398 | -€30,165 | -85.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,234 | -€65,398 | -€30,165 | -85.6% |
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 16 October 2026 via checked.be.