White 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.
What changed
White Raven
NACE 72.101, Research and development on biotechnology
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€592,403
2024 · -€680,391+€87,988
Equity
€2.5m
2024 · €1.6m+€907,749
Cash
€128,515
2024 · €106,857+€21,658
Balance sheet total
€9.5m
2024 · €6.6m+€3.0m
Largest movements
Assets
- Receivables within one year +€1.5m
up €1.5m (+1,493%), from €103,729 to €1.7m
of which Other amounts receivable: +€1.5m
- Intangible fixed assets +€650,798
up €650,798 (+49.5%), from €1.3m to €2.0m
- Tangible fixed assets +€609,442
up €609,442 (+12.2%), from €5.0m to €5.6m
- Stocks and contracts +€141,746
new in 2025: €141,746
Equity and liabilities
- Investment grants +€1.5m
new in 2025: €1.5m
- Short-term financial debts +€1.2m
new in 2025: €1.2m
- Debts after one year +€650,280
up €650,280 (+16.0%), from €4.1m to €4.7m
- Profit (loss) carried forward -€592,251
down €592,251 (-66.3%), from -€893,649 to -€1.5m
- Other debts +€195,872
up €195,872 (+1,694%), from €11,562 to €207,433
Income statement
- Gross operating margin +€360,079
up €360,079, from -€289,379 to €70,700
- Financial charges +€160,173
up €160,173 (+87.9%), from €182,221 to €342,394
- Staff costs +€51,653
up €51,653 (+23.7%), from €217,637 to €269,290
- Depreciation +€32,895
up €32,895 (+198%), from €16,617 to €49,512
- Financial income -€25,739
down €25,739 (-99.8%), from €25,788 to €48
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.
Result 2024
-€680,391
Gross operating margin
+€360,079
Staff costs
-€51,653
Depreciation
-€32,895
Other operating charges
-€1,955
Financial income
-€25,739
Financial charges
-€160,173
Taxes
+€325
Result 2025
-€592,403
raises the resultlowers the result
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.
From operations
-€2.0m
Investment
-€1.3m
Financing
+€3.3m
Cash 2024
€106,857
From operations (derived)
-€2.0m
Net result for the year
-€592,403
Depreciation
+€49,512
Stocks and contracts
-€141,746
Receivables within one year
-€1.5m
Deferred charges and accrued income
-€2,475
Trade debts
+€123,768
Tax, wage and social debts
+€16,448
Advances received
+€29,455
Other debts
+€195,872
Accrued charges and deferred income
-€119,123
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€1.3m
Financing
+€3.3m
Debts after one year
+€650,280
Short-term financial debts
+€1.2m
Contributions, distributions and other
+€1.5m
Cash 2025
€128,515
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,574,336 | €9,548,784 | +€3.0m | +45.2% |
| Fixed assets | 21/28 | €6,330,048 | €7,590,288 | +€1.3m | +19.9% |
| Intangible fixed assets | 21 | €1,314,196 | €1,964,993 | +€650,798 | +49.5% |
| Tangible fixed assets | 22/27 | €5,007,935 | €5,617,377 | +€609,442 | +12.2% |
| Land and buildings | 22 | €1,608,307 | €1,765,522 | +€157,214 | +9.8% |
| Plant, machinery and equipment | 23 | €3,096,382 | €3,364,756 | +€268,374 | +8.7% |
| Furniture and vehicles | 24 | €178,299 | €389,919 | +€211,620 | +119% |
| Leasing and similar rights | 25 | €124,947 | €97,181 | -€27,766 | -22.2% |
| Financial fixed assets | 28 | €7,917 | €7,917 | = | 0.0% |
| Current assets | 29/58 | €244,288 | €1,958,497 | +€1.7m | +702% |
| Stocks and contracts in progress | 3 | - | €141,746 | +€141,746 | |
| Stocks | 30/36 | - | €141,746 | +€141,746 | |
| Amounts receivable within one year | 40/41 | €103,729 | €1,652,058 | +€1.5m | +1,493% |
| Trade receivables | 40 | €29,802 | €54,280 | +€24,478 | +82.1% |
| Other amounts receivable | 41 | €73,927 | €1,597,778 | +€1.5m | +2,061% |
| Cash at bank and in hand | 54/58 | €106,857 | €128,515 | +€21,658 | +20.3% |
| Deferred charges and accrued income | 490/1 | €33,702 | €36,177 | +€2,475 | +7.3% |
| Total equity and liabilities | 10/49 | €6,574,336 | €9,548,784 | +€3.0m | +45.2% |
| Equity | 10/15 | €1,621,789 | €2,529,538 | +€907,749 | +56.0% |
| Contributions | 10/11 | €2,515,438 | €2,515,438 | = | 0.0% |
| Capital | 10 | - | €2,515,438 | +€2.5m | |
| Issued capital | 100 | - | €2,515,438 | +€2.5m | |
| Profit (loss) carried forward | 14 | -€893,649 | -€1,485,900 | -€592,251 | -66.3% |
| Investment grants | 15 | - | €1,500,000 | +€1.5m | |
| Amounts payable | 17/49 | €4,952,546 | €7,019,246 | +€2.1m | +41.7% |
| Amounts payable after more than one year | 17 | €4,066,520 | €4,716,800 | +€650,280 | +16.0% |
| Financial debts | 170/4 | €4,066,520 | €4,716,800 | +€650,280 | +16.0% |
| Amounts payable within one year | 42/48 | €766,904 | €2,302,446 | +€1.5m | +200% |
| Current portion of amounts payable after more than one year | 42 | €24,720 | €24,720 | = | 0.0% |
| Financial debts | 43 | - | €1,170,000 | +€1.2m | |
| Credit institutions | 430/8 | - | €1,170,000 | +€1.2m | |
| Trade debts | 44 | €621,231 | €744,999 | +€123,768 | +19.9% |
| Suppliers | 440/4 | €621,231 | €744,999 | +€123,768 | +19.9% |
| Advances received on contracts in progress | 46 | €81,360 | €110,815 | +€29,455 | +36.2% |
| Taxes, remuneration and social security | 45 | €28,031 | €44,479 | +€16,448 | +58.7% |
| Taxes | 450/3 | €14 | €10,232 | +€10,218 | +71,505% |
| Remuneration and social security | 454/9 | €28,017 | €34,247 | +€6,230 | +22.2% |
| Other amounts payable | 47/48 | €11,562 | €207,433 | +€195,872 | +1,694% |
| Accrued charges and deferred income | 492/3 | €119,123 | €0 | -€119,123 | -100% |
| Non-recurring operating income | 76A | - | €450,000 | +€450,000 | |
| Remuneration, social security and pensions | 62 | €217,637 | €269,290 | +€51,653 | +23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,617 | €49,512 | +€32,895 | +198% |
| Other operating charges | 640/8 | - | €1,955 | +€1,955 | |
| Gross operating margin | 9900 | -€289,379 | €70,700 | +€360,079 | |
| Operating profit (loss) | 9901 | -€523,633 | -€250,057 | +€273,576 | +52.2% |
| Financial income | 75/76B | €25,788 | €48 | -€25,739 | -99.8% |
| Recurring financial income | 75 | €25,788 | €48 | -€25,739 | -99.8% |
| Financial charges | 65/66B | €182,221 | €342,394 | +€160,173 | +87.9% |
| Recurring financial charges | 65 | €182,221 | €342,394 | +€160,173 | +87.9% |
| Profit (loss) for the period before taxes | 9903 | -€680,066 | -€592,403 | +€87,663 | +12.9% |
| Income taxes | 67/77 | €325 | €0 | -€325 | -100% |
| Profit (loss) for the period | 9904 | -€680,391 | -€592,403 | +€87,988 | +12.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€680,391 | -€592,403 | +€87,988 | +12.9% |
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 27 October 2026 via checked.be.