WHITE RAVEN IT: 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.
WHITE RAVEN IT
Largest movements
- Cash -€43,849
down €43,849 (-30.8%), from €142,160 to €98,311
mainly Other debts (-€72,084) and Tax, wage and social debts (-€59,101)
- Receivables within one year -€35,999
down €35,999 (-12.6%), from €285,267 to €249,268
of which Trade receivables: -€55,960
- Other debts -€72,084
down €72,084 (-59.6%), from €120,899 to €48,815
- Tax, wage and social debts -€59,101
down €59,101 (-100%), from €59,101 to €0
of which Taxes: -€59,101
- Profit (loss) carried forward +€34,321
up €34,321, from €0 to €34,321
- Short-term financial debts +€10,160
up €10,160 (+150%), from €6,769 to €16,929
- Trade debts +€9,547
up €9,547 (+3.9%), from €242,036 to €251,583
- Staff costs -€64,772
down €64,772 (-99.3%), from €65,211 to €439
- Gross operating margin -€51,978
down €51,978 (-30.3%), from €171,755 to €119,777
- Financial income +€2,295
up €2,295 (+6,140%), from €37 to €2,333
- Financial charges +€1,866
up €1,866 (+44.3%), from €4,210 to €6,076
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 | €447,405 | €370,248 | -€77,157 | -17.2% |
| Fixed assets | 21/28 | €8,925 | €9,925 | +€999 | +11.2% |
| Intangible fixed assets | 21 | - | €3,976 | +€3,976 | |
| Tangible fixed assets | 22/27 | €8,295 | €5,319 | -€2,976 | -35.9% |
| Plant, machinery and equipment | 23 | €8,082 | €5,244 | -€2,838 | -35.1% |
| Furniture and vehicles | 24 | €213 | €75 | -€139 | -65.1% |
| Financial fixed assets | 28 | €630 | €630 | = | 0.0% |
| Current assets | 29/58 | €438,480 | €360,323 | -€78,156 | -17.8% |
| Amounts receivable within one year | 40/41 | €285,267 | €249,268 | -€35,999 | -12.6% |
| Trade receivables | 40 | €284,950 | €228,991 | -€55,960 | -19.6% |
| Other amounts receivable | 41 | €316 | €20,277 | +€19,961 | +6,308% |
| Cash at bank and in hand | 54/58 | €142,160 | €98,311 | -€43,849 | -30.8% |
| Deferred charges and accrued income | 490/1 | €11,053 | €12,745 | +€1,692 | +15.3% |
| Total equity and liabilities | 10/49 | €447,405 | €370,248 | -€77,157 | -17.2% |
| Equity | 10/15 | €18,600 | €52,921 | +€34,321 | +185% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €34,321 | +€34,321 | |
| Amounts payable | 17/49 | €428,805 | €317,327 | -€111,478 | -26.0% |
| Amounts payable within one year | 42/48 | €428,805 | €317,327 | -€111,478 | -26.0% |
| Financial debts | 43 | €6,769 | €16,929 | +€10,160 | +150% |
| Credit institutions | 430/8 | €6,769 | €16,929 | +€10,160 | +150% |
| Trade debts | 44 | €242,036 | €251,583 | +€9,547 | +3.9% |
| Suppliers | 440/4 | €242,036 | €251,583 | +€9,547 | +3.9% |
| Taxes, remuneration and social security | 45 | €59,101 | €0 | -€59,101 | -100% |
| Taxes | 450/3 | €59,101 | €0 | -€59,101 | -100% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €120,899 | €48,815 | -€72,084 | -59.6% |
| Remuneration, social security and pensions | 62 | €65,211 | €439 | -€64,772 | -99.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,976 | €3,126 | +€149 | +5.0% |
| Other operating charges | 640/8 | €125 | €570 | +€445 | +356% |
| Gross operating margin | 9900 | €171,755 | €119,777 | -€51,978 | -30.3% |
| Operating profit (loss) | 9901 | €103,443 | €115,642 | +€12,200 | +11.8% |
| Financial income | 75/76B | €37 | €2,333 | +€2,295 | +6,140% |
| Recurring financial income | 75 | €37 | €2,333 | +€2,295 | +6,140% |
| Financial charges | 65/66B | €4,210 | €6,076 | +€1,866 | +44.3% |
| Recurring financial charges | 65 | €4,210 | €6,076 | +€1,866 | +44.3% |
| Profit (loss) for the period before taxes | 9903 | €99,270 | €111,899 | +€12,629 | +12.7% |
| Income taxes | 67/77 | €30,590 | €32,212 | +€1,623 | +5.3% |
| Profit (loss) for the period | 9904 | €68,681 | €79,687 | +€11,006 | +16.0% |
| Profit (loss) for the period to be appropriated | 9905 | €68,681 | €79,687 | +€11,006 | +16.0% |
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 30 October 2026 via checked.be.