Witte Raven @ Work: 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.
Witte Raven @ Work
Largest movements
- Cash -€54,554
down €54,554 (-47.1%), from €115,744 to €61,189
mainly Other debts (-€70,381) and Investment in fixed assets (net) (-€60,423)
- Tangible fixed assets +€20,209
up €20,209 (+14.1%), from €143,079 to €163,288
of which Leasing and similar rights: +€49,894
- Receivables within one year +€8,078
up €8,078 (+33.4%), from €24,197 to €32,275
of which Trade receivables: +€4,253
- Other debts -€70,381
no longer reported in 2025 (was €70,381)
- Reserves +€17,626
up €17,626 (+117%), from €15,104 to €32,730
- Debts after one year +€12,539
up €12,539 (+13.3%), from €94,261 to €106,800
- Current portion of long-term debt +€12,342
up €12,342 (+48.9%), from €25,230 to €37,573
- Trade debts +€3,417
up €3,417 (+176%), from €1,942 to €5,359
- Depreciation +€21,007
up €21,007 (+109%), from €19,207 to €40,213
- Gross operating margin -€10,913
down €10,913 (-13.9%), from €78,228 to €67,316
- Taxes -€7,325
down €7,325 (-67.5%), from €10,858 to €3,533
- Financial charges +€1,705
up €1,705 (+64.5%), from €2,643 to €4,349
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 | €290,288 | €264,473 | -€25,815 | -8.9% |
| Fixed assets | 21/28 | €143,079 | €163,288 | +€20,209 | +14.1% |
| Tangible fixed assets | 22/27 | €143,079 | €163,288 | +€20,209 | +14.1% |
| Land and buildings | 22 | €97,235 | €82,018 | -€15,217 | -15.6% |
| Plant, machinery and equipment | 23 | €12,934 | €6,313 | -€6,621 | -51.2% |
| Furniture and vehicles | 24 | €32,910 | €25,063 | -€7,847 | -23.8% |
| Leasing and similar rights | 25 | - | €49,894 | +€49,894 | |
| Current assets | 29/58 | €147,209 | €101,185 | -€46,024 | -31.3% |
| Stocks and contracts in progress | 3 | €4,231 | €4,142 | -€89 | -2.1% |
| Stocks | 30/36 | €4,231 | €4,142 | -€89 | -2.1% |
| Amounts receivable within one year | 40/41 | €24,197 | €32,275 | +€8,078 | +33.4% |
| Trade receivables | 40 | €23,554 | €27,808 | +€4,253 | +18.1% |
| Other amounts receivable | 41 | €642 | €4,467 | +€3,825 | +595% |
| Cash at bank and in hand | 54/58 | €115,744 | €61,189 | -€54,554 | -47.1% |
| Deferred charges and accrued income | 490/1 | €3,037 | €3,579 | +€541 | +17.8% |
| Total equity and liabilities | 10/49 | €290,288 | €264,473 | -€25,815 | -8.9% |
| Equity | 10/15 | €91,309 | €108,934 | +€17,626 | +19.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €15,104 | €32,730 | +€17,626 | +117% |
| Distributable reserves | 133 | €15,104 | €32,730 | +€17,626 | +117% |
| Profit (loss) carried forward | 14 | €57,604 | €57,604 | = | 0.0% |
| Amounts payable | 17/49 | €198,979 | €155,539 | -€43,440 | -21.8% |
| Amounts payable after more than one year | 17 | €94,261 | €106,800 | +€12,539 | +13.3% |
| Financial debts | 170/4 | €94,261 | €106,800 | +€12,539 | +13.3% |
| Amounts payable within one year | 42/48 | €104,718 | €48,739 | -€55,979 | -53.5% |
| Current portion of amounts payable after more than one year | 42 | €25,230 | €37,573 | +€12,342 | +48.9% |
| Trade debts | 44 | €1,942 | €5,359 | +€3,417 | +176% |
| Suppliers | 440/4 | €1,942 | €5,359 | +€3,417 | +176% |
| Taxes, remuneration and social security | 45 | €7,164 | €5,808 | -€1,357 | -18.9% |
| Taxes | 450/3 | €7,164 | €5,808 | -€1,357 | -18.9% |
| Other amounts payable | 47/48 | €70,381 | - | -€70,381 | |
| Non-recurring operating income | 76A | €9,700 | €11,570 | +€1,870 | +19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,207 | €40,213 | +€21,007 | +109% |
| Other operating charges | 640/8 | €1,443 | €1,595 | +€152 | +10.5% |
| Gross operating margin | 9900 | €78,228 | €67,316 | -€10,913 | -13.9% |
| Operating profit (loss) | 9901 | €57,579 | €25,508 | -€32,072 | -55.7% |
| Financial income | 75/76B | €31 | - | -€31 | |
| Recurring financial income | 75 | €31 | - | -€31 | |
| Financial charges | 65/66B | €2,643 | €4,349 | +€1,705 | +64.5% |
| Recurring financial charges | 65 | €2,643 | €4,349 | +€1,705 | +64.5% |
| Profit (loss) for the period before taxes | 9903 | €54,967 | €21,159 | -€33,808 | -61.5% |
| Income taxes | 67/77 | €10,858 | €3,533 | -€7,325 | -67.5% |
| Profit (loss) for the period | 9904 | €44,109 | €17,626 | -€26,484 | -60.0% |
| Profit (loss) for the period to be appropriated | 9905 | €44,109 | €17,626 | -€26,484 | -60.0% |
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 20 October 2026 via checked.be.