BK RED: 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.
BK RED
Largest movements
- Stocks and contracts -€726,880
down €726,880 (-64.9%), from €1.1m to €392,361
- Receivables within one year -€103,380
down €103,380 (-16.7%), from €617,739 to €514,359
of which Other amounts receivable: -€183,311
- Deferred charges and accrued income -€92,178
down €92,178 (-69.8%), from €131,967 to €39,789
- Cash +€50,748
up €50,748 (+243%), from €20,856 to €71,604
mainly Stocks and contracts (+€726,880) and Trade debts (+€655,956)
- Short-term financial debts -€1.1m
down €1.1m (-93.9%), from €1.2m to €72,785
- Debts after one year -€885,000
no longer reported in 2025 (was €885,000)
- Trade debts +€655,956
up €655,956 (+235%), from €279,385 to €935,340
- Other debts +€306,162
up €306,162 (+47.7%), from €642,479 to €948,642
- Accrued charges and deferred income +€210,761
up €210,761 (+2,375%), from €8,873 to €219,634
- Financial income -€413,586
down €413,586 (-52.5%), from €788,042 to €374,456
- Gross operating margin -€163,111
down €163,111 (-96.0%), from -€169,986 to -€333,096
- Financial charges -€121,721
down €121,721 (-61.1%), from €199,209 to €77,488
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 | €3,519,184 | €2,643,807 | -€875,377 | -24.9% |
| Formation expenses | 20 | €6,353 | €4,262 | -€2,091 | -32.9% |
| Fixed assets | 21/28 | €1,623,027 | €1,621,432 | -€1,595 | -0.1% |
| Tangible fixed assets | 22/27 | €3,027 | €1,432 | -€1,595 | -52.7% |
| Plant, machinery and equipment | 23 | €3,027 | €1,432 | -€1,595 | -52.7% |
| Financial fixed assets | 28 | €1,620,000 | €1,620,000 | = | 0.0% |
| Current assets | 29/58 | €1,889,804 | €1,018,113 | -€871,691 | -46.1% |
| Stocks and contracts in progress | 3 | €1,119,242 | €392,361 | -€726,880 | -64.9% |
| Stocks | 30/36 | €1,119,242 | €392,361 | -€726,880 | -64.9% |
| Amounts receivable within one year | 40/41 | €617,739 | €514,359 | -€103,380 | -16.7% |
| Trade receivables | 40 | €137,385 | €217,316 | +€79,931 | +58.2% |
| Other amounts receivable | 41 | €480,354 | €297,043 | -€183,311 | -38.2% |
| Cash at bank and in hand | 54/58 | €20,856 | €71,604 | +€50,748 | +243% |
| Deferred charges and accrued income | 490/1 | €131,967 | €39,789 | -€92,178 | -69.8% |
| Total equity and liabilities | 10/49 | €3,519,184 | €2,643,807 | -€875,377 | -24.9% |
| Equity | 10/15 | €497,498 | €457,148 | -€40,350 | -8.1% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €447,498 | €407,148 | -€40,350 | -9.0% |
| Distributable reserves | 133 | €447,498 | €407,148 | -€40,350 | -9.0% |
| Amounts payable | 17/49 | €3,021,685 | €2,186,659 | -€835,027 | -27.6% |
| Amounts payable after more than one year | 17 | €885,000 | - | -€885,000 | |
| Financial debts | 170/4 | €885,000 | - | -€885,000 | |
| Amounts payable within one year | 42/48 | €2,127,812 | €1,967,025 | -€160,787 | -7.6% |
| Financial debts | 43 | €1,195,113 | €72,785 | -€1.1m | -93.9% |
| Credit institutions | 430/8 | €1,195,113 | €72,785 | -€1.1m | -93.9% |
| Trade debts | 44 | €279,385 | €935,340 | +€655,956 | +235% |
| Suppliers | 440/4 | €279,385 | €935,340 | +€655,956 | +235% |
| Taxes, remuneration and social security | 45 | €10,835 | €10,258 | -€578 | -5.3% |
| Taxes | 450/3 | €10,835 | €10,258 | -€578 | -5.3% |
| Other amounts payable | 47/48 | €642,479 | €948,642 | +€306,162 | +47.7% |
| Accrued charges and deferred income | 492/3 | €8,873 | €219,634 | +€210,761 | +2,375% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,645 | €3,686 | +€41 | +1.1% |
| Other operating charges | 640/8 | €417 | €536 | +€119 | +28.5% |
| Gross operating margin | 9900 | -€169,986 | -€333,096 | -€163,111 | -96.0% |
| Operating profit (loss) | 9901 | -€174,047 | -€337,318 | -€163,271 | -93.8% |
| Financial income | 75/76B | €788,042 | €374,456 | -€413,586 | -52.5% |
| Recurring financial income | 75 | €788,042 | €374,456 | -€413,586 | -52.5% |
| Financial charges | 65/66B | €199,209 | €77,488 | -€121,721 | -61.1% |
| Recurring financial charges | 65 | €199,209 | €77,488 | -€121,721 | -61.1% |
| Profit (loss) for the period before taxes | 9903 | €414,786 | -€40,350 | -€455,136 | |
| Profit (loss) for the period | 9904 | €414,786 | -€40,350 | -€455,136 | |
| Profit (loss) for the period to be appropriated | 9905 | €414,786 | -€40,350 | -€455,136 |
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.