MD REDA: 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.
MD REDA
Largest movements
- Cash +€67,345
up €67,345 (+80.7%), from €83,494 to €150,838
mainly Trade debts (+€37,372) and Tax, wage and social debts (+€26,465)
- Receivables within one year +€43,451
up €43,451 (+108%), from €40,243 to €83,694
of which Trade receivables: +€43,451
- Stocks and contracts -€22,445
down €22,445 (-87.4%), from €25,680 to €3,235
- Trade debts +€37,372
up €37,372 (+73.5%), from €50,817 to €88,188
- Tax, wage and social debts +€26,465
up €26,465 (+128%), from €20,712 to €47,177
of which Remuneration and social security: +€19,803
- Profit (loss) carried forward +€24,079
up €24,079 (+59.1%), from €40,774 to €64,853
- Turnover -€126,154
no longer reported in 2025 (was €126,154)
- Purchases and services -€82,942
no longer reported in 2025 (was €82,942)
- Gross operating margin +€42,335
up €42,335 (+71.2%), from €59,451 to €101,786
- Staff costs +€15,673
up €15,673 (+30.9%), from €50,661 to €66,334
- Taxes +€7,175
up €7,175 (+301%), from €2,385 to €9,560
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 | €149,697 | €238,499 | +€88,801 | +59.3% |
| Fixed assets | 21/28 | €281 | €181 | -€100 | -35.6% |
| Tangible fixed assets | 22/27 | €281 | €181 | -€100 | -35.6% |
| Furniture and vehicles | 24 | €281 | €181 | -€100 | -35.6% |
| Current assets | 29/58 | €149,417 | €238,318 | +€88,901 | +59.5% |
| Stocks and contracts in progress | 3 | €25,680 | €3,235 | -€22,445 | -87.4% |
| Stocks | 30/36 | €25,680 | €3,235 | -€22,445 | -87.4% |
| Amounts receivable within one year | 40/41 | €40,243 | €83,694 | +€43,451 | +108% |
| Trade receivables | 40 | €39,814 | €83,265 | +€43,451 | +109% |
| Other amounts receivable | 41 | €429 | €429 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €83,494 | €150,838 | +€67,345 | +80.7% |
| Deferred charges and accrued income | 490/1 | - | €551 | +€551 | |
| Total equity and liabilities | 10/49 | €149,697 | €238,499 | +€88,801 | +59.3% |
| Equity | 10/15 | €59,955 | €84,034 | +€24,079 | +40.2% |
| Contributions | 10/11 | €19,181 | €19,181 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,774 | €64,853 | +€24,079 | +59.1% |
| Amounts payable | 17/49 | €89,742 | €154,465 | +€64,722 | +72.1% |
| Amounts payable after more than one year | 17 | €10,220 | €10,220 | = | 0.0% |
| Other amounts payable | 178/9 | €10,220 | €10,220 | = | 0.0% |
| Amounts payable within one year | 42/48 | €79,522 | €144,245 | +€64,722 | +81.4% |
| Trade debts | 44 | €50,817 | €88,188 | +€37,372 | +73.5% |
| Suppliers | 440/4 | €50,817 | €88,188 | +€37,372 | +73.5% |
| Taxes, remuneration and social security | 45 | €20,712 | €47,177 | +€26,465 | +128% |
| Taxes | 450/3 | €4,517 | €11,179 | +€6,662 | +147% |
| Remuneration and social security | 454/9 | €16,194 | €35,998 | +€19,803 | +122% |
| Other amounts payable | 47/48 | €7,994 | €8,879 | +€885 | +11.1% |
| Turnover | 70 | €126,154 | - | -€126,154 | |
| Non-recurring operating income | 76A | €16,240 | - | -€16,240 | |
| Goods, raw materials, services and sundry goods | 60/61 | €82,942 | - | -€82,942 | |
| Remuneration, social security and pensions | 62 | €50,661 | €66,334 | +€15,673 | +30.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19 | €100 | +€81 | +414% |
| Other operating charges | 640/8 | €1,805 | €1,592 | -€212 | -11.8% |
| Gross operating margin | 9900 | €59,451 | €101,786 | +€42,335 | +71.2% |
| Operating profit (loss) | 9901 | €6,967 | €33,760 | +€26,794 | +385% |
| Financial charges | 65/66B | €180 | €121 | -€60 | -33.1% |
| Recurring financial charges | 65 | €180 | €121 | -€60 | -33.1% |
| Profit (loss) for the period before taxes | 9903 | €6,786 | €33,640 | +€26,853 | +396% |
| Income taxes | 67/77 | €2,385 | €9,560 | +€7,175 | +301% |
| Profit (loss) for the period | 9904 | €4,401 | €24,079 | +€19,678 | +447% |
| Profit (loss) for the period to be appropriated | 9905 | €4,401 | €24,079 | +€19,678 | +447% |
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 26 October 2026 via checked.be.