R.E.D.: what changed
Two fiscal 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.
R.E.D.
Largest movements
- Cash -€50,619
down €50,619 (-87.5%), from €57,826 to €7,207
mainly Net result for the year (-€95,889) and Trade debts (-€10,944)
- Tangible fixed assets -€37,333
down €37,333 (-5.2%), from €719,000 to €681,667
of which Land and buildings: -€30,000
- Profit (loss) carried forward -€95,889
down €95,889 (-51.8%), from -€185,044 to -€280,933
- Debts after one year +€22,345
up €22,345 (+3.0%), from €744,830 to €767,174
- Trade debts -€10,944
down €10,944 (-92.3%), from €11,852 to €908
- Gross operating margin -€16,910
down €16,910 (-88.7%), from -€19,070 to -€35,980
- Financial charges -€12,359
down €12,359 (-35.4%), from €34,935 to €22,576
- Depreciation +€1,833
up €1,833 (+5.2%), from €35,500 to €37,333
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.
Cash bridge derived
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 | €781,846 | €690,262 | -€91,584 | -11.7% |
| Fixed assets | 21/28 | €719,000 | €681,667 | -€37,333 | -5.2% |
| Tangible fixed assets | 22/27 | €719,000 | €681,667 | -€37,333 | -5.2% |
| Land and buildings | 22 | €702,500 | €672,500 | -€30,000 | -4.3% |
| Furniture and vehicles | 24 | €16,500 | €9,167 | -€7,333 | -44.4% |
| Current assets | 29/58 | €62,846 | €8,595 | -€54,251 | -86.3% |
| Amounts receivable within one year | 40/41 | €5,020 | €1,388 | -€3,632 | -72.3% |
| Other amounts receivable | 41 | €5,020 | €1,388 | -€3,632 | -72.3% |
| Cash at bank and in hand | 54/58 | €57,826 | €7,207 | -€50,619 | -87.5% |
| Total equity and liabilities | 10/49 | €781,846 | €690,262 | -€91,584 | -11.7% |
| Equity | 10/15 | -€90,066 | -€185,955 | -€95,889 | -106.5% |
| Contributions | 10/11 | €84,000 | €84,000 | = | 0.0% |
| Capital | 10 | €84,000 | €84,000 | = | 0.0% |
| Issued capital | 100 | €84,000 | €84,000 | = | 0.0% |
| Reserves | 13 | €10,978 | €10,978 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,021 | €3,021 | = | 0.0% |
| Legal reserve | 130 | €3,021 | €3,021 | = | 0.0% |
| Distributable reserves | 133 | €7,956 | €7,956 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€185,044 | -€280,933 | -€95,889 | -51.8% |
| Amounts payable | 17/49 | €871,912 | €876,217 | +€4,305 | +0.5% |
| Amounts payable after more than one year | 17 | €744,830 | €767,174 | +€22,345 | +3.0% |
| Financial debts | 170/4 | €744,830 | €767,174 | +€22,345 | +3.0% |
| Amounts payable within one year | 42/48 | €126,546 | €109,042 | -€17,504 | -13.8% |
| Current portion of amounts payable after more than one year | 42 | €110,000 | €105,000 | -€5,000 | -4.5% |
| Trade debts | 44 | €11,852 | €908 | -€10,944 | -92.3% |
| Suppliers | 440/4 | €11,852 | €908 | -€10,944 | -92.3% |
| Taxes, remuneration and social security | 45 | €445 | €445 | = | 0.0% |
| Taxes | 450/3 | €445 | €445 | = | 0.0% |
| Other amounts payable | 47/48 | €4,250 | €2,690 | -€1,560 | -36.7% |
| Accrued charges and deferred income | 492/3 | €536 | - | -€536 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,500 | €37,333 | +€1,833 | +5.2% |
| Other operating charges | 640/8 | €41 | - | -€41 | |
| Gross operating margin | 9900 | -€19,070 | -€35,980 | -€16,910 | -88.7% |
| Operating profit (loss) | 9901 | -€54,611 | -€73,313 | -€18,702 | -34.2% |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €34,935 | €22,576 | -€12,359 | -35.4% |
| Recurring financial charges | 65 | €34,935 | €22,576 | -€12,359 | -35.4% |
| Profit (loss) for the period before taxes | 9903 | -€89,544 | -€95,889 | -€6,345 | -7.1% |
| Profit (loss) for the period | 9904 | -€89,544 | -€95,889 | -€6,345 | -7.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€89,544 | -€95,889 | -€6,345 | -7.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.