RED²: 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.
RED²
Largest movements
- Stocks and contracts -€548,215
down €548,215 (-10.5%), from €5.2m to €4.7m
- Tax, wage and social debts -€4.7m
down €4.7m (-99.8%), from €4.7m to €7,462
of which Remuneration and social security: -€4.7m
- Other debts +€3.3m
new in 2025: €3.3m
- Short-term financial debts +€645,310
up €645,310 (+140.0%), from €460,974 to €1.1m
- Profit (loss) carried forward +€119,817
no longer reported in 2025 (was -€119,817)
- Accrued charges and deferred income +€90,495
up €90,495 (+103.3%), from €87,576 to €178,072
- Gross operating margin +€261,811
up €261,811 (+517.1%), from €50,626 to €312,437
- Financial charges +€33,689
up €33,689 (+27.1%), from €124,095 to €157,784
- Write-downs +€27,395
new in 2025: €27,395
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 | €5,232,547 | €4,722,373 | -€510,174 | -9.8% |
| Current assets | 29/58 | €5,232,547 | €4,722,373 | -€510,174 | -9.8% |
| Stocks and contracts in progress | 3 | €5,211,618 | €4,663,403 | -€548,215 | -10.5% |
| Stocks | 30/36 | €5,211,618 | €4,663,403 | -€548,215 | -10.5% |
| Amounts receivable within one year | 40/41 | €15,033 | €13,282 | -€1,751 | -11.6% |
| Trade receivables | 40 | €15,033 | €13,282 | -€1,751 | -11.6% |
| Cash at bank and in hand | 54/58 | €5,896 | €45,688 | +€39,792 | +674.9% |
| Total equity and liabilities | 10/49 | €5,232,547 | €4,722,373 | -€510,174 | -9.8% |
| Equity | 10/15 | -€99,817 | €25,246 | +€125,062 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | - | €5,246 | +€5,246 | |
| Distributable reserves | 133 | - | €5,246 | +€5,246 | |
| Profit (loss) carried forward | 14 | -€119,817 | - | +€119,817 | |
| Provisions and deferred taxes | 16 | - | €55,199 | +€55,199 | |
| Provisions for liabilities and charges | 160/5 | - | €55,199 | +€55,199 | |
| Other liabilities and charges | 164/5 | - | €55,199 | +€55,199 | |
| Amounts payable | 17/49 | €5,332,364 | €4,641,929 | -€690,435 | -12.9% |
| Amounts payable within one year | 42/48 | €5,244,787 | €4,463,857 | -€780,930 | -14.9% |
| Financial debts | 43 | €460,974 | €1,106,285 | +€645,310 | +140.0% |
| Credit institutions | 430/8 | €460,974 | €1,106,285 | +€645,310 | +140.0% |
| Trade debts | 44 | €67,936 | €42,792 | -€25,144 | -37.0% |
| Suppliers | 440/4 | €67,936 | €42,792 | -€25,144 | -37.0% |
| Taxes, remuneration and social security | 45 | €4,715,877 | €7,462 | -€4.7m | -99.8% |
| Taxes | 450/3 | €5,658 | €7,462 | +€1,804 | +31.9% |
| Remuneration and social security | 454/9 | €4,710,219 | - | -€4.7m | |
| Other amounts payable | 47/48 | - | €3,307,318 | +€3.3m | |
| Accrued charges and deferred income | 492/3 | €87,576 | €178,072 | +€90,495 | +103.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €27,395 | +€27,395 | |
| Other operating charges | 640/8 | €1,608 | €254 | -€1,354 | -84.2% |
| Gross operating margin | 9900 | €50,626 | €312,437 | +€261,811 | +517.1% |
| Operating profit (loss) | 9901 | €49,018 | €284,787 | +€235,770 | +481.0% |
| Financial income | 75/76B | €0 | €39 | +€39 | +195250.0% |
| Recurring financial income | 75 | €0 | €39 | +€39 | +195250.0% |
| Financial charges | 65/66B | €124,095 | €157,784 | +€33,689 | +27.1% |
| Recurring financial charges | 65 | €124,095 | €157,784 | +€33,689 | +27.1% |
| Profit (loss) for the period before taxes | 9903 | -€75,078 | €127,042 | +€202,120 | |
| Income taxes | 67/77 | - | €1,980 | +€1,980 | |
| Profit (loss) for the period | 9904 | -€75,078 | €125,062 | +€200,140 | |
| Profit (loss) for the period to be appropriated | 9905 | -€75,078 | €125,062 | +€200,140 |
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 9 October 2026 via checked.be.