RED 110: 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.
RED 110
Largest movements
- Tangible fixed assets +€21,702
up €21,702 (+89.9%), from €24,134 to €45,836
- Receivables within one year +€9,571
up €9,571 (+297%), from €3,226 to €12,797
of which Trade receivables: +€6,273
- Deferred charges and accrued income +€5,930
up €5,930 (+4,266%), from €139 to €6,069
- Reserves +€13,576
new in 2025: €13,576
- Other debts +€11,890
up €11,890 (+61.1%), from €19,464 to €31,354
- Profit (loss) carried forward +€7,147
no longer reported in 2025 (was -€7,147)
- Tax, wage and social debts +€4,523
up €4,523 (+249%), from €1,813 to €6,336
- Gross operating margin +€74,243
up €74,243 (+674%), from €11,023 to €85,266
- Depreciation +€7,319
up €7,319 (+66.3%), from €11,035 to €18,354
- Taxes +€6,394
new in 2025: €6,394
- Other operating charges +€5,115
up €5,115 (+284%), from €1,800 to €6,915
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 | €35,579 | €73,025 | +€37,446 | +105% |
| Fixed assets | 21/28 | €27,694 | €49,436 | +€21,742 | +78.5% |
| Tangible fixed assets | 22/27 | €24,134 | €45,836 | +€21,702 | +89.9% |
| Furniture and vehicles | 24 | €24,134 | €45,836 | +€21,702 | +89.9% |
| Financial fixed assets | 28 | €3,560 | €3,600 | +€40 | +1.1% |
| Current assets | 29/58 | €7,885 | €23,589 | +€15,704 | +199% |
| Amounts receivable within one year | 40/41 | €3,226 | €12,797 | +€9,571 | +297% |
| Trade receivables | 40 | €2,282 | €8,555 | +€6,273 | +275% |
| Other amounts receivable | 41 | €944 | €4,242 | +€3,298 | +349% |
| Cash at bank and in hand | 54/58 | €4,520 | €4,723 | +€203 | +4.5% |
| Deferred charges and accrued income | 490/1 | €139 | €6,069 | +€5,930 | +4,266% |
| Total equity and liabilities | 10/49 | €35,579 | €73,025 | +€37,446 | +105% |
| Equity | 10/15 | €11,453 | €32,176 | +€20,723 | +181% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €13,576 | +€13,576 | |
| Distributable reserves | 133 | - | €13,576 | +€13,576 | |
| Profit (loss) carried forward | 14 | -€7,147 | - | +€7,147 | |
| Amounts payable | 17/49 | €24,126 | €40,849 | +€16,723 | +69.3% |
| Amounts payable within one year | 42/48 | €24,126 | €40,844 | +€16,718 | +69.3% |
| Trade debts | 44 | €2,849 | €3,154 | +€305 | +10.7% |
| Suppliers | 440/4 | €2,849 | €3,154 | +€305 | +10.7% |
| Taxes, remuneration and social security | 45 | €1,813 | €6,336 | +€4,523 | +249% |
| Taxes | 450/3 | €1,813 | €6,336 | +€4,523 | +249% |
| Other amounts payable | 47/48 | €19,464 | €31,354 | +€11,890 | +61.1% |
| Accrued charges and deferred income | 492/3 | - | €5 | +€5 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,035 | €18,354 | +€7,319 | +66.3% |
| Other operating charges | 640/8 | €1,800 | €6,915 | +€5,115 | +284% |
| Non-recurring operating charges | 66A | - | €2,560 | +€2,560 | |
| Gross operating margin | 9900 | €11,023 | €85,266 | +€74,243 | +674% |
| Operating profit (loss) | 9901 | -€1,812 | €57,437 | +€59,249 | |
| Financial income | 75/76B | - | €194 | +€194 | |
| Recurring financial income | 75 | - | €194 | +€194 | |
| Financial charges | 65/66B | €1,003 | €1,014 | +€11 | +1.1% |
| Recurring financial charges | 65 | €1,003 | €1,014 | +€11 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | -€2,815 | €56,617 | +€59,432 | |
| Income taxes | 67/77 | - | €6,394 | +€6,394 | |
| Profit (loss) for the period | 9904 | -€2,815 | €50,223 | +€53,038 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,815 | €50,223 | +€53,038 |
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 14 October 2026 via checked.be.