RED Act: 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.
RED Act
Largest movements
- Tangible fixed assets -€19,777
down €19,777 (-17.9%), from €110,360 to €90,582
of which Land and buildings: -€12,366
- Receivables within one year +€10,352
up €10,352 (+6.6%), from €156,187 to €166,539
- Cash -€5,778
down €5,778 (-34.6%), from €16,706 to €10,929
mainly Contributions, distributions and other (-€48,551) and Debts after one year (-€19,967)
- Other debts +€30,464
up €30,464 (+123.1%), from €24,752 to €55,215
- Reserves -€20,179
down €20,179 (-22.3%), from €90,495 to €70,315
of which Distributable reserves: -€15,621
- Debts after one year -€19,967
down €19,967 (-17.1%), from €116,868 to €96,901
- Tax, wage and social debts -€4,030
down €4,030 (-25.6%), from €15,740 to €11,710
- Gross operating margin -€23,117
down €23,117 (-30.4%), from €76,138 to €53,021
- Depreciation +€2,934
up €2,934 (+17.4%), from €16,843 to €19,777
- Taxes +€1,716
up €1,716 (+34.3%), from €4,999 to €6,715
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 | €283,772 | €268,594 | -€15,177 | -5.3% |
| Fixed assets | 21/28 | €110,360 | €90,582 | -€19,777 | -17.9% |
| Tangible fixed assets | 22/27 | €110,360 | €90,582 | -€19,777 | -17.9% |
| Land and buildings | 22 | €77,056 | €64,690 | -€12,366 | -16.0% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €30,192 | €23,452 | -€6,740 | -22.3% |
| Other tangible fixed assets | 26 | €3,112 | €2,441 | -€671 | -21.6% |
| Current assets | 29/58 | €173,412 | €178,012 | +€4,600 | +2.7% |
| Amounts receivable within one year | 40/41 | €156,187 | €166,539 | +€10,352 | +6.6% |
| Other amounts receivable | 41 | €156,187 | €166,539 | +€10,352 | +6.6% |
| Current investments | 50/53 | - | €28 | +€28 | |
| Cash at bank and in hand | 54/58 | €16,706 | €10,929 | -€5,778 | -34.6% |
| Deferred charges and accrued income | 490/1 | €519 | €517 | -€1 | -0.3% |
| Total equity and liabilities | 10/49 | €283,772 | €268,594 | -€15,177 | -5.3% |
| Equity | 10/15 | €96,695 | €76,515 | -€20,179 | -20.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €90,495 | €70,315 | -€20,179 | -22.3% |
| Tax-exempt reserves | 132 | €20,419 | €15,861 | -€4,558 | -22.3% |
| Distributable reserves | 133 | €70,075 | €54,454 | -€15,621 | -22.3% |
| Provisions and deferred taxes | 16 | €5,105 | €3,965 | -€1,140 | -22.3% |
| Deferred taxes | 168 | €5,105 | €3,965 | -€1,140 | -22.3% |
| Amounts payable | 17/49 | €181,972 | €188,114 | +€6,142 | +3.4% |
| Amounts payable after more than one year | 17 | €116,868 | €96,901 | -€19,967 | -17.1% |
| Financial debts | 170/4 | €116,868 | €96,901 | -€19,967 | -17.1% |
| Amounts payable within one year | 42/48 | €65,104 | €91,213 | +€26,109 | +40.1% |
| Current portion of amounts payable after more than one year | 42 | €21,723 | €19,967 | -€1,756 | -8.1% |
| Trade debts | 44 | €2,890 | €4,321 | +€1,431 | +49.5% |
| Suppliers | 440/4 | €2,890 | €4,321 | +€1,431 | +49.5% |
| Taxes, remuneration and social security | 45 | €15,740 | €11,710 | -€4,030 | -25.6% |
| Taxes | 450/3 | €15,740 | €11,710 | -€4,030 | -25.6% |
| Other amounts payable | 47/48 | €24,752 | €55,215 | +€30,464 | +123.1% |
| Non-recurring operating income | 76A | €28,490 | - | -€28,490 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,843 | €19,777 | +€2,934 | +17.4% |
| Other operating charges | 640/8 | €5,160 | €4,764 | -€396 | -7.7% |
| Gross operating margin | 9900 | €76,138 | €53,021 | -€23,117 | -30.4% |
| Operating profit (loss) | 9901 | €54,135 | €28,480 | -€25,655 | -47.4% |
| Financial income | 75/76B | €9,462 | €9,009 | -€453 | -4.8% |
| Recurring financial income | 75 | €9,462 | €9,009 | -€453 | -4.8% |
| Financial charges | 65/66B | €3,530 | €3,541 | +€11 | +0.3% |
| Recurring financial charges | 65 | €3,530 | €3,541 | +€11 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | €60,066 | €33,948 | -€26,118 | -43.5% |
| Transfer from deferred taxes | 780 | €593 | €1,140 | +€546 | +92.1% |
| Transfer to deferred taxes | 680 | €5,698 | - | -€5,698 | |
| Income taxes | 67/77 | €4,999 | €6,715 | +€1,716 | +34.3% |
| Profit (loss) for the period | 9904 | €49,963 | €28,372 | -€21,591 | -43.2% |
| Transfer from tax-exempt reserves | 789 | €2,373 | €4,558 | +€2,186 | +92.1% |
| Transfer to tax-exempt reserves | 689 | €22,792 | - | -€22,792 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,543 | €32,930 | +€3,387 | +11.5% |
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 3 October 2026 via checked.be.