RED & BLACK: 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 & BLACK
Largest movements
- Receivables within one year -€45,226
down €45,226 (-83.1%), from €54,414 to €9,188
of which Trade receivables: -€43,821
- Financial fixed assets -€2,200
no longer reported in 2025 (was €2,200)
- Cash +€1,081
up €1,081 (+17.1%), from €6,304 to €7,385
mainly Receivables within one year (+€45,226) and Other debts (+€8,908)
- Tangible fixed assets -€1,050
down €1,050 (-11.4%), from €9,222 to €8,172
- Current portion of long-term debt -€30,801
no longer reported in 2025 (was €30,801)
- Trade debts -€19,415
down €19,415 (-80.2%), from €24,202 to €4,787
- Other debts +€8,908
new in 2025: €8,908
- Profit (loss) carried forward -€6,336
down €6,336 (-36.9%), from €17,170 to €10,834
- Gross operating margin -€5,057
down €5,057 (-50.7%), from €9,971 to €4,914
- Financial charges +€2,199
up €2,199 (+1,294%), from €170 to €2,369
- Other operating charges -€403
down €403 (-5.0%), from €8,054 to €7,651
- Taxes +€179
new in 2025: €179
- Depreciation +€123
up €123 (+13.3%), from €928 to €1,051
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 | €73,847 | €26,203 | -€47,644 | -64.5% |
| Fixed assets | 21/28 | €11,422 | €8,172 | -€3,250 | -28.5% |
| Tangible fixed assets | 22/27 | €9,222 | €8,172 | -€1,050 | -11.4% |
| Land and buildings | 22 | €9,222 | €8,172 | -€1,050 | -11.4% |
| Financial fixed assets | 28 | €2,200 | - | -€2,200 | |
| Current assets | 29/58 | €62,425 | €18,031 | -€44,394 | -71.1% |
| Stocks and contracts in progress | 3 | €1,707 | €1,458 | -€249 | -14.6% |
| Stocks | 30/36 | €1,707 | €1,458 | -€249 | -14.6% |
| Amounts receivable within one year | 40/41 | €54,414 | €9,188 | -€45,226 | -83.1% |
| Trade receivables | 40 | €52,113 | €8,292 | -€43,821 | -84.1% |
| Other amounts receivable | 41 | €2,301 | €896 | -€1,405 | -61.1% |
| Cash at bank and in hand | 54/58 | €6,304 | €7,385 | +€1,081 | +17.1% |
| Total equity and liabilities | 10/49 | €73,847 | €26,203 | -€47,644 | -64.5% |
| Equity | 10/15 | €17,670 | €11,334 | -€6,336 | -35.9% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,170 | €10,834 | -€6,336 | -36.9% |
| Amounts payable | 17/49 | €56,177 | €14,869 | -€41,308 | -73.5% |
| Amounts payable within one year | 42/48 | €56,177 | €14,869 | -€41,308 | -73.5% |
| Current portion of amounts payable after more than one year | 42 | €30,801 | - | -€30,801 | |
| Trade debts | 44 | €24,202 | €4,787 | -€19,415 | -80.2% |
| Suppliers | 440/4 | €24,202 | €4,787 | -€19,415 | -80.2% |
| Taxes, remuneration and social security | 45 | €1,174 | €1,174 | = | 0.0% |
| Remuneration and social security | 454/9 | €1,174 | €1,174 | = | 0.0% |
| Other amounts payable | 47/48 | - | €8,908 | +€8,908 | |
| Non-recurring operating income | 76A | €2,350 | - | -€2,350 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €928 | €1,051 | +€123 | +13.3% |
| Other operating charges | 640/8 | €8,054 | €7,651 | -€403 | -5.0% |
| Gross operating margin | 9900 | €9,971 | €4,914 | -€5,057 | -50.7% |
| Operating profit (loss) | 9901 | €989 | -€3,788 | -€4,777 | |
| Financial charges | 65/66B | €170 | €2,369 | +€2,199 | +1,294% |
| Recurring financial charges | 65 | €170 | €2,369 | +€2,199 | +1,294% |
| Profit (loss) for the period before taxes | 9903 | €819 | -€6,157 | -€6,976 | |
| Income taxes | 67/77 | - | €179 | +€179 | |
| Profit (loss) for the period | 9904 | €819 | -€6,336 | -€7,155 | |
| Profit (loss) for the period to be appropriated | 9905 | €819 | -€6,336 | -€7,155 |
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 16 October 2026 via checked.be.