RED & BLACK MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year +€17,981
up €17,981 (+147%), from €12,260 to €30,241
of which Trade receivables: +€15,350
- Tangible fixed assets -€10,774
down €10,774 (-44.4%), from €24,267 to €13,493
- Cash +€509
up €509 (+20.9%), from €2,440 to €2,949
mainly Net result for the year (+€12,285) and Depreciation (+€10,774)
- Profit (loss) carried forward +€12,285
up €12,285 (+117%), from €10,459 to €22,744
- Debts after one year -€10,323
down €10,323 (-79.6%), from €12,974 to €2,651
- Tax, wage and social debts +€5,865
up €5,865 (+141%), from €4,153 to €10,018
- Other debts -€493
no longer reported in 2025 (was €493)
- Gross operating margin +€5,329
up €5,329 (+23.7%), from €22,523 to €27,852
- Depreciation +€2,719
up €2,719 (+33.8%), from €8,055 to €10,774
- Taxes +€839
up €839 (+27.3%), from €3,068 to €3,907
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 | €38,967 | €46,736 | +€7,769 | +19.9% |
| Fixed assets | 21/28 | €24,267 | €13,493 | -€10,774 | -44.4% |
| Tangible fixed assets | 22/27 | €24,267 | €13,493 | -€10,774 | -44.4% |
| Furniture and vehicles | 24 | €24,267 | €13,493 | -€10,774 | -44.4% |
| Current assets | 29/58 | €14,700 | €33,243 | +€18,543 | +126% |
| Amounts receivable within one year | 40/41 | €12,260 | €30,241 | +€17,981 | +147% |
| Trade receivables | 40 | €12,260 | €27,610 | +€15,350 | +125% |
| Other amounts receivable | 41 | - | €2,631 | +€2,631 | |
| Cash at bank and in hand | 54/58 | €2,440 | €2,949 | +€509 | +20.9% |
| Deferred charges and accrued income | 490/1 | - | €53 | +€53 | |
| Total equity and liabilities | 10/49 | €38,967 | €46,736 | +€7,769 | +19.9% |
| Equity | 10/15 | €11,459 | €23,744 | +€12,285 | +107% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,459 | €22,744 | +€12,285 | +117% |
| Amounts payable | 17/49 | €27,508 | €22,992 | -€4,516 | -16.4% |
| Amounts payable after more than one year | 17 | €12,974 | €2,651 | -€10,323 | -79.6% |
| Financial debts | 170/4 | €12,974 | €2,651 | -€10,323 | -79.6% |
| Amounts payable within one year | 42/48 | €14,534 | €20,341 | +€5,807 | +40.0% |
| Current portion of amounts payable after more than one year | 42 | €9,888 | €10,323 | +€435 | +4.4% |
| Taxes, remuneration and social security | 45 | €4,153 | €10,018 | +€5,865 | +141% |
| Taxes | 450/3 | €4,153 | €10,018 | +€5,865 | +141% |
| Other amounts payable | 47/48 | €493 | - | -€493 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,055 | €10,774 | +€2,719 | +33.8% |
| Gross operating margin | 9900 | €22,523 | €27,852 | +€5,329 | +23.7% |
| Operating profit (loss) | 9901 | €14,468 | €17,078 | +€2,610 | +18.0% |
| Financial charges | 65/66B | €941 | €886 | -€55 | -5.8% |
| Recurring financial charges | 65 | €941 | €886 | -€55 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €13,527 | €16,192 | +€2,665 | +19.7% |
| Income taxes | 67/77 | €3,068 | €3,907 | +€839 | +27.3% |
| Profit (loss) for the period | 9904 | €10,459 | €12,285 | +€1,826 | +17.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,459 | €12,285 | +€1,826 | +17.5% |
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 29 October 2026 via checked.be.