RED CODE: 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 CODE
Largest movements
- Financial fixed assets +€3.1m
up €3.1m (+76.1%), from €4.0m to €7.1m
- Cash +€483,344
up €483,344 (+1586.2%), from €30,473 to €513,816
mainly Current portion of long-term debt (+€2.8m) and Receivables within one year (+€218,518)
- Receivables within one year -€218,518
down €218,518 (-41.0%), from €533,257 to €314,739
of which Other amounts receivable: -€147,726
- Current investments -€153,688
down €153,688 (-30.3%), from €506,778 to €353,089
- Tangible fixed assets -€125,374
down €125,374 (-5.6%), from €2.2m to €2.1m
of which Land and buildings: -€83,130
- Current portion of long-term debt +€2.8m
up €2.8m (+25196.6%), from €11,148 to €2.8m
- Reserves +€195,214
up €195,214 (+2.9%), from €6.8m to €7.0m
of which Distributable reserves: +€209,700
- Financial income +€228,848
up €228,848 (+1470.8%), from €15,559 to €244,407
- Gross operating margin -€183,391
down €183,391 (-51.0%), from €359,649 to €176,258
- Staff costs +€14,172
up €14,172 (+28.7%), from €49,360 to €63,532
- Financial charges +€12,435
up €12,435 (+577.9%), from €2,152 to €14,586
- Other operating charges +€5,961
up €5,961 (+59.7%), from €9,988 to €15,949
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 | €7,383,417 | €10,375,696 | +€3.0m | +40.5% |
| Fixed assets | 21/28 | €6,256,733 | €9,181,627 | +€2.9m | +46.7% |
| Tangible fixed assets | 22/27 | €2,248,364 | €2,122,990 | -€125,374 | -5.6% |
| Land and buildings | 22 | €2,097,439 | €2,014,309 | -€83,130 | -4.0% |
| Plant, machinery and equipment | 23 | €4,421 | €5,741 | +€1,321 | +29.9% |
| Furniture and vehicles | 24 | €146,504 | €102,939 | -€43,565 | -29.7% |
| Financial fixed assets | 28 | €4,008,370 | €7,058,638 | +€3.1m | +76.1% |
| Current assets | 29/58 | €1,126,683 | €1,194,069 | +€67,386 | +6.0% |
| Amounts receivable within one year | 40/41 | €533,257 | €314,739 | -€218,518 | -41.0% |
| Trade receivables | 40 | €134,444 | €63,652 | -€70,792 | -52.7% |
| Other amounts receivable | 41 | €398,813 | €251,087 | -€147,726 | -37.0% |
| Current investments | 50/53 | €506,778 | €353,089 | -€153,688 | -30.3% |
| Cash at bank and in hand | 54/58 | €30,473 | €513,816 | +€483,344 | +1586.2% |
| Deferred charges and accrued income | 490/1 | €56,176 | €12,424 | -€43,752 | -77.9% |
| Total equity and liabilities | 10/49 | €7,383,417 | €10,375,696 | +€3.0m | +40.5% |
| Equity | 10/15 | €6,872,209 | €7,067,423 | +€195,214 | +2.8% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,810,709 | €7,005,923 | +€195,214 | +2.9% |
| Non-distributable reserves | 130/1 | €16,818 | €16,818 | = | 0.0% |
| Legal reserve | 130 | €16,818 | €16,818 | = | 0.0% |
| Tax-exempt reserves | 132 | €124,018 | €109,532 | -€14,486 | -11.7% |
| Distributable reserves | 133 | €6,669,872 | €6,879,573 | +€209,700 | +3.1% |
| Provisions and deferred taxes | 16 | €31,005 | €27,383 | -€3,622 | -11.7% |
| Deferred taxes | 168 | €31,005 | €27,383 | -€3,622 | -11.7% |
| Amounts payable | 17/49 | €480,203 | €3,280,891 | +€2.8m | +583.2% |
| Amounts payable after more than one year | 17 | €175,279 | €165,201 | -€10,078 | -5.7% |
| Financial debts | 170/4 | €163,282 | €153,204 | -€10,078 | -6.2% |
| Other amounts payable | 178/9 | €11,997 | €11,997 | = | 0.0% |
| Amounts payable within one year | 42/48 | €303,524 | €3,115,689 | +€2.8m | +926.5% |
| Current portion of amounts payable after more than one year | 42 | €11,148 | €2,820,179 | +€2.8m | +25196.6% |
| Trade debts | 44 | €17,664 | €30,012 | +€12,348 | +69.9% |
| Suppliers | 440/4 | €17,664 | €30,012 | +€12,348 | +69.9% |
| Taxes, remuneration and social security | 45 | €25,530 | €16,805 | -€8,725 | -34.2% |
| Taxes | 450/3 | €19,522 | €10,582 | -€8,939 | -45.8% |
| Remuneration and social security | 454/9 | €6,009 | €6,223 | +€214 | +3.6% |
| Other amounts payable | 47/48 | €249,181 | €248,693 | -€489 | -0.2% |
| Accrued charges and deferred income | 492/3 | €1,401 | €0 | -€1,401 | -100.0% |
| Non-recurring operating income | 76A | €5,628 | €0 | -€5,628 | -100.0% |
| Remuneration, social security and pensions | 62 | €49,360 | €63,532 | +€14,172 | +28.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €130,682 | €134,475 | +€3,793 | +2.9% |
| Other operating charges | 640/8 | €9,988 | €15,949 | +€5,961 | +59.7% |
| Gross operating margin | 9900 | €359,649 | €176,258 | -€183,391 | -51.0% |
| Operating profit (loss) | 9901 | €169,619 | -€37,699 | -€207,317 | |
| Financial income | 75/76B | €15,559 | €244,407 | +€228,848 | +1470.8% |
| Recurring financial income | 75 | €15,559 | €244,407 | +€228,848 | +1470.8% |
| Financial charges | 65/66B | €2,152 | €14,586 | +€12,435 | +577.9% |
| Recurring financial charges | 65 | €2,152 | €14,586 | +€12,435 | +577.9% |
| Profit (loss) for the period before taxes | 9903 | €183,026 | €192,122 | +€9,096 | +5.0% |
| Transfer from deferred taxes | 780 | €3,622 | €3,622 | = | 0.0% |
| Income taxes | 67/77 | €605 | €530 | -€75 | -12.4% |
| Profit (loss) for the period | 9904 | €186,043 | €195,214 | +€9,171 | +4.9% |
| Transfer from tax-exempt reserves | 789 | €14,486 | €14,486 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €200,529 | €209,700 | +€9,171 | +4.6% |
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 5 October 2026 via checked.be.