Red Dog: 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 Dog
Largest movements
- Receivables within one year +€80,032
up €80,032 (+92.9%), from €86,184 to €166,216
of which Other amounts receivable: +€40,874
- Stocks and contracts -€36,673
down €36,673 (-15.0%), from €244,428 to €207,756
- Tangible fixed assets +€33,439
up €33,439 (+697.5%), from €4,794 to €38,233
of which Land and buildings: +€31,524
- Current investments +€8,000
new in 2025: €8,000
- Reserves +€86,364
up €86,364 (+27.9%), from €310,071 to €396,435
- Tax, wage and social debts -€45,642
down €45,642 (-42.9%), from €106,332 to €60,689
- Trade debts +€32,700
up €32,700 (+1533.6%), from €2,132 to €34,832
- Profit (loss) carried forward +€13,336
new in 2025: €13,336
- Staff costs +€30,429
new in 2025: €30,429
- Taxes -€16,649
down €16,649 (-31.6%), from €52,607 to €35,958
- Gross operating margin +€12,193
up €12,193 (+7.6%), from €161,439 to €173,632
- Depreciation +€3,416
up €3,416 (+307.5%), from €1,111 to €4,527
- Financial income -€2,760
no longer reported in 2025 (was €2,760)
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 | €423,535 | €510,292 | +€86,757 | +20.5% |
| Fixed assets | 21/28 | €6,144 | €39,583 | +€33,439 | +544.2% |
| Tangible fixed assets | 22/27 | €4,794 | €38,233 | +€33,439 | +697.5% |
| Land and buildings | 22 | - | €31,524 | +€31,524 | |
| Plant, machinery and equipment | 23 | €122 | - | -€122 | |
| Furniture and vehicles | 24 | €4,672 | €6,709 | +€2,037 | +43.6% |
| Financial fixed assets | 28 | €1,350 | €1,350 | = | 0.0% |
| Current assets | 29/58 | €417,391 | €470,709 | +€53,318 | +12.8% |
| Amounts receivable after more than one year | 29 | €25,000 | €25,000 | = | 0.0% |
| Other amounts receivable | 291 | €25,000 | €25,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €244,428 | €207,756 | -€36,673 | -15.0% |
| Contracts in progress | 37 | €244,428 | €207,756 | -€36,673 | -15.0% |
| Amounts receivable within one year | 40/41 | €86,184 | €166,216 | +€80,032 | +92.9% |
| Trade receivables | 40 | €25,468 | €64,626 | +€39,157 | +153.8% |
| Other amounts receivable | 41 | €60,715 | €101,590 | +€40,874 | +67.3% |
| Current investments | 50/53 | - | €8,000 | +€8,000 | |
| Cash at bank and in hand | 54/58 | €60,594 | €63,379 | +€2,784 | +4.6% |
| Deferred charges and accrued income | 490/1 | €1,185 | €359 | -€825 | -69.7% |
| Total equity and liabilities | 10/49 | €423,535 | €510,292 | +€86,757 | +20.5% |
| Equity | 10/15 | €315,071 | €414,771 | +€99,700 | +31.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €310,071 | €396,435 | +€86,364 | +27.9% |
| Distributable reserves | 133 | €310,071 | €396,435 | +€86,364 | +27.9% |
| Profit (loss) carried forward | 14 | - | €13,336 | +€13,336 | |
| Amounts payable | 17/49 | €108,464 | €95,521 | -€12,943 | -11.9% |
| Amounts payable within one year | 42/48 | €108,464 | €95,521 | -€12,943 | -11.9% |
| Trade debts | 44 | €2,132 | €34,832 | +€32,700 | +1533.6% |
| Suppliers | 440/4 | €2,132 | €34,832 | +€32,700 | +1533.6% |
| Taxes, remuneration and social security | 45 | €106,332 | €60,689 | -€45,642 | -42.9% |
| Taxes | 450/3 | €106,332 | €60,689 | -€45,642 | -42.9% |
| Remuneration, social security and pensions | 62 | - | €30,429 | +€30,429 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,111 | €4,527 | +€3,416 | +307.5% |
| Other operating charges | 640/8 | €184 | €391 | +€207 | +112.1% |
| Gross operating margin | 9900 | €161,439 | €173,632 | +€12,193 | +7.6% |
| Operating profit (loss) | 9901 | €160,144 | €138,285 | -€21,858 | -13.6% |
| Financial income | 75/76B | €2,760 | - | -€2,760 | |
| Recurring financial income | 75 | €2,760 | - | -€2,760 | |
| Financial charges | 65/66B | €3,128 | €2,628 | -€500 | -16.0% |
| Recurring financial charges | 65 | €3,128 | €2,628 | -€500 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €159,776 | €135,658 | -€24,118 | -15.1% |
| Income taxes | 67/77 | €52,607 | €35,958 | -€16,649 | -31.6% |
| Profit (loss) for the period | 9904 | €107,169 | €99,700 | -€7,469 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €107,169 | €99,700 | -€7,469 | -7.0% |
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 6 October 2026 via checked.be.