RED DUCK: 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.
What changed
RED DUCK
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€13,228
2024 · -€41,127+€54,355
Equity
€490,916
2024 · €477,688+€13,228
Cash
€74,164
2024 · €80,276-€6,112
Balance sheet total
€2.8m
2024 · €2.7m+€102,178
Largest movements
Assets
- Tangible fixed assets +€74,119
up €74,119 (+2.8%), from €2.6m to €2.7m
of which Land and buildings: +€119,987
- Receivables within one year +€40,000
up €40,000 (+2000.0%), from €2,000 to €42,000
Equity and liabilities
- Debts after one year +€111,091
up €111,091 (+7.6%), from €1.5m to €1.6m
of which Financial debts: +€111,091
Income statement
- Gross operating margin +€39,656
up €39,656 (+22.7%), from €174,485 to €214,141
- Depreciation -€15,065
down €15,065 (-9.5%), from €158,080 to €143,016
- Other operating charges -€11,374
down €11,374 (-34.7%), from €32,798 to €21,425
- Financial charges +€9,655
up €9,655 (+19.6%), from €49,353 to €59,008
- Taxes +€2,177
up €2,177 (+755.9%), from €288 to €2,466
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.
Result 2024
-€41,127
Gross operating margin
+€39,656
Depreciation
+€15,065
Provisions
+€108
Other operating charges
+€11,374
Financial income
-€15
Financial charges
-€9,655
Taxes
-€2,177
Result 2025
€13,228
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.
From operations
+€113,208
Investment
-€217,134
Financing
+€97,814
Cash 2024
€80,276
From operations (derived)
+€113,208
Net result for the year
+€13,228
Depreciation
+€143,016
Receivables within one year
-€40,000
Deferred charges and accrued income
+€5,828
Provisions
-€25,000
Trade debts
+€17,640
Tax, wage and social debts
+€2,177
Other debts
-€4,703
Accrued charges and deferred income
+€1,022
Investment (derived)
-€217,134
Investment in fixed assets (net)
-€217,134
Financing
+€97,814
Debts after one year
+€111,091
Current portion of long-term debt
-€13,276
Cash 2025
€74,164
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,737,533 | €2,839,711 | +€102,178 | +3.7% |
| Fixed assets | 21/28 | €2,638,229 | €2,712,348 | +€74,119 | +2.8% |
| Tangible fixed assets | 22/27 | €2,637,979 | €2,712,098 | +€74,119 | +2.8% |
| Land and buildings | 22 | €2,403,961 | €2,523,947 | +€119,987 | +5.0% |
| Plant, machinery and equipment | 23 | €1,700 | €1,101 | -€600 | -35.3% |
| Other tangible fixed assets | 26 | €212,318 | €187,050 | -€25,268 | -11.9% |
| Assets under construction and advance payments | 27 | €20,000 | - | -€20,000 | |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €99,304 | €127,363 | +€28,060 | +28.3% |
| Amounts receivable within one year | 40/41 | €2,000 | €42,000 | +€40,000 | +2000.0% |
| Trade receivables | 40 | €2,000 | €42,000 | +€40,000 | +2000.0% |
| Cash at bank and in hand | 54/58 | €80,276 | €74,164 | -€6,112 | -7.6% |
| Deferred charges and accrued income | 490/1 | €17,028 | €11,200 | -€5,828 | -34.2% |
| Total equity and liabilities | 10/49 | €2,737,533 | €2,839,711 | +€102,178 | +3.7% |
| Equity | 10/15 | €477,688 | €490,916 | +€13,228 | +2.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €283,069 | €261,376 | -€21,693 | -7.7% |
| Reserves | 13 | €218,791 | €240,484 | +€21,693 | +9.9% |
| Distributable reserves | 133 | €218,791 | €240,484 | +€21,693 | +9.9% |
| Profit (loss) carried forward | 14 | -€42,763 | -€29,536 | +€13,228 | +30.9% |
| Provisions and deferred taxes | 16 | €25,000 | - | -€25,000 | |
| Provisions for liabilities and charges | 160/5 | €25,000 | - | -€25,000 | |
| Other liabilities and charges | 164/5 | €25,000 | - | -€25,000 | |
| Amounts payable | 17/49 | €2,234,845 | €2,348,796 | +€113,951 | +5.1% |
| Amounts payable after more than one year | 17 | €1,470,248 | €1,581,338 | +€111,091 | +7.6% |
| Financial debts | 170/4 | €1,451,148 | €1,562,238 | +€111,091 | +7.7% |
| Other amounts payable | 178/9 | €19,100 | €19,100 | = | 0.0% |
| Amounts payable within one year | 42/48 | €758,498 | €760,336 | +€1,838 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €133,982 | €120,706 | -€13,276 | -9.9% |
| Trade debts | 44 | €37,672 | €55,311 | +€17,640 | +46.8% |
| Suppliers | 440/4 | €37,672 | €55,311 | +€17,640 | +46.8% |
| Taxes, remuneration and social security | 45 | €288 | €2,466 | +€2,177 | +755.9% |
| Taxes | 450/3 | €288 | €2,466 | +€2,177 | +755.9% |
| Other amounts payable | 47/48 | €586,556 | €581,853 | -€4,703 | -0.8% |
| Accrued charges and deferred income | 492/3 | €6,100 | €7,122 | +€1,022 | +16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €158,080 | €143,016 | -€15,065 | -9.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€24,892 | -€25,000 | -€108 | -0.4% |
| Other operating charges | 640/8 | €32,798 | €21,425 | -€11,374 | -34.7% |
| Gross operating margin | 9900 | €174,485 | €214,141 | +€39,656 | +22.7% |
| Operating profit (loss) | 9901 | €8,499 | €74,701 | +€66,202 | +779.0% |
| Financial income | 75/76B | €15 | - | -€15 | |
| Recurring financial income | 75 | €15 | - | -€15 | |
| Financial charges | 65/66B | €49,353 | €59,008 | +€9,655 | +19.6% |
| Recurring financial charges | 65 | €49,353 | €59,008 | +€9,655 | +19.6% |
| Profit (loss) for the period before taxes | 9903 | -€40,839 | €15,693 | +€56,532 | |
| Income taxes | 67/77 | €288 | €2,466 | +€2,177 | +755.9% |
| Profit (loss) for the period | 9904 | -€41,127 | €13,228 | +€54,355 | |
| Profit (loss) for the period to be appropriated | 9905 | -€41,127 | €13,228 | +€54,355 |
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 4 October 2026 via checked.be.