RED FROG: 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 FROG
Largest movements
- Receivables within one year +€51,199
up €51,199 (+49.0%), from €104,541 to €155,740
of which Trade receivables: +€48,508
- Tangible fixed assets +€21,726
up €21,726 (+2573.4%), from €844 to €22,570
of which Furniture and vehicles: +€22,438
- Deferred charges and accrued income +€6,168
up €6,168 (+71.4%), from €8,644 to €14,812
- Cash -€5,315
down €5,315 (-81.9%), from €6,490 to €1,175
mainly Receivables within one year (-€51,199) and Investment in fixed assets (net) (-€24,053)
- Profit (loss) carried forward +€51,168
up €51,168 (+23.7%), from €216,175 to €267,343
- Trade debts +€12,816
up €12,816 (+110.1%), from €11,643 to €24,459
- Tax, wage and social debts +€11,008
up €11,008 (+64.4%), from €17,103 to €28,112
of which Taxes: +€12,782
- Gross operating margin +€22,790
up €22,790 (+70.0%), from €32,553 to €55,343
- Taxes +€2,496
up €2,496 (+628.0%), from €398 to €2,894
- Financial charges -€1,804
down €1,804 (-39.0%), from €4,630 to €2,826
of which Non-recurring financial charges: -€2,439
- Depreciation +€1,351
up €1,351 (+138.4%), from €976 to €2,327
- Other operating charges -€854
down €854 (-26.6%), from €3,213 to €2,359
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 | €254,189 | €327,968 | +€73,779 | +29.0% |
| Fixed assets | 21/28 | €39,688 | €61,414 | +€21,726 | +54.7% |
| Tangible fixed assets | 22/27 | €844 | €22,570 | +€21,726 | +2573.4% |
| Furniture and vehicles | 24 | €132 | €22,570 | +€22,438 | +16976.8% |
| Other tangible fixed assets | 26 | €712 | - | -€712 | |
| Financial fixed assets | 28 | €38,844 | €38,844 | = | 0.0% |
| Current assets | 29/58 | €214,501 | €266,554 | +€52,053 | +24.3% |
| Amounts receivable after more than one year | 29 | €94,827 | €94,827 | = | 0.0% |
| Other amounts receivable | 291 | €94,827 | €94,827 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €104,541 | €155,740 | +€51,199 | +49.0% |
| Trade receivables | 40 | €31,072 | €79,580 | +€48,508 | +156.1% |
| Other amounts receivable | 41 | €73,468 | €76,160 | +€2,691 | +3.7% |
| Cash at bank and in hand | 54/58 | €6,490 | €1,175 | -€5,315 | -81.9% |
| Deferred charges and accrued income | 490/1 | €8,644 | €14,812 | +€6,168 | +71.4% |
| Total equity and liabilities | 10/49 | €254,189 | €327,968 | +€73,779 | +29.0% |
| Equity | 10/15 | €224,230 | €275,398 | +€51,168 | +22.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €216,175 | €267,343 | +€51,168 | +23.7% |
| Amounts payable | 17/49 | €29,959 | €52,570 | +€22,611 | +75.5% |
| Amounts payable within one year | 42/48 | €28,746 | €52,570 | +€23,824 | +82.9% |
| Trade debts | 44 | €11,643 | €24,459 | +€12,816 | +110.1% |
| Suppliers | 440/4 | €11,643 | €24,459 | +€12,816 | +110.1% |
| Taxes, remuneration and social security | 45 | €17,103 | €28,112 | +€11,008 | +64.4% |
| Taxes | 450/3 | €15,329 | €28,112 | +€12,782 | +83.4% |
| Remuneration and social security | 454/9 | €1,774 | - | -€1,774 | |
| Accrued charges and deferred income | 492/3 | €1,213 | - | -€1,213 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €976 | €2,327 | +€1,351 | +138.4% |
| Other operating charges | 640/8 | €3,213 | €2,359 | -€854 | -26.6% |
| Gross operating margin | 9900 | €32,553 | €55,343 | +€22,790 | +70.0% |
| Operating profit (loss) | 9901 | €28,364 | €50,657 | +€22,293 | +78.6% |
| Financial income | 75/76B | €6,084 | €6,231 | +€147 | +2.4% |
| Recurring financial income | 75 | €6,084 | €6,231 | +€147 | +2.4% |
| Financial charges | 65/66B | €4,630 | €2,826 | -€1,804 | -39.0% |
| Recurring financial charges | 65 | €2,191 | €2,826 | +€635 | +29.0% |
| Non-recurring financial charges | 66B | €2,439 | - | -€2,439 | |
| Profit (loss) for the period before taxes | 9903 | €29,818 | €54,062 | +€24,244 | +81.3% |
| Income taxes | 67/77 | €398 | €2,894 | +€2,496 | +628.0% |
| Profit (loss) for the period | 9904 | €29,420 | €51,168 | +€21,747 | +73.9% |
| Profit (loss) for the period to be appropriated | 9905 | €29,420 | €51,168 | +€21,747 | +73.9% |
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 10 October 2026 via checked.be.