Red Heron: 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 Heron
Largest movements
- Financial fixed assets +€35,070
up €35,070 (+20.5%), from €171,486 to €206,556
- Receivables after one year +€25,000
up €25,000 (+19.6%), from €127,778 to €152,778
- Tangible fixed assets -€13,286
down €13,286 (-62.4%), from €21,300 to €8,014
of which Leasing and similar rights: -€10,765
- Receivables within one year -€10,000
down €10,000 (-31.1%), from €32,143 to €22,144
of which Other amounts receivable: -€8,483
- Reserves +€42,000
up €42,000 (+38.2%), from €110,000 to €152,000
- Other debts +€22,045
up €22,045 (+37.1%), from €59,428 to €81,472
- Trade debts -€19,971
down €19,971 (-68.7%), from €29,084 to €9,113
- Current portion of long-term debt -€8,266
down €8,266 (-74.6%), from €11,075 to €2,809
- Gross operating margin +€33,908
up €33,908 (+52.1%), from €65,098 to €99,006
- Taxes +€8,480
up €8,480 (+87.9%), from €9,647 to €18,127
- Other operating charges +€6,560
up €6,560 (+64.2%), from €10,222 to €16,782
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 | €409,582 | €445,041 | +€35,460 | +8.7% |
| Fixed assets | 21/28 | €192,786 | €214,570 | +€21,784 | +11.3% |
| Tangible fixed assets | 22/27 | €21,300 | €8,014 | -€13,286 | -62.4% |
| Furniture and vehicles | 24 | €1,822 | €422 | -€1,400 | -76.8% |
| Leasing and similar rights | 25 | €14,275 | €3,510 | -€10,765 | -75.4% |
| Other tangible fixed assets | 26 | €5,203 | €4,082 | -€1,121 | -21.5% |
| Financial fixed assets | 28 | €171,486 | €206,556 | +€35,070 | +20.5% |
| Current assets | 29/58 | €216,796 | €230,471 | +€13,676 | +6.3% |
| Amounts receivable after more than one year | 29 | €127,778 | €152,778 | +€25,000 | +19.6% |
| Other amounts receivable | 291 | €127,778 | €152,778 | +€25,000 | +19.6% |
| Amounts receivable within one year | 40/41 | €32,143 | €22,144 | -€10,000 | -31.1% |
| Trade receivables | 40 | €21,867 | €20,350 | -€1,517 | -6.9% |
| Other amounts receivable | 41 | €10,277 | €1,794 | -€8,483 | -82.5% |
| Cash at bank and in hand | 54/58 | €56,852 | €52,524 | -€4,327 | -7.6% |
| Deferred charges and accrued income | 490/1 | €23 | €3,026 | +€3,003 | +13,062% |
| Total equity and liabilities | 10/49 | €409,582 | €445,041 | +€35,460 | +8.7% |
| Equity | 10/15 | €115,774 | €157,139 | +€41,365 | +35.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €110,000 | €152,000 | +€42,000 | +38.2% |
| Distributable reserves | 133 | €110,000 | €152,000 | +€42,000 | +38.2% |
| Profit (loss) carried forward | 14 | €774 | €139 | -€635 | -82.0% |
| Amounts payable | 17/49 | €293,808 | €287,902 | -€5,906 | -2.0% |
| Amounts payable after more than one year | 17 | €186,142 | €183,334 | -€2,809 | -1.5% |
| Financial debts | 170/4 | €186,142 | €183,334 | -€2,809 | -1.5% |
| Amounts payable within one year | 42/48 | €102,287 | €99,224 | -€3,063 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €11,075 | €2,809 | -€8,266 | -74.6% |
| Trade debts | 44 | €29,084 | €9,113 | -€19,971 | -68.7% |
| Suppliers | 440/4 | €29,084 | €9,113 | -€19,971 | -68.7% |
| Taxes, remuneration and social security | 45 | €2,700 | €5,830 | +€3,130 | +116% |
| Taxes | 450/3 | €2,700 | €5,830 | +€3,130 | +116% |
| Other amounts payable | 47/48 | €59,428 | €81,472 | +€22,045 | +37.1% |
| Accrued charges and deferred income | 492/3 | €5,378 | €5,344 | -€34 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,589 | €13,286 | -€303 | -2.2% |
| Other operating charges | 640/8 | €10,222 | €16,782 | +€6,560 | +64.2% |
| Non-recurring operating charges | 66A | €3,558 | - | -€3,558 | |
| Gross operating margin | 9900 | €65,098 | €99,006 | +€33,908 | +52.1% |
| Operating profit (loss) | 9901 | €37,730 | €68,938 | +€31,208 | +82.7% |
| Financial charges | 65/66B | €8,869 | €9,446 | +€577 | +6.5% |
| Recurring financial charges | 65 | €8,869 | €9,446 | +€577 | +6.5% |
| Profit (loss) for the period before taxes | 9903 | €28,861 | €59,492 | +€30,631 | +106% |
| Income taxes | 67/77 | €9,647 | €18,127 | +€8,480 | +87.9% |
| Profit (loss) for the period | 9904 | €19,214 | €41,365 | +€22,152 | +115% |
| Profit (loss) for the period to be appropriated | 9905 | €19,214 | €41,365 | +€22,152 | +115% |
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 17 October 2026 via checked.be.