RED HERRING: 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.
What changed
RED HERRING
NACE 47.762, Retail sale of pets, pet food and pet supplies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2,167
2024 · €99,619-€97,452
Equity
€313,804
2024 · €311,637+€2,167
Cash
€44,442
2024 · €41,692+€2,750
Balance sheet total
€484,299
2024 · €546,719-€62,420
Largest movements
Assets
- Tangible fixed assets -€69,187
down €69,187 (-15.3%), from €452,707 to €383,520
of which Land and buildings: -€49,843
Equity and liabilities
- Debts after one year -€36,316
down €36,316 (-31.0%), from €117,040 to €80,724
- Other debts -€15,762
down €15,762 (-56.2%), from €28,026 to €12,265
- Tax, wage and social debts -€14,554
down €14,554 (-27.3%), from €53,311 to €38,757
Income statement
- Gross operating margin -€137,014
down €137,014 (-59.1%), from €231,890 to €94,875
- Taxes -€38,604
down €38,604 (-95.0%), from €40,622 to €2,019
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
€99,619
Gross operating margin
-€137,014
Staff costs
-€867
Depreciation
+€902
Other operating charges
-€203
Financial income
+€84
Financial charges
+€1,043
Taxes
+€38,604
Result 2025
€2,167
raises the resultlowers the result
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.
From operations
+€47,701
Investment
-€9,499
Financing
-€35,453
Cash 2024
€41,692
From operations (derived)
+€47,701
Net result for the year
+€2,167
Depreciation
+€78,686
Receivables within one year
-€5,026
Deferred charges and accrued income
+€1,009
Trade debts
+€1,181
Tax, wage and social debts
-€14,554
Other debts
-€15,762
Investment (derived)
-€9,499
Investment in fixed assets (net)
-€9,499
Financing
-€35,453
Debts after one year
-€36,316
Current portion of long-term debt
+€863
Cash 2025
€44,442
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €546,719 | €484,299 | -€62,420 | -11.4% |
| Fixed assets | 21/28 | €452,707 | €383,520 | -€69,187 | -15.3% |
| Tangible fixed assets | 22/27 | €452,707 | €383,520 | -€69,187 | -15.3% |
| Land and buildings | 22 | €385,372 | €335,529 | -€49,843 | -12.9% |
| Plant, machinery and equipment | 23 | €10,850 | €7,844 | -€3,006 | -27.7% |
| Furniture and vehicles | 24 | €56,484 | €40,146 | -€16,338 | -28.9% |
| Current assets | 29/58 | €94,012 | €100,779 | +€6,767 | +7.2% |
| Amounts receivable within one year | 40/41 | €51,311 | €56,337 | +€5,026 | +9.8% |
| Trade receivables | 40 | €51,311 | €40,075 | -€11,236 | -21.9% |
| Other amounts receivable | 41 | - | €16,262 | +€16,262 | |
| Cash at bank and in hand | 54/58 | €41,692 | €44,442 | +€2,750 | +6.6% |
| Deferred charges and accrued income | 490/1 | €1,009 | - | -€1,009 | |
| Total equity and liabilities | 10/49 | €546,719 | €484,299 | -€62,420 | -11.4% |
| Equity | 10/15 | €311,637 | €313,804 | +€2,167 | +0.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €261,637 | €263,804 | +€2,167 | +0.8% |
| Distributable reserves | 133 | €261,637 | €263,804 | +€2,167 | +0.8% |
| Amounts payable | 17/49 | €235,082 | €170,495 | -€64,587 | -27.5% |
| Amounts payable after more than one year | 17 | €117,040 | €80,724 | -€36,316 | -31.0% |
| Financial debts | 170/4 | €117,040 | €80,724 | -€36,316 | -31.0% |
| Amounts payable within one year | 42/48 | €117,187 | €88,915 | -€28,272 | -24.1% |
| Current portion of amounts payable after more than one year | 42 | €35,453 | €36,316 | +€863 | +2.4% |
| Trade debts | 44 | €397 | €1,577 | +€1,181 | +298% |
| Suppliers | 440/4 | €397 | €1,577 | +€1,181 | +298% |
| Taxes, remuneration and social security | 45 | €53,311 | €38,757 | -€14,554 | -27.3% |
| Taxes | 450/3 | €53,311 | €38,757 | -€14,554 | -27.3% |
| Other amounts payable | 47/48 | €28,026 | €12,265 | -€15,762 | -56.2% |
| Accrued charges and deferred income | 492/3 | €855 | €855 | = | 0.0% |
| Remuneration, social security and pensions | 62 | - | €867 | +€867 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,588 | €78,686 | -€902 | -1.1% |
| Other operating charges | 640/8 | €7,214 | €7,418 | +€203 | +2.8% |
| Gross operating margin | 9900 | €231,890 | €94,875 | -€137,014 | -59.1% |
| Operating profit (loss) | 9901 | €145,087 | €7,905 | -€137,182 | -94.6% |
| Financial income | 75/76B | €123 | €207 | +€84 | +68.2% |
| Recurring financial income | 75 | €123 | €207 | +€84 | +68.2% |
| Financial charges | 65/66B | €4,969 | €3,926 | -€1,043 | -21.0% |
| Recurring financial charges | 65 | €4,969 | €3,926 | -€1,043 | -21.0% |
| Profit (loss) for the period before taxes | 9903 | €140,241 | €4,186 | -€136,055 | -97.0% |
| Income taxes | 67/77 | €40,622 | €2,019 | -€38,604 | -95.0% |
| Profit (loss) for the period | 9904 | €99,619 | €2,167 | -€97,452 | -97.8% |
| Profit (loss) for the period to be appropriated | 9905 | €99,619 | €2,167 | -€97,452 | -97.8% |
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.