RED LAW: 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 LAW
Largest movements
- Receivables after one year +€22,843
up €22,843 (+46.8%), from €48,831 to €71,673
- Cash +€4,179
up €4,179 (+48.3%), from €8,656 to €12,836
mainly Debts after one year (+€50,387) and Other debts (+€47,500)
- Receivables within one year +€2,408
up €2,408 (+4.8%), from €49,721 to €52,130
of which Trade receivables: +€1,754
- Profit (loss) carried forward -€81,310
down €81,310 (-94.6%), from €85,925 to €4,615
- Debts after one year +€50,387
new in 2025: €50,387
- Other debts +€47,500
new in 2025: €47,500
- Current portion of long-term debt +€9,592
up €9,592 (+280.5%), from €3,420 to €13,013
- Trade debts -€2,174
down €2,174 (-11.6%), from €18,721 to €16,548
- Gross operating margin +€41,769
up €41,769 (+95.1%), from €43,902 to €85,671
- Staff costs +€30,943
up €30,943 (+858.2%), from €3,606 to €34,549
- Other operating charges -€7,685
down €7,685 (-67.9%), from €11,324 to €3,639
- Taxes +€4,251
up €4,251 (+45.4%), from €9,354 to €13,605
- Financial income +€1,604
up €1,604 (+62.7%), from €2,558 to €4,162
of which Financial income: +€1,604
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 | €122,018 | €150,890 | +€28,873 | +23.7% |
| Fixed assets | 21/28 | €4,011 | €3,413 | -€599 | -14.9% |
| Intangible fixed assets | 21 | €1,087 | €937 | -€150 | -13.8% |
| Tangible fixed assets | 22/27 | €2,925 | €2,476 | -€449 | -15.3% |
| Plant, machinery and equipment | 23 | €2,872 | €2,476 | -€397 | -13.8% |
| Furniture and vehicles | 24 | €52 | - | -€52 | |
| Current assets | 29/58 | €118,007 | €147,478 | +€29,471 | +25.0% |
| Amounts receivable after more than one year | 29 | €48,831 | €71,673 | +€22,843 | +46.8% |
| Other amounts receivable | 291 | €48,831 | €71,673 | +€22,843 | +46.8% |
| Amounts receivable within one year | 40/41 | €49,721 | €52,130 | +€2,408 | +4.8% |
| Trade receivables | 40 | €40,752 | €42,506 | +€1,754 | +4.3% |
| Other amounts receivable | 41 | €8,970 | €9,624 | +€654 | +7.3% |
| Cash at bank and in hand | 54/58 | €8,656 | €12,836 | +€4,179 | +48.3% |
| Deferred charges and accrued income | 490/1 | €10,798 | €10,839 | +€41 | +0.4% |
| Total equity and liabilities | 10/49 | €122,018 | €150,890 | +€28,873 | +23.7% |
| Equity | 10/15 | €86,925 | €5,615 | -€81,310 | -93.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €85,925 | €4,615 | -€81,310 | -94.6% |
| Amounts payable | 17/49 | €35,093 | €145,275 | +€110,182 | +314.0% |
| Amounts payable after more than one year | 17 | - | €50,387 | +€50,387 | |
| Financial debts | 170/4 | - | €50,387 | +€50,387 | |
| Amounts payable within one year | 42/48 | €35,027 | €92,880 | +€57,854 | +165.2% |
| Current portion of amounts payable after more than one year | 42 | €3,420 | €13,013 | +€9,592 | +280.5% |
| Trade debts | 44 | €18,721 | €16,548 | -€2,174 | -11.6% |
| Suppliers | 440/4 | €18,721 | €16,548 | -€2,174 | -11.6% |
| Advances received on contracts in progress | 46 | - | €1,500 | +€1,500 | |
| Taxes, remuneration and social security | 45 | €12,885 | €14,320 | +€1,435 | +11.1% |
| Taxes | 450/3 | €7,437 | €8,045 | +€608 | +8.2% |
| Remuneration and social security | 454/9 | €5,449 | €6,276 | +€827 | +15.2% |
| Other amounts payable | 47/48 | - | €47,500 | +€47,500 | |
| Accrued charges and deferred income | 492/3 | €66 | €2,008 | +€1,942 | +2938.2% |
| Remuneration, social security and pensions | 62 | €3,606 | €34,549 | +€30,943 | +858.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €760 | €599 | -€161 | -21.2% |
| Other operating charges | 640/8 | €11,324 | €3,639 | -€7,685 | -67.9% |
| Gross operating margin | 9900 | €43,902 | €85,671 | +€41,769 | +95.1% |
| Operating profit (loss) | 9901 | €28,213 | €46,885 | +€18,672 | +66.2% |
| Financial income | 75/76B | €2,558 | €4,162 | +€1,604 | +62.7% |
| Recurring financial income | 75 | €2,458 | €4,062 | +€1,604 | +65.3% |
| Non-recurring financial income | 76B | €100 | €100 | = | 0.0% |
| Financial charges | 65/66B | €732 | €649 | -€84 | -11.4% |
| Recurring financial charges | 65 | €732 | €649 | -€84 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €30,038 | €50,398 | +€20,360 | +67.8% |
| Income taxes | 67/77 | €9,354 | €13,605 | +€4,251 | +45.4% |
| Profit (loss) for the period | 9904 | €20,684 | €36,794 | +€16,109 | +77.9% |
| Profit (loss) for the period to be appropriated | 9905 | €20,684 | €36,794 | +€16,109 | +77.9% |
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 7 October 2026 via checked.be.