RED.LINE: 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.LINE
NACE 49.410, Freight transport by road
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€193,571
2024 · €229,519-€35,948
Equity
€2.3m
2024 · €2.1m+€193,571
Cash
€948,610
2024 · €964,114-€15,504
Balance sheet total
€3.5m
2024 · €4.1m-€552,080
Largest movements
Assets
- Tangible fixed assets -€618,529
down €618,529 (-32.6%), from €1.9m to €1.3m
of which Leasing and similar rights: -€503,040
- Current investments +€115,351
up €115,351 (+167.1%), from €69,016 to €184,368
Equity and liabilities
- Trade debts -€376,809
down €376,809 (-41.5%), from €907,903 to €531,094
- Debts after one year -€246,611
down €246,611 (-38.1%), from €647,501 to €400,890
- Reserves +€193,571
up €193,571 (+9.4%), from €2.1m to €2.3m
of which Distributable reserves: +€107,467
- Current portion of long-term debt -€113,507
down €113,507 (-34.9%), from €325,338 to €211,831
Income statement
- Gross operating margin +€336,549
up €336,549 (+14.1%), from €2.4m to €2.7m
- Staff costs +€330,562
up €330,562 (+20.7%), from €1.6m to €1.9m
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
€229,519
Gross operating margin
+€336,549
Staff costs
-€330,562
Depreciation
+€7,597
Write-downs
+€4,687
Other operating charges
-€13,728
Other operating items
-€50,878
Financial income
+€8,201
Financial charges
-€3,363
Taxes
+€3,284
Deferred taxes and other
+€2,264
Result 2025
€193,571
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
+€283,436
Investment
+€61,178
Financing
-€360,118
Cash 2024
€964,114
From operations (derived)
+€283,436
Net result for the year
+€193,571
Depreciation
+€437,300
Receivables within one year
+€24,365
Deferred charges and accrued income
+€13,733
Provisions
-€3,465
Trade debts
-€376,809
Tax, wage and social debts
-€20,040
Other debts
+€1,187
Accrued charges and deferred income
+€13,594
Investment (derived)
+€61,178
Investment in fixed assets (net)
+€176,529
Current investments
-€115,351
Financing
-€360,118
Debts after one year
-€246,611
Current portion of long-term debt
-€113,507
Cash 2025
€948,610
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,084,732 | €3,532,652 | -€552,080 | -13.5% |
| Fixed assets | 21/28 | €1,896,794 | €1,282,965 | -€613,829 | -32.4% |
| Tangible fixed assets | 22/27 | €1,895,989 | €1,277,460 | -€618,529 | -32.6% |
| Land and buildings | 22 | €306,763 | €284,941 | -€21,821 | -7.1% |
| Plant, machinery and equipment | 23 | €31,839 | €24,140 | -€7,700 | -24.2% |
| Furniture and vehicles | 24 | €203,313 | €120,060 | -€83,253 | -40.9% |
| Leasing and similar rights | 25 | €1,318,200 | €815,160 | -€503,040 | -38.2% |
| Other tangible fixed assets | 26 | €35,874 | €33,160 | -€2,715 | -7.6% |
| Financial fixed assets | 28 | €805 | €5,505 | +€4,700 | +583.9% |
| Current assets | 29/58 | €2,187,938 | €2,249,687 | +€61,749 | +2.8% |
| Amounts receivable within one year | 40/41 | €1,105,353 | €1,080,989 | -€24,365 | -2.2% |
| Trade receivables | 40 | €888,611 | €874,319 | -€14,292 | -1.6% |
| Other amounts receivable | 41 | €216,742 | €206,669 | -€10,073 | -4.6% |
| Current investments | 50/53 | €69,016 | €184,368 | +€115,351 | +167.1% |
| Cash at bank and in hand | 54/58 | €964,114 | €948,610 | -€15,504 | -1.6% |
| Deferred charges and accrued income | 490/1 | €49,454 | €35,721 | -€13,733 | -27.8% |
| Total equity and liabilities | 10/49 | €4,084,732 | €3,532,652 | -€552,080 | -13.5% |
| Equity | 10/15 | €2,101,164 | €2,294,735 | +€193,571 | +9.2% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Reserves | 13 | €2,063,964 | €2,257,535 | +€193,571 | +9.4% |
| Tax-exempt reserves | 132 | €940,814 | €1,026,918 | +€86,104 | +9.2% |
| Distributable reserves | 133 | €1,123,151 | €1,230,618 | +€107,467 | +9.6% |
| Provisions and deferred taxes | 16 | €24,033 | €20,568 | -€3,465 | -14.4% |
| Deferred taxes | 168 | €24,033 | €20,568 | -€3,465 | -14.4% |
| Amounts payable | 17/49 | €1,959,535 | €1,217,350 | -€742,185 | -37.9% |
| Amounts payable after more than one year | 17 | €647,501 | €400,890 | -€246,611 | -38.1% |
| Financial debts | 170/4 | €647,501 | €400,890 | -€246,611 | -38.1% |
| Amounts payable within one year | 42/48 | €1,302,486 | €793,317 | -€509,168 | -39.1% |
| Current portion of amounts payable after more than one year | 42 | €325,338 | €211,831 | -€113,507 | -34.9% |
| Trade debts | 44 | €907,903 | €531,094 | -€376,809 | -41.5% |
| Suppliers | 440/4 | €907,903 | €531,094 | -€376,809 | -41.5% |
| Taxes, remuneration and social security | 45 | €67,936 | €47,896 | -€20,040 | -29.5% |
| Taxes | 450/3 | €10,687 | €7,205 | -€3,482 | -32.6% |
| Remuneration and social security | 454/9 | €57,249 | €40,690 | -€16,558 | -28.9% |
| Other amounts payable | 47/48 | €1,309 | €2,496 | +€1,187 | +90.7% |
| Accrued charges and deferred income | 492/3 | €9,548 | €23,143 | +€13,594 | +142.4% |
| Non-recurring operating income | 76A | €55,000 | €128,000 | +€73,000 | +132.7% |
| Remuneration, social security and pensions | 62 | €1,596,580 | €1,927,142 | +€330,562 | +20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €444,897 | €437,300 | -€7,597 | -1.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,687 | €0 | -€4,687 | -100.0% |
| Other operating charges | 640/8 | €37,569 | €51,297 | +€13,728 | +36.5% |
| Non-recurring operating charges | 66A | €4,242 | €55,120 | +€50,878 | +1199.4% |
| Gross operating margin | 9900 | €2,391,671 | €2,728,219 | +€336,549 | +14.1% |
| Operating profit (loss) | 9901 | €303,695 | €257,360 | -€46,335 | -15.3% |
| Financial income | 75/76B | €8,376 | €16,577 | +€8,201 | +97.9% |
| Recurring financial income | 75 | €8,376 | €16,577 | +€8,201 | +97.9% |
| Financial charges | 65/66B | €31,066 | €34,428 | +€3,363 | +10.8% |
| Recurring financial charges | 65 | €31,066 | €34,428 | +€3,363 | +10.8% |
| Profit (loss) for the period before taxes | 9903 | €281,005 | €239,509 | -€41,496 | -14.8% |
| Transfer from deferred taxes | 780 | €1,201 | €3,465 | +€2,264 | +188.5% |
| Income taxes | 67/77 | €52,688 | €49,403 | -€3,284 | -6.2% |
| Profit (loss) for the period | 9904 | €229,519 | €193,571 | -€35,948 | -15.7% |
| Transfer from tax-exempt reserves | 789 | €3,603 | €10,396 | +€6,793 | +188.5% |
| Transfer to tax-exempt reserves | 689 | €55,000 | €96,500 | +€41,500 | +75.5% |
| Profit (loss) for the period to be appropriated | 9905 | €178,122 | €107,467 | -€70,655 | -39.7% |
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 12 October 2026 via checked.be.