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.
RED LINE
Largest movements
- Receivables within one year -€16,405
down €16,405 (-44.0%), from €37,299 to €20,894
of which Trade receivables: -€21,008
- Tangible fixed assets -€9,032
down €9,032 (-7.7%), from €117,767 to €108,735
of which Land and buildings: -€7,980
- Deferred charges and accrued income -€8,711
no longer reported in 2025 (was €8,711)
- Stocks and contracts -€2,550
down €2,550 (-16.2%), from €15,775 to €13,226
- Other debts -€15,430
down €15,430 (-23.2%), from €66,621 to €51,191
- Debts after one year -€9,416
down €9,416 (-39.1%), from €24,103 to €14,687
- Short-term financial debts -€6,427
down €6,427 (-59.6%), from €10,787 to €4,360
- Trade debts -€5,474
down €5,474 (-63.8%), from €8,587 to €3,112
- Gross operating margin -€23,348
down €23,348 (-68.9%), from €33,865 to €10,516
- Depreciation -€8,284
down €8,284 (-42.8%), from €19,334 to €11,050
- Taxes -€6,512
down €6,512, from €1,512 to -€5,000
- Other operating charges +€410
up €410 (+25.5%), from €1,607 to €2,017
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €180,402 | €143,705 | -€36,698 | -20.3% |
| Fixed assets | 21/28 | €118,617 | €109,585 | -€9,032 | -7.6% |
| Tangible fixed assets | 22/27 | €117,767 | €108,735 | -€9,032 | -7.7% |
| Land and buildings | 22 | €115,370 | €107,390 | -€7,980 | -6.9% |
| Plant, machinery and equipment | 23 | €1,025 | €1,345 | +€321 | +31.3% |
| Furniture and vehicles | 24 | €1,373 | - | -€1,373 | |
| Financial fixed assets | 28 | €850 | €850 | = | 0.0% |
| Current assets | 29/58 | €61,785 | €34,119 | -€27,666 | -44.8% |
| Stocks and contracts in progress | 3 | €15,775 | €13,226 | -€2,550 | -16.2% |
| Stocks | 30/36 | €15,775 | €13,226 | -€2,550 | -16.2% |
| Amounts receivable within one year | 40/41 | €37,299 | €20,894 | -€16,405 | -44.0% |
| Trade receivables | 40 | €34,859 | €13,851 | -€21,008 | -60.3% |
| Other amounts receivable | 41 | €2,439 | €7,043 | +€4,604 | +188.7% |
| Deferred charges and accrued income | 490/1 | €8,711 | - | -€8,711 | |
| Total equity and liabilities | 10/49 | €180,402 | €143,705 | -€36,698 | -20.3% |
| Equity | 10/15 | €61,178 | €60,938 | -€240 | -0.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,718 | €40,478 | -€240 | -0.6% |
| Amounts payable | 17/49 | €119,225 | €82,767 | -€36,458 | -30.6% |
| Amounts payable after more than one year | 17 | €24,103 | €14,687 | -€9,416 | -39.1% |
| Financial debts | 170/4 | €24,103 | €14,687 | -€9,416 | -39.1% |
| Amounts payable within one year | 42/48 | €95,121 | €68,079 | -€27,042 | -28.4% |
| Current portion of amounts payable after more than one year | 42 | €9,126 | €9,416 | +€290 | +3.2% |
| Financial debts | 43 | €10,787 | €4,360 | -€6,427 | -59.6% |
| Credit institutions | 430/8 | €10,787 | €4,360 | -€6,427 | -59.6% |
| Trade debts | 44 | €8,587 | €3,112 | -€5,474 | -63.8% |
| Suppliers | 440/4 | €8,587 | €3,112 | -€5,474 | -63.8% |
| Other amounts payable | 47/48 | €66,621 | €51,191 | -€15,430 | -23.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,334 | €11,050 | -€8,284 | -42.8% |
| Other operating charges | 640/8 | €1,607 | €2,017 | +€410 | +25.5% |
| Gross operating margin | 9900 | €33,865 | €10,516 | -€23,348 | -68.9% |
| Operating profit (loss) | 9901 | €12,923 | -€2,551 | -€15,474 | |
| Financial income | 75/76B | €43 | €299 | +€256 | +595.7% |
| Recurring financial income | 75 | €43 | €299 | +€256 | +595.7% |
| Financial charges | 65/66B | €2,886 | €2,988 | +€102 | +3.5% |
| Recurring financial charges | 65 | €2,886 | €2,988 | +€102 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €10,080 | -€5,240 | -€15,320 | |
| Income taxes | 67/77 | €1,512 | -€5,000 | -€6,512 | |
| Profit (loss) for the period | 9904 | €8,569 | -€240 | -€8,808 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,569 | -€240 | -€8,808 |
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 11 October 2026 via checked.be.