RED MULLET: 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 MULLET
Largest movements
- Tangible fixed assets +€77,391
up €77,391 (+139.1%), from €55,642 to €133,033
of which Other tangible fixed assets: +€58,609
- Cash -€50,676
down €50,676 (-99.1%), from €51,155 to €480
mainly Investment in fixed assets (net) (-€116,489) and Net result for the year (-€31,524)
- Financial fixed assets +€10,750
new in 2025: €10,750
- Intangible fixed assets +€10,222
new in 2025: €10,222
- Receivables within one year -€2,253
down €2,253 (-5.9%), from €38,003 to €35,750
of which Trade receivables: -€2,311
- Profit (loss) carried forward -€31,524
down €31,524 (-63.2%), from €49,871 to €18,347
- Debts after one year +€28,652
up €28,652 (+350.9%), from €8,165 to €36,818
- Trade debts +€22,831
up €22,831 (+67.5%), from €33,821 to €56,652
- Tax, wage and social debts +€14,117
up €14,117 (+54.3%), from €25,991 to €40,108
of which Remuneration and social security: +€14,890
- Other debts +€9,724
up €9,724 (+1671.9%), from €582 to €10,306
- Staff costs +€94,222
up €94,222 (+485.3%), from €19,416 to €113,638
- Gross operating margin +€15,586
up €15,586 (+18.0%), from €86,815 to €102,402
- Taxes -€11,797
no longer reported in 2025 (was €11,797)
- Depreciation +€6,055
up €6,055 (+50.2%), from €12,071 to €18,126
- Financial income -€1,872
down €1,872 (-58.3%), from €3,213 to €1,341
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 | €148,963 | €197,562 | +€48,599 | +32.6% |
| Fixed assets | 21/28 | €55,642 | €154,005 | +€98,363 | +176.8% |
| Intangible fixed assets | 21 | - | €10,222 | +€10,222 | |
| Tangible fixed assets | 22/27 | €55,642 | €133,033 | +€77,391 | +139.1% |
| Plant, machinery and equipment | 23 | - | €23,362 | +€23,362 | |
| Furniture and vehicles | 24 | €7,780 | €3,200 | -€4,580 | -58.9% |
| Other tangible fixed assets | 26 | €47,862 | €106,471 | +€58,609 | +122.5% |
| Financial fixed assets | 28 | - | €10,750 | +€10,750 | |
| Current assets | 29/58 | €93,321 | €43,557 | -€49,765 | -53.3% |
| Stocks and contracts in progress | 3 | €3,210 | €5,033 | +€1,823 | +56.8% |
| Stocks | 30/36 | €3,210 | €5,033 | +€1,823 | +56.8% |
| Amounts receivable within one year | 40/41 | €38,003 | €35,750 | -€2,253 | -5.9% |
| Trade receivables | 40 | €37,840 | €35,529 | -€2,311 | -6.1% |
| Other amounts receivable | 41 | €163 | €221 | +€58 | +35.5% |
| Cash at bank and in hand | 54/58 | €51,155 | €480 | -€50,676 | -99.1% |
| Deferred charges and accrued income | 490/1 | €953 | €2,295 | +€1,342 | +140.8% |
| Total equity and liabilities | 10/49 | €148,963 | €197,562 | +€48,599 | +32.6% |
| Equity | 10/15 | €66,702 | €33,837 | -€32,865 | -49.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,871 | €18,347 | -€31,524 | -63.2% |
| Investment grants | 15 | €6,831 | €5,490 | -€1,341 | -19.6% |
| Amounts payable | 17/49 | €82,261 | €163,725 | +€81,463 | +99.0% |
| Amounts payable after more than one year | 17 | €8,165 | €36,818 | +€28,652 | +350.9% |
| Financial debts | 170/4 | €8,165 | €36,818 | +€28,652 | +350.9% |
| Amounts payable within one year | 42/48 | €74,096 | €126,651 | +€52,555 | +70.9% |
| Current portion of amounts payable after more than one year | 42 | €13,703 | €17,641 | +€3,938 | +28.7% |
| Financial debts | 43 | - | €1,945 | +€1,945 | |
| Credit institutions | 430/8 | - | €1,945 | +€1,945 | |
| Trade debts | 44 | €33,821 | €56,652 | +€22,831 | +67.5% |
| Suppliers | 440/4 | €33,821 | €56,652 | +€22,831 | +67.5% |
| Taxes, remuneration and social security | 45 | €25,991 | €40,108 | +€14,117 | +54.3% |
| Taxes | 450/3 | €19,945 | €19,172 | -€773 | -3.9% |
| Remuneration and social security | 454/9 | €6,046 | €20,936 | +€14,890 | +246.3% |
| Other amounts payable | 47/48 | €582 | €10,306 | +€9,724 | +1671.9% |
| Accrued charges and deferred income | 492/3 | - | €256 | +€256 | |
| Remuneration, social security and pensions | 62 | €19,416 | €113,638 | +€94,222 | +485.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,071 | €18,126 | +€6,055 | +50.2% |
| Other operating charges | 640/8 | €504 | €1,133 | +€629 | +124.7% |
| Gross operating margin | 9900 | €86,815 | €102,402 | +€15,586 | +18.0% |
| Operating profit (loss) | 9901 | €54,824 | -€30,495 | -€85,319 | |
| Financial income | 75/76B | €3,213 | €1,341 | -€1,872 | -58.3% |
| Recurring financial income | 75 | €3,213 | €1,341 | -€1,872 | -58.3% |
| Financial charges | 65/66B | €1,259 | €2,369 | +€1,110 | +88.2% |
| Recurring financial charges | 65 | €1,259 | €2,369 | +€1,110 | +88.2% |
| Profit (loss) for the period before taxes | 9903 | €56,778 | -€31,524 | -€88,302 | |
| Income taxes | 67/77 | €11,797 | - | -€11,797 | |
| Profit (loss) for the period | 9904 | €44,981 | -€31,524 | -€76,505 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,981 | -€31,524 | -€76,505 |
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 5 October 2026 via checked.be.