RED OTTER: 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 OTTER
Largest movements
- Stocks and contracts -€349,153
down €349,153 (-61.0%), from €572,707 to €223,554
- Receivables within one year +€172,050
up €172,050 (+34,661%), from €496 to €172,547
of which Other amounts receivable: +€171,722
- Deferred charges and accrued income +€9,258
up €9,258 (+108%), from €8,600 to €17,858
- Short-term financial debts -€275,000
down €275,000 (-100%), from €275,000 to €0
- Reserves +€80,000
up €80,000 (+100%), from €80,000 to €160,000
- Other debts -€34,412
down €34,412 (-18.5%), from €186,228 to €151,816
- Trade debts +€26,205
up €26,205 (+176%), from €14,917 to €41,121
- Tax, wage and social debts +€15,687
up €15,687 (+48.4%), from €32,402 to €48,089
- Gross operating margin +€69,600
up €69,600 (+98.7%), from €70,487 to €140,087
- Taxes +€29,946
up €29,946 (+620%), from €4,826 to €34,772
- Financial charges -€15,331
down €15,331 (-53.6%), from €28,621 to €13,290
- Other operating charges -€2,380
down €2,380 (-42.4%), from €5,619 to €3,239
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €593,923 | €419,385 | -€174,538 | -29.4% |
| Fixed assets | 21/28 | €9,334 | €5,053 | -€4,282 | -45.9% |
| Tangible fixed assets | 22/27 | €9,334 | €5,053 | -€4,282 | -45.9% |
| Furniture and vehicles | 24 | €9,334 | €5,053 | -€4,282 | -45.9% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €584,589 | €414,333 | -€170,256 | -29.1% |
| Stocks and contracts in progress | 3 | €572,707 | €223,554 | -€349,153 | -61.0% |
| Stocks | 30/36 | €572,707 | €223,554 | -€349,153 | -61.0% |
| Amounts receivable within one year | 40/41 | €496 | €172,547 | +€172,050 | +34,661% |
| Trade receivables | 40 | €0 | €328 | +€328 | |
| Other amounts receivable | 41 | €496 | €172,219 | +€171,722 | +34,595% |
| Cash at bank and in hand | 54/58 | €2,785 | €374 | -€2,412 | -86.6% |
| Deferred charges and accrued income | 490/1 | €8,600 | €17,858 | +€9,258 | +108% |
| Total equity and liabilities | 10/49 | €593,923 | €419,385 | -€174,538 | -29.4% |
| Equity | 10/15 | €84,830 | €169,681 | +€84,851 | +100% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €80,000 | €160,000 | +€80,000 | +100% |
| Distributable reserves | 133 | €80,000 | €160,000 | +€80,000 | +100% |
| Profit (loss) carried forward | 14 | €2,330 | €7,181 | +€4,851 | +208% |
| Amounts payable | 17/49 | €509,093 | €249,704 | -€259,389 | -51.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €508,546 | €248,917 | -€259,629 | -51.1% |
| Current portion of amounts payable after more than one year | 42 | - | €7,891 | +€7,891 | |
| Financial debts | 43 | €275,000 | €0 | -€275,000 | -100% |
| Credit institutions | 430/8 | €275,000 | €0 | -€275,000 | -100% |
| Trade debts | 44 | €14,917 | €41,121 | +€26,205 | +176% |
| Suppliers | 440/4 | €14,917 | €41,121 | +€26,205 | +176% |
| Taxes, remuneration and social security | 45 | €32,402 | €48,089 | +€15,687 | +48.4% |
| Taxes | 450/3 | €32,402 | €48,089 | +€15,687 | +48.4% |
| Other amounts payable | 47/48 | €186,228 | €151,816 | -€34,412 | -18.5% |
| Accrued charges and deferred income | 492/3 | €547 | €787 | +€240 | +43.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,455 | €4,282 | +€827 | +23.9% |
| Other operating charges | 640/8 | €5,619 | €3,239 | -€2,380 | -42.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €70,487 | €140,087 | +€69,600 | +98.7% |
| Operating profit (loss) | 9901 | €61,412 | €132,566 | +€71,154 | +116% |
| Financial income | 75/76B | €0 | €348 | +€348 | |
| Recurring financial income | 75 | €0 | €348 | +€348 | |
| Financial charges | 65/66B | €28,621 | €13,290 | -€15,331 | -53.6% |
| Recurring financial charges | 65 | €28,621 | €13,290 | -€15,331 | -53.6% |
| Profit (loss) for the period before taxes | 9903 | €32,791 | €119,624 | +€86,833 | +265% |
| Income taxes | 67/77 | €4,826 | €34,772 | +€29,946 | +620% |
| Profit (loss) for the period | 9904 | €27,965 | €84,851 | +€56,886 | +203% |
| Profit (loss) for the period to be appropriated | 9905 | €27,965 | €84,851 | +€56,886 | +203% |
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 14 October 2026 via checked.be.