Red Photon: 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 Photon
Largest movements
- Cash +€61,791
up €61,791 (+66.7%), from €92,597 to €154,388
mainly Net result for the year (+€68,283) and Depreciation (+€6,447)
- Intangible fixed assets +€3,278
new in 2025: €3,278
- Receivables within one year +€2,887
up €2,887 (+9.6%), from €29,937 to €32,824
- Reserves +€68,000
up €68,000 (+52.3%), from €130,000 to €198,000
- Gross operating margin +€29,410
up €29,410 (+45.2%), from €65,021 to €94,431
- Taxes +€5,393
up €5,393 (+41.7%), from €12,924 to €18,317
- Depreciation +€1,502
up €1,502 (+30.4%), from €4,946 to €6,447
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 | €154,713 | €224,360 | +€69,646 | +45.0% |
| Fixed assets | 21/28 | €20,717 | €25,158 | +€4,441 | +21.4% |
| Intangible fixed assets | 21 | - | €3,278 | +€3,278 | |
| Tangible fixed assets | 22/27 | €20,717 | €21,880 | +€1,163 | +5.6% |
| Plant, machinery and equipment | 23 | €2,647 | €335 | -€2,311 | -87.3% |
| Furniture and vehicles | 24 | €6,162 | €11,126 | +€4,963 | +80.5% |
| Other tangible fixed assets | 26 | €11,908 | €10,419 | -€1,489 | -12.5% |
| Current assets | 29/58 | €133,997 | €199,202 | +€65,205 | +48.7% |
| Amounts receivable within one year | 40/41 | €29,937 | €32,824 | +€2,887 | +9.6% |
| Trade receivables | 40 | €29,937 | €32,824 | +€2,887 | +9.6% |
| Cash at bank and in hand | 54/58 | €92,597 | €154,388 | +€61,791 | +66.7% |
| Deferred charges and accrued income | 490/1 | €11,462 | €11,990 | +€528 | +4.6% |
| Total equity and liabilities | 10/49 | €154,713 | €224,360 | +€69,646 | +45.0% |
| Equity | 10/15 | €135,123 | €203,406 | +€68,283 | +50.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €130,000 | €198,000 | +€68,000 | +52.3% |
| Distributable reserves | 133 | €130,000 | €198,000 | +€68,000 | +52.3% |
| Profit (loss) carried forward | 14 | €123 | €406 | +€283 | +229.7% |
| Amounts payable | 17/49 | €19,590 | €20,954 | +€1,364 | +7.0% |
| Amounts payable within one year | 42/48 | €19,590 | €20,954 | +€1,364 | +7.0% |
| Trade debts | 44 | €1,189 | €1,321 | +€132 | +11.1% |
| Suppliers | 440/4 | €1,189 | €1,321 | +€132 | +11.1% |
| Taxes, remuneration and social security | 45 | €18,005 | €19,535 | +€1,530 | +8.5% |
| Taxes | 450/3 | €18,005 | €19,535 | +€1,530 | +8.5% |
| Other amounts payable | 47/48 | €396 | €98 | -€298 | -75.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,946 | €6,447 | +€1,502 | +30.4% |
| Other operating charges | 640/8 | €1,225 | €1,257 | +€32 | +2.6% |
| Gross operating margin | 9900 | €65,021 | €94,431 | +€29,410 | +45.2% |
| Operating profit (loss) | 9901 | €58,851 | €86,727 | +€27,876 | +47.4% |
| Financial income | 75/76B | €0 | €6 | +€6 | |
| Recurring financial income | 75 | €0 | €6 | +€6 | |
| Financial charges | 65/66B | €243 | €134 | -€109 | -44.9% |
| Recurring financial charges | 65 | €243 | €134 | -€109 | -44.9% |
| Profit (loss) for the period before taxes | 9903 | €58,608 | €86,599 | +€27,991 | +47.8% |
| Income taxes | 67/77 | €12,924 | €18,317 | +€5,393 | +41.7% |
| Profit (loss) for the period | 9904 | €45,685 | €68,283 | +€22,598 | +49.5% |
| Profit (loss) for the period to be appropriated | 9905 | €45,685 | €68,283 | +€22,598 | +49.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.