RED POPPY: what changed
RED POPPY
Largest movements
- Cash -€46,058
down €46,058 (-40.1%), from €114,842 to €68,784
mainly Contributions, distributions and other (-€215,740) and Receivables within one year (-€33,391)
- Receivables within one year +€33,391
up €33,391 (+103%), from €32,499 to €65,890
of which Trade receivables: +€33,554
- Tangible fixed assets -€21,827
down €21,827 (-46.4%), from €47,033 to €25,206
of which Leasing and similar rights: -€17,491
- Reserves -€109,891
no longer reported in 2025 (was €109,891)
- Other debts +€69,750
new in 2025: €69,750
- Trade debts +€18,676
up €18,676 (+218%), from €8,554 to €27,230
- Debts after one year -€13,205
down €13,205 (-63.8%), from €20,710 to €7,505
- Tax, wage and social debts +€9,248
up €9,248 (+50.3%), from €18,377 to €27,625
of which Remuneration and social security: +€7,316
- Gross operating margin +€138,572
up €138,572 (+94.7%), from €146,300 to €284,872
- Taxes +€26,435
up €26,435 (+494%), from €5,356 to €31,791
- Staff costs +€14,672
up €14,672 (+12.7%), from €115,417 to €130,089
- Depreciation -€5,466
down €5,466 (-28.2%), from €19,371 to €13,905
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €208,357 | €171,329 | -€37,028 | -17.8% |
| Fixed assets | 21/28 | €51,416 | €28,806 | -€22,610 | -44.0% |
| Intangible fixed assets | 21 | €782 | - | -€782 | |
| Tangible fixed assets | 22/27 | €47,033 | €25,206 | -€21,827 | -46.4% |
| Plant, machinery and equipment | 23 | €1,656 | €1,488 | -€168 | -10.1% |
| Furniture and vehicles | 24 | €14,551 | €10,382 | -€4,169 | -28.6% |
| Leasing and similar rights | 25 | €30,827 | €13,336 | -€17,491 | -56.7% |
| Financial fixed assets | 28 | €3,600 | €3,600 | = | 0.0% |
| Current assets | 29/58 | €156,941 | €142,523 | -€14,418 | -9.2% |
| Amounts receivable within one year | 40/41 | €32,499 | €65,890 | +€33,391 | +103% |
| Trade receivables | 40 | €27,650 | €61,204 | +€33,554 | +121% |
| Other amounts receivable | 41 | €4,849 | €4,686 | -€163 | -3.4% |
| Cash at bank and in hand | 54/58 | €114,842 | €68,784 | -€46,058 | -40.1% |
| Deferred charges and accrued income | 490/1 | €9,600 | €7,849 | -€1,751 | -18.2% |
| Total equity and liabilities | 10/49 | €208,357 | €171,329 | -€37,028 | -17.8% |
| Equity | 10/15 | €143,824 | €32,000 | -€111,824 | -77.8% |
| Contributions | 10/11 | €32,000 | €32,000 | = | 0.0% |
| Reserves | 13 | €109,891 | - | -€109,891 | |
| Distributable reserves | 133 | €109,891 | - | -€109,891 | |
| Profit (loss) carried forward | 14 | €1,933 | - | -€1,933 | |
| Amounts payable | 17/49 | €64,533 | €139,329 | +€74,796 | +116% |
| Amounts payable after more than one year | 17 | €20,710 | €7,505 | -€13,205 | -63.8% |
| Financial debts | 170/4 | €20,710 | €7,505 | -€13,205 | -63.8% |
| Amounts payable within one year | 42/48 | €41,023 | €131,824 | +€90,801 | +221% |
| Current portion of amounts payable after more than one year | 42 | €11,944 | €7,219 | -€4,725 | -39.6% |
| Financial debts | 43 | €2,148 | - | -€2,148 | |
| Other loans | 439 | €2,148 | - | -€2,148 | |
| Trade debts | 44 | €8,554 | €27,230 | +€18,676 | +218% |
| Suppliers | 440/4 | €8,554 | €27,230 | +€18,676 | +218% |
| Taxes, remuneration and social security | 45 | €18,377 | €27,625 | +€9,248 | +50.3% |
| Taxes | 450/3 | €9,446 | €11,378 | +€1,932 | +20.5% |
| Remuneration and social security | 454/9 | €8,931 | €16,247 | +€7,316 | +81.9% |
| Other amounts payable | 47/48 | - | €69,750 | +€69,750 | |
| Accrued charges and deferred income | 492/3 | €2,800 | - | -€2,800 | |
| Non-recurring operating income | 76A | - | €2,440 | +€2,440 | |
| Remuneration, social security and pensions | 62 | €115,417 | €130,089 | +€14,672 | +12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,371 | €13,905 | -€5,466 | -28.2% |
| Other operating charges | 640/8 | €2,415 | €3,291 | +€876 | +36.3% |
| Gross operating margin | 9900 | €146,300 | €284,872 | +€138,572 | +94.7% |
| Operating profit (loss) | 9901 | €9,097 | €137,587 | +€128,490 | +1,412% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,809 | €1,880 | +€71 | +3.9% |
| Recurring financial charges | 65 | €1,809 | €1,874 | +€65 | +3.6% |
| Non-recurring financial charges | 66B | - | €6 | +€6 | |
| Profit (loss) for the period before taxes | 9903 | €7,288 | €135,707 | +€128,419 | +1,762% |
| Income taxes | 67/77 | €5,356 | €31,791 | +€26,435 | +494% |
| Profit (loss) for the period | 9904 | €1,933 | €103,916 | +€101,983 | +5,277% |
| Profit (loss) for the period to be appropriated | 9905 | €1,933 | €103,916 | +€101,983 | +5,277% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.