RED Reflexion: 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 Reflexion
Largest movements
- Current investments -€1.0m
down €1.0m (-43.7%), from €2.3m to €1.3m
- Contributions -€1.0m
down €1.0m (-40.9%), from €2.5m to €1.5m
- Financial charges +€19,791
up €19,791 (+2432.1%), from €814 to €20,605
of which Non-recurring financial charges: +€20,029
- Gross operating margin +€16,690
up €16,690 (+212.3%), from €7,862 to €24,552
- Financial income -€6,961
down €6,961 (-15.2%), from €45,904 to €38,943
- Taxes +€3,507
up €3,507 (+972.8%), from €361 to €3,868
- Staff costs +€1,073
up €1,073 (+4.1%), from €26,186 to €27,259
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 | €3,236,591 | €2,215,396 | -€1.0m | -31.6% |
| Fixed assets | 21/28 | €558,804 | €554,949 | -€3,855 | -0.7% |
| Tangible fixed assets | 22/27 | €558,804 | €554,949 | -€3,855 | -0.7% |
| Land and buildings | 22 | €557,840 | €554,660 | -€3,180 | -0.6% |
| Furniture and vehicles | 24 | €964 | €289 | -€675 | -70.0% |
| Current assets | 29/58 | €2,677,787 | €1,660,447 | -€1.0m | -38.0% |
| Amounts receivable within one year | 40/41 | €18,327 | €25,116 | +€6,789 | +37.0% |
| Trade receivables | 40 | - | €4,050 | +€4,050 | |
| Other amounts receivable | 41 | €18,327 | €21,066 | +€2,739 | +14.9% |
| Current investments | 50/53 | €2,299,645 | €1,294,319 | -€1.0m | -43.7% |
| Cash at bank and in hand | 54/58 | €359,815 | €341,013 | -€18,803 | -5.2% |
| Total equity and liabilities | 10/49 | €3,236,591 | €2,215,396 | -€1.0m | -31.6% |
| Equity | 10/15 | €3,228,249 | €2,204,725 | -€1.0m | -31.7% |
| Contributions | 10/11 | €2,549,330 | €1,506,782 | -€1.0m | -40.9% |
| Contributions outside capital | 11 | €2,549,330 | €1,506,782 | -€1.0m | -40.9% |
| Other | 1109/19 | €2,549,330 | €1,506,782 | -€1.0m | -40.9% |
| Revaluation surpluses | 12 | €315,931 | €345,913 | +€29,982 | +9.5% |
| Reserves | 13 | €74,711 | €74,711 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,524 | €6,524 | = | 0.0% |
| Other | 1319 | €6,524 | €6,524 | = | 0.0% |
| Tax-exempt reserves | 132 | €68,188 | €68,188 | = | 0.0% |
| Profit (loss) carried forward | 14 | €288,276 | €277,319 | -€10,958 | -3.8% |
| Amounts payable | 17/49 | €8,342 | €10,671 | +€2,329 | +27.9% |
| Amounts payable within one year | 42/48 | €8,342 | €10,671 | +€2,329 | +27.9% |
| Trade debts | 44 | €1,840 | €3,890 | +€2,051 | +111.5% |
| Suppliers | 440/4 | €1,840 | €3,890 | +€2,051 | +111.5% |
| Taxes, remuneration and social security | 45 | €5,019 | €5,298 | +€279 | +5.5% |
| Remuneration and social security | 454/9 | €5,019 | €5,298 | +€279 | +5.5% |
| Other amounts payable | 47/48 | €1,483 | €1,483 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €26,186 | €27,259 | +€1,073 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,936 | €3,855 | -€81 | -2.1% |
| Other operating charges | 640/8 | €17,993 | €18,803 | +€810 | +4.5% |
| Non-recurring operating charges | 66A | €45 | €63 | +€18 | +40.9% |
| Gross operating margin | 9900 | €7,862 | €24,552 | +€16,690 | +212.3% |
| Operating profit (loss) | 9901 | -€40,297 | -€25,428 | +€14,870 | +36.9% |
| Financial income | 75/76B | €45,904 | €38,943 | -€6,961 | -15.2% |
| Recurring financial income | 75 | €45,904 | €38,943 | -€6,961 | -15.2% |
| Financial charges | 65/66B | €814 | €20,605 | +€19,791 | +2432.1% |
| Recurring financial charges | 65 | €814 | €576 | -€238 | -29.2% |
| Non-recurring financial charges | 66B | - | €20,029 | +€20,029 | |
| Profit (loss) for the period before taxes | 9903 | €4,792 | -€7,090 | -€11,882 | |
| Income taxes | 67/77 | €361 | €3,868 | +€3,507 | +972.8% |
| Profit (loss) for the period | 9904 | €4,432 | -€10,958 | -€15,389 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,432 | -€10,958 | -€15,389 |
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 10 October 2026 via checked.be.