Red Road: 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 Road
Largest movements
- Cash -€9,931
down €9,931 (-26.8%), from €37,042 to €27,111
mainly Net result for the year (-€26,791) and Investment in fixed assets (net) (-€2,088)
- Tangible fixed assets -€6,610
down €6,610 (-20.3%), from €32,609 to €25,999
- Receivables within one year -€4,015
down €4,015 (-37.5%), from €10,714 to €6,700
- Deferred charges and accrued income -€2,177
down €2,177 (-86.0%), from €2,530 to €354
- Profit (loss) carried forward -€26,791
down €26,791, from €7,607 to -€19,184
- Other debts +€3,965
up €3,965 (+7.3%), from €54,517 to €58,482
- Contributions +€928
up €928 (+5.0%), from €18,600 to €19,528
- Reserves -€928
down €928 (-100.0%), from €928 to €0
of which Distributable reserves: -€928
- Gross operating margin -€34,154
down €34,154, from €19,196 to -€14,958
- Taxes -€1,528
down €1,528 (-76.2%), from €2,005 to €477
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 | €82,896 | €60,163 | -€22,733 | -27.4% |
| Fixed assets | 21/28 | €32,609 | €25,999 | -€6,610 | -20.3% |
| Tangible fixed assets | 22/27 | €32,609 | €25,999 | -€6,610 | -20.3% |
| Furniture and vehicles | 24 | €32,609 | €25,999 | -€6,610 | -20.3% |
| Current assets | 29/58 | €50,287 | €34,164 | -€16,123 | -32.1% |
| Amounts receivable within one year | 40/41 | €10,714 | €6,700 | -€4,015 | -37.5% |
| Other amounts receivable | 41 | €10,714 | €6,700 | -€4,015 | -37.5% |
| Cash at bank and in hand | 54/58 | €37,042 | €27,111 | -€9,931 | -26.8% |
| Deferred charges and accrued income | 490/1 | €2,530 | €354 | -€2,177 | -86.0% |
| Total equity and liabilities | 10/49 | €82,896 | €60,163 | -€22,733 | -27.4% |
| Equity | 10/15 | €27,135 | €344 | -€26,791 | -98.7% |
| Contributions | 10/11 | €18,600 | €19,528 | +€928 | +5.0% |
| Reserves | 13 | €928 | €0 | -€928 | -100.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Distributable reserves | 133 | €928 | €0 | -€928 | -100.0% |
| Profit (loss) carried forward | 14 | €7,607 | -€19,184 | -€26,791 | |
| Amounts payable | 17/49 | €55,761 | €59,819 | +€4,058 | +7.3% |
| Amounts payable within one year | 42/48 | €55,761 | €59,819 | +€4,058 | +7.3% |
| Trade debts | 44 | €469 | €681 | +€212 | +45.1% |
| Suppliers | 440/4 | €469 | €681 | +€212 | +45.1% |
| Taxes, remuneration and social security | 45 | €775 | €656 | -€118 | -15.3% |
| Taxes | 450/3 | €775 | €656 | -€118 | -15.3% |
| Other amounts payable | 47/48 | €54,517 | €58,482 | +€3,965 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,649 | €8,698 | +€49 | +0.6% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €19,196 | -€14,958 | -€34,154 | |
| Operating profit (loss) | 9901 | €10,159 | -€24,056 | -€34,215 | |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €2,342 | €2,260 | -€82 | -3.5% |
| Recurring financial charges | 65 | €2,342 | €2,260 | -€82 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €7,817 | -€26,314 | -€34,131 | |
| Income taxes | 67/77 | €2,005 | €477 | -€1,528 | -76.2% |
| Profit (loss) for the period | 9904 | €5,812 | -€26,791 | -€32,603 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,812 | -€26,791 | -€32,603 |
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 11 October 2026 via checked.be.