RED WHITE: 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 WHITE
Largest movements
- Tangible fixed assets -€87,798
down €87,798 (-4.4%), from €2.0m to €1.9m
- Debts after one year -€61,746
down €61,746 (-3.8%), from €1.6m to €1.6m
- Profit (loss) carried forward -€44,202
down €44,202 (-31.0%), from -€142,781 to -€186,982
- Gross operating margin -€22,068
down €22,068 (-13.1%), from €168,150 to €146,082
- Financial charges -€2,850
down €2,850 (-3.2%), from €88,858 to €86,008
- Other operating charges -€2,124
down €2,124 (-11.4%), from €18,601 to €16,478
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 | €2,010,854 | €1,920,013 | -€90,841 | -4.5% |
| Fixed assets | 21/28 | €2,003,821 | €1,916,023 | -€87,798 | -4.4% |
| Tangible fixed assets | 22/27 | €2,002,921 | €1,915,123 | -€87,798 | -4.4% |
| Land and buildings | 22 | €2,002,921 | €1,915,123 | -€87,798 | -4.4% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €7,033 | €3,990 | -€3,043 | -43.3% |
| Amounts receivable after more than one year | 29 | €1,815 | - | -€1,815 | |
| Other amounts receivable | 291 | €1,815 | - | -€1,815 | |
| Amounts receivable within one year | 40/41 | - | €1,815 | +€1,815 | |
| Other amounts receivable | 41 | - | €1,815 | +€1,815 | |
| Cash at bank and in hand | 54/58 | €5,218 | €2,175 | -€3,043 | -58.3% |
| Total equity and liabilities | 10/49 | €2,010,854 | €1,920,013 | -€90,841 | -4.5% |
| Equity | 10/15 | -€92,781 | -€136,982 | -€44,202 | -47.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€142,781 | -€186,982 | -€44,202 | -31.0% |
| Amounts payable | 17/49 | €2,103,635 | €2,056,995 | -€46,640 | -2.2% |
| Amounts payable after more than one year | 17 | €1,632,676 | €1,570,930 | -€61,746 | -3.8% |
| Financial debts | 170/4 | €1,632,676 | €1,570,930 | -€61,746 | -3.8% |
| Amounts payable within one year | 42/48 | €470,959 | €479,050 | +€8,091 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €58,659 | €66,750 | +€8,091 | +13.8% |
| Other amounts payable | 47/48 | €412,300 | €412,300 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €7,015 | +€7,015 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,798 | €87,798 | = | 0.0% |
| Other operating charges | 640/8 | €18,601 | €16,478 | -€2,124 | -11.4% |
| Gross operating margin | 9900 | €168,150 | €146,082 | -€22,068 | -13.1% |
| Operating profit (loss) | 9901 | €61,750 | €41,806 | -€19,944 | -32.3% |
| Financial charges | 65/66B | €88,858 | €86,008 | -€2,850 | -3.2% |
| Recurring financial charges | 65 | €88,858 | €86,008 | -€2,850 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | -€27,107 | -€44,202 | -€17,094 | -63.1% |
| Profit (loss) for the period | 9904 | -€27,107 | -€44,202 | -€17,094 | -63.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,107 | -€44,202 | -€17,094 | -63.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.