RED WINGS: what changed
RED WINGS
Largest movements
- Deferred charges and accrued income +€2,037
up €2,037 (+108%), from €1,882 to €3,919
- Tangible fixed assets -€856
down €856 (-7.9%), from €10,794 to €9,938
of which Other tangible fixed assets: -€1,375
- Current investments -€774
down €774 (-7.7%), from €10,092 to €9,318
- Cash -€657
down €657 (-3.8%), from €17,388 to €16,731
mainly Contributions, distributions and other (-€35,000) and Investment in fixed assets (net) (-€2,195)
- Receivables within one year +€562
up €562 (+4.3%), from €13,096 to €13,658
of which Trade receivables: +€424
- Reserves -€5,147
down €5,147 (-24.2%), from €21,227 to €16,081
- Trade debts +€4,477
up €4,477 (+278%), from €1,613 to €6,091
- Tax, wage and social debts +€1,241
up €1,241 (+10.7%), from €11,552 to €12,793
- Gross operating margin +€16,006
up €16,006 (+51.7%), from €30,948 to €46,954
- Taxes +€5,841
up €5,841 (+101%), from €5,809 to €11,650
- Other operating charges -€1,521
down €1,521 (-55.1%), from €2,763 to €1,241
- Depreciation +€1,188
up €1,188 (+63.8%), from €1,863 to €3,051
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 | €53,253 | €53,565 | +€312 | +0.6% |
| Fixed assets | 21/28 | €10,794 | €9,938 | -€856 | -7.9% |
| Tangible fixed assets | 22/27 | €10,794 | €9,938 | -€856 | -7.9% |
| Plant, machinery and equipment | 23 | €2,122 | €3,400 | +€1,278 | +60.2% |
| Furniture and vehicles | 24 | €3,392 | €2,634 | -€759 | -22.4% |
| Other tangible fixed assets | 26 | €5,279 | €3,904 | -€1,375 | -26.1% |
| Current assets | 29/58 | €42,459 | €43,626 | +€1,168 | +2.8% |
| Amounts receivable within one year | 40/41 | €13,096 | €13,658 | +€562 | +4.3% |
| Trade receivables | 40 | €8,894 | €9,317 | +€424 | +4.8% |
| Other amounts receivable | 41 | €4,203 | €4,341 | +€138 | +3.3% |
| Current investments | 50/53 | €10,092 | €9,318 | -€774 | -7.7% |
| Cash at bank and in hand | 54/58 | €17,388 | €16,731 | -€657 | -3.8% |
| Deferred charges and accrued income | 490/1 | €1,882 | €3,919 | +€2,037 | +108% |
| Total equity and liabilities | 10/49 | €53,253 | €53,565 | +€312 | +0.6% |
| Equity | 10/15 | €39,827 | €34,681 | -€5,147 | -12.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €21,227 | €16,081 | -€5,147 | -24.2% |
| Distributable reserves | 133 | €21,227 | €16,081 | -€5,147 | -24.2% |
| Amounts payable | 17/49 | €13,426 | €18,884 | +€5,458 | +40.7% |
| Amounts payable within one year | 42/48 | €13,426 | €18,884 | +€5,458 | +40.7% |
| Trade debts | 44 | €1,613 | €6,091 | +€4,477 | +278% |
| Suppliers | 440/4 | €1,613 | €6,091 | +€4,477 | +278% |
| Taxes, remuneration and social security | 45 | €11,552 | €12,793 | +€1,241 | +10.7% |
| Taxes | 450/3 | €11,552 | €12,793 | +€1,241 | +10.7% |
| Other amounts payable | 47/48 | €260 | - | -€260 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,863 | €3,051 | +€1,188 | +63.8% |
| Other operating charges | 640/8 | €2,763 | €1,241 | -€1,521 | -55.1% |
| Gross operating margin | 9900 | €30,948 | €46,954 | +€16,006 | +51.7% |
| Operating profit (loss) | 9901 | €26,322 | €42,661 | +€16,339 | +62.1% |
| Financial income | 75/76B | €189 | €206 | +€17 | +8.9% |
| Recurring financial income | 75 | €189 | €206 | +€17 | +8.9% |
| Financial charges | 65/66B | €1,030 | €1,364 | +€334 | +32.4% |
| Recurring financial charges | 65 | €1,030 | €1,364 | +€334 | +32.4% |
| Profit (loss) for the period before taxes | 9903 | €25,481 | €41,503 | +€16,022 | +62.9% |
| Income taxes | 67/77 | €5,809 | €11,650 | +€5,841 | +101% |
| Profit (loss) for the period | 9904 | €19,672 | €29,853 | +€10,181 | +51.8% |
| Profit (loss) for the period to be appropriated | 9905 | €19,672 | €29,853 | +€10,181 | +51.8% |
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 6 November 2026 via checked.be.