REDA: 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.
What changed
REDA
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€11,311
2024 · -€19,250+€30,561
Equity
€1.1m
2024 · €1.1m+€11,311
Cash
€14,219
2024 · €10,277+€3,942
Balance sheet total
€3.4m
2024 · €3.5m-€100,963
Largest movements
Assets
- Tangible fixed assets -€102,651
down €102,651 (-2.9%), from €3.5m to €3.4m
of which Land and buildings: -€102,420
Equity and liabilities
- Other debts -€69,407
down €69,407 (-3.8%), from €1.8m to €1.8m
- Debts after one year -€43,757
down €43,757 (-10.2%), from €429,345 to €385,589
Income statement
- Gross operating margin +€21,039
up €21,039 (+18.6%), from €113,039 to €134,077
- Depreciation -€8,187
down €8,187 (-7.3%), from €111,959 to €103,772
- Financial charges -€1,469
down €1,469 (-15.6%), from €9,438 to €7,969
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.
Result 2024
-€19,250
Gross operating margin
+€21,039
Depreciation
+€8,187
Other operating charges
-€695
Financial charges
+€1,469
Taxes
-€33
Deferred taxes and other
+€593
Result 2025
€11,311
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.
From operations
+€48,162
Investment
-€1,120
Financing
-€43,099
Cash 2024
€10,277
From operations (derived)
+€48,162
Net result for the year
+€11,311
Depreciation
+€103,772
Receivables after one year
+€1,168
Receivables within one year
-€271
Deferred charges and accrued income
+€1,357
Provisions
-€3,287
Trade debts
+€3,493
Tax, wage and social debts
+€26
Other debts
-€69,407
Investment (derived)
-€1,120
Investment in fixed assets (net)
-€1,120
Financing
-€43,099
Debts after one year
-€43,757
Current portion of long-term debt
+€658
Cash 2025
€14,219
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,516,357 | €3,415,394 | -€100,963 | -2.9% |
| Fixed assets | 21/28 | €3,500,786 | €3,398,134 | -€102,651 | -2.9% |
| Tangible fixed assets | 22/27 | €3,500,786 | €3,398,134 | -€102,651 | -2.9% |
| Land and buildings | 22 | €3,500,367 | €3,397,947 | -€102,420 | -2.9% |
| Plant, machinery and equipment | 23 | €419 | €187 | -€232 | -55.3% |
| Furniture and vehicles | 24 | - | €0 | = | |
| Current assets | 29/58 | €15,571 | €17,259 | +€1,688 | +10.8% |
| Amounts receivable after more than one year | 29 | €1,168 | - | -€1,168 | |
| Other amounts receivable | 291 | €1,168 | - | -€1,168 | |
| Amounts receivable within one year | 40/41 | €897 | €1,168 | +€271 | +30.2% |
| Trade receivables | 40 | €897 | - | -€897 | |
| Other amounts receivable | 41 | - | €1,168 | +€1,168 | |
| Cash at bank and in hand | 54/58 | €10,277 | €14,219 | +€3,942 | +38.4% |
| Deferred charges and accrued income | 490/1 | €3,230 | €1,873 | -€1,357 | -42.0% |
| Total equity and liabilities | 10/49 | €3,516,357 | €3,415,394 | -€100,963 | -2.9% |
| Equity | 10/15 | €1,099,653 | €1,110,964 | +€11,311 | +1.0% |
| Contributions | 10/11 | €850,000 | €850,000 | = | 0.0% |
| Reserves | 13 | €418,703 | €408,841 | -€9,861 | -2.4% |
| Tax-exempt reserves | 132 | €326,220 | €316,359 | -€9,861 | -3.0% |
| Distributable reserves | 133 | €92,482 | €92,482 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€169,049 | -€147,878 | +€21,172 | +12.5% |
| Provisions and deferred taxes | 16 | €102,822 | €99,535 | -€3,287 | -3.2% |
| Deferred taxes | 168 | €102,822 | €99,535 | -€3,287 | -3.2% |
| Amounts payable | 17/49 | €2,313,882 | €2,204,895 | -€108,987 | -4.7% |
| Amounts payable after more than one year | 17 | €429,345 | €385,589 | -€43,757 | -10.2% |
| Financial debts | 170/4 | €429,345 | €385,589 | -€43,757 | -10.2% |
| Amounts payable within one year | 42/48 | €1,884,537 | €1,819,306 | -€65,230 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €43,201 | €43,858 | +€658 | +1.5% |
| Trade debts | 44 | €15,930 | €19,423 | +€3,493 | +21.9% |
| Suppliers | 440/4 | €15,930 | €19,423 | +€3,493 | +21.9% |
| Taxes, remuneration and social security | 45 | €358 | €384 | +€26 | +7.2% |
| Taxes | 450/3 | €358 | €384 | +€26 | +7.2% |
| Other amounts payable | 47/48 | €1,825,047 | €1,755,641 | -€69,407 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,959 | €103,772 | -€8,187 | -7.3% |
| Other operating charges | 640/8 | €13,202 | €13,897 | +€695 | +5.3% |
| Gross operating margin | 9900 | €113,039 | €134,077 | +€21,039 | +18.6% |
| Operating profit (loss) | 9901 | -€12,122 | €16,409 | +€28,531 | |
| Financial charges | 65/66B | €9,438 | €7,969 | -€1,469 | -15.6% |
| Recurring financial charges | 65 | €9,438 | €7,969 | -€1,469 | -15.6% |
| Profit (loss) for the period before taxes | 9903 | -€21,560 | €8,440 | +€30,000 | |
| Transfer from deferred taxes | 780 | €2,694 | €3,287 | +€593 | +22.0% |
| Income taxes | 67/77 | €384 | €416 | +€33 | +8.5% |
| Profit (loss) for the period | 9904 | -€19,250 | €11,311 | +€30,561 | |
| Transfer from tax-exempt reserves | 789 | €8,082 | €9,861 | +€1,779 | +22.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,168 | €21,172 | +€32,340 |
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 7 October 2026 via checked.be.