Redabo construct: 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.
Redabo construct
Largest movements
- Receivables within one year -€87,415
down €87,415 (-46.9%), from €186,322 to €98,907
of which Trade receivables: -€98,522
- Tangible fixed assets +€66,080
up €66,080 (+363.1%), from €18,198 to €84,278
of which Leasing and similar rights: +€67,127
- Stocks and contracts -€23,422
down €23,422 (-5.1%), from €455,751 to €432,329
of which Contracts in progress: -€38,823
- Deferred charges and accrued income -€13,725
down €13,725 (-100.0%), from €13,725 to €0
- Tax, wage and social debts -€100,705
down €100,705 (-76.7%), from €131,378 to €30,674
of which Remuneration and social security: -€67,308
- Trade debts -€96,039
down €96,039 (-43.4%), from €221,220 to €125,181
- Reserves +€59,163
up €59,163 (+85.9%), from €68,881 to €128,044
- Debts after one year +€39,380
up €39,380 (+320.1%), from €12,301 to €51,681
- Other debts +€15,260
up €15,260 (+9.1%), from €167,918 to €183,177
- Staff costs -€109,132
down €109,132 (-25.7%), from €424,037 to €314,905
- Gross operating margin -€45,678
down €45,678 (-9.7%), from €473,107 to €427,429
- Depreciation +€11,598
up €11,598 (+160.9%), from €7,206 to €18,804
- Taxes +€9,941
up €9,941, from €0 to €9,941
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 | €680,357 | €622,377 | -€57,980 | -8.5% |
| Fixed assets | 21/28 | €23,672 | €86,252 | +€62,580 | +264.4% |
| Intangible fixed assets | 21 | €4,083 | €583 | -€3,500 | -85.7% |
| Tangible fixed assets | 22/27 | €18,198 | €84,278 | +€66,080 | +363.1% |
| Plant, machinery and equipment | 23 | €18,198 | €17,152 | -€1,047 | -5.8% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Leasing and similar rights | 25 | - | €67,127 | +€67,127 | |
| Financial fixed assets | 28 | €1,390 | €1,390 | = | 0.0% |
| Current assets | 29/58 | €656,685 | €536,125 | -€120,560 | -18.4% |
| Stocks and contracts in progress | 3 | €455,751 | €432,329 | -€23,422 | -5.1% |
| Stocks | 30/36 | €67,563 | €82,965 | +€15,402 | +22.8% |
| Contracts in progress | 37 | €388,188 | €349,364 | -€38,823 | -10.0% |
| Amounts receivable within one year | 40/41 | €186,322 | €98,907 | -€87,415 | -46.9% |
| Trade receivables | 40 | €151,575 | €53,052 | -€98,522 | -65.0% |
| Other amounts receivable | 41 | €34,747 | €45,854 | +€11,108 | +32.0% |
| Cash at bank and in hand | 54/58 | €888 | €4,889 | +€4,001 | +450.6% |
| Deferred charges and accrued income | 490/1 | €13,725 | €0 | -€13,725 | -100.0% |
| Total equity and liabilities | 10/49 | €680,357 | €622,377 | -€57,980 | -8.5% |
| Equity | 10/15 | €87,481 | €146,644 | +€59,163 | +67.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €68,881 | €128,044 | +€59,163 | +85.9% |
| Distributable reserves | 133 | €68,881 | €128,044 | +€59,163 | +85.9% |
| Amounts payable | 17/49 | €592,876 | €475,733 | -€117,143 | -19.8% |
| Amounts payable after more than one year | 17 | €12,301 | €51,681 | +€39,380 | +320.1% |
| Financial debts | 170/4 | €12,301 | €51,681 | +€39,380 | +320.1% |
| Amounts payable within one year | 42/48 | €580,575 | €424,052 | -€156,523 | -27.0% |
| Current portion of amounts payable after more than one year | 42 | €2,986 | €15,144 | +€12,158 | +407.2% |
| Financial debts | 43 | €57,072 | €69,875 | +€12,803 | +22.4% |
| Credit institutions | 430/8 | €57,072 | €69,875 | +€12,803 | +22.4% |
| Trade debts | 44 | €221,220 | €125,181 | -€96,039 | -43.4% |
| Suppliers | 440/4 | €221,220 | €125,181 | -€96,039 | -43.4% |
| Taxes, remuneration and social security | 45 | €131,378 | €30,674 | -€100,705 | -76.7% |
| Taxes | 450/3 | €35,030 | €1,634 | -€33,396 | -95.3% |
| Remuneration and social security | 454/9 | €96,348 | €29,040 | -€67,308 | -69.9% |
| Other amounts payable | 47/48 | €167,918 | €183,177 | +€15,260 | +9.1% |
| Remuneration, social security and pensions | 62 | €424,037 | €314,905 | -€109,132 | -25.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,206 | €18,804 | +€11,598 | +160.9% |
| Other operating charges | 640/8 | €2,785 | €1,391 | -€1,394 | -50.1% |
| Non-recurring operating charges | 66A | €39,170 | €0 | -€39,170 | -100.0% |
| Gross operating margin | 9900 | €473,107 | €427,429 | -€45,678 | -9.7% |
| Operating profit (loss) | 9901 | -€92 | €92,329 | +€92,421 | |
| Financial income | 75/76B | €1,546 | €83 | -€1,463 | -94.6% |
| Recurring financial income | 75 | €1,546 | €83 | -€1,463 | -94.6% |
| Financial charges | 65/66B | €21,824 | €23,308 | +€1,484 | +6.8% |
| Recurring financial charges | 65 | €21,824 | €23,308 | +€1,484 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | -€20,370 | €69,104 | +€89,474 | |
| Income taxes | 67/77 | €0 | €9,941 | +€9,941 | |
| Profit (loss) for the period | 9904 | -€20,370 | €59,163 | +€79,533 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,370 | €59,163 | +€79,533 |
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 28 September 2026 via checked.be.