REDAPCO: 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.
What changed
REDAPCO
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€77,161
2024 · €131,637-€54,477
Equity
€302,713
2024 · €330,552-€27,839
Cash
€67,081
2024 · €49,187+€17,894
Balance sheet total
€772,894
2024 · €881,853-€108,959
Largest movements
Assets
- Current investments -€142,807
down €142,807 (-75.8%), from €188,328 to €45,521
- Receivables after one year -€75,000
no longer reported in 2025 (was €75,000)
- Receivables within one year +€37,605
up €37,605 (+19.5%), from €192,908 to €230,513
of which Other amounts receivable: +€27,020
- Deferred charges and accrued income +€33,042
new in 2025: €33,042
- Tangible fixed assets +€20,561
up €20,561 (+5.5%), from €375,937 to €396,498
of which Other tangible fixed assets: +€37,489
Equity and liabilities
- Other debts -€45,000
down €45,000 (-60.0%), from €75,000 to €30,000
- Short-term financial debts +€27,249
up €27,249 (+47.1%), from €57,810 to €85,059
- Accrued charges and deferred income -€20,980
no longer reported in 2025 (was €20,980)
- Tax, wage and social debts -€20,505
down €20,505 (-46.1%), from €44,500 to €23,995
- Profit (loss) carried forward -€19,737
down €19,737 (-80.5%), from €24,522 to €4,785
Income statement
- Gross operating margin -€50,050
down €50,050 (-27.1%), from €184,933 to €134,883
- Taxes -€24,889
down €24,889 (-45.3%), from €54,980 to €30,091
- Write-downs +€14,160
new in 2025: €14,160
- Financial charges -€10,902
down €10,902 (-52.0%), from €20,960 to €10,057
- Depreciation +€9,047
up €9,047 (+48.0%), from €18,836 to €27,884
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
€131,637
Gross operating margin
-€50,050
Depreciation
-€9,047
Write-downs
-€14,160
Other operating charges
-€1,475
Other operating items
-€21,964
Financial income
+€6,428
Financial charges
+€10,902
Taxes
+€24,889
Result 2025
€77,161
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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
+€17,671
Investment
+€94,616
Financing
-€94,394
Cash 2024
€49,187
From operations (derived)
+€17,671
Net result for the year
+€77,161
Depreciation
+€27,884
Receivables after one year
+€75,000
Receivables within one year
-€37,605
Deferred charges and accrued income
-€33,042
Provisions
-€4,172
Trade debts
-€1,069
Tax, wage and social debts
-€20,505
Other debts
-€45,000
Accrued charges and deferred income
-€20,980
Investment (derived)
+€94,616
Investment in fixed assets (net)
-€48,191
Current investments
+€142,807
Financing
-€94,394
Debts after one year
-€15,907
Current portion of long-term debt
-€736
Short-term financial debts
+€27,249
Contributions, distributions and other
-€105,000
Cash 2025
€67,081
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €881,853 | €772,894 | -€108,959 | -12.4% |
| Formation expenses | 20 | €493 | €239 | -€254 | -51.5% |
| Fixed assets | 21/28 | €375,937 | €396,498 | +€20,561 | +5.5% |
| Tangible fixed assets | 22/27 | €375,937 | €396,498 | +€20,561 | +5.5% |
| Land and buildings | 22 | €347,967 | €333,700 | -€14,266 | -4.1% |
| Plant, machinery and equipment | 23 | €4,372 | €3,056 | -€1,316 | -30.1% |
| Furniture and vehicles | 24 | €5,698 | €4,353 | -€1,345 | -23.6% |
| Other tangible fixed assets | 26 | €17,899 | €55,388 | +€37,489 | +209% |
| Current assets | 29/58 | €505,423 | €376,157 | -€129,266 | -25.6% |
| Amounts receivable after more than one year | 29 | €75,000 | - | -€75,000 | |
| Other amounts receivable | 291 | €75,000 | - | -€75,000 | |
| Amounts receivable within one year | 40/41 | €192,908 | €230,513 | +€37,605 | +19.5% |
| Trade receivables | 40 | €3,082 | €13,667 | +€10,585 | +343% |
| Other amounts receivable | 41 | €189,826 | €216,846 | +€27,020 | +14.2% |
| Current investments | 50/53 | €188,328 | €45,521 | -€142,807 | -75.8% |
| Cash at bank and in hand | 54/58 | €49,187 | €67,081 | +€17,894 | +36.4% |
| Deferred charges and accrued income | 490/1 | - | €33,042 | +€33,042 | |
| Total equity and liabilities | 10/49 | €881,853 | €772,894 | -€108,959 | -12.4% |
| Equity | 10/15 | €330,552 | €302,713 | -€27,839 | -8.4% |
| Contributions | 10/11 | €112,335 | €112,335 | = | 0.0% |
| Capital | 10 | €110,600 | €110,600 | = | 0.0% |
| Issued capital | 100 | €110,600 | €110,600 | = | 0.0% |
| Contributions outside capital | 11 | €1,735 | €1,735 | = | 0.0% |
| Share premium | 1100/10 | €1,735 | €1,735 | = | 0.0% |
| Reserves | 13 | €193,695 | €185,592 | -€8,103 | -4.2% |
| Non-distributable reserves | 130/1 | €1,676 | €1,676 | = | 0.0% |
| Legal reserve | 130 | €1,676 | €1,676 | = | 0.0% |
| Tax-exempt reserves | 132 | €190,219 | €182,116 | -€8,103 | -4.3% |
| Distributable reserves | 133 | €1,801 | €1,801 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,522 | €4,785 | -€19,737 | -80.5% |
| Provisions and deferred taxes | 16 | €97,948 | €93,775 | -€4,172 | -4.3% |
| Deferred taxes | 168 | €97,948 | €93,775 | -€4,172 | -4.3% |
| Amounts payable | 17/49 | €453,352 | €376,405 | -€76,947 | -17.0% |
| Amounts payable after more than one year | 17 | €234,028 | €218,121 | -€15,907 | -6.8% |
| Financial debts | 170/4 | €234,028 | €218,121 | -€15,907 | -6.8% |
| Amounts payable within one year | 42/48 | €198,345 | €158,284 | -€40,061 | -20.2% |
| Current portion of amounts payable after more than one year | 42 | €17,724 | €16,988 | -€736 | -4.2% |
| Financial debts | 43 | €57,810 | €85,059 | +€27,249 | +47.1% |
| Credit institutions | 430/8 | €57,810 | €85,059 | +€27,249 | +47.1% |
| Trade debts | 44 | €3,312 | €2,243 | -€1,069 | -32.3% |
| Suppliers | 440/4 | €3,312 | €2,243 | -€1,069 | -32.3% |
| Taxes, remuneration and social security | 45 | €44,500 | €23,995 | -€20,505 | -46.1% |
| Taxes | 450/3 | €44,500 | €23,995 | -€20,505 | -46.1% |
| Other amounts payable | 47/48 | €75,000 | €30,000 | -€45,000 | -60.0% |
| Accrued charges and deferred income | 492/3 | €20,980 | - | -€20,980 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,836 | €27,884 | +€9,047 | +48.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €14,160 | +€14,160 | |
| Other operating charges | 640/8 | €3,029 | €4,504 | +€1,475 | +48.7% |
| Non-recurring operating charges | 66A | - | €21,964 | +€21,964 | |
| Gross operating margin | 9900 | €184,933 | €134,883 | -€50,050 | -27.1% |
| Operating profit (loss) | 9901 | €163,067 | €66,371 | -€96,696 | -59.3% |
| Financial income | 75/76B | €40,338 | €46,766 | +€6,428 | +15.9% |
| Recurring financial income | 75 | €40,338 | €46,766 | +€6,428 | +15.9% |
| Financial charges | 65/66B | €20,960 | €10,057 | -€10,902 | -52.0% |
| Recurring financial charges | 65 | €20,960 | €10,057 | -€10,902 | -52.0% |
| Profit (loss) for the period before taxes | 9903 | €182,445 | €103,079 | -€79,366 | -43.5% |
| Transfer from deferred taxes | 780 | €4,172 | €4,172 | = | 0.0% |
| Income taxes | 67/77 | €54,980 | €30,091 | -€24,889 | -45.3% |
| Profit (loss) for the period | 9904 | €131,637 | €77,161 | -€54,477 | -41.4% |
| Transfer from tax-exempt reserves | 789 | €8,103 | €8,103 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €139,740 | €85,263 | -€54,477 | -39.0% |
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 14 October 2026 via checked.be.