REDCORE: 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.
REDCORE
Largest movements
- Tangible fixed assets +€343,076
up €343,076 (+4511.0%), from €7,605 to €350,682
of which Land and buildings: +€322,817
- Cash -€165,244
down €165,244 (-72.7%), from €227,363 to €62,119
mainly Investment in fixed assets (net) (-€354,757) and Receivables within one year (-€47,329)
- Receivables within one year +€47,329
up €47,329 (+72.1%), from €65,624 to €112,953
of which Trade receivables: +€37,534
- Debts after one year +€225,095
new in 2025: €225,095
- Provisions +€36,883
new in 2025: €36,883
- Other debts -€20,316
down €20,316 (-25.0%), from €81,328 to €61,012
- Tax, wage and social debts -€17,323
down €17,323 (-28.9%), from €59,845 to €42,523
of which Taxes: -€22,056
- Current portion of long-term debt +€8,646
new in 2025: €8,646
- Gross operating margin -€49,946
down €49,946 (-30.9%), from €161,632 to €111,686
- Provisions +€36,883
new in 2025: €36,883
- Taxes -€15,192
down €15,192 (-59.8%), from €25,397 to €10,205
- Staff costs +€8,735
new in 2025: €8,735
- Depreciation +€8,247
up €8,247 (+255.8%), from €3,224 to €11,471
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 | €306,013 | €530,707 | +€224,694 | +73.4% |
| Fixed assets | 21/28 | €9,483 | €352,770 | +€343,286 | +3619.9% |
| Tangible fixed assets | 22/27 | €7,605 | €350,682 | +€343,076 | +4511.0% |
| Land and buildings | 22 | - | €322,817 | +€322,817 | |
| Plant, machinery and equipment | 23 | €1,740 | €1,353 | -€386 | -22.2% |
| Furniture and vehicles | 24 | €5,866 | €26,512 | +€20,646 | +352.0% |
| Financial fixed assets | 28 | €1,878 | €2,088 | +€210 | +11.2% |
| Current assets | 29/58 | €296,529 | €177,937 | -€118,592 | -40.0% |
| Amounts receivable within one year | 40/41 | €65,624 | €112,953 | +€47,329 | +72.1% |
| Trade receivables | 40 | €65,624 | €103,158 | +€37,534 | +57.2% |
| Other amounts receivable | 41 | - | €9,795 | +€9,795 | |
| Cash at bank and in hand | 54/58 | €227,363 | €62,119 | -€165,244 | -72.7% |
| Deferred charges and accrued income | 490/1 | €3,543 | €2,865 | -€678 | -19.1% |
| Total equity and liabilities | 10/49 | €306,013 | €530,707 | +€224,694 | +73.4% |
| Equity | 10/15 | €155,679 | €155,918 | +€240 | +0.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €152,679 | €152,918 | +€240 | +0.2% |
| Provisions and deferred taxes | 16 | - | €36,883 | +€36,883 | |
| Provisions for liabilities and charges | 160/5 | - | €36,883 | +€36,883 | |
| Other liabilities and charges | 164/5 | - | €36,883 | +€36,883 | |
| Amounts payable | 17/49 | €150,334 | €337,905 | +€187,571 | +124.8% |
| Amounts payable after more than one year | 17 | - | €225,095 | +€225,095 | |
| Financial debts | 170/4 | - | €225,095 | +€225,095 | |
| Amounts payable within one year | 42/48 | €150,334 | €112,810 | -€37,524 | -25.0% |
| Current portion of amounts payable after more than one year | 42 | - | €8,646 | +€8,646 | |
| Trade debts | 44 | €9,161 | €630 | -€8,531 | -93.1% |
| Suppliers | 440/4 | €9,161 | €630 | -€8,531 | -93.1% |
| Taxes, remuneration and social security | 45 | €59,845 | €42,523 | -€17,323 | -28.9% |
| Taxes | 450/3 | €59,845 | €37,790 | -€22,056 | -36.9% |
| Remuneration and social security | 454/9 | - | €4,733 | +€4,733 | |
| Other amounts payable | 47/48 | €81,328 | €61,012 | -€20,316 | -25.0% |
| Non-recurring operating income | 76A | €1,892 | - | -€1,892 | |
| Remuneration, social security and pensions | 62 | - | €8,735 | +€8,735 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,224 | €11,471 | +€8,247 | +255.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €36,883 | +€36,883 | |
| Other operating charges | 640/8 | €754 | €900 | +€147 | +19.5% |
| Gross operating margin | 9900 | €161,632 | €111,686 | -€49,946 | -30.9% |
| Operating profit (loss) | 9901 | €157,654 | €53,696 | -€103,958 | -65.9% |
| Financial income | 75/76B | €0 | €2 | +€2 | +3883.3% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +3883.3% |
| Financial charges | 65/66B | €40,339 | €42,421 | +€2,083 | +5.2% |
| Recurring financial charges | 65 | €40,339 | €42,421 | +€2,083 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €117,316 | €11,278 | -€106,038 | -90.4% |
| Income taxes | 67/77 | €25,397 | €10,205 | -€15,192 | -59.8% |
| Profit (loss) for the period | 9904 | €91,919 | €1,073 | -€90,846 | -98.8% |
| Profit (loss) for the period to be appropriated | 9905 | €91,919 | €1,073 | -€90,846 | -98.8% |
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 8 October 2026 via checked.be.