REDDEX: 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.
REDDEX
Largest movements
- Receivables within one year +€12,511
up €12,511 (+74.2%), from €16,870 to €29,381
of which Other amounts receivable: +€15,574
- Cash +€3,310
up €3,310 (+2.4%), from €136,415 to €139,726
mainly Net result for the year (+€33,377) and Depreciation (+€2,319)
- Reserves +€33,377
up €33,377 (+26.0%), from €128,522 to €161,899
- Tax, wage and social debts -€17,995
down €17,995 (-74.4%), from €24,199 to €6,204
- Gross operating margin -€21,596
down €21,596 (-31.6%), from €68,434 to €46,838
- Taxes -€3,702
down €3,702 (-27.9%), from €13,282 to €9,580
- Depreciation -€3,128
down €3,128 (-57.4%), from €5,446 to €2,319
- Financial charges +€986
up €986 (+1288.4%), from €77 to €1,062
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 | €157,323 | €172,582 | +€15,259 | +9.7% |
| Fixed assets | 21/28 | €4,037 | €3,475 | -€562 | -13.9% |
| Tangible fixed assets | 22/27 | €4,037 | €3,475 | -€562 | -13.9% |
| Plant, machinery and equipment | 23 | €3,201 | €1,592 | -€1,609 | -50.3% |
| Furniture and vehicles | 24 | €461 | €1,883 | +€1,423 | +308.9% |
| Other tangible fixed assets | 26 | €376 | - | -€376 | |
| Current assets | 29/58 | €153,286 | €169,107 | +€15,821 | +10.3% |
| Amounts receivable within one year | 40/41 | €16,870 | €29,381 | +€12,511 | +74.2% |
| Trade receivables | 40 | €11,872 | €8,809 | -€3,063 | -25.8% |
| Other amounts receivable | 41 | €4,998 | €20,572 | +€15,574 | +311.6% |
| Cash at bank and in hand | 54/58 | €136,415 | €139,726 | +€3,310 | +2.4% |
| Total equity and liabilities | 10/49 | €157,323 | €172,582 | +€15,259 | +9.7% |
| Equity | 10/15 | €132,522 | €165,899 | +€33,377 | +25.2% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €128,522 | €161,899 | +€33,377 | +26.0% |
| Distributable reserves | 133 | €128,522 | €161,899 | +€33,377 | +26.0% |
| Amounts payable | 17/49 | €24,801 | €6,683 | -€18,117 | -73.1% |
| Amounts payable within one year | 42/48 | €24,801 | €6,683 | -€18,117 | -73.1% |
| Trade debts | 44 | €602 | €479 | -€123 | -20.4% |
| Suppliers | 440/4 | €602 | €479 | -€123 | -20.4% |
| Taxes, remuneration and social security | 45 | €24,199 | €6,204 | -€17,995 | -74.4% |
| Taxes | 450/3 | €24,199 | €6,204 | -€17,995 | -74.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,446 | €2,319 | -€3,128 | -57.4% |
| Other operating charges | 640/8 | €751 | €873 | +€121 | +16.1% |
| Gross operating margin | 9900 | €68,434 | €46,838 | -€21,596 | -31.6% |
| Operating profit (loss) | 9901 | €62,237 | €43,647 | -€18,590 | -29.9% |
| Financial income | 75/76B | €196 | €372 | +€176 | +89.6% |
| Recurring financial income | 75 | €196 | €372 | +€176 | +89.6% |
| Financial charges | 65/66B | €77 | €1,062 | +€986 | +1288.4% |
| Recurring financial charges | 65 | €77 | €1,062 | +€986 | +1288.4% |
| Profit (loss) for the period before taxes | 9903 | €62,356 | €42,956 | -€19,400 | -31.1% |
| Income taxes | 67/77 | €13,282 | €9,580 | -€3,702 | -27.9% |
| Profit (loss) for the period | 9904 | €49,074 | €33,377 | -€15,698 | -32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €49,074 | €33,377 | -€15,698 | -32.0% |
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 10 October 2026 via checked.be.