REDGROW: 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.
REDGROW
Largest movements
- Cash -€740,932
down €740,932 (-48.0%), from €1.5m to €802,726
mainly Contributions, distributions and other (-€2.1m) and Investment in fixed assets (net) (-€842,150)
- Tangible fixed assets -€616,869
down €616,869 (-10.5%), from €5.9m to €5.3m
of which Plant, machinery and equipment: -€689,129
- Current investments +€501,387
up €501,387 (+20.3%), from €2.5m to €3.0m
- Receivables within one year -€198,749
down €198,749 (-14.5%), from €1.4m to €1.2m
of which Trade receivables: -€130,680
- Reserves -€2.1m
down €2.1m (-24.2%), from €8.6m to €6.5m
of which Distributable reserves: -€2.1m
- Profit (loss) carried forward +€1.4m
up €1.4m (+3765.9%), from €36,739 to €1.4m
- Other debts +€881,486
up €881,486 (+12162.5%), from €7,248 to €888,734
- Tax, wage and social debts -€391,931
down €391,931 (-75.7%), from €517,517 to €125,586
of which Taxes: -€381,704
- Debts after one year -€342,857
down €342,857 (-64.9%), from €528,571 to €185,714
- Gross operating margin -€1.0m
down €1.0m (-19.5%), from €5.3m to €4.3m
- Taxes -€439,866
down €439,866 (-50.6%), from €869,991 to €430,125
- Depreciation +€280,796
up €280,796 (+24.8%), from €1.1m to €1.4m
- Other operating charges +€97,553
up €97,553 (+373.2%), from €26,142 to €123,695
- Financial income +€79,412
up €79,412 (+112.3%), from €70,707 to €150,119
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 | €11,404,656 | €10,380,330 | -€1.0m | -9.0% |
| Fixed assets | 21/28 | €5,916,973 | €5,344,505 | -€572,469 | -9.7% |
| Tangible fixed assets | 22/27 | €5,894,773 | €5,277,905 | -€616,869 | -10.5% |
| Plant, machinery and equipment | 23 | €5,707,866 | €5,018,737 | -€689,129 | -12.1% |
| Furniture and vehicles | 24 | €118,278 | €204,204 | +€85,926 | +72.6% |
| Other tangible fixed assets | 26 | €68,629 | €54,964 | -€13,665 | -19.9% |
| Financial fixed assets | 28 | €22,200 | €66,600 | +€44,400 | +200.0% |
| Current assets | 29/58 | €5,487,683 | €5,035,825 | -€451,858 | -8.2% |
| Amounts receivable within one year | 40/41 | €1,371,505 | €1,172,756 | -€198,749 | -14.5% |
| Trade receivables | 40 | €1,112,018 | €981,338 | -€130,680 | -11.8% |
| Other amounts receivable | 41 | €259,487 | €191,418 | -€68,069 | -26.2% |
| Current investments | 50/53 | €2,472,853 | €2,974,239 | +€501,387 | +20.3% |
| Cash at bank and in hand | 54/58 | €1,543,657 | €802,726 | -€740,932 | -48.0% |
| Deferred charges and accrued income | 490/1 | €99,668 | €86,104 | -€13,564 | -13.6% |
| Total equity and liabilities | 10/49 | €11,404,656 | €10,380,330 | -€1.0m | -9.0% |
| Equity | 10/15 | €9,190,139 | €8,482,741 | -€707,398 | -7.7% |
| Contributions | 10/11 | €494,000 | €494,000 | = | 0.0% |
| Reserves | 13 | €8,573,900 | €6,502,900 | -€2.1m | -24.2% |
| Non-distributable reserves | 130/1 | €30,900 | €30,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €30,900 | €30,900 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,000,000 | €1,000,000 | = | 0.0% |
| Distributable reserves | 133 | €7,543,000 | €5,472,000 | -€2.1m | -27.5% |
| Profit (loss) carried forward | 14 | €36,739 | €1,420,291 | +€1.4m | +3765.9% |
| Investment grants | 15 | €85,500 | €65,550 | -€19,950 | -23.3% |
| Provisions and deferred taxes | 16 | €4,500 | €3,450 | -€1,050 | -23.3% |
| Deferred taxes | 168 | €4,500 | €3,450 | -€1,050 | -23.3% |
| Amounts payable | 17/49 | €2,210,017 | €1,894,139 | -€315,878 | -14.3% |
| Amounts payable after more than one year | 17 | €528,571 | €185,714 | -€342,857 | -64.9% |
| Financial debts | 170/4 | €528,571 | €185,714 | -€342,857 | -64.9% |
| Amounts payable within one year | 42/48 | €1,681,446 | €1,708,425 | +€26,979 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €562,857 | €342,857 | -€220,000 | -39.1% |
| Financial debts | 43 | €602 | - | -€602 | |
| Credit institutions | 430/8 | €602 | - | -€602 | |
| Trade debts | 44 | €593,222 | €351,248 | -€241,974 | -40.8% |
| Suppliers | 440/4 | €593,222 | €351,248 | -€241,974 | -40.8% |
| Taxes, remuneration and social security | 45 | €517,517 | €125,586 | -€391,931 | -75.7% |
| Taxes | 450/3 | €420,055 | €38,351 | -€381,704 | -90.9% |
| Remuneration and social security | 454/9 | €97,462 | €87,235 | -€10,227 | -10.5% |
| Other amounts payable | 47/48 | €7,248 | €888,734 | +€881,486 | +12162.5% |
| Non-recurring operating income | 76A | €1,000 | €4,132 | +€3,132 | +313.2% |
| Remuneration, social security and pensions | 62 | €1,066,138 | €1,057,356 | -€8,782 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,133,823 | €1,414,619 | +€280,796 | +24.8% |
| Other operating charges | 640/8 | €26,142 | €123,695 | +€97,553 | +373.2% |
| Gross operating margin | 9900 | €5,305,810 | €4,269,085 | -€1.0m | -19.5% |
| Operating profit (loss) | 9901 | €3,079,707 | €1,673,414 | -€1.4m | -45.7% |
| Financial income | 75/76B | €70,707 | €150,119 | +€79,412 | +112.3% |
| Recurring financial income | 75 | €70,707 | €150,119 | +€79,412 | +112.3% |
| Financial charges | 65/66B | €22,442 | €9,857 | -€12,586 | -56.1% |
| Recurring financial charges | 65 | €22,442 | €9,857 | -€12,586 | -56.1% |
| Profit (loss) for the period before taxes | 9903 | €3,127,972 | €1,813,677 | -€1.3m | -42.0% |
| Income taxes | 67/77 | €869,991 | €430,125 | -€439,866 | -50.6% |
| Profit (loss) for the period | 9904 | €2,257,980 | €1,383,552 | -€874,429 | -38.7% |
| Transfer to tax-exempt reserves | 689 | €1,000,000 | - | -€1.0m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,257,980 | €1,383,552 | +€125,571 | +10.0% |
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 29 September 2026 via checked.be.