RedLine: 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.
RedLine
Largest movements
- Tangible fixed assets -€82,267
down €82,267 (-18.6%), from €442,360 to €360,093
of which Plant, machinery and equipment: -€67,889
- Receivables within one year +€22,972
up €22,972 (+12.6%), from €181,697 to €204,669
of which Trade receivables: +€22,269
- Cash -€20,427
down €20,427 (-56.5%), from €36,178 to €15,751
mainly Net result for the year (-€73,190) and Debts after one year (-€53,226)
- Deferred charges and accrued income -€9,111
down €9,111 (-66.7%), from €13,659 to €4,548
- Profit (loss) carried forward -€73,190
down €73,190 (-42.9%), from €170,738 to €97,548
- Debts after one year -€53,226
down €53,226 (-23.2%), from €229,599 to €176,373
- Short-term financial debts +€19,468
new in 2025: €19,468
- Trade debts +€15,685
up €15,685 (+10.7%), from €145,916 to €161,601
- Tax, wage and social debts -€9,172
down €9,172 (-13.3%), from €68,721 to €59,549
of which Taxes: -€7,399
- Gross operating margin +€57,072
up €57,072 (+24.5%), from €232,498 to €289,570
- Staff costs +€8,594
up €8,594 (+7.8%), from €110,706 to €119,300
- Taxes -€5,692
no longer reported in 2025 (was €5,692)
- Other operating charges -€5,639
down €5,639 (-46.2%), from €12,203 to €6,564
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 | €749,158 | €655,066 | -€94,092 | -12.6% |
| Fixed assets | 21/28 | €446,055 | €363,788 | -€82,267 | -18.4% |
| Tangible fixed assets | 22/27 | €442,360 | €360,093 | -€82,267 | -18.6% |
| Land and buildings | 22 | €92,201 | €77,823 | -€14,378 | -15.6% |
| Plant, machinery and equipment | 23 | €350,159 | €282,270 | -€67,889 | -19.4% |
| Financial fixed assets | 28 | €3,695 | €3,695 | = | 0.0% |
| Current assets | 29/58 | €303,103 | €291,278 | -€11,825 | -3.9% |
| Stocks and contracts in progress | 3 | €71,569 | €66,310 | -€5,259 | -7.3% |
| Stocks | 30/36 | €71,569 | €66,310 | -€5,259 | -7.3% |
| Amounts receivable within one year | 40/41 | €181,697 | €204,669 | +€22,972 | +12.6% |
| Trade receivables | 40 | €171,703 | €193,972 | +€22,269 | +13.0% |
| Other amounts receivable | 41 | €9,994 | €10,697 | +€703 | +7.0% |
| Cash at bank and in hand | 54/58 | €36,178 | €15,751 | -€20,427 | -56.5% |
| Deferred charges and accrued income | 490/1 | €13,659 | €4,548 | -€9,111 | -66.7% |
| Total equity and liabilities | 10/49 | €749,158 | €655,066 | -€94,092 | -12.6% |
| Equity | 10/15 | €238,898 | €165,708 | -€73,190 | -30.6% |
| Contributions | 10/11 | €66,300 | €66,300 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €170,738 | €97,548 | -€73,190 | -42.9% |
| Amounts payable | 17/49 | €510,260 | €489,358 | -€20,902 | -4.1% |
| Amounts payable after more than one year | 17 | €229,599 | €176,373 | -€53,226 | -23.2% |
| Financial debts | 170/4 | €229,599 | €176,373 | -€53,226 | -23.2% |
| Amounts payable within one year | 42/48 | €280,661 | €312,985 | +€32,324 | +11.5% |
| Current portion of amounts payable after more than one year | 42 | €51,637 | €53,226 | +€1,589 | +3.1% |
| Financial debts | 43 | - | €19,468 | +€19,468 | |
| Credit institutions | 430/8 | - | €19,468 | +€19,468 | |
| Trade debts | 44 | €145,916 | €161,601 | +€15,685 | +10.7% |
| Suppliers | 440/4 | €145,916 | €161,601 | +€15,685 | +10.7% |
| Taxes, remuneration and social security | 45 | €68,721 | €59,549 | -€9,172 | -13.3% |
| Taxes | 450/3 | €36,873 | €29,474 | -€7,399 | -20.1% |
| Remuneration and social security | 454/9 | €31,848 | €30,075 | -€1,773 | -5.6% |
| Other amounts payable | 47/48 | €14,387 | €19,141 | +€4,754 | +33.0% |
| Remuneration, social security and pensions | 62 | €110,706 | €119,300 | +€8,594 | +7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,834 | €93,270 | +€436 | +0.5% |
| Other operating charges | 640/8 | €12,203 | €6,564 | -€5,639 | -46.2% |
| Non-recurring operating charges | 66A | €2,084 | €125,217 | +€123,133 | +5908.5% |
| Gross operating margin | 9900 | €232,498 | €289,570 | +€57,072 | +24.5% |
| Operating profit (loss) | 9901 | €14,671 | -€54,781 | -€69,452 | |
| Financial income | 75/76B | - | €450 | +€450 | |
| Recurring financial income | 75 | - | €450 | +€450 | |
| Financial charges | 65/66B | €20,435 | €18,859 | -€1,576 | -7.7% |
| Recurring financial charges | 65 | €20,435 | €18,859 | -€1,576 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | -€5,764 | -€73,190 | -€67,426 | -1169.8% |
| Income taxes | 67/77 | €5,692 | - | -€5,692 | |
| Profit (loss) for the period | 9904 | -€11,456 | -€73,190 | -€61,734 | -538.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,456 | -€73,190 | -€61,734 | -538.9% |
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 3 October 2026 via checked.be.