Redopapers: 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.
Redopapers
Largest movements
- Deferred charges and accrued income +€56,319
up €56,319, from €0 to €56,319
- Cash -€11,263
down €11,263 (-25.6%), from €43,937 to €32,674
mainly Deferred charges and accrued income (-€56,319) and Current portion of long-term debt (-€26,888)
- Receivables within one year +€8,488
up €8,488 (+57.2%), from €14,846 to €23,334
of which Trade receivables: +€7,605
- Tangible fixed assets -€3,126
down €3,126 (-44.9%), from €6,966 to €3,840
of which Furniture and vehicles: -€1,902
- Stocks and contracts +€1,649
up €1,649 (+7.0%), from €23,529 to €25,178
- Debts after one year +€68,135
up €68,135 (+1448.4%), from €4,704 to €72,840
of which Financial debts: +€68,135
- Current portion of long-term debt -€26,888
down €26,888 (-100.0%), from €26,888 to €0
- Trade debts +€11,069
up €11,069 (+82.4%), from €13,426 to €24,494
- Tax, wage and social debts +€9,937
up €9,937 (+38.2%), from €25,983 to €35,920
of which Remuneration and social security: +€9,055
- Other debts -€7,446
down €7,446 (-100.0%), from €7,446 to €0
- Staff costs +€29,984
up €29,984 (+65.3%), from €45,886 to €75,870
- Gross operating margin +€10,872
up €10,872 (+14.8%), from €73,386 to €84,258
- Taxes -€3,963
down €3,963 (-95.8%), from €4,138 to €174
- Financial charges -€1,106
down €1,106 (-16.3%), from €6,800 to €5,693
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 | €96,152 | €147,343 | +€51,191 | +53.2% |
| Fixed assets | 21/28 | €13,840 | €9,837 | -€4,002 | -28.9% |
| Intangible fixed assets | 21 | €2,974 | €2,098 | -€876 | -29.5% |
| Tangible fixed assets | 22/27 | €6,966 | €3,840 | -€3,126 | -44.9% |
| Plant, machinery and equipment | 23 | €148 | €48 | -€100 | -67.5% |
| Furniture and vehicles | 24 | €3,959 | €2,057 | -€1,902 | -48.0% |
| Other tangible fixed assets | 26 | €2,859 | €1,734 | -€1,124 | -39.3% |
| Financial fixed assets | 28 | €3,900 | €3,900 | = | 0.0% |
| Current assets | 29/58 | €82,312 | €137,506 | +€55,194 | +67.1% |
| Stocks and contracts in progress | 3 | €23,529 | €25,178 | +€1,649 | +7.0% |
| Stocks | 30/36 | €23,529 | €25,178 | +€1,649 | +7.0% |
| Amounts receivable within one year | 40/41 | €14,846 | €23,334 | +€8,488 | +57.2% |
| Trade receivables | 40 | €13,907 | €21,513 | +€7,605 | +54.7% |
| Other amounts receivable | 41 | €938 | €1,822 | +€883 | +94.1% |
| Cash at bank and in hand | 54/58 | €43,937 | €32,674 | -€11,263 | -25.6% |
| Deferred charges and accrued income | 490/1 | €0 | €56,319 | +€56,319 | |
| Total equity and liabilities | 10/49 | €96,152 | €147,343 | +€51,191 | +53.2% |
| Equity | 10/15 | €15,618 | €10,891 | -€4,728 | -30.3% |
| Contributions | 10/11 | €7,200 | €7,200 | = | 0.0% |
| Reserves | 13 | €4,325 | €4,325 | = | 0.0% |
| Tax-exempt reserves | 132 | €25 | €25 | = | 0.0% |
| Distributable reserves | 133 | €4,300 | €4,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,094 | -€634 | -€4,728 | |
| Amounts payable | 17/49 | €80,534 | €136,453 | +€55,919 | +69.4% |
| Amounts payable after more than one year | 17 | €4,704 | €72,840 | +€68,135 | +1448.4% |
| Financial debts | 170/4 | €2,651 | €70,787 | +€68,135 | +2569.9% |
| Other amounts payable | 178/9 | €2,053 | €2,053 | = | 0.0% |
| Amounts payable within one year | 42/48 | €75,830 | €63,613 | -€12,216 | -16.1% |
| Current portion of amounts payable after more than one year | 42 | €26,888 | €0 | -€26,888 | -100.0% |
| Financial debts | 43 | €2,086 | €3,199 | +€1,112 | +53.3% |
| Credit institutions | 430/8 | €2,086 | €3,199 | +€1,112 | +53.3% |
| Trade debts | 44 | €13,426 | €24,494 | +€11,069 | +82.4% |
| Suppliers | 440/4 | €13,426 | €24,494 | +€11,069 | +82.4% |
| Taxes, remuneration and social security | 45 | €25,983 | €35,920 | +€9,937 | +38.2% |
| Taxes | 450/3 | €14,403 | €15,284 | +€881 | +6.1% |
| Remuneration and social security | 454/9 | €11,581 | €20,636 | +€9,055 | +78.2% |
| Other amounts payable | 47/48 | €7,446 | €0 | -€7,446 | -100.0% |
| Remuneration, social security and pensions | 62 | €45,886 | €75,870 | +€29,984 | +65.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,726 | €5,002 | +€277 | +5.9% |
| Other operating charges | 640/8 | €1,748 | €2,246 | +€498 | +28.5% |
| Gross operating margin | 9900 | €73,386 | €84,258 | +€10,872 | +14.8% |
| Operating profit (loss) | 9901 | €21,026 | €1,140 | -€19,886 | -94.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €6,800 | €5,693 | -€1,106 | -16.3% |
| Recurring financial charges | 65 | €6,800 | €5,693 | -€1,106 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €14,226 | -€4,554 | -€18,780 | |
| Income taxes | 67/77 | €4,138 | €174 | -€3,963 | -95.8% |
| Profit (loss) for the period | 9904 | €10,089 | -€4,728 | -€14,817 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,089 | -€4,728 | -€14,817 |
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.