REDPENCIL: 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.
REDPENCIL
Largest movements
- Current investments +€303,625
up €303,625 (+15.8%), from €1.9m to €2.2m
- Cash +€117,942
up €117,942 (+53.3%), from €221,380 to €339,322
mainly Net result for the year (+€730,365) and Other debts (+€163,972)
- Profit (loss) carried forward +€400,986
up €400,986 (+16.3%), from €2.5m to €2.9m
- Other debts +€163,972
up €163,972 (+99.1%), from €165,407 to €329,379
- Trade debts -€100,960
down €100,960 (-69.4%), from €145,385 to €44,426
- Gross operating margin +€182,229
up €182,229 (+11.8%), from €1.5m to €1.7m
- Staff costs +€36,283
up €36,283 (+4.8%), from €750,875 to €787,158
- Taxes +€31,867
up €31,867 (+15.8%), from €201,855 to €233,722
- Financial income +€25,944
up €25,944 (+143%), from €18,203 to €44,148
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.
Derived cash bridge
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 | €3,211,935 | €3,667,010 | +€455,074 | +14.2% |
| Fixed assets | 21/28 | €292,972 | €301,249 | +€8,277 | +2.8% |
| Tangible fixed assets | 22/27 | €9,972 | €13,739 | +€3,767 | +37.8% |
| Plant, machinery and equipment | 23 | - | €720 | +€720 | |
| Furniture and vehicles | 24 | €9,972 | €13,019 | +€3,047 | +30.6% |
| Financial fixed assets | 28 | €283,000 | €287,510 | +€4,510 | +1.6% |
| Current assets | 29/58 | €2,918,964 | €3,365,761 | +€446,798 | +15.3% |
| Amounts receivable within one year | 40/41 | €770,713 | €783,359 | +€12,646 | +1.6% |
| Trade receivables | 40 | €770,700 | €742,068 | -€28,632 | -3.7% |
| Other amounts receivable | 41 | €13 | €41,291 | +€41,278 | +317,525% |
| Current investments | 50/53 | €1,926,417 | €2,230,042 | +€303,625 | +15.8% |
| Cash at bank and in hand | 54/58 | €221,380 | €339,322 | +€117,942 | +53.3% |
| Deferred charges and accrued income | 490/1 | €453 | €13,038 | +€12,585 | +2,776% |
| Total equity and liabilities | 10/49 | €3,211,935 | €3,667,010 | +€455,074 | +14.2% |
| Equity | 10/15 | €2,668,767 | €3,069,753 | +€400,986 | +15.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €189,205 | €189,205 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €189,205 | €189,205 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,460,962 | €2,861,948 | +€400,986 | +16.3% |
| Amounts payable | 17/49 | €543,169 | €597,257 | +€54,088 | +10.0% |
| Amounts payable within one year | 42/48 | €543,169 | €597,257 | +€54,088 | +10.0% |
| Financial debts | 43 | €175 | €265 | +€91 | +51.9% |
| Credit institutions | 430/8 | €175 | €265 | +€91 | +51.9% |
| Trade debts | 44 | €145,385 | €44,426 | -€100,960 | -69.4% |
| Suppliers | 440/4 | €145,385 | €44,426 | -€100,960 | -69.4% |
| Taxes, remuneration and social security | 45 | €232,202 | €223,187 | -€9,015 | -3.9% |
| Taxes | 450/3 | €135,191 | €141,152 | +€5,961 | +4.4% |
| Remuneration and social security | 454/9 | €97,011 | €82,035 | -€14,976 | -15.4% |
| Other amounts payable | 47/48 | €165,407 | €329,379 | +€163,972 | +99.1% |
| Remuneration, social security and pensions | 62 | €750,875 | €787,158 | +€36,283 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,843 | €4,234 | -€608 | -12.6% |
| Other operating charges | 640/8 | €4,400 | €12,373 | +€7,972 | +181% |
| Gross operating margin | 9900 | €1,542,180 | €1,724,409 | +€182,229 | +11.8% |
| Operating profit (loss) | 9901 | €782,062 | €920,644 | +€138,582 | +17.7% |
| Financial income | 75/76B | €18,203 | €44,148 | +€25,944 | +143% |
| Recurring financial income | 75 | €18,203 | €44,148 | +€25,944 | +143% |
| Financial charges | 65/66B | €681 | €705 | +€24 | +3.5% |
| Recurring financial charges | 65 | €681 | €705 | +€24 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €799,584 | €964,087 | +€164,503 | +20.6% |
| Income taxes | 67/77 | €201,855 | €233,722 | +€31,867 | +15.8% |
| Profit (loss) for the period | 9904 | €597,729 | €730,365 | +€132,636 | +22.2% |
| Transfer from tax-exempt reserves | 789 | €187,345 | €0 | -€187,345 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €785,074 | €730,365 | -€54,709 | -7.0% |
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 20 October 2026 via checked.be.