REDS: 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.
REDS
Largest movements
- Stocks and contracts +€85,437
up €85,437 (+121.6%), from €70,232 to €155,670
of which Stocks: +€67,426
- Tangible fixed assets +€73,378
up €73,378 (+11.1%), from €659,960 to €733,338
of which Land and buildings: +€76,947
- Cash -€20,373
down €20,373 (-43.2%), from €47,150 to €26,777
mainly Investment in fixed assets (net) (-€132,002) and Stocks and contracts (-€85,437)
- Receivables within one year +€19,562
up €19,562 (+13.6%), from €143,965 to €163,526
of which Other amounts receivable: +€29,648
- Debts after one year +€205,807
up €205,807 (+42.8%), from €481,323 to €687,130
- Profit (loss) carried forward -€56,711
down €56,711 (-165.7%), from -€34,222 to -€90,933
- Trade debts +€47,956
up €47,956 (+51.8%), from €92,522 to €140,478
- Other debts -€34,947
no longer reported in 2025 (was €34,947)
- Staff costs +€26,865
up €26,865 (+23.1%), from €116,097 to €142,962
- Gross operating margin +€22,470
up €22,470 (+15.0%), from €149,980 to €172,451
- Depreciation +€12,073
up €12,073 (+28.3%), from €42,624 to €54,697
- Other operating charges +€3,341
up €3,341 (+138.2%), from €2,417 to €5,758
- Financial charges +€3,117
up €3,117 (+12.6%), from €24,793 to €27,910
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 | €925,236 | €1,085,149 | +€159,913 | +17.3% |
| Fixed assets | 21/28 | €661,087 | €738,393 | +€77,305 | +11.7% |
| Intangible fixed assets | 21 | €1,128 | €5,055 | +€3,927 | +348.3% |
| Tangible fixed assets | 22/27 | €659,960 | €733,338 | +€73,378 | +11.1% |
| Land and buildings | 22 | €566,628 | €643,576 | +€76,947 | +13.6% |
| Plant, machinery and equipment | 23 | €29,035 | €49,089 | +€20,054 | +69.1% |
| Furniture and vehicles | 24 | €53,009 | €40,673 | -€12,336 | -23.3% |
| Other tangible fixed assets | 26 | €11,288 | - | -€11,288 | |
| Current assets | 29/58 | €264,149 | €346,757 | +€82,607 | +31.3% |
| Stocks and contracts in progress | 3 | €70,232 | €155,670 | +€85,437 | +121.6% |
| Stocks | 30/36 | €70,232 | €137,659 | +€67,426 | +96.0% |
| Contracts in progress | 37 | - | €18,011 | +€18,011 | |
| Amounts receivable within one year | 40/41 | €143,965 | €163,526 | +€19,562 | +13.6% |
| Trade receivables | 40 | €129,188 | €119,102 | -€10,086 | -7.8% |
| Other amounts receivable | 41 | €14,777 | €44,425 | +€29,648 | +200.6% |
| Cash at bank and in hand | 54/58 | €47,150 | €26,777 | -€20,373 | -43.2% |
| Deferred charges and accrued income | 490/1 | €2,802 | €784 | -€2,018 | -72.0% |
| Total equity and liabilities | 10/49 | €925,236 | €1,085,149 | +€159,913 | +17.3% |
| Equity | 10/15 | €98,737 | €40,566 | -€58,171 | -58.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €114,359 | €112,899 | -€1,459 | -1.3% |
| Tax-exempt reserves | 132 | €27,044 | €25,585 | -€1,459 | -5.4% |
| Distributable reserves | 133 | €87,315 | €87,315 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,222 | -€90,933 | -€56,711 | -165.7% |
| Provisions and deferred taxes | 16 | €9,015 | €8,528 | -€486 | -5.4% |
| Deferred taxes | 168 | €9,015 | €8,528 | -€486 | -5.4% |
| Amounts payable | 17/49 | €817,485 | €1,036,055 | +€218,570 | +26.7% |
| Amounts payable after more than one year | 17 | €481,323 | €687,130 | +€205,807 | +42.8% |
| Financial debts | 170/4 | €481,323 | €687,130 | +€205,807 | +42.8% |
| Amounts payable within one year | 42/48 | €336,162 | €343,637 | +€7,475 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €58,577 | €56,130 | -€2,447 | -4.2% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €92,522 | €140,478 | +€47,956 | +51.8% |
| Suppliers | 440/4 | €92,522 | €140,478 | +€47,956 | +51.8% |
| Advances received on contracts in progress | 46 | €2,868 | - | -€2,868 | |
| Taxes, remuneration and social security | 45 | €22,248 | €22,029 | -€219 | -1.0% |
| Taxes | 450/3 | €4,794 | - | -€4,794 | |
| Remuneration and social security | 454/9 | €17,454 | €22,029 | +€4,575 | +26.2% |
| Other amounts payable | 47/48 | €34,947 | - | -€34,947 | |
| Accrued charges and deferred income | 492/3 | - | €5,287 | +€5,287 | |
| Remuneration, social security and pensions | 62 | €116,097 | €142,962 | +€26,865 | +23.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,624 | €54,697 | +€12,073 | +28.3% |
| Other operating charges | 640/8 | €2,417 | €5,758 | +€3,341 | +138.2% |
| Gross operating margin | 9900 | €149,980 | €172,451 | +€22,470 | +15.0% |
| Operating profit (loss) | 9901 | -€11,158 | -€30,966 | -€19,808 | -177.5% |
| Financial income | 75/76B | €6 | €483 | +€476 | +7340.1% |
| Recurring financial income | 75 | €6 | €483 | +€476 | +7340.1% |
| Financial charges | 65/66B | €24,793 | €27,910 | +€3,117 | +12.6% |
| Recurring financial charges | 65 | €24,793 | €27,910 | +€3,117 | +12.6% |
| Profit (loss) for the period before taxes | 9903 | -€35,944 | -€58,393 | -€22,449 | -62.5% |
| Transfer from deferred taxes | 780 | €486 | €486 | = | 0.0% |
| Income taxes | 67/77 | €223 | €264 | +€41 | +18.3% |
| Profit (loss) for the period | 9904 | -€35,681 | -€58,171 | -€22,490 | -63.0% |
| Transfer from tax-exempt reserves | 789 | €1,459 | €1,459 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,222 | -€56,711 | -€22,490 | -65.7% |
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 5 October 2026 via checked.be.