REDWOOD: 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.
REDWOOD
Largest movements
- Deferred charges and accrued income -€12,454
down €12,454 (-44.0%), from €28,273 to €15,819
- Cash +€2,951
up €2,951 (+20.1%), from €14,692 to €17,643
mainly Depreciation (+€26,051) and Deferred charges and accrued income (+€12,454)
- Tangible fixed assets -€2,720
down €2,720 (-1.8%), from €152,890 to €150,171
- Other debts -€13,855
no longer reported in 2026 (was €13,855)
- Reserves +€2,793
up €2,793 (+2.0%), from €138,216 to €141,009
- Gross operating margin +€11,627
up €11,627 (+55.5%), from €20,955 to €32,582
- Depreciation -€2,190
down €2,190 (-7.8%), from €28,241 to €26,051
- Other operating charges -€327
down €327 (-8.2%), from €3,968 to €3,641
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €195,855 | €183,633 | -€12,222 | -6.2% |
| Fixed assets | 21/28 | €152,890 | €150,171 | -€2,720 | -1.8% |
| Tangible fixed assets | 22/27 | €152,890 | €150,171 | -€2,720 | -1.8% |
| Land and buildings | 22 | €152,890 | €150,171 | -€2,720 | -1.8% |
| Current assets | 29/58 | €42,965 | €33,462 | -€9,503 | -22.1% |
| Cash at bank and in hand | 54/58 | €14,692 | €17,643 | +€2,951 | +20.1% |
| Deferred charges and accrued income | 490/1 | €28,273 | €15,819 | -€12,454 | -44.0% |
| Total equity and liabilities | 10/49 | €195,855 | €183,633 | -€12,222 | -6.2% |
| Equity | 10/15 | €168,216 | €171,009 | +€2,793 | +1.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €138,216 | €141,009 | +€2,793 | +2.0% |
| Distributable reserves | 133 | €138,216 | €141,009 | +€2,793 | +2.0% |
| Amounts payable | 17/49 | €27,639 | €12,624 | -€15,015 | -54.3% |
| Amounts payable after more than one year | 17 | €13,668 | €12,605 | -€1,063 | -7.8% |
| Financial debts | 170/4 | €13,668 | €12,605 | -€1,063 | -7.8% |
| Amounts payable within one year | 42/48 | €13,971 | €19 | -€13,952 | -99.9% |
| Taxes, remuneration and social security | 45 | €116 | €19 | -€97 | -83.7% |
| Taxes | 450/3 | €116 | €19 | -€97 | -83.7% |
| Other amounts payable | 47/48 | €13,855 | - | -€13,855 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,241 | €26,051 | -€2,190 | -7.8% |
| Other operating charges | 640/8 | €3,968 | €3,641 | -€327 | -8.2% |
| Gross operating margin | 9900 | €20,955 | €32,582 | +€11,627 | +55.5% |
| Operating profit (loss) | 9901 | -€11,255 | €2,890 | +€14,144 | |
| Financial charges | 65/66B | €129 | €78 | -€51 | -39.6% |
| Recurring financial charges | 65 | €129 | €78 | -€51 | -39.6% |
| Profit (loss) for the period before taxes | 9903 | -€11,384 | €2,812 | +€14,196 | |
| Income taxes | 67/77 | €116 | €19 | -€97 | -83.7% |
| Profit (loss) for the period | 9904 | -€11,500 | €2,793 | +€14,293 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,500 | €2,793 | +€14,293 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.