REED: 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.
REED
Largest movements
- Receivables within one year +€92,433
up €92,433 (+43.9%), from €210,456 to €302,889
of which Trade receivables: +€78,775
- Stocks and contracts -€8,810
down €8,810 (-29.4%), from €30,000 to €21,190
- Trade debts +€140,012
up €140,012 (+269.6%), from €51,943 to €191,955
- Profit (loss) carried forward -€57,213
down €57,213 (-43.4%), from €131,749 to €74,536
- Tax, wage and social debts +€10,312
up €10,312 (+31.8%), from €32,424 to €42,736
of which Remuneration and social security: +€6,273
- Other debts -€6,348
down €6,348 (-100.0%), from €6,348 to €0
- Gross operating margin -€42,255
down €42,255 (-49.7%), from €85,030 to €42,775
- Staff costs +€20,292
up €20,292 (+26.8%), from €75,608 to €95,900
- Taxes -€2,538
down €2,538 (-100.0%), from €2,538 to €0
- Depreciation -€1,799
down €1,799 (-55.6%), from €3,237 to €1,437
- Financial income -€1,410
down €1,410 (-85.3%), from €1,654 to €243
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 | €351,243 | €434,939 | +€83,696 | +23.8% |
| Fixed assets | 21/28 | €11,580 | €9,643 | -€1,937 | -16.7% |
| Tangible fixed assets | 22/27 | €1,715 | €278 | -€1,437 | -83.8% |
| Furniture and vehicles | 24 | €1,628 | €278 | -€1,351 | -83.0% |
| Other tangible fixed assets | 26 | €86 | €0 | -€86 | -100.0% |
| Financial fixed assets | 28 | €9,865 | €9,365 | -€500 | -5.1% |
| Current assets | 29/58 | €339,663 | €425,296 | +€85,633 | +25.2% |
| Stocks and contracts in progress | 3 | €30,000 | €21,190 | -€8,810 | -29.4% |
| Contracts in progress | 37 | €30,000 | €21,190 | -€8,810 | -29.4% |
| Amounts receivable within one year | 40/41 | €210,456 | €302,889 | +€92,433 | +43.9% |
| Trade receivables | 40 | €195,426 | €274,201 | +€78,775 | +40.3% |
| Other amounts receivable | 41 | €15,030 | €28,687 | +€13,658 | +90.9% |
| Current investments | 50/53 | €4,423 | €4,423 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €85,073 | €87,434 | +€2,361 | +2.8% |
| Deferred charges and accrued income | 490/1 | €9,711 | €9,360 | -€351 | -3.6% |
| Total equity and liabilities | 10/49 | €351,243 | €434,939 | +€83,696 | +23.8% |
| Equity | 10/15 | €249,413 | €192,200 | -€57,213 | -22.9% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €111,364 | €111,364 | = | 0.0% |
| Distributable reserves | 133 | €111,364 | €111,364 | = | 0.0% |
| Profit (loss) carried forward | 14 | €131,749 | €74,536 | -€57,213 | -43.4% |
| Amounts payable | 17/49 | €101,830 | €242,739 | +€140,910 | +138.4% |
| Amounts payable within one year | 42/48 | €100,530 | €242,564 | +€142,034 | +141.3% |
| Financial debts | 43 | €9,815 | €7,873 | -€1,942 | -19.8% |
| Credit institutions | 430/8 | €9,815 | €7,873 | -€1,942 | -19.8% |
| Trade debts | 44 | €51,943 | €191,955 | +€140,012 | +269.6% |
| Suppliers | 440/4 | €51,943 | €191,955 | +€140,012 | +269.6% |
| Taxes, remuneration and social security | 45 | €32,424 | €42,736 | +€10,312 | +31.8% |
| Taxes | 450/3 | €14,902 | €18,940 | +€4,039 | +27.1% |
| Remuneration and social security | 454/9 | €17,522 | €23,795 | +€6,273 | +35.8% |
| Other amounts payable | 47/48 | €6,348 | €0 | -€6,348 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,300 | €175 | -€1,125 | -86.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €75,608 | €95,900 | +€20,292 | +26.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,237 | €1,437 | -€1,799 | -55.6% |
| Other operating charges | 640/8 | €435 | €475 | +€39 | +9.0% |
| Gross operating margin | 9900 | €85,030 | €42,775 | -€42,255 | -49.7% |
| Operating profit (loss) | 9901 | €5,749 | -€55,037 | -€60,786 | |
| Financial income | 75/76B | €1,654 | €243 | -€1,410 | -85.3% |
| Recurring financial income | 75 | €1,654 | €243 | -€1,410 | -85.3% |
| Financial charges | 65/66B | €1,987 | €2,420 | +€433 | +21.8% |
| Recurring financial charges | 65 | €1,987 | €2,420 | +€433 | +21.8% |
| Profit (loss) for the period before taxes | 9903 | €5,416 | -€57,213 | -€62,630 | |
| Income taxes | 67/77 | €2,538 | €0 | -€2,538 | -100.0% |
| Profit (loss) for the period | 9904 | €2,878 | -€57,213 | -€60,091 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,878 | -€57,213 | -€60,091 |
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 7 October 2026 via checked.be.