The Red Penguin: 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.
The Red Penguin
Largest movements
- Tangible fixed assets +€178,717
up €178,717 (+136%), from €131,776 to €310,493
of which Other tangible fixed assets: +€157,960
- Receivables within one year +€99,153
up €99,153 (+112%), from €88,490 to €187,644
of which Trade receivables: +€56,772
- Cash -€14,841
down €14,841 (-96.5%), from €15,371 to €531
mainly Investment in fixed assets (net) (-€218,689) and Receivables within one year (-€99,153)
- Stocks and contracts +€6,868
up €6,868 (+175%), from €3,935 to €10,803
- Trade debts +€151,642
up €151,642 (+138%), from €110,124 to €261,765
- Debts after one year +€114,994
up €114,994 (+287%), from €40,000 to €154,994
- Current portion of long-term debt +€18,427
new in 2025: €18,427
- Tax, wage and social debts -€9,645
down €9,645 (-16.8%), from €57,259 to €47,613
of which Taxes: -€5,636
- Gross operating margin +€130,537
up €130,537 (+59.3%), from €220,132 to €350,669
- Staff costs +€50,522
up €50,522 (+19.9%), from €253,909 to €304,430
- Depreciation +€8,571
up €8,571 (+27.3%), from €31,400 to €39,971
- Financial charges +€4,005
up €4,005 (+140%), from €2,855 to €6,860
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 | €240,166 | €511,544 | +€271,378 | +113% |
| Fixed assets | 21/28 | €131,776 | €310,493 | +€178,717 | +136% |
| Tangible fixed assets | 22/27 | €131,776 | €310,493 | +€178,717 | +136% |
| Plant, machinery and equipment | 23 | €22,659 | €19,331 | -€3,329 | -14.7% |
| Furniture and vehicles | 24 | €23,003 | €47,089 | +€24,086 | +105% |
| Other tangible fixed assets | 26 | €86,113 | €244,073 | +€157,960 | +183% |
| Current assets | 29/58 | €108,390 | €201,051 | +€92,660 | +85.5% |
| Stocks and contracts in progress | 3 | €3,935 | €10,803 | +€6,868 | +175% |
| Stocks | 30/36 | €3,935 | €10,803 | +€6,868 | +175% |
| Amounts receivable within one year | 40/41 | €88,490 | €187,644 | +€99,153 | +112% |
| Trade receivables | 40 | €25,676 | €82,448 | +€56,772 | +221% |
| Other amounts receivable | 41 | €62,815 | €105,195 | +€42,381 | +67.5% |
| Cash at bank and in hand | 54/58 | €15,371 | €531 | -€14,841 | -96.5% |
| Deferred charges and accrued income | 490/1 | €593 | €2,073 | +€1,480 | +249% |
| Total equity and liabilities | 10/49 | €240,166 | €511,544 | +€271,378 | +113% |
| Equity | 10/15 | €25,889 | €22,745 | -€3,145 | -12.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,389 | €20,245 | -€3,145 | -13.4% |
| Amounts payable | 17/49 | €214,277 | €488,799 | +€274,522 | +128% |
| Amounts payable after more than one year | 17 | €40,000 | €154,994 | +€114,994 | +287% |
| Financial debts | 170/4 | €40,000 | €154,994 | +€114,994 | +287% |
| Amounts payable within one year | 42/48 | €172,277 | €329,805 | +€157,529 | +91.4% |
| Current portion of amounts payable after more than one year | 42 | - | €18,427 | +€18,427 | |
| Trade debts | 44 | €110,124 | €261,765 | +€151,642 | +138% |
| Suppliers | 440/4 | €110,124 | €261,765 | +€151,642 | +138% |
| Advances received on contracts in progress | 46 | €4,894 | €1,000 | -€3,894 | -79.6% |
| Taxes, remuneration and social security | 45 | €57,259 | €47,613 | -€9,645 | -16.8% |
| Taxes | 450/3 | €29,370 | €23,734 | -€5,636 | -19.2% |
| Remuneration and social security | 454/9 | €27,889 | €23,879 | -€4,009 | -14.4% |
| Other amounts payable | 47/48 | - | €1,000 | +€1,000 | |
| Accrued charges and deferred income | 492/3 | €2,000 | €4,000 | +€2,000 | +100% |
| Remuneration, social security and pensions | 62 | €253,909 | €304,430 | +€50,522 | +19.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,400 | €39,971 | +€8,571 | +27.3% |
| Other operating charges | 640/8 | €5,089 | €6,232 | +€1,142 | +22.4% |
| Gross operating margin | 9900 | €220,132 | €350,669 | +€130,537 | +59.3% |
| Operating profit (loss) | 9901 | -€70,266 | €36 | +€70,302 | |
| Financial income | 75/76B | €2,858 | €3,998 | +€1,140 | +39.9% |
| Recurring financial income | 75 | €2,858 | €3,998 | +€1,140 | +39.9% |
| Financial charges | 65/66B | €2,855 | €6,860 | +€4,005 | +140% |
| Recurring financial charges | 65 | €2,855 | €6,860 | +€4,005 | +140% |
| Profit (loss) for the period before taxes | 9903 | -€70,262 | -€2,826 | +€67,436 | +96.0% |
| Income taxes | 67/77 | €751 | €319 | -€432 | -57.5% |
| Profit (loss) for the period | 9904 | -€71,013 | -€3,145 | +€67,868 | +95.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€71,013 | -€3,145 | +€67,868 | +95.6% |
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 28 October 2026 via checked.be.