THE REEDS: 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 REEDS
Largest movements
- Stocks and contracts +€44,193
up €44,193 (+44.1%), from €100,221 to €144,414
- Receivables within one year -€12,823
down €12,823 (-84.9%), from €15,095 to €2,272
of which Other amounts receivable: -€9,388
- Cash -€2,714
down €2,714 (-22.1%), from €12,310 to €9,595
mainly Net result for the year (-€45,629) and Stocks and contracts (-€44,193)
- Debts after one year +€80,000
up €80,000 (+61.5%), from €130,000 to €210,000
- Profit (loss) carried forward -€45,629
down €45,629 (-64.6%), from -€70,581 to -€116,210
- Trade debts -€12,804
down €12,804 (-15.1%), from €84,960 to €72,157
- Advances received +€6,642
up €6,642 (+141%), from €4,697 to €11,339
- Gross operating margin +€34,230
up €34,230 (+53.0%), from -€64,603 to -€30,373
- Financial charges +€4,852
up €4,852 (+16,870%), from €29 to €4,881
- Depreciation +€3,617
up €3,617 (+60.8%), from €5,949 to €9,566
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 | €169,077 | €197,602 | +€28,525 | +16.9% |
| Fixed assets | 21/28 | €41,290 | €41,321 | +€31 | +0.1% |
| Tangible fixed assets | 22/27 | €41,290 | €41,321 | +€31 | +0.1% |
| Land and buildings | 22 | €39,335 | €35,571 | -€3,765 | -9.6% |
| Plant, machinery and equipment | 23 | €1,954 | €5,750 | +€3,796 | +194% |
| Current assets | 29/58 | €127,787 | €156,281 | +€28,494 | +22.3% |
| Stocks and contracts in progress | 3 | €100,221 | €144,414 | +€44,193 | +44.1% |
| Stocks | 30/36 | €100,221 | €144,414 | +€44,193 | +44.1% |
| Amounts receivable within one year | 40/41 | €15,095 | €2,272 | -€12,823 | -84.9% |
| Trade receivables | 40 | €4,500 | €1,066 | -€3,434 | -76.3% |
| Other amounts receivable | 41 | €10,595 | €1,207 | -€9,388 | -88.6% |
| Cash at bank and in hand | 54/58 | €12,310 | €9,595 | -€2,714 | -22.1% |
| Deferred charges and accrued income | 490/1 | €162 | €0 | -€162 | -100% |
| Total equity and liabilities | 10/49 | €169,077 | €197,602 | +€28,525 | +16.9% |
| Equity | 10/15 | -€50,581 | -€96,210 | -€45,629 | -90.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€70,581 | -€116,210 | -€45,629 | -64.6% |
| Amounts payable | 17/49 | €219,658 | €293,812 | +€74,155 | +33.8% |
| Amounts payable after more than one year | 17 | €130,000 | €210,000 | +€80,000 | +61.5% |
| Financial debts | 170/4 | €130,000 | €210,000 | +€80,000 | +61.5% |
| Amounts payable within one year | 42/48 | €89,658 | €83,812 | -€5,845 | -6.5% |
| Trade debts | 44 | €84,960 | €72,157 | -€12,804 | -15.1% |
| Suppliers | 440/4 | €84,960 | €72,157 | -€12,804 | -15.1% |
| Advances received on contracts in progress | 46 | €4,697 | €11,339 | +€6,642 | +141% |
| Other amounts payable | 47/48 | - | €316 | +€316 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,949 | €9,566 | +€3,617 | +60.8% |
| Other operating charges | 640/8 | - | €450 | +€450 | |
| Gross operating margin | 9900 | -€64,603 | -€30,373 | +€34,230 | +53.0% |
| Operating profit (loss) | 9901 | -€70,552 | -€40,389 | +€30,163 | +42.8% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €29 | €4,881 | +€4,852 | +16,870% |
| Recurring financial charges | 65 | €29 | €4,881 | +€4,852 | +16,870% |
| Profit (loss) for the period before taxes | 9903 | -€70,581 | -€45,269 | +€25,311 | +35.9% |
| Income taxes | 67/77 | - | €360 | +€360 | |
| Profit (loss) for the period | 9904 | -€70,581 | -€45,629 | +€24,951 | +35.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€70,581 | -€45,629 | +€24,951 | +35.4% |
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 24 October 2026 via checked.be.