RED 9: 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.
RED 9
Largest movements
- Cash +€179,937
up €179,937 (+125%), from €143,940 to €323,877
mainly Debts after one year (+€212,402) and Current portion of long-term debt (+€26,762)
- Tangible fixed assets +€105,144
up €105,144 (+25.3%), from €416,200 to €521,343
- Receivables within one year -€25,994
down €25,994 (-29.5%), from €88,150 to €62,156
of which Other amounts receivable: -€37,841
- Debts after one year +€212,402
up €212,402 (+157%), from €135,039 to €347,441
- Current portion of long-term debt +€26,762
up €26,762 (+139%), from €19,189 to €45,951
- Gross operating margin +€7,992
up €7,992 (+22.3%), from €35,808 to €43,799
- Depreciation +€7,788
up €7,788 (+53.9%), from €14,458 to €22,246
- Financial charges +€4,542
up €4,542 (+129%), from €3,517 to €8,059
- Taxes -€2,110
down €2,110 (-33.0%), from €6,394 to €4,285
- Other operating charges +€1,646
up €1,646 (+178%), from €923 to €2,569
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 | €654,507 | €913,468 | +€258,961 | +39.6% |
| Fixed assets | 21/28 | €421,280 | €526,423 | +€105,144 | +25.0% |
| Tangible fixed assets | 22/27 | €416,200 | €521,343 | +€105,144 | +25.3% |
| Land and buildings | 22 | €416,200 | €521,343 | +€105,144 | +25.3% |
| Financial fixed assets | 28 | €5,080 | €5,080 | = | 0.0% |
| Current assets | 29/58 | €233,227 | €387,044 | +€153,817 | +66.0% |
| Amounts receivable within one year | 40/41 | €88,150 | €62,156 | -€25,994 | -29.5% |
| Trade receivables | 40 | €22,547 | €34,395 | +€11,847 | +52.5% |
| Other amounts receivable | 41 | €65,603 | €27,761 | -€37,841 | -57.7% |
| Cash at bank and in hand | 54/58 | €143,940 | €323,877 | +€179,937 | +125% |
| Deferred charges and accrued income | 490/1 | €1,137 | €1,011 | -€126 | -11.1% |
| Total equity and liabilities | 10/49 | €654,507 | €913,468 | +€258,961 | +39.6% |
| Equity | 10/15 | €368,999 | €375,926 | +€6,926 | +1.9% |
| Contributions | 10/11 | €24,800 | €24,800 | = | 0.0% |
| Reserves | 13 | €344,199 | €351,126 | +€6,926 | +2.0% |
| Tax-exempt reserves | 132 | €7,904 | €7,636 | -€268 | -3.4% |
| Distributable reserves | 133 | €336,295 | €343,490 | +€7,194 | +2.1% |
| Provisions and deferred taxes | 16 | €2,635 | €2,545 | -€89 | -3.4% |
| Deferred taxes | 168 | €2,635 | €2,545 | -€89 | -3.4% |
| Amounts payable | 17/49 | €282,873 | €534,997 | +€252,124 | +89.1% |
| Amounts payable after more than one year | 17 | €135,039 | €347,441 | +€212,402 | +157% |
| Financial debts | 170/4 | €135,039 | €347,441 | +€212,402 | +157% |
| Amounts payable within one year | 42/48 | €147,834 | €187,556 | +€39,722 | +26.9% |
| Current portion of amounts payable after more than one year | 42 | €19,189 | €45,951 | +€26,762 | +139% |
| Trade debts | 44 | €5,500 | €12,703 | +€7,203 | +131% |
| Suppliers | 440/4 | €5,500 | €12,703 | +€7,203 | +131% |
| Taxes, remuneration and social security | 45 | €2,894 | €7,152 | +€4,257 | +147% |
| Taxes | 450/3 | €2,894 | €7,152 | +€4,257 | +147% |
| Other amounts payable | 47/48 | €120,250 | €121,750 | +€1,500 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,458 | €22,246 | +€7,788 | +53.9% |
| Other operating charges | 640/8 | €923 | €2,569 | +€1,646 | +178% |
| Gross operating margin | 9900 | €35,808 | €43,799 | +€7,992 | +22.3% |
| Operating profit (loss) | 9901 | €20,426 | €18,984 | -€1,442 | -7.1% |
| Financial income | 75/76B | €1,373 | €197 | -€1,176 | -85.6% |
| Recurring financial income | 75 | €1,373 | €197 | -€1,176 | -85.6% |
| Financial charges | 65/66B | €3,517 | €8,059 | +€4,542 | +129% |
| Recurring financial charges | 65 | €3,517 | €8,059 | +€4,542 | +129% |
| Profit (loss) for the period before taxes | 9903 | €18,282 | €11,122 | -€7,160 | -39.2% |
| Transfer from deferred taxes | 780 | €203 | €89 | -€114 | -56.0% |
| Income taxes | 67/77 | €6,394 | €4,285 | -€2,110 | -33.0% |
| Profit (loss) for the period | 9904 | €12,091 | €6,926 | -€5,164 | -42.7% |
| Transfer from tax-exempt reserves | 789 | €610 | €268 | -€342 | -56.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,700 | €7,194 | -€5,506 | -43.4% |
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 24 October 2026 via checked.be.