ANTOINE RENARD: 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.
ANTOINE RENARD
Largest movements
- Receivables within one year -€75,651
down €75,651 (-53.1%), from €142,577 to €66,926
of which Trade receivables: -€67,681
- Tangible fixed assets -€16,552
down €16,552 (-28.0%), from €59,081 to €42,529
of which Plant, machinery and equipment: -€8,679
- Cash +€13,181
up €13,181 (+14.0%), from €94,062 to €107,243
mainly Receivables within one year (+€75,651) and Net result for the year (+€22,903)
- Trade debts -€45,365
down €45,365 (-53.6%), from €84,642 to €39,277
of which Bills of exchange payable: -€68,258
- Advances received -€33,690
down €33,690 (-46.0%), from €73,250 to €39,560
- Other debts +€9,525
up €9,525 (+48.0%), from €19,864 to €29,389
- Reserves -€6,486
down €6,486 (-8.0%), from €80,603 to €74,118
- Debts after one year -€3,146
down €3,146 (-56.3%), from €5,588 to €2,442
- Gross operating margin +€9,253
up €9,253 (+20.6%), from €44,946 to €54,199
- Depreciation +€3,872
up €3,872 (+28.1%), from €13,784 to €17,655
- Taxes +€1,128
up €1,128 (+10.4%), from €10,817 to €11,944
- Financial charges +€634
up €634 (+97.2%), from €652 to €1,286
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 | €297,717 | €219,429 | -€78,288 | -26.3% |
| Fixed assets | 21/28 | €59,157 | €42,606 | -€16,552 | -28.0% |
| Tangible fixed assets | 22/27 | €59,081 | €42,529 | -€16,552 | -28.0% |
| Plant, machinery and equipment | 23 | €22,852 | €14,174 | -€8,679 | -38.0% |
| Furniture and vehicles | 24 | €21,677 | €15,158 | -€6,519 | -30.1% |
| Other tangible fixed assets | 26 | €14,551 | €13,197 | -€1,354 | -9.3% |
| Financial fixed assets | 28 | €76 | €76 | = | 0.0% |
| Current assets | 29/58 | €238,560 | €176,824 | -€61,736 | -25.9% |
| Stocks and contracts in progress | 3 | €1,611 | €1,134 | -€478 | -29.6% |
| Stocks | 30/36 | €1,611 | €1,134 | -€478 | -29.6% |
| Amounts receivable within one year | 40/41 | €142,577 | €66,926 | -€75,651 | -53.1% |
| Trade receivables | 40 | €87,522 | €19,841 | -€67,681 | -77.3% |
| Other amounts receivable | 41 | €55,055 | €47,085 | -€7,970 | -14.5% |
| Cash at bank and in hand | 54/58 | €94,062 | €107,243 | +€13,181 | +14.0% |
| Deferred charges and accrued income | 490/1 | €310 | €1,522 | +€1,211 | +391% |
| Total equity and liabilities | 10/49 | €297,717 | €219,429 | -€78,288 | -26.3% |
| Equity | 10/15 | €88,629 | €82,144 | -€6,486 | -7.3% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €80,603 | €74,118 | -€6,486 | -8.0% |
| Distributable reserves | 133 | €80,603 | €74,118 | -€6,486 | -8.0% |
| Profit (loss) carried forward | 14 | €2,026 | €2,026 | = | 0.0% |
| Amounts payable | 17/49 | €209,088 | €137,285 | -€71,802 | -34.3% |
| Amounts payable after more than one year | 17 | €5,588 | €2,442 | -€3,146 | -56.3% |
| Financial debts | 170/4 | €5,588 | €2,442 | -€3,146 | -56.3% |
| Amounts payable within one year | 42/48 | €203,322 | €134,133 | -€69,188 | -34.0% |
| Current portion of amounts payable after more than one year | 42 | €3,025 | €3,146 | +€121 | +4.0% |
| Trade debts | 44 | €84,642 | €39,277 | -€45,365 | -53.6% |
| Suppliers | 440/4 | €16,384 | €39,277 | +€22,893 | +140% |
| Bills of exchange payable | 441 | €68,258 | - | -€68,258 | |
| Advances received on contracts in progress | 46 | €73,250 | €39,560 | -€33,690 | -46.0% |
| Taxes, remuneration and social security | 45 | €22,541 | €22,761 | +€221 | +1.0% |
| Taxes | 450/3 | €22,541 | €22,761 | +€221 | +1.0% |
| Other amounts payable | 47/48 | €19,864 | €29,389 | +€9,525 | +48.0% |
| Accrued charges and deferred income | 492/3 | €177 | €710 | +€532 | +300% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,784 | €17,655 | +€3,872 | +28.1% |
| Other operating charges | 640/8 | €1,021 | €762 | -€259 | -25.3% |
| Gross operating margin | 9900 | €44,946 | €54,199 | +€9,253 | +20.6% |
| Operating profit (loss) | 9901 | €30,141 | €35,782 | +€5,640 | +18.7% |
| Financial income | 75/76B | €115 | €351 | +€237 | +207% |
| Recurring financial income | 75 | €115 | €351 | +€237 | +207% |
| Financial charges | 65/66B | €652 | €1,286 | +€634 | +97.2% |
| Recurring financial charges | 65 | €652 | €1,286 | +€634 | +97.2% |
| Profit (loss) for the period before taxes | 9903 | €29,604 | €34,847 | +€5,244 | +17.7% |
| Income taxes | 67/77 | €10,817 | €11,944 | +€1,128 | +10.4% |
| Profit (loss) for the period | 9904 | €18,787 | €22,903 | +€4,116 | +21.9% |
| Profit (loss) for the period to be appropriated | 9905 | €18,787 | €22,903 | +€4,116 | +21.9% |
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 1 November 2026 via checked.be.