Arnaud 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.
Arnaud RENARD
Largest movements
- Financial fixed assets +€216,126
up €216,126 (+221%), from €97,590 to €313,716
- Receivables within one year -€7,165
no longer reported in 2025 (was €7,165)
- Tangible fixed assets -€6,381
down €6,381 (-83.4%), from €7,655 to €1,274
- Profit (loss) carried forward +€131,466
new in 2025: €131,466
- Debts after one year +€33,521
new in 2025: €33,521
- Other debts +€14,332
up €14,332 (+19.3%), from €74,353 to €88,685
- Current portion of long-term debt +€12,553
up €12,553 (+57.1%), from €21,991 to €34,545
- Tax, wage and social debts +€12,301
up €12,301 (+244%), from €5,034 to €17,335
- Gross operating margin +€117,591
up €117,591 (+166%), from €71,011 to €188,602
- Taxes +€32,741
up €32,741 (+225%), from €14,560 to €47,301
- Depreciation -€9,341
down €9,341 (-55.9%), from €16,720 to €7,380
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 | €122,032 | €326,140 | +€204,109 | +167% |
| Fixed assets | 21/28 | €105,245 | €314,990 | +€209,745 | +199% |
| Tangible fixed assets | 22/27 | €7,655 | €1,274 | -€6,381 | -83.4% |
| Furniture and vehicles | 24 | €7,655 | €1,274 | -€6,381 | -83.4% |
| Financial fixed assets | 28 | €97,590 | €313,716 | +€216,126 | +221% |
| Current assets | 29/58 | €16,787 | €11,150 | -€5,637 | -33.6% |
| Amounts receivable within one year | 40/41 | €7,165 | - | -€7,165 | |
| Other amounts receivable | 41 | €7,165 | - | -€7,165 | |
| Cash at bank and in hand | 54/58 | €7,952 | €9,480 | +€1,528 | +19.2% |
| Deferred charges and accrued income | 490/1 | €1,670 | €1,670 | = | 0.0% |
| Total equity and liabilities | 10/49 | €122,032 | €326,140 | +€204,109 | +167% |
| Equity | 10/15 | €20,460 | €151,926 | +€131,466 | +643% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €131,466 | +€131,466 | |
| Amounts payable | 17/49 | €101,572 | €174,215 | +€72,643 | +71.5% |
| Amounts payable after more than one year | 17 | - | €33,521 | +€33,521 | |
| Financial debts | 170/4 | - | €33,521 | +€33,521 | |
| Amounts payable within one year | 42/48 | €101,572 | €140,694 | +€39,122 | +38.5% |
| Current portion of amounts payable after more than one year | 42 | €21,991 | €34,545 | +€12,553 | +57.1% |
| Trade debts | 44 | €194 | €130 | -€64 | -32.8% |
| Suppliers | 440/4 | €194 | €130 | -€64 | -32.8% |
| Taxes, remuneration and social security | 45 | €5,034 | €17,335 | +€12,301 | +244% |
| Taxes | 450/3 | €5,034 | €17,335 | +€12,301 | +244% |
| Other amounts payable | 47/48 | €74,353 | €88,685 | +€14,332 | +19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,720 | €7,380 | -€9,341 | -55.9% |
| Other operating charges | 640/8 | €1,164 | €799 | -€365 | -31.4% |
| Gross operating margin | 9900 | €71,011 | €188,602 | +€117,591 | +166% |
| Operating profit (loss) | 9901 | €53,126 | €180,424 | +€127,297 | +240% |
| Financial income | 75/76B | €16 | €6 | -€9 | -59.8% |
| Recurring financial income | 75 | €16 | €6 | -€9 | -59.8% |
| Financial charges | 65/66B | €1,059 | €1,664 | +€605 | +57.1% |
| Recurring financial charges | 65 | €1,059 | €1,664 | +€605 | +57.1% |
| Profit (loss) for the period before taxes | 9903 | €52,083 | €178,766 | +€126,683 | +243% |
| Income taxes | 67/77 | €14,560 | €47,301 | +€32,741 | +225% |
| Profit (loss) for the period | 9904 | €37,524 | €131,466 | +€93,942 | +250% |
| Profit (loss) for the period to be appropriated | 9905 | €37,524 | €131,466 | +€93,942 | +250% |
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 16 October 2026 via checked.be.