B-RENOVA: 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.
B-RENOVA
Largest movements
- Stocks and contracts -€717,538
down €717,538 (-67.2%), from €1.1m to €350,000
- Receivables within one year +€287,054
up €287,054 (+176%), from €163,492 to €450,546
of which Trade receivables: +€273,465
- Cash +€257,784
up €257,784 (+291%), from €88,547 to €346,332
mainly Stocks and contracts (+€717,538) and Trade debts (+€279,422)
- Deferred charges and accrued income +€30,000
new in 2025: €30,000
- Debts after one year -€707,030
no longer reported in 2025 (was €707,030)
- Trade debts +€279,422
up €279,422 (+84.3%), from €331,292 to €610,715
- Other debts +€176,595
up €176,595 (+475%), from €37,181 to €213,776
- Profit (loss) carried forward +€98,863
up €98,863 (+43.8%), from €225,633 to €324,495
- Gross operating margin +€153,584
up €153,584 (+467%), from €32,881 to €186,465
- Taxes +€46,745
up €46,745, from -€18,044 to €28,701
- Financial charges +€19,635
up €19,635 (+64.2%), from €30,585 to €50,221
- Other operating charges +€5,286
up €5,286 (+1,005%), from €526 to €5,812
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 | €1,326,742 | €1,181,591 | -€145,151 | -10.9% |
| Fixed assets | 21/28 | €7,163 | €4,713 | -€2,450 | -34.2% |
| Intangible fixed assets | 21 | €4,098 | €2,660 | -€1,438 | -35.1% |
| Tangible fixed assets | 22/27 | €2,735 | €1,973 | -€762 | -27.9% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | 0.0% |
| Furniture and vehicles | 24 | €2,735 | €1,973 | -€762 | -27.9% |
| Financial fixed assets | 28 | €330 | €80 | -€250 | -75.8% |
| Current assets | 29/58 | €1,319,578 | €1,176,878 | -€142,700 | -10.8% |
| Stocks and contracts in progress | 3 | €1,067,538 | €350,000 | -€717,538 | -67.2% |
| Stocks | 30/36 | €1,067,538 | €350,000 | -€717,538 | -67.2% |
| Amounts receivable within one year | 40/41 | €163,492 | €450,546 | +€287,054 | +176% |
| Trade receivables | 40 | €83,314 | €356,780 | +€273,465 | +328% |
| Other amounts receivable | 41 | €80,178 | €93,767 | +€13,588 | +16.9% |
| Cash at bank and in hand | 54/58 | €88,547 | €346,332 | +€257,784 | +291% |
| Deferred charges and accrued income | 490/1 | - | €30,000 | +€30,000 | |
| Total equity and liabilities | 10/49 | €1,326,742 | €1,181,591 | -€145,151 | -10.9% |
| Equity | 10/15 | €251,238 | €350,100 | +€98,863 | +39.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €19,405 | €19,405 | = | 0.0% |
| Tax-exempt reserves | 132 | €17,550 | €17,550 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €225,633 | €324,495 | +€98,863 | +43.8% |
| Amounts payable | 17/49 | €1,075,504 | €831,491 | -€244,013 | -22.7% |
| Amounts payable after more than one year | 17 | €707,030 | - | -€707,030 | |
| Financial debts | 170/4 | €707,030 | - | -€707,030 | |
| Amounts payable within one year | 42/48 | €368,474 | €831,491 | +€463,017 | +126% |
| Trade debts | 44 | €331,292 | €610,715 | +€279,422 | +84.3% |
| Suppliers | 440/4 | €331,292 | €610,715 | +€279,422 | +84.3% |
| Taxes, remuneration and social security | 45 | - | €7,000 | +€7,000 | |
| Taxes | 450/3 | - | €7,000 | +€7,000 | |
| Other amounts payable | 47/48 | €37,181 | €213,776 | +€176,595 | +475% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,091 | €3,687 | +€1,596 | +76.3% |
| Other operating charges | 640/8 | €526 | €5,812 | +€5,286 | +1,005% |
| Gross operating margin | 9900 | €32,881 | €186,465 | +€153,584 | +467% |
| Operating profit (loss) | 9901 | €30,264 | €176,966 | +€146,702 | +485% |
| Financial income | 75/76B | €1,298 | €818 | -€480 | -37.0% |
| Recurring financial income | 75 | €1,298 | €818 | -€480 | -37.0% |
| Financial charges | 65/66B | €30,585 | €50,221 | +€19,635 | +64.2% |
| Recurring financial charges | 65 | €30,585 | €50,221 | +€19,635 | +64.2% |
| Profit (loss) for the period before taxes | 9903 | €976 | €127,563 | +€126,587 | +12,967% |
| Income taxes | 67/77 | -€18,044 | €28,701 | +€46,745 | |
| Profit (loss) for the period | 9904 | €19,020 | €98,863 | +€79,842 | +420% |
| Profit (loss) for the period to be appropriated | 9905 | €19,020 | €98,863 | +€79,842 | +420% |
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 25 October 2026 via checked.be.