BERNARD RENKIN: what changed
Two fiscal 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.
BERNARD RENKIN
Largest movements
- Tangible fixed assets -€34,649
down €34,649 (-11.3%), from €306,041 to €271,392
of which Furniture and vehicles: -€17,752
- Cash +€15,512
up €15,512 (+101.1%), from €15,349 to €30,862
mainly Depreciation (+€49,822) and Net result for the year (+€3,590)
- Debts after one year -€13,765
down €13,765 (-32.2%), from €42,746 to €28,981
- Other debts -€9,513
down €9,513 (-3.6%), from €265,145 to €255,633
- Gross operating margin +€37,896
up €37,896 (+188.7%), from €20,080 to €57,975
- Depreciation +€32,129
up €32,129 (+181.6%), from €17,693 to €49,822
- Financial charges +€1,352
up €1,352 (+144.9%), from €933 to €2,285
- Taxes +€1,115
up €1,115 (+240.6%), from €463 to €1,578
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.
Cash bridge derived
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 | €333,391 | €316,295 | -€17,097 | -5.1% |
| Fixed assets | 21/28 | €307,710 | €272,586 | -€35,124 | -11.4% |
| Intangible fixed assets | 21 | €1,668 | €1,193 | -€475 | -28.5% |
| Tangible fixed assets | 22/27 | €306,041 | €271,392 | -€34,649 | -11.3% |
| Plant, machinery and equipment | 23 | €3,006 | €3,382 | +€376 | +12.5% |
| Furniture and vehicles | 24 | €52,284 | €34,532 | -€17,752 | -34.0% |
| Other tangible fixed assets | 26 | €250,751 | €233,478 | -€17,273 | -6.9% |
| Current assets | 29/58 | €25,682 | €43,709 | +€18,027 | +70.2% |
| Amounts receivable within one year | 40/41 | €5,872 | €7,515 | +€1,642 | +28.0% |
| Trade receivables | 40 | €5,872 | €3,093 | -€2,779 | -47.3% |
| Other amounts receivable | 41 | - | €4,422 | +€4,422 | |
| Cash at bank and in hand | 54/58 | €15,349 | €30,862 | +€15,512 | +101.1% |
| Deferred charges and accrued income | 490/1 | €4,460 | €5,333 | +€873 | +19.6% |
| Total equity and liabilities | 10/49 | €333,391 | €316,295 | -€17,097 | -5.1% |
| Equity | 10/15 | €3,619 | €6,377 | +€2,757 | +76.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €619 | €3,377 | +€2,757 | +445.4% |
| Amounts payable | 17/49 | €329,772 | €309,918 | -€19,854 | -6.0% |
| Amounts payable after more than one year | 17 | €42,746 | €28,981 | -€13,765 | -32.2% |
| Financial debts | 170/4 | €42,746 | €28,981 | -€13,765 | -32.2% |
| Amounts payable within one year | 42/48 | €286,547 | €279,293 | -€7,254 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €13,273 | €13,765 | +€492 | +3.7% |
| Financial debts | 43 | - | €2,017 | +€2,017 | |
| Credit institutions | 430/8 | - | €2,017 | +€2,017 | |
| Trade debts | 44 | €2,086 | €1,637 | -€449 | -21.5% |
| Suppliers | 440/4 | €2,086 | €1,637 | -€449 | -21.5% |
| Taxes, remuneration and social security | 45 | €6,043 | €6,242 | +€199 | +3.3% |
| Taxes | 450/3 | €4,063 | €4,063 | = | 0.0% |
| Remuneration and social security | 454/9 | €1,979 | €2,178 | +€199 | +10.0% |
| Other amounts payable | 47/48 | €265,145 | €255,633 | -€9,513 | -3.6% |
| Accrued charges and deferred income | 492/3 | €479 | €1,644 | +€1,164 | +242.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,693 | €49,822 | +€32,129 | +181.6% |
| Other operating charges | 640/8 | €371 | €709 | +€338 | +91.2% |
| Gross operating margin | 9900 | €20,080 | €57,975 | +€37,896 | +188.7% |
| Operating profit (loss) | 9901 | €2,016 | €7,445 | +€5,429 | +269.3% |
| Financial income | 75/76B | - | €9 | +€9 | |
| Recurring financial income | 75 | - | €9 | +€9 | |
| Financial charges | 65/66B | €933 | €2,285 | +€1,352 | +144.9% |
| Recurring financial charges | 65 | €933 | €2,285 | +€1,352 | +144.9% |
| Profit (loss) for the period before taxes | 9903 | €1,083 | €5,169 | +€4,086 | +377.4% |
| Income taxes | 67/77 | €463 | €1,578 | +€1,115 | +240.6% |
| Profit (loss) for the period | 9904 | €619 | €3,590 | +€2,971 | +479.9% |
| Profit (loss) for the period to be appropriated | 9905 | €619 | €3,590 | +€2,971 | +479.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.