DAVID RENDERS: 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.
DAVID RENDERS
Largest movements
- Tangible fixed assets +€178,365
up €178,365 (+149.8%), from €119,087 to €297,452
of which Land and buildings: +€188,515
- Receivables within one year -€53,737
down €53,737 (-65.9%), from €81,591 to €27,854
of which Trade receivables: -€52,581
- Cash +€21,764
up €21,764 (+13.4%), from €161,816 to €183,581
mainly Debts after one year (+€128,775) and Depreciation (+€68,750)
- Debts after one year +€128,775
up €128,775 (+342.2%), from €37,628 to €166,403
- Other debts +€31,375
up €31,375 (+131.0%), from €23,943 to €55,318
- Current portion of long-term debt -€14,846
down €14,846 (-35.4%), from €41,954 to €27,108
- Trade debts -€6,824
down €6,824 (-83.2%), from €8,199 to €1,375
- Depreciation +€43,341
up €43,341 (+170.6%), from €25,409 to €68,750
- Taxes -€16,521
down €16,521 (-99.7%), from €16,572 to €52
- Gross operating margin -€10,320
down €10,320 (-12.7%), from €80,987 to €70,667
- Financial income +€9,262
up €9,262 (+1318.3%), from €703 to €9,965
of which Non-recurring financial income: +€8,597
- Financial charges +€4,173
up €4,173 (+96.0%), from €4,347 to €8,520
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 | €374,603 | €519,524 | +€144,921 | +38.7% |
| Fixed assets | 21/28 | €119,087 | €297,452 | +€178,365 | +149.8% |
| Tangible fixed assets | 22/27 | €119,087 | €297,452 | +€178,365 | +149.8% |
| Land and buildings | 22 | €49,004 | €237,519 | +€188,515 | +384.7% |
| Furniture and vehicles | 24 | €41,217 | €31,582 | -€9,635 | -23.4% |
| Other tangible fixed assets | 26 | €28,867 | €28,352 | -€515 | -1.8% |
| Current assets | 29/58 | €255,515 | €222,072 | -€33,443 | -13.1% |
| Amounts receivable within one year | 40/41 | €81,591 | €27,854 | -€53,737 | -65.9% |
| Trade receivables | 40 | €71,454 | €18,872 | -€52,581 | -73.6% |
| Other amounts receivable | 41 | €10,137 | €8,981 | -€1,156 | -11.4% |
| Current investments | 50/53 | €9,434 | €9,434 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €161,816 | €183,581 | +€21,764 | +13.4% |
| Deferred charges and accrued income | 490/1 | €2,674 | €1,203 | -€1,471 | -55.0% |
| Total equity and liabilities | 10/49 | €374,603 | €519,524 | +€144,921 | +38.7% |
| Equity | 10/15 | €261,278 | €262,416 | +€1,138 | +0.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €258,470 | €258,470 | = | 0.0% |
| Distributable reserves | 133 | €258,470 | €258,470 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,592 | -€8,454 | +€1,138 | +11.9% |
| Amounts payable | 17/49 | €113,325 | €257,109 | +€143,783 | +126.9% |
| Amounts payable after more than one year | 17 | €37,628 | €166,403 | +€128,775 | +342.2% |
| Financial debts | 170/4 | €37,628 | €166,403 | +€128,775 | +342.2% |
| Amounts payable within one year | 42/48 | €74,133 | €86,070 | +€11,937 | +16.1% |
| Current portion of amounts payable after more than one year | 42 | €41,954 | €27,108 | -€14,846 | -35.4% |
| Financial debts | 43 | €27 | €36 | +€9 | +33.0% |
| Other loans | 439 | €27 | €36 | +€9 | +33.0% |
| Trade debts | 44 | €8,199 | €1,375 | -€6,824 | -83.2% |
| Suppliers | 440/4 | €8,199 | €1,375 | -€6,824 | -83.2% |
| Taxes, remuneration and social security | 45 | €10 | €2,233 | +€2,223 | +21351.5% |
| Taxes | 450/3 | €10 | €2,233 | +€2,223 | +21351.5% |
| Other amounts payable | 47/48 | €23,943 | €55,318 | +€31,375 | +131.0% |
| Accrued charges and deferred income | 492/3 | €1,564 | €4,636 | +€3,071 | +196.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,409 | €68,750 | +€43,341 | +170.6% |
| Other operating charges | 640/8 | €2,140 | €2,173 | +€33 | +1.6% |
| Gross operating margin | 9900 | €80,987 | €70,667 | -€10,320 | -12.7% |
| Operating profit (loss) | 9901 | €53,439 | -€256 | -€53,694 | |
| Financial income | 75/76B | €703 | €9,965 | +€9,262 | +1318.3% |
| Recurring financial income | 75 | €703 | €1,368 | +€665 | +94.7% |
| Non-recurring financial income | 76B | - | €8,597 | +€8,597 | |
| Financial charges | 65/66B | €4,347 | €8,520 | +€4,173 | +96.0% |
| Recurring financial charges | 65 | €4,347 | €8,520 | +€4,173 | +96.0% |
| Profit (loss) for the period before taxes | 9903 | €49,795 | €1,190 | -€48,605 | -97.6% |
| Income taxes | 67/77 | €16,572 | €52 | -€16,521 | -99.7% |
| Profit (loss) for the period | 9904 | €33,222 | €1,138 | -€32,084 | -96.6% |
| Profit (loss) for the period to be appropriated | 9905 | €33,222 | €1,138 | -€32,084 | -96.6% |
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 6 October 2026 via checked.be.