Dr. ERIC VAN RENTERGHEM: 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.
Dr. ERIC VAN RENTERGHEM
Largest movements
- Cash -€57,259
down €57,259 (-29.5%), from €193,800 to €136,541
mainly Current investments (-€46,632) and Receivables within one year (-€23,484)
- Current investments +€46,632
up €46,632 (+23.3%), from €200,000 to €246,632
- Receivables within one year +€23,484
up €23,484 (+17.6%), from €133,127 to €156,611
of which Other amounts receivable: +€20,877
- Reserves +€29,623
up €29,623 (+7.2%), from €413,401 to €443,024
- Other debts -€18,023
down €18,023 (-62.5%), from €28,838 to €10,815
- Gross operating margin -€30,124
down €30,124 (-42.7%), from €70,606 to €40,482
- Taxes -€9,917
down €9,917 (-39.4%), from €25,169 to €15,252
- Financial income +€3,215
up €3,215 (+37.2%), from €8,639 to €11,853
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 | €540,957 | €554,721 | +€13,764 | +2.5% |
| Fixed assets | 21/28 | €5,600 | €5,035 | -€565 | -10.1% |
| Tangible fixed assets | 22/27 | €5,600 | €5,035 | -€565 | -10.1% |
| Plant, machinery and equipment | 23 | €5,600 | €5,035 | -€565 | -10.1% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Current assets | 29/58 | €535,357 | €549,686 | +€14,329 | +2.7% |
| Amounts receivable within one year | 40/41 | €133,127 | €156,611 | +€23,484 | +17.6% |
| Trade receivables | 40 | €9,805 | €12,412 | +€2,607 | +26.6% |
| Other amounts receivable | 41 | €123,322 | €144,199 | +€20,877 | +16.9% |
| Current investments | 50/53 | €200,000 | €246,632 | +€46,632 | +23.3% |
| Cash at bank and in hand | 54/58 | €193,800 | €136,541 | -€57,259 | -29.5% |
| Deferred charges and accrued income | 490/1 | €8,430 | €9,903 | +€1,473 | +17.5% |
| Total equity and liabilities | 10/49 | €540,957 | €554,721 | +€13,764 | +2.5% |
| Equity | 10/15 | €508,601 | €538,224 | +€29,623 | +5.8% |
| Contributions | 10/11 | €95,200 | €95,200 | = | 0.0% |
| Reserves | 13 | €413,401 | €443,024 | +€29,623 | +7.2% |
| Distributable reserves | 133 | €413,401 | €443,024 | +€29,623 | +7.2% |
| Amounts payable | 17/49 | €32,356 | €16,497 | -€15,859 | -49.0% |
| Amounts payable within one year | 42/48 | €30,710 | €13,609 | -€17,101 | -55.7% |
| Trade debts | 44 | €1,766 | €2,793 | +€1,028 | +58.2% |
| Suppliers | 440/4 | €1,766 | €2,793 | +€1,028 | +58.2% |
| Taxes, remuneration and social security | 45 | €107 | €1 | -€106 | -99.1% |
| Taxes | 450/3 | €107 | €1 | -€106 | -99.1% |
| Other amounts payable | 47/48 | €28,838 | €10,815 | -€18,023 | -62.5% |
| Accrued charges and deferred income | 492/3 | €1,647 | €2,889 | +€1,242 | +75.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,133 | €2,683 | +€550 | +25.8% |
| Other operating charges | 640/8 | €2,938 | €3,302 | +€363 | +12.4% |
| Gross operating margin | 9900 | €70,606 | €40,482 | -€30,124 | -42.7% |
| Operating profit (loss) | 9901 | €65,535 | €34,497 | -€31,037 | -47.4% |
| Financial income | 75/76B | €8,639 | €11,853 | +€3,215 | +37.2% |
| Recurring financial income | 75 | €8,639 | €11,853 | +€3,215 | +37.2% |
| Financial charges | 65/66B | €1,724 | €1,476 | -€248 | -14.4% |
| Recurring financial charges | 65 | €1,724 | €1,476 | -€248 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €72,450 | €44,875 | -€27,575 | -38.1% |
| Income taxes | 67/77 | €25,169 | €15,252 | -€9,917 | -39.4% |
| Profit (loss) for the period | 9904 | €47,281 | €29,623 | -€17,658 | -37.3% |
| Profit (loss) for the period to be appropriated | 9905 | €47,281 | €29,623 | -€17,658 | -37.3% |
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 30 October 2026 via checked.be.