DR. L. RENIER: 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. L. RENIER
Largest movements
- Cash +€1.2m
up €1.2m (+246%), from €504,466 to €1.7m
mainly Current investments (+€1.0m) and Other debts (+€635,425)
- Current investments -€1.0m
down €1.0m (-100%), from €1.0m to €0
- Deferred charges and accrued income +€95,321
up €95,321 (+34.4%), from €277,357 to €372,678
- Tangible fixed assets -€74,201
down €74,201 (-9.1%), from €813,383 to €739,182
of which Land and buildings: -€48,950
- Other debts +€635,425
up €635,425 (+70.6%), from €900,275 to €1.5m
- Reserves -€365,258
down €365,258 (-20.0%), from €1.8m to €1.5m
of which Distributable reserves: -€365,258
- Gross operating margin +€92,967
up €92,967 (+11.2%), from €832,257 to €925,224
- Taxes +€42,296
up €42,296 (+19.9%), from €212,685 to €254,981
- Financial income +€30,232
up €30,232 (+190%), from €15,896 to €46,128
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 | €3,142,879 | €3,369,605 | +€226,726 | +7.2% |
| Fixed assets | 21/28 | €817,383 | €743,182 | -€74,201 | -9.1% |
| Tangible fixed assets | 22/27 | €813,383 | €739,182 | -€74,201 | -9.1% |
| Land and buildings | 22 | €550,904 | €501,954 | -€48,950 | -8.9% |
| Plant, machinery and equipment | 23 | €244,179 | €221,514 | -€22,665 | -9.3% |
| Furniture and vehicles | 24 | €18,301 | €15,714 | -€2,586 | -14.1% |
| Financial fixed assets | 28 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €2,325,496 | €2,626,423 | +€300,927 | +12.9% |
| Amounts receivable within one year | 40/41 | €541,301 | €508,370 | -€32,932 | -6.1% |
| Other amounts receivable | 41 | €541,301 | €508,370 | -€32,932 | -6.1% |
| Current investments | 50/53 | €1,002,371 | €0 | -€1.0m | -100% |
| Cash at bank and in hand | 54/58 | €504,466 | €1,745,376 | +€1.2m | +246% |
| Deferred charges and accrued income | 490/1 | €277,357 | €372,678 | +€95,321 | +34.4% |
| Total equity and liabilities | 10/49 | €3,142,879 | €3,369,605 | +€226,726 | +7.2% |
| Equity | 10/15 | €1,846,416 | €1,481,159 | -€365,258 | -19.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,827,816 | €1,462,559 | -€365,258 | -20.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,827,816 | €1,462,559 | -€365,258 | -20.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,296,463 | €1,888,446 | +€591,983 | +45.7% |
| Amounts payable after more than one year | 17 | €187,712 | €172,383 | -€15,329 | -8.2% |
| Financial debts | 170/4 | €187,712 | €172,383 | -€15,329 | -8.2% |
| Amounts payable within one year | 42/48 | €1,060,351 | €1,672,972 | +€612,621 | +57.8% |
| Current portion of amounts payable after more than one year | 42 | €15,127 | €15,329 | +€202 | +1.3% |
| Trade debts | 44 | €4,198 | €7,155 | +€2,957 | +70.4% |
| Suppliers | 440/4 | €4,198 | €7,155 | +€2,957 | +70.4% |
| Taxes, remuneration and social security | 45 | €140,752 | €114,789 | -€25,964 | -18.4% |
| Taxes | 450/3 | €140,752 | €114,789 | -€25,964 | -18.4% |
| Other amounts payable | 47/48 | €900,275 | €1,535,700 | +€635,425 | +70.6% |
| Accrued charges and deferred income | 492/3 | €48,400 | €43,091 | -€5,309 | -11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,574 | €118,272 | -€7,302 | -5.8% |
| Other operating charges | 640/8 | €931 | €809 | -€122 | -13.1% |
| Gross operating margin | 9900 | €832,257 | €925,224 | +€92,967 | +11.2% |
| Operating profit (loss) | 9901 | €705,752 | €806,143 | +€100,391 | +14.2% |
| Financial income | 75/76B | €15,896 | €46,128 | +€30,232 | +190% |
| Recurring financial income | 75 | €15,896 | €46,128 | +€30,232 | +190% |
| Financial charges | 65/66B | €51,614 | €46,014 | -€5,600 | -10.8% |
| Recurring financial charges | 65 | €51,614 | €46,014 | -€5,600 | -10.8% |
| Profit (loss) for the period before taxes | 9903 | €670,034 | €806,257 | +€136,223 | +20.3% |
| Income taxes | 67/77 | €212,685 | €254,981 | +€42,296 | +19.9% |
| Profit (loss) for the period | 9904 | €457,349 | €551,276 | +€93,927 | +20.5% |
| Profit (loss) for the period to be appropriated | 9905 | €457,349 | €551,276 | +€93,927 | +20.5% |
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 28 October 2026 via checked.be.