Dr. 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.
Dr. RENDERS
Largest movements
- Cash +€172,192
up €172,192 (+913.4%), from €18,852 to €191,044
mainly Net result for the year (+€252,046) and Tax, wage and social debts (+€66,689)
- Current investments +€132,154
up €132,154 (+2142.2%), from €6,169 to €138,323
- Receivables within one year -€37,725
down €37,725 (-11.5%), from €329,045 to €291,320
of which Trade receivables: -€38,028
- Tangible fixed assets -€29,257
down €29,257 (-3.2%), from €906,361 to €877,104
of which Land and buildings: -€17,886
- Reserves +€252,000
up €252,000 (+28.4%), from €885,978 to €1.1m
- Tax, wage and social debts +€66,689
up €66,689 (+317.5%), from €21,007 to €87,696
of which Taxes: +€67,639
- Debts after one year -€60,000
down €60,000 (-25.0%), from €240,000 to €180,000
- Depreciation -€100,737
down €100,737 (-75.3%), from €133,814 to €33,078
- Taxes +€37,444
up €37,444 (+45.2%), from €82,760 to €120,204
- Gross operating margin +€17,130
up €17,130 (+4.1%), from €418,311 to €435,441
- Staff costs -€13,601
down €13,601 (-85.9%), from €15,830 to €2,229
- Financial charges +€13,513
up €13,513 (+342.8%), from €3,942 to €17,455
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 | €1,265,890 | €1,502,111 | +€236,221 | +18.7% |
| Fixed assets | 21/28 | €906,561 | €877,304 | -€29,257 | -3.2% |
| Tangible fixed assets | 22/27 | €906,361 | €877,104 | -€29,257 | -3.2% |
| Land and buildings | 22 | €870,914 | €853,027 | -€17,886 | -2.1% |
| Plant, machinery and equipment | 23 | €5,010 | €4,480 | -€530 | -10.6% |
| Furniture and vehicles | 24 | €30,438 | €19,597 | -€10,840 | -35.6% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €359,329 | €624,806 | +€265,478 | +73.9% |
| Amounts receivable within one year | 40/41 | €329,045 | €291,320 | -€37,725 | -11.5% |
| Trade receivables | 40 | €300,045 | €262,017 | -€38,028 | -12.7% |
| Other amounts receivable | 41 | €29,000 | €29,303 | +€303 | +1.0% |
| Current investments | 50/53 | €6,169 | €138,323 | +€132,154 | +2142.2% |
| Cash at bank and in hand | 54/58 | €18,852 | €191,044 | +€172,192 | +913.4% |
| Deferred charges and accrued income | 490/1 | €5,263 | €4,120 | -€1,142 | -21.7% |
| Total equity and liabilities | 10/49 | €1,265,890 | €1,502,111 | +€236,221 | +18.7% |
| Equity | 10/15 | €899,325 | €1,151,371 | +€252,046 | +28.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €885,978 | €1,137,978 | +€252,000 | +28.4% |
| Distributable reserves | 133 | €885,978 | €1,137,978 | +€252,000 | +28.4% |
| Profit (loss) carried forward | 14 | €947 | €993 | +€46 | +4.9% |
| Amounts payable | 17/49 | €366,565 | €350,740 | -€15,825 | -4.3% |
| Amounts payable after more than one year | 17 | €240,000 | €180,000 | -€60,000 | -25.0% |
| Financial debts | 170/4 | €240,000 | €180,000 | -€60,000 | -25.0% |
| Amounts payable within one year | 42/48 | €118,882 | €166,361 | +€47,479 | +39.9% |
| Current portion of amounts payable after more than one year | 42 | €60,000 | €60,000 | = | 0.0% |
| Financial debts | 43 | €6,459 | - | -€6,459 | |
| Credit institutions | 430/8 | €6,459 | - | -€6,459 | |
| Trade debts | 44 | €703 | €671 | -€32 | -4.6% |
| Suppliers | 440/4 | €703 | €671 | -€32 | -4.6% |
| Taxes, remuneration and social security | 45 | €21,007 | €87,696 | +€66,689 | +317.5% |
| Taxes | 450/3 | €19,669 | €87,308 | +€67,639 | +343.9% |
| Remuneration and social security | 454/9 | €1,337 | €388 | -€949 | -71.0% |
| Other amounts payable | 47/48 | €30,713 | €17,994 | -€12,719 | -41.4% |
| Accrued charges and deferred income | 492/3 | €7,683 | €4,379 | -€3,304 | -43.0% |
| Non-recurring operating income | 76A | €50 | - | -€50 | |
| Remuneration, social security and pensions | 62 | €15,830 | €2,229 | -€13,601 | -85.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,814 | €33,078 | -€100,737 | -75.3% |
| Other operating charges | 640/8 | €3,906 | €6,380 | +€2,474 | +63.3% |
| Non-recurring operating charges | 66A | €87 | €4,431 | +€4,344 | +5019.6% |
| Gross operating margin | 9900 | €418,311 | €435,441 | +€17,130 | +4.1% |
| Operating profit (loss) | 9901 | €264,674 | €389,322 | +€124,649 | +47.1% |
| Financial income | 75/76B | €2,132 | €383 | -€1,749 | -82.0% |
| Recurring financial income | 75 | €2,132 | €383 | -€1,749 | -82.0% |
| Financial charges | 65/66B | €3,942 | €17,455 | +€13,513 | +342.8% |
| Recurring financial charges | 65 | €3,942 | €17,455 | +€13,513 | +342.8% |
| Profit (loss) for the period before taxes | 9903 | €262,863 | €372,250 | +€109,387 | +41.6% |
| Income taxes | 67/77 | €82,760 | €120,204 | +€37,444 | +45.2% |
| Profit (loss) for the period | 9904 | €180,103 | €252,046 | +€71,943 | +39.9% |
| Profit (loss) for the period to be appropriated | 9905 | €180,103 | €252,046 | +€71,943 | +39.9% |
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 7 October 2026 via checked.be.