Els 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.
Els Renders
Largest movements
- Cash +€14,479
up €14,479 (+4.8%), from €301,021 to €315,500
mainly Net result for the year (+€42,103) and Receivables within one year (+€2,017)
- Reserves +€42,103
up €42,103 (+17.9%), from €234,848 to €276,951
- Tax, wage and social debts -€28,583
down €28,583 (-56.9%), from €50,222 to €21,639
- Accrued charges and deferred income -€3,602
no longer reported in 2025 (was €3,602)
- Gross operating margin -€104,320
down €104,320 (-65.5%), from €159,265 to €54,945
- Taxes -€25,522
down €25,522 (-70.2%), from €36,331 to €10,809
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 | €304,215 | €317,514 | +€13,299 | +4.4% |
| Fixed assets | 21/28 | €975 | €627 | -€348 | -35.7% |
| Tangible fixed assets | 22/27 | €975 | €627 | -€348 | -35.7% |
| Furniture and vehicles | 24 | €975 | €627 | -€348 | -35.7% |
| Current assets | 29/58 | €303,240 | €316,887 | +€13,647 | +4.5% |
| Amounts receivable within one year | 40/41 | €2,219 | €202 | -€2,017 | -90.9% |
| Trade receivables | 40 | €2,219 | €202 | -€2,017 | -90.9% |
| Cash at bank and in hand | 54/58 | €301,021 | €315,500 | +€14,479 | +4.8% |
| Deferred charges and accrued income | 490/1 | - | €1,185 | +€1,185 | |
| Total equity and liabilities | 10/49 | €304,215 | €317,514 | +€13,299 | +4.4% |
| Equity | 10/15 | €249,848 | €291,951 | +€42,103 | +16.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €234,848 | €276,951 | +€42,103 | +17.9% |
| Distributable reserves | 133 | €234,848 | €276,951 | +€42,103 | +17.9% |
| Amounts payable | 17/49 | €54,367 | €25,563 | -€28,804 | -53.0% |
| Amounts payable within one year | 42/48 | €50,764 | €25,563 | -€25,201 | -49.6% |
| Trade debts | 44 | - | €1,901 | +€1,901 | |
| Suppliers | 440/4 | - | €1,901 | +€1,901 | |
| Taxes, remuneration and social security | 45 | €50,222 | €21,639 | -€28,583 | -56.9% |
| Taxes | 450/3 | €50,222 | €21,639 | -€28,583 | -56.9% |
| Other amounts payable | 47/48 | €542 | €2,023 | +€1,481 | +273.3% |
| Accrued charges and deferred income | 492/3 | €3,602 | - | -€3,602 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68 | €348 | +€279 | +408.3% |
| Other operating charges | 640/8 | €699 | €657 | -€41 | -5.9% |
| Gross operating margin | 9900 | €159,265 | €54,945 | -€104,320 | -65.5% |
| Operating profit (loss) | 9901 | €158,498 | €53,940 | -€104,558 | -66.0% |
| Financial income | 75/76B | - | €764 | +€764 | |
| Recurring financial income | 75 | - | €764 | +€764 | |
| Financial charges | 65/66B | €460 | €1,792 | +€1,332 | +289.7% |
| Recurring financial charges | 65 | €460 | €1,792 | +€1,332 | +289.7% |
| Profit (loss) for the period before taxes | 9903 | €158,038 | €52,912 | -€105,126 | -66.5% |
| Income taxes | 67/77 | €36,331 | €10,809 | -€25,522 | -70.2% |
| Profit (loss) for the period | 9904 | €121,707 | €42,103 | -€79,604 | -65.4% |
| Profit (loss) for the period to be appropriated | 9905 | €121,707 | €42,103 | -€79,604 | -65.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.