Etienne Renard: 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.
Etienne Renard
Largest movements
- Tangible fixed assets -€35,477
down €35,477 (-4.0%), from €897,396 to €861,919
of which Plant, machinery and equipment: -€21,854
- Receivables within one year -€11,169
down €11,169 (-35.9%), from €31,151 to €19,982
of which Trade receivables: -€11,901
- Other debts -€137,118
down €137,118 (-57.9%), from €236,903 to €99,785
- Debts after one year +€114,380
up €114,380 (+15.2%), from €750,146 to €864,526
of which Other amounts payable: +€150,000
- Trade debts -€15,385
down €15,385 (-87.8%), from €17,515 to €2,130
- Accrued charges and deferred income -€11,645
down €11,645 (-48.3%), from €24,128 to €12,483
- Gross operating margin +€5,398
up €5,398 (+7.8%), from €69,079 to €74,478
- Depreciation +€1,698
up €1,698 (+4.0%), from €42,860 to €44,557
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 | €948,274 | €899,067 | -€49,207 | -5.2% |
| Fixed assets | 21/28 | €897,396 | €861,919 | -€35,477 | -4.0% |
| Tangible fixed assets | 22/27 | €897,396 | €861,919 | -€35,477 | -4.0% |
| Land and buildings | 22 | €762,627 | €749,366 | -€13,261 | -1.7% |
| Plant, machinery and equipment | 23 | €134,294 | €112,440 | -€21,854 | -16.3% |
| Furniture and vehicles | 24 | €475 | €113 | -€362 | -76.2% |
| Current assets | 29/58 | €50,878 | €37,148 | -€13,729 | -27.0% |
| Amounts receivable within one year | 40/41 | €31,151 | €19,982 | -€11,169 | -35.9% |
| Trade receivables | 40 | €31,151 | €19,250 | -€11,901 | -38.2% |
| Other amounts receivable | 41 | - | €731 | +€731 | |
| Cash at bank and in hand | 54/58 | €18,754 | €15,964 | -€2,790 | -14.9% |
| Deferred charges and accrued income | 490/1 | €973 | €1,203 | +€230 | +23.6% |
| Total equity and liabilities | 10/49 | €948,274 | €899,067 | -€49,207 | -5.2% |
| Equity | 10/15 | -€123,109 | -€118,406 | +€4,703 | +3.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€128,109 | -€123,406 | +€4,703 | +3.7% |
| Amounts payable | 17/49 | €1,071,382 | €1,017,473 | -€53,909 | -5.0% |
| Amounts payable after more than one year | 17 | €750,146 | €864,526 | +€114,380 | +15.2% |
| Financial debts | 170/4 | €750,146 | €714,526 | -€35,620 | -4.7% |
| Other amounts payable | 178/9 | - | €150,000 | +€150,000 | |
| Amounts payable within one year | 42/48 | €297,109 | €140,464 | -€156,644 | -52.7% |
| Current portion of amounts payable after more than one year | 42 | €37,638 | €38,550 | +€912 | +2.4% |
| Trade debts | 44 | €17,515 | €2,130 | -€15,385 | -87.8% |
| Suppliers | 440/4 | €17,515 | €2,130 | -€15,385 | -87.8% |
| Advances received on contracts in progress | 46 | €5,000 | - | -€5,000 | |
| Taxes, remuneration and social security | 45 | €53 | - | -€53 | |
| Taxes | 450/3 | €53 | - | -€53 | |
| Other amounts payable | 47/48 | €236,903 | €99,785 | -€137,118 | -57.9% |
| Accrued charges and deferred income | 492/3 | €24,128 | €12,483 | -€11,645 | -48.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,860 | €44,557 | +€1,698 | +4.0% |
| Other operating charges | 640/8 | €5,385 | €5,552 | +€167 | +3.1% |
| Gross operating margin | 9900 | €69,079 | €74,478 | +€5,398 | +7.8% |
| Operating profit (loss) | 9901 | €20,835 | €24,368 | +€3,534 | +17.0% |
| Financial income | 75/76B | €50 | €0 | -€50 | -100.0% |
| Recurring financial income | 75 | €50 | €0 | -€50 | -100.0% |
| Financial charges | 65/66B | €20,363 | €19,665 | -€698 | -3.4% |
| Recurring financial charges | 65 | €20,363 | €19,665 | -€698 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €521 | €4,703 | +€4,182 | +802% |
| Profit (loss) for the period | 9904 | €521 | €4,703 | +€4,182 | +802% |
| Profit (loss) for the period to be appropriated | 9905 | €521 | €4,703 | +€4,182 | +802% |
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 20 October 2026 via checked.be.