Frederik Renders: what changed
Frederik Renders
Largest movements
- Cash +€36,236
up €36,236 (+99.4%), from €36,444 to €72,680
mainly Net result for the year (+€30,507) and Receivables within one year (+€14,431)
- Receivables within one year -€14,431
down €14,431 (-57.8%), from €24,958 to €10,526
- Tangible fixed assets -€1,922
down €1,922 (-22.9%), from €8,400 to €6,478
of which Plant, machinery and equipment: -€1,200
- Intangible fixed assets -€1,000
down €1,000 (-25.0%), from €4,000 to €3,000
- Reserves +€24,957
up €24,957 (+80.5%), from €30,987 to €55,944
- Tax, wage and social debts -€8,441
down €8,441 (-32.9%), from €25,683 to €17,242
of which Taxes: -€4,643
- Other debts +€4,633
up €4,633 (+51.6%), from €8,975 to €13,608
- Debts after one year -€1,793
down €1,793 (-100%), from €1,793 to €0
- Gross operating margin -€5,433
down €5,433 (-10.6%), from €51,349 to €45,915
- Taxes -€2,487
down €2,487 (-18.5%), from €13,472 to €10,984
- Depreciation -€1,789
down €1,789 (-38.0%), from €4,712 to €2,922
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €75,220 | €94,060 | +€18,840 | +25.0% |
| Fixed assets | 21/28 | €12,400 | €9,478 | -€2,922 | -23.6% |
| Intangible fixed assets | 21 | €4,000 | €3,000 | -€1,000 | -25.0% |
| Tangible fixed assets | 22/27 | €8,400 | €6,478 | -€1,922 | -22.9% |
| Plant, machinery and equipment | 23 | €4,800 | €3,600 | -€1,200 | -25.0% |
| Furniture and vehicles | 24 | €3,600 | €2,878 | -€722 | -20.1% |
| Current assets | 29/58 | €62,820 | €84,583 | +€21,763 | +34.6% |
| Amounts receivable within one year | 40/41 | €24,958 | €10,526 | -€14,431 | -57.8% |
| Trade receivables | 40 | €24,958 | €10,526 | -€14,431 | -57.8% |
| Cash at bank and in hand | 54/58 | €36,444 | €72,680 | +€36,236 | +99.4% |
| Deferred charges and accrued income | 490/1 | €1,418 | €1,377 | -€42 | -2.9% |
| Total equity and liabilities | 10/49 | €75,220 | €94,060 | +€18,840 | +25.0% |
| Equity | 10/15 | €32,987 | €57,944 | +€24,957 | +75.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €30,987 | €55,944 | +€24,957 | +80.5% |
| Distributable reserves | 133 | €30,987 | €55,944 | +€24,957 | +80.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €42,233 | €36,116 | -€6,117 | -14.5% |
| Amounts payable after more than one year | 17 | €1,793 | €0 | -€1,793 | -100% |
| Financial debts | 170/4 | €1,793 | €0 | -€1,793 | -100% |
| Amounts payable within one year | 42/48 | €40,055 | €35,736 | -€4,319 | -10.8% |
| Current portion of amounts payable after more than one year | 42 | €1,725 | €1,793 | +€68 | +4.0% |
| Trade debts | 44 | €3,673 | €3,092 | -€580 | -15.8% |
| Suppliers | 440/4 | €3,673 | €3,092 | -€580 | -15.8% |
| Taxes, remuneration and social security | 45 | €25,683 | €17,242 | -€8,441 | -32.9% |
| Taxes | 450/3 | €21,885 | €17,242 | -€4,643 | -21.2% |
| Remuneration and social security | 454/9 | €3,798 | €0 | -€3,798 | -100% |
| Other amounts payable | 47/48 | €8,975 | €13,608 | +€4,633 | +51.6% |
| Accrued charges and deferred income | 492/3 | €384 | €380 | -€4 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,712 | €2,922 | -€1,789 | -38.0% |
| Other operating charges | 640/8 | €1,184 | €1,199 | +€15 | +1.2% |
| Gross operating margin | 9900 | €51,349 | €45,915 | -€5,433 | -10.6% |
| Operating profit (loss) | 9901 | €45,453 | €41,794 | -€3,659 | -8.0% |
| Financial income | 75/76B | €0 | €8 | +€8 | +75,300% |
| Recurring financial income | 75 | €0 | €8 | +€8 | +75,300% |
| Financial charges | 65/66B | €194 | €311 | +€117 | +60.2% |
| Recurring financial charges | 65 | €194 | €311 | +€117 | +60.2% |
| Profit (loss) for the period before taxes | 9903 | €45,259 | €41,491 | -€3,768 | -8.3% |
| Income taxes | 67/77 | €13,472 | €10,984 | -€2,487 | -18.5% |
| Profit (loss) for the period | 9904 | €31,787 | €30,507 | -€1,280 | -4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €31,787 | €30,507 | -€1,280 | -4.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.