GIULIANO & RENARD: what changed
GIULIANO & RENARD
Largest movements
- Cash -€141,856
down €141,856 (-73.2%), from €193,901 to €52,045
mainly Debts after one year (-€151,402) and Net result for the year (-€125,770)
- Intangible fixed assets -€126,082
down €126,082 (-25.3%), from €498,157 to €372,075
- Tangible fixed assets -€15,060
down €15,060 (-3.7%), from €405,922 to €390,863
of which Land and buildings: -€15,289
- Debts after one year -€151,402
down €151,402 (-22.0%), from €689,623 to €538,221
- Profit (loss) carried forward -€125,770
down €125,770 (-70.5%), from €178,398 to €52,628
- Current portion of long-term debt -€15,913
down €15,913 (-9.5%), from €166,628 to €150,715
- Gross operating margin -€232,601
down €232,601 (-46.8%), from €496,858 to €264,257
- Taxes -€40,514
no longer reported in 2025 (was €40,514)
- Staff costs +€36,245
up €36,245 (+19.4%), from €186,874 to €223,119
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 | €1,098,116 | €815,119 | -€282,997 | -25.8% |
| Fixed assets | 21/28 | €904,216 | €763,074 | -€141,141 | -15.6% |
| Intangible fixed assets | 21 | €498,157 | €372,075 | -€126,082 | -25.3% |
| Tangible fixed assets | 22/27 | €405,922 | €390,863 | -€15,060 | -3.7% |
| Land and buildings | 22 | €403,873 | €388,584 | -€15,289 | -3.8% |
| Plant, machinery and equipment | 23 | €1,554 | €1,112 | -€441 | -28.4% |
| Furniture and vehicles | 24 | €496 | €1,166 | +€670 | +135% |
| Financial fixed assets | 28 | €136 | €136 | = | 0.0% |
| Current assets | 29/58 | €193,901 | €52,045 | -€141,856 | -73.2% |
| Cash at bank and in hand | 54/58 | €193,901 | €52,045 | -€141,856 | -73.2% |
| Total equity and liabilities | 10/49 | €1,098,116 | €815,119 | -€282,997 | -25.8% |
| Equity | 10/15 | €184,598 | €58,828 | -€125,770 | -68.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €178,398 | €52,628 | -€125,770 | -70.5% |
| Amounts payable | 17/49 | €913,518 | €756,291 | -€157,227 | -17.2% |
| Amounts payable after more than one year | 17 | €689,623 | €538,221 | -€151,402 | -22.0% |
| Financial debts | 170/4 | €689,623 | €538,221 | -€151,402 | -22.0% |
| Amounts payable within one year | 42/48 | €223,895 | €218,070 | -€5,825 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €166,628 | €150,715 | -€15,913 | -9.5% |
| Trade debts | 44 | €13,822 | €24,195 | +€10,373 | +75.1% |
| Suppliers | 440/4 | €13,822 | €24,195 | +€10,373 | +75.1% |
| Taxes, remuneration and social security | 45 | €41,427 | €41,250 | -€177 | -0.4% |
| Taxes | 450/3 | €19,865 | €18,028 | -€1,838 | -9.3% |
| Remuneration and social security | 454/9 | €21,562 | €23,222 | +€1,660 | +7.7% |
| Other amounts payable | 47/48 | €2,018 | €1,910 | -€108 | -5.4% |
| Remuneration, social security and pensions | 62 | €186,874 | €223,119 | +€36,245 | +19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,932 | €142,140 | +€208 | +0.1% |
| Other operating charges | 640/8 | €7,644 | €7,800 | +€156 | +2.0% |
| Gross operating margin | 9900 | €496,858 | €264,257 | -€232,601 | -46.8% |
| Operating profit (loss) | 9901 | €160,407 | -€108,802 | -€269,209 | |
| Financial income | 75/76B | €2,711 | €202 | -€2,509 | -92.6% |
| Recurring financial income | 75 | €2,711 | €202 | -€2,509 | -92.6% |
| Financial charges | 65/66B | €19,200 | €17,169 | -€2,031 | -10.6% |
| Recurring financial charges | 65 | €19,200 | €17,169 | -€2,031 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €143,918 | -€125,770 | -€269,688 | |
| Income taxes | 67/77 | €40,514 | - | -€40,514 | |
| Profit (loss) for the period | 9904 | €103,404 | -€125,770 | -€229,173 | |
| Profit (loss) for the period to be appropriated | 9905 | €103,404 | -€125,770 | -€229,173 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.