GMD RENO: 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.
GMD RENO
Largest movements
- Stocks and contracts -€720,620
no longer reported in 2025 (was €720,620)
- Tangible fixed assets +€703,325
new in 2025: €703,325
- Debts after one year -€18,304
down €18,304 (-5.4%), from €339,112 to €320,809
of which Financial debts: -€18,304
- Profit (loss) carried forward -€8,067
down €8,067 (-13.9%), from -€57,983 to -€66,050
- Depreciation +€17,295
new in 2025: €17,295
- Gross operating margin +€4,707
up €4,707 (+32.7%), from €14,416 to €19,123
- Financial charges -€337
down €337 (-4.5%), from €7,467 to €7,130
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 | €728,334 | €709,332 | -€19,002 | -2.6% |
| Fixed assets | 21/28 | - | €706,825 | +€706,825 | |
| Tangible fixed assets | 22/27 | - | €703,325 | +€703,325 | |
| Land and buildings | 22 | - | €703,325 | +€703,325 | |
| Financial fixed assets | 28 | - | €3,500 | +€3,500 | |
| Current assets | 29/58 | €728,334 | €2,507 | -€725,827 | -99.7% |
| Stocks and contracts in progress | 3 | €720,620 | - | -€720,620 | |
| Stocks | 30/36 | €720,620 | - | -€720,620 | |
| Cash at bank and in hand | 54/58 | €7,714 | €2,507 | -€5,207 | -67.5% |
| Total equity and liabilities | 10/49 | €728,334 | €709,332 | -€19,002 | -2.6% |
| Equity | 10/15 | €107,017 | €98,950 | -€8,067 | -7.5% |
| Contributions | 10/11 | €165,000 | €165,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€57,983 | -€66,050 | -€8,067 | -13.9% |
| Amounts payable | 17/49 | €621,317 | €610,382 | -€10,935 | -1.8% |
| Amounts payable after more than one year | 17 | €339,112 | €320,809 | -€18,304 | -5.4% |
| Financial debts | 170/4 | €333,112 | €314,809 | -€18,304 | -5.5% |
| Other amounts payable | 178/9 | €6,000 | €6,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €256,363 | €263,731 | +€7,369 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €17,943 | €18,333 | +€390 | +2.2% |
| Trade debts | 44 | €687 | €3,710 | +€3,023 | +440% |
| Suppliers | 440/4 | €687 | €3,710 | +€3,023 | +440% |
| Taxes, remuneration and social security | 45 | €225 | €281 | +€55 | +24.5% |
| Taxes | 450/3 | €225 | €281 | +€55 | +24.5% |
| Other amounts payable | 47/48 | €237,507 | €241,407 | +€3,900 | +1.6% |
| Accrued charges and deferred income | 492/3 | €25,842 | €25,842 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €17,295 | +€17,295 | |
| Other operating charges | 640/8 | €2,765 | €2,765 | = | 0.0% |
| Gross operating margin | 9900 | €14,416 | €19,123 | +€4,707 | +32.7% |
| Operating profit (loss) | 9901 | €11,651 | -€937 | -€12,588 | |
| Financial charges | 65/66B | €7,467 | €7,130 | -€337 | -4.5% |
| Recurring financial charges | 65 | €7,467 | €7,130 | -€337 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €4,184 | -€8,067 | -€12,251 | |
| Profit (loss) for the period | 9904 | €4,184 | -€8,067 | -€12,251 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,184 | -€8,067 | -€12,251 |
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 18 October 2026 via checked.be.