MBO RENOV: 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.
"MBO RENOV"
Largest movements
- Receivables within one year +€406,409
up €406,409 (+193%), from €210,393 to €616,802
of which Other amounts receivable: +€336,706
- Tangible fixed assets -€66,733
down €66,733 (-9.1%), from €730,174 to €663,442
- Stocks and contracts -€48,444
no longer reported in 2025 (was €48,444)
- Cash -€43,848
down €43,848 (-85.6%), from €51,228 to €7,380
mainly Receivables within one year (-€406,409) and Trade debts (-€89,806)
- Other debts +€147,594
up €147,594 (+195%), from €75,570 to €223,164
- Debts after one year +€90,254
up €90,254 (+38.4%), from €234,798 to €325,052
of which Financial debts: +€87,744
- Trade debts -€89,806
down €89,806 (-22.0%), from €408,822 to €319,016
- Tax, wage and social debts +€54,298
up €54,298 (+64.6%), from €84,015 to €138,313
of which Remuneration and social security: +€51,520
- Reserves +€26,965
up €26,965 (+11.4%), from €237,363 to €264,329
- Gross operating margin +€86,949
up €86,949 (+29.7%), from €293,004 to €379,953
- Staff costs +€39,074
up €39,074 (+24.4%), from €160,268 to €199,341
- Financial charges +€25,022
up €25,022 (+188%), from €13,289 to €38,311
- Depreciation +€11,267
up €11,267 (+16.5%), from €68,165 to €79,432
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 | €1,153,562 | €1,401,940 | +€248,378 | +21.5% |
| Fixed assets | 21/28 | €741,181 | €671,330 | -€69,851 | -9.4% |
| Intangible fixed assets | 21 | €10,644 | €6,944 | -€3,700 | -34.8% |
| Tangible fixed assets | 22/27 | €730,174 | €663,442 | -€66,733 | -9.1% |
| Land and buildings | 22 | €541,535 | €511,458 | -€30,077 | -5.6% |
| Plant, machinery and equipment | 23 | €92,553 | €79,220 | -€13,333 | -14.4% |
| Furniture and vehicles | 24 | €68,956 | €55,073 | -€13,883 | -20.1% |
| Leasing and similar rights | 25 | €27,130 | €17,690 | -€9,440 | -34.8% |
| Financial fixed assets | 28 | €363 | €944 | +€581 | +160% |
| Current assets | 29/58 | €412,381 | €730,610 | +€318,229 | +77.2% |
| Amounts receivable after more than one year | 29 | €95,108 | €106,428 | +€11,320 | +11.9% |
| Other amounts receivable | 291 | €95,108 | €106,428 | +€11,320 | +11.9% |
| Stocks and contracts in progress | 3 | €48,444 | - | -€48,444 | |
| Stocks | 30/36 | €48,444 | - | -€48,444 | |
| Amounts receivable within one year | 40/41 | €210,393 | €616,802 | +€406,409 | +193% |
| Trade receivables | 40 | €210,393 | €280,096 | +€69,703 | +33.1% |
| Other amounts receivable | 41 | - | €336,706 | +€336,706 | |
| Cash at bank and in hand | 54/58 | €51,228 | €7,380 | -€43,848 | -85.6% |
| Deferred charges and accrued income | 490/1 | €7,207 | - | -€7,207 | |
| Total equity and liabilities | 10/49 | €1,153,562 | €1,401,940 | +€248,378 | +21.5% |
| Equity | 10/15 | €240,863 | €267,829 | +€26,965 | +11.2% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €237,363 | €264,329 | +€26,965 | +11.4% |
| Distributable reserves | 133 | €237,363 | €264,329 | +€26,965 | +11.4% |
| Amounts payable | 17/49 | €912,699 | €1,134,112 | +€221,413 | +24.3% |
| Amounts payable after more than one year | 17 | €234,798 | €325,052 | +€90,254 | +38.4% |
| Financial debts | 170/4 | €234,798 | €322,542 | +€87,744 | +37.4% |
| Other amounts payable | 178/9 | - | €2,510 | +€2,510 | |
| Amounts payable within one year | 42/48 | €573,298 | €704,960 | +€131,662 | +23.0% |
| Current portion of amounts payable after more than one year | 42 | €4,892 | €24,467 | +€19,575 | +400% |
| Trade debts | 44 | €408,822 | €319,016 | -€89,806 | -22.0% |
| Suppliers | 440/4 | €408,822 | €319,016 | -€89,806 | -22.0% |
| Taxes, remuneration and social security | 45 | €84,015 | €138,313 | +€54,298 | +64.6% |
| Taxes | 450/3 | €84,015 | €86,793 | +€2,779 | +3.3% |
| Remuneration and social security | 454/9 | - | €51,520 | +€51,520 | |
| Other amounts payable | 47/48 | €75,570 | €223,164 | +€147,594 | +195% |
| Accrued charges and deferred income | 492/3 | €104,602 | €104,100 | -€502 | -0.5% |
| Non-recurring operating income | 76A | - | €29,486 | +€29,486 | |
| Remuneration, social security and pensions | 62 | €160,268 | €199,341 | +€39,074 | +24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,165 | €79,432 | +€11,267 | +16.5% |
| Other operating charges | 640/8 | €14,166 | €15,450 | +€1,285 | +9.1% |
| Non-recurring operating charges | 66A | - | €9,593 | +€9,593 | |
| Gross operating margin | 9900 | €293,004 | €379,953 | +€86,949 | +29.7% |
| Operating profit (loss) | 9901 | €50,405 | €76,135 | +€25,730 | +51.0% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €13,289 | €38,311 | +€25,022 | +188% |
| Recurring financial charges | 65 | €13,289 | €38,311 | +€25,022 | +188% |
| Profit (loss) for the period before taxes | 9903 | €37,119 | €37,824 | +€705 | +1.9% |
| Income taxes | 67/77 | €7,500 | €10,854 | +€3,354 | +44.7% |
| Profit (loss) for the period | 9904 | €29,619 | €26,970 | -€2,649 | -8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €29,619 | €26,970 | -€2,649 | -8.9% |
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 30 October 2026 via checked.be.