MD RENOVA: 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.
MD RENOVA
Largest movements
- Receivables within one year +€37,611
up €37,611 (+138%), from €27,271 to €64,882
of which Trade receivables: +€37,839
- Cash -€5,480
down €5,480 (-3.4%), from €161,034 to €155,554
mainly Receivables within one year (-€37,611) and Other debts (-€4,499)
- Profit (loss) carried forward +€21,560
up €21,560 (+18.2%), from €118,491 to €140,051
- Trade debts +€9,112
up €9,112 (+30.1%), from €30,288 to €39,400
- Tax, wage and social debts +€4,850
up €4,850 (+104%), from €4,682 to €9,532
- Other debts -€4,499
down €4,499 (-28.2%), from €15,936 to €11,437
- Gross operating margin +€20,909
up €20,909 (+74.8%), from €27,951 to €48,860
- Taxes +€14,481
up €14,481 (+220%), from €6,569 to €21,050
- Write-downs -€745
down €745 (-12.2%), from €6,097 to €5,352
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 | €190,201 | €220,880 | +€30,679 | +16.1% |
| Fixed assets | 21/28 | €1,146 | €407 | -€739 | -64.5% |
| Tangible fixed assets | 22/27 | €1,146 | €407 | -€739 | -64.5% |
| Furniture and vehicles | 24 | €1,146 | €407 | -€739 | -64.5% |
| Current assets | 29/58 | €189,055 | €220,473 | +€31,418 | +16.6% |
| Amounts receivable within one year | 40/41 | €27,271 | €64,882 | +€37,611 | +138% |
| Trade receivables | 40 | €19,494 | €57,333 | +€37,839 | +194% |
| Other amounts receivable | 41 | €7,777 | €7,549 | -€228 | -2.9% |
| Cash at bank and in hand | 54/58 | €161,034 | €155,554 | -€5,480 | -3.4% |
| Deferred charges and accrued income | 490/1 | €750 | €37 | -€713 | -95.1% |
| Total equity and liabilities | 10/49 | €190,201 | €220,880 | +€30,679 | +16.1% |
| Equity | 10/15 | €138,951 | €160,511 | +€21,560 | +15.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €118,491 | €140,051 | +€21,560 | +18.2% |
| Amounts payable | 17/49 | €51,250 | €60,369 | +€9,119 | +17.8% |
| Amounts payable within one year | 42/48 | €51,250 | €60,369 | +€9,119 | +17.8% |
| Current portion of amounts payable after more than one year | 42 | €344 | - | -€344 | |
| Trade debts | 44 | €30,288 | €39,400 | +€9,112 | +30.1% |
| Suppliers | 440/4 | €30,288 | €39,400 | +€9,112 | +30.1% |
| Taxes, remuneration and social security | 45 | €4,682 | €9,532 | +€4,850 | +104% |
| Taxes | 450/3 | €4,682 | €9,532 | +€4,850 | +104% |
| Other amounts payable | 47/48 | €15,936 | €11,437 | -€4,499 | -28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €903 | €738 | -€165 | -18.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,097 | €5,352 | -€745 | -12.2% |
| Gross operating margin | 9900 | €27,951 | €48,860 | +€20,909 | +74.8% |
| Operating profit (loss) | 9901 | €20,951 | €42,770 | +€21,819 | +104% |
| Financial charges | 65/66B | €291 | €160 | -€131 | -45.0% |
| Recurring financial charges | 65 | €291 | €160 | -€131 | -45.0% |
| Profit (loss) for the period before taxes | 9903 | €20,660 | €42,610 | +€21,950 | +106% |
| Income taxes | 67/77 | €6,569 | €21,050 | +€14,481 | +220% |
| Profit (loss) for the period | 9904 | €14,091 | €21,560 | +€7,469 | +53.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,091 | €21,560 | +€7,469 | +53.0% |
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 27 October 2026 via checked.be.