NICOLAS RENE: 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.
NICOLAS RENE
Largest movements
- Stocks and contracts +€13,298
up €13,298 (+33.1%), from €40,198 to €53,496
of which Contracts in progress: +€12,407
- Tangible fixed assets -€5,760
down €5,760 (-21.0%), from €27,405 to €21,645
of which Plant, machinery and equipment: -€6,220
- Cash -€3,978
down €3,978 (-6.7%), from €58,952 to €54,974
mainly Stocks and contracts (-€13,298) and Debts after one year (-€5,566)
- Other debts +€12,255
up €12,255 (+23.8%), from €51,393 to €63,648
- Debts after one year -€5,566
down €5,566 (-33.3%), from €16,698 to €11,132
- Reserves -€4,000
down €4,000 (-44.4%), from €9,000 to €5,000
- Gross operating margin +€10,773
up €10,773, from -€6,799 to €3,974
- Other operating charges -€714
down €714 (-47.4%), from €1,507 to €793
- Financial charges -€201
down €201 (-23.6%), from €853 to €652
- Depreciation +€159
up €159 (+2.6%), from €6,220 to €6,379
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 | €129,723 | €133,105 | +€3,382 | +2.6% |
| Fixed assets | 21/28 | €27,405 | €21,645 | -€5,760 | -21.0% |
| Tangible fixed assets | 22/27 | €27,405 | €21,645 | -€5,760 | -21.0% |
| Plant, machinery and equipment | 23 | €27,405 | €21,185 | -€6,220 | -22.7% |
| Furniture and vehicles | 24 | - | €460 | +€460 | |
| Current assets | 29/58 | €102,318 | €111,460 | +€9,142 | +8.9% |
| Stocks and contracts in progress | 3 | €40,198 | €53,496 | +€13,298 | +33.1% |
| Stocks | 30/36 | €10,752 | €11,643 | +€891 | +8.3% |
| Contracts in progress | 37 | €29,446 | €41,853 | +€12,407 | +42.1% |
| Amounts receivable within one year | 40/41 | €17 | - | -€17 | |
| Other amounts receivable | 41 | €17 | - | -€17 | |
| Cash at bank and in hand | 54/58 | €58,952 | €54,974 | -€3,978 | -6.7% |
| Deferred charges and accrued income | 490/1 | €3,151 | €2,990 | -€161 | -5.1% |
| Total equity and liabilities | 10/49 | €129,723 | €133,105 | +€3,382 | +2.6% |
| Equity | 10/15 | €56,294 | €52,445 | -€3,850 | -6.8% |
| Contributions | 10/11 | €47,100 | €47,100 | = | 0.0% |
| Reserves | 13 | €9,000 | €5,000 | -€4,000 | -44.4% |
| Distributable reserves | 133 | €9,000 | €5,000 | -€4,000 | -44.4% |
| Profit (loss) carried forward | 14 | €194 | €345 | +€150 | +77.2% |
| Amounts payable | 17/49 | €73,429 | €80,661 | +€7,232 | +9.8% |
| Amounts payable after more than one year | 17 | €16,698 | €11,132 | -€5,566 | -33.3% |
| Other amounts payable | 178/9 | €16,698 | €11,132 | -€5,566 | -33.3% |
| Amounts payable within one year | 42/48 | €55,158 | €67,346 | +€12,189 | +22.1% |
| Trade debts | 44 | €3,230 | €3,635 | +€405 | +12.5% |
| Suppliers | 440/4 | €3,230 | €3,635 | +€405 | +12.5% |
| Taxes, remuneration and social security | 45 | €535 | €64 | -€471 | -88.0% |
| Taxes | 450/3 | €535 | €64 | -€471 | -88.0% |
| Other amounts payable | 47/48 | €51,393 | €63,648 | +€12,255 | +23.8% |
| Accrued charges and deferred income | 492/3 | €1,573 | €2,182 | +€610 | +38.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,220 | €6,379 | +€159 | +2.6% |
| Other operating charges | 640/8 | €1,507 | €793 | -€714 | -47.4% |
| Gross operating margin | 9900 | -€6,799 | €3,974 | +€10,773 | |
| Operating profit (loss) | 9901 | -€14,526 | -€3,198 | +€11,328 | +78.0% |
| Financial charges | 65/66B | €853 | €652 | -€201 | -23.6% |
| Recurring financial charges | 65 | €853 | €652 | -€201 | -23.6% |
| Profit (loss) for the period before taxes | 9903 | -€15,379 | -€3,850 | +€11,529 | +75.0% |
| Profit (loss) for the period | 9904 | -€15,379 | -€3,850 | +€11,529 | +75.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,379 | -€3,850 | +€11,529 | +75.0% |
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 26 October 2026 via checked.be.