Patrick RENAUD: what changed
Two fiscal 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.
Patrick RENAUD
Largest movements
- Tangible fixed assets +€292,291
up €292,291 (+43.9%), from €665,506 to €957,797
of which Furniture and vehicles: +€321,630
- Receivables within one year -€117,784
down €117,784 (-20.9%), from €564,390 to €446,605
of which Trade receivables: -€129,787
- Stocks and contracts +€61,319
up €61,319 (+18.4%), from €333,432 to €394,750
- Deferred charges and accrued income +€36,264
up €36,264 (+3859.9%), from €940 to €37,204
- Cash +€34,605
up €34,605 (+154.3%), from €22,429 to €57,034
mainly Depreciation (+€119,722) and Receivables within one year (+€117,784)
- Debts after one year +€110,071
up €110,071 (+62.8%), from €175,368 to €285,439
- Short-term financial debts +€96,190
up €96,190 (+42.4%), from €226,942 to €323,132
- Current portion of long-term debt +€72,205
up €72,205 (+94.6%), from €76,334 to €148,539
- Trade debts +€64,614
up €64,614 (+21.1%), from €305,543 to €370,157
- Reserves -€33,667
down €33,667 (-10.9%), from €308,007 to €274,340
of which Distributable reserves: -€32,779
- Staff costs +€61,838
up €61,838 (+8.1%), from €765,750 to €827,588
- Taxes -€42,441
down €42,441 (-99.9%), from €42,475 to €35
- Depreciation +€29,268
up €29,268 (+32.4%), from €90,454 to €119,722
- Gross operating margin +€20,674
up €20,674 (+2.1%), from €984,526 to €1.0m
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.
Cash bridge derived
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 | €1,591,771 | €1,898,405 | +€306,634 | +19.3% |
| Fixed assets | 21/28 | €670,581 | €962,812 | +€292,231 | +43.6% |
| Tangible fixed assets | 22/27 | €665,506 | €957,797 | +€292,291 | +43.9% |
| Land and buildings | 22 | €337,030 | €365,622 | +€28,593 | +8.5% |
| Plant, machinery and equipment | 23 | €95,553 | €88,520 | -€7,033 | -7.4% |
| Furniture and vehicles | 24 | €50,267 | €371,897 | +€321,630 | +639.8% |
| Leasing and similar rights | 25 | €182,656 | €131,757 | -€50,898 | -27.9% |
| Financial fixed assets | 28 | €5,075 | €5,015 | -€60 | -1.2% |
| Current assets | 29/58 | €921,190 | €935,593 | +€14,403 | +1.6% |
| Stocks and contracts in progress | 3 | €333,432 | €394,750 | +€61,319 | +18.4% |
| Stocks | 30/36 | €333,432 | €394,750 | +€61,319 | +18.4% |
| Amounts receivable within one year | 40/41 | €564,390 | €446,605 | -€117,784 | -20.9% |
| Trade receivables | 40 | €556,890 | €427,103 | -€129,787 | -23.3% |
| Other amounts receivable | 41 | €7,500 | €19,502 | +€12,002 | +160.0% |
| Cash at bank and in hand | 54/58 | €22,429 | €57,034 | +€34,605 | +154.3% |
| Deferred charges and accrued income | 490/1 | €940 | €37,204 | +€36,264 | +3859.9% |
| Total equity and liabilities | 10/49 | €1,591,771 | €1,898,405 | +€306,634 | +19.3% |
| Equity | 10/15 | €339,257 | €305,590 | -€33,667 | -9.9% |
| Contributions | 10/11 | €31,250 | €31,250 | = | 0.0% |
| Reserves | 13 | €308,007 | €274,340 | -€33,667 | -10.9% |
| Tax-exempt reserves | 132 | €5,330 | €4,442 | -€888 | -16.7% |
| Distributable reserves | 133 | €302,677 | €269,898 | -€32,779 | -10.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €2,745 | €2,287 | -€457 | -16.7% |
| Deferred taxes | 168 | €2,745 | €2,287 | -€457 | -16.7% |
| Amounts payable | 17/49 | €1,249,769 | €1,590,528 | +€340,759 | +27.3% |
| Amounts payable after more than one year | 17 | €175,368 | €285,439 | +€110,071 | +62.8% |
| Financial debts | 170/4 | €175,368 | €285,439 | +€110,071 | +62.8% |
| Amounts payable within one year | 42/48 | €1,074,401 | €1,305,089 | +€230,688 | +21.5% |
| Current portion of amounts payable after more than one year | 42 | €76,334 | €148,539 | +€72,205 | +94.6% |
| Financial debts | 43 | €226,942 | €323,132 | +€96,190 | +42.4% |
| Credit institutions | 430/8 | €226,942 | €323,132 | +€96,190 | +42.4% |
| Trade debts | 44 | €305,543 | €370,157 | +€64,614 | +21.1% |
| Suppliers | 440/4 | €305,543 | €370,157 | +€64,614 | +21.1% |
| Advances received on contracts in progress | 46 | €6,226 | €7,072 | +€846 | +13.6% |
| Taxes, remuneration and social security | 45 | €208,866 | €197,698 | -€11,168 | -5.3% |
| Taxes | 450/3 | €103,736 | €80,328 | -€23,408 | -22.6% |
| Remuneration and social security | 454/9 | €105,130 | €117,370 | +€12,240 | +11.6% |
| Other amounts payable | 47/48 | €250,491 | €258,491 | +€8,000 | +3.2% |
| Remuneration, social security and pensions | 62 | €765,750 | €827,588 | +€61,838 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,454 | €119,722 | +€29,268 | +32.4% |
| Other operating charges | 640/8 | €20,971 | €22,977 | +€2,007 | +9.6% |
| Non-recurring operating charges | 66A | €3,119 | €25,664 | +€22,545 | +722.8% |
| Gross operating margin | 9900 | €984,526 | €1,005,200 | +€20,674 | +2.1% |
| Operating profit (loss) | 9901 | €104,232 | €9,249 | -€94,983 | -91.1% |
| Financial income | 75/76B | €1,501 | €93 | -€1,408 | -93.8% |
| Recurring financial income | 75 | €1,501 | €93 | -€1,408 | -93.8% |
| Financial charges | 65/66B | €44,859 | €43,431 | -€1,427 | -3.2% |
| Recurring financial charges | 65 | €44,859 | €43,431 | -€1,427 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €60,874 | -€34,090 | -€94,964 | |
| Transfer from deferred taxes | 780 | €457 | €457 | = | 0.0% |
| Income taxes | 67/77 | €42,475 | €35 | -€42,441 | -99.9% |
| Profit (loss) for the period | 9904 | €18,856 | -€33,667 | -€52,523 | |
| Transfer from tax-exempt reserves | 789 | €888 | €888 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €19,745 | -€32,779 | -€52,523 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.