PAUL RENSON: 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.
PAUL RENSON
Largest movements
- Cash -€6,601
down €6,601 (-16.5%), from €40,057 to €33,457
mainly Net result for the year (-€6,056) and Other debts (-€1,668)
- Receivables within one year -€1,450
down €1,450 (-2.4%), from €60,560 to €59,110
of which Trade receivables: -€1,450
- Profit (loss) carried forward -€6,056
down €6,056 (-22.1%), from -€27,393 to -€33,449
- Other debts -€1,668
down €1,668 (-47.1%), from €3,541 to €1,873
- Financial income -€11,835
no longer reported in 2025 (was €11,835)
- Gross operating margin -€3,339
down €3,339, from €456 to -€2,883
- Other operating charges +€998
up €998 (+46.8%), from €2,131 to €3,129
- Depreciation -€883
no longer reported in 2025 (was €883)
- Financial charges -€49
down €49 (-52.7%), from €93 to €44
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 | €141,858 | €133,807 | -€8,051 | -5.7% |
| Fixed assets | 21/28 | €41,240 | €41,240 | = | 0.0% |
| Tangible fixed assets | 22/27 | €41,240 | €41,240 | = | 0.0% |
| Land and buildings | 22 | €41,240 | €41,240 | = | 0.0% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Current assets | 29/58 | €100,618 | €92,566 | -€8,051 | -8.0% |
| Amounts receivable within one year | 40/41 | €60,560 | €59,110 | -€1,450 | -2.4% |
| Trade receivables | 40 | €1,450 | - | -€1,450 | |
| Other amounts receivable | 41 | €59,110 | €59,110 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €40,057 | €33,457 | -€6,601 | -16.5% |
| Total equity and liabilities | 10/49 | €141,858 | €133,807 | -€8,051 | -5.7% |
| Equity | 10/15 | €134,246 | €128,190 | -€6,056 | -4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €143,039 | €143,039 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,789 | €4,789 | = | 0.0% |
| Distributable reserves | 133 | €136,389 | €136,389 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€27,393 | -€33,449 | -€6,056 | -22.1% |
| Provisions and deferred taxes | 16 | €3,000 | €3,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €3,000 | €3,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €3,000 | €3,000 | = | 0.0% |
| Amounts payable | 17/49 | €4,612 | €2,617 | -€1,995 | -43.3% |
| Amounts payable within one year | 42/48 | €4,054 | €2,617 | -€1,437 | -35.5% |
| Trade debts | 44 | €513 | €744 | +€230 | +44.9% |
| Suppliers | 440/4 | €513 | €744 | +€230 | +44.9% |
| Other amounts payable | 47/48 | €3,541 | €1,873 | -€1,668 | -47.1% |
| Accrued charges and deferred income | 492/3 | €558 | - | -€558 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €883 | - | -€883 | |
| Other operating charges | 640/8 | €2,131 | €3,129 | +€998 | +46.8% |
| Gross operating margin | 9900 | €456 | -€2,883 | -€3,339 | |
| Operating profit (loss) | 9901 | -€2,559 | -€6,012 | -€3,453 | -135% |
| Financial income | 75/76B | €11,835 | - | -€11,835 | |
| Recurring financial income | 75 | €11,835 | - | -€11,835 | |
| Financial charges | 65/66B | €93 | €44 | -€49 | -52.7% |
| Recurring financial charges | 65 | €93 | €44 | -€49 | -52.7% |
| Profit (loss) for the period before taxes | 9903 | €9,184 | -€6,056 | -€15,240 | |
| Profit (loss) for the period | 9904 | €9,184 | -€6,056 | -€15,240 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,184 | -€6,056 | -€15,240 |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.