Pierre 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.
Pierre Renson
Largest movements
- Cash +€35,836
up €35,836 (+168%), from €21,342 to €57,178
mainly Receivables within one year (+€24,328) and Net result for the year (+€22,898)
- Receivables within one year -€24,328
down €24,328 (-32.4%), from €75,174 to €50,846
of which Trade receivables: -€31,836
- Stocks and contracts +€18,326
new in 2025: €18,326
- Tangible fixed assets +€6,359
up €6,359 (+62.1%), from €10,241 to €16,601
- Deferred charges and accrued income +€4,279
up €4,279 (+78.3%), from €5,461 to €9,740
- Profit (loss) carried forward +€22,898
up €22,898 (+42.0%), from €54,467 to €77,366
- Trade debts +€13,514
up €13,514 (+73.5%), from €18,381 to €31,895
- Tax, wage and social debts +€10,831
up €10,831 (+58.7%), from €18,456 to €29,287
of which Remuneration and social security: +€6,159
- Other debts -€6,772
down €6,772 (-37.8%), from €17,915 to €11,142
- Staff costs +€17,952
up €17,952 (+63.5%), from €28,250 to €46,202
- Gross operating margin -€15,381
down €15,381 (-15.8%), from €97,529 to €82,148
- Taxes -€5,031
down €5,031 (-44.4%), from €11,335 to €6,304
- Depreciation +€2,685
up €2,685 (+92.4%), from €2,906 to €5,590
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 | €112,219 | €152,690 | +€40,471 | +36.1% |
| Fixed assets | 21/28 | €10,241 | €16,601 | +€6,359 | +62.1% |
| Tangible fixed assets | 22/27 | €10,241 | €16,601 | +€6,359 | +62.1% |
| Furniture and vehicles | 24 | €10,241 | €16,601 | +€6,359 | +62.1% |
| Current assets | 29/58 | €101,978 | €136,090 | +€34,112 | +33.5% |
| Stocks and contracts in progress | 3 | - | €18,326 | +€18,326 | |
| Contracts in progress | 37 | - | €18,326 | +€18,326 | |
| Amounts receivable within one year | 40/41 | €75,174 | €50,846 | -€24,328 | -32.4% |
| Trade receivables | 40 | €75,174 | €43,338 | -€31,836 | -42.4% |
| Other amounts receivable | 41 | - | €7,508 | +€7,508 | |
| Cash at bank and in hand | 54/58 | €21,342 | €57,178 | +€35,836 | +168% |
| Deferred charges and accrued income | 490/1 | €5,461 | €9,740 | +€4,279 | +78.3% |
| Total equity and liabilities | 10/49 | €112,219 | €152,690 | +€40,471 | +36.1% |
| Equity | 10/15 | €57,467 | €80,366 | +€22,898 | +39.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Contributions outside capital | 11 | - | €3,000 | +€3,000 | |
| Other | 1109/19 | - | €3,000 | +€3,000 | |
| Profit (loss) carried forward | 14 | €54,467 | €77,366 | +€22,898 | +42.0% |
| Amounts payable | 17/49 | €54,752 | €72,325 | +€17,573 | +32.1% |
| Amounts payable within one year | 42/48 | €54,752 | €72,325 | +€17,573 | +32.1% |
| Trade debts | 44 | €18,381 | €31,895 | +€13,514 | +73.5% |
| Suppliers | 440/4 | €18,381 | €31,895 | +€13,514 | +73.5% |
| Advances received on contracts in progress | 46 | - | €0 | = | |
| Taxes, remuneration and social security | 45 | €18,456 | €29,287 | +€10,831 | +58.7% |
| Taxes | 450/3 | €13,499 | €18,171 | +€4,672 | +34.6% |
| Remuneration and social security | 454/9 | €4,957 | €11,116 | +€6,159 | +124% |
| Other amounts payable | 47/48 | €17,915 | €11,142 | -€6,772 | -37.8% |
| Remuneration, social security and pensions | 62 | €28,250 | €46,202 | +€17,952 | +63.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,906 | €5,590 | +€2,685 | +92.4% |
| Other operating charges | 640/8 | €515 | €988 | +€473 | +91.9% |
| Gross operating margin | 9900 | €97,529 | €82,148 | -€15,381 | -15.8% |
| Operating profit (loss) | 9901 | €65,859 | €29,368 | -€36,491 | -55.4% |
| Financial income | 75/76B | €10 | €6 | -€4 | -41.3% |
| Recurring financial income | 75 | €10 | €6 | -€4 | -41.3% |
| Financial charges | 65/66B | €66 | €171 | +€105 | +158% |
| Recurring financial charges | 65 | €66 | €171 | +€105 | +158% |
| Profit (loss) for the period before taxes | 9903 | €65,802 | €29,203 | -€36,600 | -55.6% |
| Income taxes | 67/77 | €11,335 | €6,304 | -€5,031 | -44.4% |
| Profit (loss) for the period | 9904 | €54,467 | €22,898 | -€31,569 | -58.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,467 | €22,898 | -€31,569 | -58.0% |
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 15 October 2026 via checked.be.