PIERRE RENSONNET: 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 RENSONNET
Largest movements
- Tangible fixed assets -€19,725
down €19,725 (-8.1%), from €244,891 to €225,166
of which Furniture and vehicles: -€9,939
- Receivables within one year +€4,988
up €4,988 (+16.1%), from €30,969 to €35,957
of which Trade receivables: +€2,751
- Deferred charges and accrued income +€2,936
up €2,936 (+432%), from €680 to €3,616
- Other debts +€40,973
up €40,973 (+161%), from €25,500 to €66,473
- Profit (loss) carried forward -€24,379
down €24,379 (-100%), from €24,379 to €0
- Debts after one year -€20,364
down €20,364 (-11.3%), from €180,536 to €160,171
of which Financial debts: -€20,364
- Current portion of long-term debt -€5,677
down €5,677 (-21.8%), from €26,041 to €20,364
- Trade debts -€3,586
down €3,586 (-86.2%), from €4,158 to €572
- Gross operating margin +€13,288
up €13,288 (+13.9%), from €95,346 to €108,634
- Taxes +€2,152
up €2,152 (+13.1%), from €16,402 to €18,554
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 | €293,564 | €282,403 | -€11,161 | -3.8% |
| Fixed assets | 21/28 | €244,891 | €225,166 | -€19,725 | -8.1% |
| Tangible fixed assets | 22/27 | €244,891 | €225,166 | -€19,725 | -8.1% |
| Land and buildings | 22 | €232,148 | €222,361 | -€9,787 | -4.2% |
| Furniture and vehicles | 24 | €12,743 | €2,805 | -€9,939 | -78.0% |
| Current assets | 29/58 | €48,673 | €57,237 | +€8,564 | +17.6% |
| Amounts receivable within one year | 40/41 | €30,969 | €35,957 | +€4,988 | +16.1% |
| Trade receivables | 40 | €11,805 | €14,556 | +€2,751 | +23.3% |
| Other amounts receivable | 41 | €19,164 | €21,400 | +€2,236 | +11.7% |
| Cash at bank and in hand | 54/58 | €17,024 | €17,665 | +€641 | +3.8% |
| Deferred charges and accrued income | 490/1 | €680 | €3,616 | +€2,936 | +432% |
| Total equity and liabilities | 10/49 | €293,564 | €282,403 | -€11,161 | -3.8% |
| Equity | 10/15 | €44,839 | €20,460 | -€24,379 | -54.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,379 | €0 | -€24,379 | -100% |
| Amounts payable | 17/49 | €248,725 | €261,943 | +€13,218 | +5.3% |
| Amounts payable after more than one year | 17 | €180,536 | €160,171 | -€20,364 | -11.3% |
| Financial debts | 170/4 | €176,459 | €156,094 | -€20,364 | -11.5% |
| Other amounts payable | 178/9 | €4,077 | €4,077 | = | 0.0% |
| Amounts payable within one year | 42/48 | €68,189 | €101,772 | +€33,583 | +49.2% |
| Current portion of amounts payable after more than one year | 42 | €26,041 | €20,364 | -€5,677 | -21.8% |
| Trade debts | 44 | €4,158 | €572 | -€3,586 | -86.2% |
| Suppliers | 440/4 | €4,158 | €572 | -€3,586 | -86.2% |
| Taxes, remuneration and social security | 45 | €12,491 | €14,363 | +€1,872 | +15.0% |
| Taxes | 450/3 | €12,491 | €14,363 | +€1,872 | +15.0% |
| Other amounts payable | 47/48 | €25,500 | €66,473 | +€40,973 | +161% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,496 | €19,725 | +€230 | +1.2% |
| Other operating charges | 640/8 | €1,733 | €2,048 | +€315 | +18.2% |
| Gross operating margin | 9900 | €95,346 | €108,634 | +€13,288 | +13.9% |
| Operating profit (loss) | 9901 | €74,117 | €86,861 | +€12,744 | +17.2% |
| Financial income | 75/76B | €186 | €1,099 | +€913 | +492% |
| Recurring financial income | 75 | €186 | €1,099 | +€913 | +492% |
| Financial charges | 65/66B | €3,522 | €2,933 | -€589 | -16.7% |
| Recurring financial charges | 65 | €3,522 | €2,933 | -€589 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | €70,781 | €85,027 | +€14,246 | +20.1% |
| Income taxes | 67/77 | €16,402 | €18,554 | +€2,152 | +13.1% |
| Profit (loss) for the period | 9904 | €54,379 | €66,473 | +€12,094 | +22.2% |
| Profit (loss) for the period to be appropriated | 9905 | €54,379 | €66,473 | +€12,094 | +22.2% |
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 16 October 2026 via checked.be.