R EN R: 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.
R EN R
Largest movements
- Tangible fixed assets -€35,345
down €35,345 (-9.0%), from €394,611 to €359,265
- Current investments +€14,892
up €14,892 (+67.1%), from €22,187 to €37,079
- Reserves -€9,051
down €9,051 (-2.8%), from €321,711 to €312,660
of which Tax-exempt reserves: -€14,234
- Provisions -€4,745
down €4,745 (-18.9%), from €25,149 to €20,405
- Depreciation -€39,005
down €39,005 (-50.3%), from €77,477 to €38,472
- Gross operating margin -€33,757
down €33,757 (-50.5%), from €66,829 to €33,071
- Financial income -€10,705
down €10,705 (-98.4%), from €10,882 to €177
- Financial charges -€8,241
down €8,241 (-84.5%), from €9,750 to €1,509
- Taxes -€1,161
down €1,161 (-32.4%), from €3,580 to €2,419
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 | €427,298 | €411,746 | -€15,552 | -3.6% |
| Fixed assets | 21/28 | €394,611 | €359,265 | -€35,345 | -9.0% |
| Tangible fixed assets | 22/27 | €394,611 | €359,265 | -€35,345 | -9.0% |
| Land and buildings | 22 | €394,611 | €359,265 | -€35,345 | -9.0% |
| Current assets | 29/58 | €32,687 | €52,481 | +€19,793 | +60.6% |
| Amounts receivable within one year | 40/41 | €4,925 | €7,081 | +€2,156 | +43.8% |
| Other amounts receivable | 41 | €4,925 | €7,081 | +€2,156 | +43.8% |
| Current investments | 50/53 | €22,187 | €37,079 | +€14,892 | +67.1% |
| Cash at bank and in hand | 54/58 | €5,380 | €8,072 | +€2,692 | +50.0% |
| Deferred charges and accrued income | 490/1 | €195 | €249 | +€54 | +27.5% |
| Total equity and liabilities | 10/49 | €427,298 | €411,746 | -€15,552 | -3.6% |
| Equity | 10/15 | €340,311 | €331,260 | -€9,051 | -2.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €321,711 | €312,660 | -€9,051 | -2.8% |
| 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 | €75,451 | €61,217 | -€14,234 | -18.9% |
| Distributable reserves | 133 | €244,401 | €249,583 | +€5,183 | +2.1% |
| Provisions and deferred taxes | 16 | €25,149 | €20,405 | -€4,745 | -18.9% |
| Deferred taxes | 168 | €25,149 | €20,405 | -€4,745 | -18.9% |
| Amounts payable | 17/49 | €61,837 | €60,081 | -€1,756 | -2.8% |
| Amounts payable within one year | 42/48 | €61,667 | €59,793 | -€1,873 | -3.0% |
| Trade debts | 44 | €1,486 | €947 | -€538 | -36.2% |
| Suppliers | 440/4 | €1,486 | €947 | -€538 | -36.2% |
| Taxes, remuneration and social security | 45 | €1,071 | €529 | -€542 | -50.6% |
| Taxes | 450/3 | €1,071 | €529 | -€542 | -50.6% |
| Other amounts payable | 47/48 | €59,110 | €58,316 | -€793 | -1.3% |
| Accrued charges and deferred income | 492/3 | €171 | €288 | +€117 | +68.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,477 | €38,472 | -€39,005 | -50.3% |
| Other operating charges | 640/8 | €4,590 | €4,645 | +€55 | +1.2% |
| Gross operating margin | 9900 | €66,829 | €33,071 | -€33,757 | -50.5% |
| Operating profit (loss) | 9901 | -€15,238 | -€10,045 | +€5,193 | +34.1% |
| Financial income | 75/76B | €10,882 | €177 | -€10,705 | -98.4% |
| Recurring financial income | 75 | €10,882 | €177 | -€10,705 | -98.4% |
| Financial charges | 65/66B | €9,750 | €1,509 | -€8,241 | -84.5% |
| Recurring financial charges | 65 | €9,750 | €1,509 | -€8,241 | -84.5% |
| Profit (loss) for the period before taxes | 9903 | -€14,106 | -€11,377 | +€2,729 | +19.3% |
| Transfer from deferred taxes | 780 | €6,306 | €4,745 | -€1,562 | -24.8% |
| Income taxes | 67/77 | €3,580 | €2,419 | -€1,161 | -32.4% |
| Profit (loss) for the period | 9904 | -€11,379 | -€9,051 | +€2,328 | +20.5% |
| Transfer from tax-exempt reserves | 789 | €18,919 | €14,234 | -€4,685 | -24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €7,540 | €5,183 | -€2,357 | -31.3% |
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 22 October 2026 via checked.be.