RAINER BIERWAGEN: 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.
RAINER BIERWAGEN
Largest movements
- Cash +€213,000
up €213,000 (+15.2%), from €1.4m to €1.6m
mainly Net result for the year (+€171,485) and Receivables within one year (+€31,047)
- Receivables within one year -€31,047
down €31,047 (-57.6%), from €53,901 to €22,854
- Reserves +€171,485
up €171,485 (+13.4%), from €1.3m to €1.5m
- Other debts +€19,382
up €19,382 (+14.5%), from €133,817 to €153,199
- Gross operating margin +€14,031
up €14,031 (+6.2%), from €224,973 to €239,003
- Taxes +€4,195
up €4,195 (+6.0%), from €70,313 to €74,508
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 | €1,459,640 | €1,640,948 | +€181,309 | +12.4% |
| Fixed assets | 21/28 | €1,333 | €785 | -€548 | -41.1% |
| Tangible fixed assets | 22/27 | €1,333 | €785 | -€548 | -41.1% |
| Furniture and vehicles | 24 | €1,333 | €785 | -€548 | -41.1% |
| Current assets | 29/58 | €1,458,307 | €1,640,163 | +€181,856 | +12.5% |
| Amounts receivable within one year | 40/41 | €53,901 | €22,854 | -€31,047 | -57.6% |
| Trade receivables | 40 | €53,901 | €22,854 | -€31,047 | -57.6% |
| Cash at bank and in hand | 54/58 | €1,400,153 | €1,613,153 | +€213,000 | +15.2% |
| Deferred charges and accrued income | 490/1 | €4,254 | €4,157 | -€97 | -2.3% |
| Total equity and liabilities | 10/49 | €1,459,640 | €1,640,948 | +€181,309 | +12.4% |
| Equity | 10/15 | €1,296,705 | €1,468,190 | +€171,485 | +13.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,284,305 | €1,455,790 | +€171,485 | +13.4% |
| Distributable reserves | 133 | €1,284,305 | €1,455,790 | +€171,485 | +13.4% |
| Amounts payable | 17/49 | €162,935 | €172,759 | +€9,823 | +6.0% |
| Amounts payable within one year | 42/48 | €162,935 | €172,759 | +€9,823 | +6.0% |
| Trade debts | 44 | €5,851 | €2,210 | -€3,642 | -62.2% |
| Suppliers | 440/4 | €5,851 | €2,210 | -€3,642 | -62.2% |
| Taxes, remuneration and social security | 45 | €23,266 | €17,350 | -€5,917 | -25.4% |
| Taxes | 450/3 | €23,266 | €16,292 | -€6,975 | -30.0% |
| Remuneration and social security | 454/9 | - | €1,058 | +€1,058 | |
| Other amounts payable | 47/48 | €133,817 | €153,199 | +€19,382 | +14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €548 | €548 | = | 0.0% |
| Other operating charges | 640/8 | €330 | €23 | -€307 | -93.0% |
| Gross operating margin | 9900 | €224,973 | €239,003 | +€14,031 | +6.2% |
| Operating profit (loss) | 9901 | €224,095 | €238,432 | +€14,338 | +6.4% |
| Financial income | 75/76B | €7,901 | €7,854 | -€47 | -0.6% |
| Recurring financial income | 75 | €7,901 | €7,854 | -€47 | -0.6% |
| Financial charges | 65/66B | €307 | €293 | -€14 | -4.4% |
| Recurring financial charges | 65 | €307 | €293 | -€14 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €231,689 | €245,993 | +€14,305 | +6.2% |
| Income taxes | 67/77 | €70,313 | €74,508 | +€4,195 | +6.0% |
| Profit (loss) for the period | 9904 | €161,376 | €171,485 | +€10,109 | +6.3% |
| Profit (loss) for the period to be appropriated | 9905 | €161,376 | €171,485 | +€10,109 | +6.3% |
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 29 October 2026 via checked.be.