REAL RENOV: 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.
REAL RENOV
Largest movements
- Tangible fixed assets +€9,812
up €9,812 (+69.9%), from €14,032 to €23,844
of which Other tangible fixed assets: +€7,557
- Intangible fixed assets -€5,000
down €5,000 (-12.4%), from €40,425 to €35,425
- Deferred charges and accrued income -€4,126
down €4,126 (-72.0%), from €5,734 to €1,608
- Cash -€2,893
down €2,893 (-13.9%), from €20,821 to €17,928
mainly Other debts (-€18,500) and Investment in fixed assets (net) (-€15,802)
- Receivables within one year +€2,579
up €2,579 (+12.4%), from €20,848 to €23,428
of which Trade receivables: +€2,587
- Reserves +€22,500
up €22,500 (+643%), from €3,500 to €26,000
- Other debts -€18,500
down €18,500 (-31.4%), from €58,999 to €40,500
- Advances received -€10,285
no longer reported in 2025 (was €10,285)
- Tax, wage and social debts +€6,177
up €6,177 (+99.0%), from €6,240 to €12,417
of which Taxes: +€7,604
- Trade debts +€2,112
up €2,112 (+9.9%), from €21,420 to €23,532
- Staff costs -€18,465
down €18,465 (-70.3%), from €26,283 to €7,819
- Gross operating margin +€10,292
up €10,292 (+22.3%), from €46,149 to €56,441
- Taxes +€8,044
up €8,044 (+728%), from €1,105 to €9,149
- Depreciation +€2,016
up €2,016 (+22.5%), from €8,974 to €10,989
- Other operating charges +€1,384
up €1,384 (+71.7%), from €1,931 to €3,315
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 | €106,081 | €108,347 | +€2,266 | +2.1% |
| Fixed assets | 21/28 | €54,456 | €59,269 | +€4,812 | +8.8% |
| Intangible fixed assets | 21 | €40,425 | €35,425 | -€5,000 | -12.4% |
| Tangible fixed assets | 22/27 | €14,032 | €23,844 | +€9,812 | +69.9% |
| Plant, machinery and equipment | 23 | €8,592 | €9,362 | +€770 | +9.0% |
| Furniture and vehicles | 24 | €4,866 | €6,351 | +€1,485 | +30.5% |
| Other tangible fixed assets | 26 | €574 | €8,131 | +€7,557 | +1,317% |
| Current assets | 29/58 | €51,624 | €49,078 | -€2,547 | -4.9% |
| Stocks and contracts in progress | 3 | €4,222 | €6,115 | +€1,893 | +44.8% |
| Stocks | 30/36 | €4,222 | €6,115 | +€1,893 | +44.8% |
| Amounts receivable within one year | 40/41 | €20,848 | €23,428 | +€2,579 | +12.4% |
| Trade receivables | 40 | €20,841 | €23,428 | +€2,587 | +12.4% |
| Other amounts receivable | 41 | €7 | - | -€7 | |
| Cash at bank and in hand | 54/58 | €20,821 | €17,928 | -€2,893 | -13.9% |
| Deferred charges and accrued income | 490/1 | €5,734 | €1,608 | -€4,126 | -72.0% |
| Total equity and liabilities | 10/49 | €106,081 | €108,347 | +€2,266 | +2.1% |
| Equity | 10/15 | €9,110 | €31,882 | +€22,772 | +250% |
| Contributions | 10/11 | €5,500 | €5,500 | = | 0.0% |
| Reserves | 13 | €3,500 | €26,000 | +€22,500 | +643% |
| Distributable reserves | 133 | €3,500 | €26,000 | +€22,500 | +643% |
| Profit (loss) carried forward | 14 | €110 | €382 | +€272 | +248% |
| Amounts payable | 17/49 | €96,971 | €76,465 | -€20,506 | -21.1% |
| Amounts payable within one year | 42/48 | €96,944 | €76,448 | -€20,496 | -21.1% |
| Trade debts | 44 | €21,420 | €23,532 | +€2,112 | +9.9% |
| Suppliers | 440/4 | €21,420 | €23,532 | +€2,112 | +9.9% |
| Advances received on contracts in progress | 46 | €10,285 | - | -€10,285 | |
| Taxes, remuneration and social security | 45 | €6,240 | €12,417 | +€6,177 | +99.0% |
| Taxes | 450/3 | €4,302 | €11,906 | +€7,604 | +177% |
| Remuneration and social security | 454/9 | €1,938 | €510 | -€1,428 | -73.7% |
| Other amounts payable | 47/48 | €58,999 | €40,500 | -€18,500 | -31.4% |
| Accrued charges and deferred income | 492/3 | €27 | €17 | -€10 | -36.4% |
| Remuneration, social security and pensions | 62 | €26,283 | €7,819 | -€18,465 | -70.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,974 | €10,989 | +€2,016 | +22.5% |
| Other operating charges | 640/8 | €1,931 | €3,315 | +€1,384 | +71.7% |
| Gross operating margin | 9900 | €46,149 | €56,441 | +€10,292 | +22.3% |
| Operating profit (loss) | 9901 | €8,961 | €34,318 | +€25,357 | +283% |
| Financial income | 75/76B | €29 | €0 | -€29 | -99.7% |
| Recurring financial income | 75 | €29 | €0 | -€29 | -99.7% |
| Financial charges | 65/66B | €2,852 | €2,397 | -€455 | -16.0% |
| Recurring financial charges | 65 | €2,852 | €2,397 | -€455 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €6,139 | €31,922 | +€25,783 | +420% |
| Income taxes | 67/77 | €1,105 | €9,149 | +€8,044 | +728% |
| Profit (loss) for the period | 9904 | €5,033 | €22,772 | +€17,739 | +352% |
| Profit (loss) for the period to be appropriated | 9905 | €5,033 | €22,772 | +€17,739 | +352% |
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.