REMBRANDT: 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.
REMBRANDT
Largest movements
- Stocks and contracts +€434,056
up €434,056 (+555%), from €78,193 to €512,250
- Cash +€182,984
up €182,984 (+65.4%), from €279,819 to €462,803
mainly Trade debts (+€294,715) and Other debts (+€236,381)
- Current investments -€150,000
down €150,000 (-42.9%), from €350,000 to €200,000
- Tangible fixed assets +€35,396
up €35,396 (+3,742%), from €946 to €36,342
of which Furniture and vehicles: +€35,959
- Trade debts +€294,715
up €294,715 (+27,729%), from €1,063 to €295,778
- Other debts +€236,381
up €236,381 (+109%), from €216,022 to €452,404
- Reserves -€62,352
down €62,352 (-11.5%), from €541,783 to €479,431
of which Distributable reserves: -€62,352
- Tax, wage and social debts +€22,142
up €22,142 (+53.2%), from €41,593 to €63,735
- Gross operating margin +€71,936
up €71,936 (+33.0%), from €217,755 to €289,691
- Taxes +€18,790
up €18,790 (+26.8%), from €70,093 to €88,883
- Financial income -€6,096
down €6,096 (-44.0%), from €13,851 to €7,756
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 | €885,620 | €1,388,031 | +€502,412 | +56.7% |
| Fixed assets | 21/28 | €946 | €36,342 | +€35,396 | +3,742% |
| Tangible fixed assets | 22/27 | €946 | €36,342 | +€35,396 | +3,742% |
| Plant, machinery and equipment | 23 | €946 | €383 | -€563 | -59.5% |
| Furniture and vehicles | 24 | - | €35,959 | +€35,959 | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €884,674 | €1,351,689 | +€467,016 | +52.8% |
| Stocks and contracts in progress | 3 | €78,193 | €512,250 | +€434,056 | +555% |
| Stocks | 30/36 | €78,193 | €512,250 | +€434,056 | +555% |
| Amounts receivable within one year | 40/41 | €94,481 | €87,434 | -€7,046 | -7.5% |
| Trade receivables | 40 | €94,318 | €83,758 | -€10,560 | -11.2% |
| Other amounts receivable | 41 | €163 | €3,676 | +€3,514 | +2,162% |
| Current investments | 50/53 | €350,000 | €200,000 | -€150,000 | -42.9% |
| Cash at bank and in hand | 54/58 | €279,819 | €462,803 | +€182,984 | +65.4% |
| Deferred charges and accrued income | 490/1 | €82,180 | €89,202 | +€7,021 | +8.5% |
| Total equity and liabilities | 10/49 | €885,620 | €1,388,031 | +€502,412 | +56.7% |
| Equity | 10/15 | €603,783 | €541,431 | -€62,352 | -10.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €541,783 | €479,431 | -€62,352 | -11.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €535,583 | €473,231 | -€62,352 | -11.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €281,837 | €846,600 | +€564,763 | +200% |
| Amounts payable within one year | 42/48 | €281,543 | €846,600 | +€565,057 | +201% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | €30,000 | +€10,000 | +50.0% |
| Trade debts | 44 | €1,063 | €295,778 | +€294,715 | +27,729% |
| Suppliers | 440/4 | €1,063 | €295,778 | +€294,715 | +27,729% |
| Advances received on contracts in progress | 46 | €2,865 | €4,683 | +€1,818 | +63.5% |
| Taxes, remuneration and social security | 45 | €41,593 | €63,735 | +€22,142 | +53.2% |
| Taxes | 450/3 | €41,593 | €63,735 | +€22,142 | +53.2% |
| Other amounts payable | 47/48 | €216,022 | €452,404 | +€236,381 | +109% |
| Accrued charges and deferred income | 492/3 | €294 | €0 | -€294 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €816 | €1,792 | +€976 | +120% |
| Other operating charges | 640/8 | €1,226 | €1,191 | -€35 | -2.8% |
| Gross operating margin | 9900 | €217,755 | €289,691 | +€71,936 | +33.0% |
| Operating profit (loss) | 9901 | €215,712 | €286,707 | +€70,995 | +32.9% |
| Financial income | 75/76B | €13,851 | €7,756 | -€6,096 | -44.0% |
| Recurring financial income | 75 | €13,851 | €7,756 | -€6,096 | -44.0% |
| Financial charges | 65/66B | €12,164 | €14,811 | +€2,647 | +21.8% |
| Recurring financial charges | 65 | €10,383 | €14,811 | +€4,428 | +42.6% |
| Non-recurring financial charges | 66B | €1,781 | €0 | -€1,781 | -100% |
| Profit (loss) for the period before taxes | 9903 | €217,400 | €279,652 | +€62,252 | +28.6% |
| Income taxes | 67/77 | €70,093 | €88,883 | +€18,790 | +26.8% |
| Profit (loss) for the period | 9904 | €147,306 | €190,768 | +€43,462 | +29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €147,306 | €190,768 | +€43,462 | +29.5% |
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 21 October 2026 via checked.be.