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.
What changed
REMBRANDT
NACE 47.521, Retail sale of hardware, building materials, paint and glass (general range)
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€87,835
2024 · €15,395+€72,440
Equity
€1.2m
2024 · €1.1m+€87,835
Cash
€85,830
2024 · €63,883+€21,947
Balance sheet total
€3.0m
2024 · €3.1m-€161,338
Largest movements
Assets
- Tangible fixed assets -€177,063
down €177,063 (-6.6%), from €2.7m to €2.5m
of which Land and buildings: -€159,756
Equity and liabilities
- Short-term financial debts -€300,000
down €300,000 (-85.7%), from €350,000 to €50,000
- Profit (loss) carried forward +€98,975
up €98,975 (+18.4%), from €536,826 to €635,800
- Debts after one year +€64,152
up €64,152 (+5.3%), from €1.2m to €1.3m
of which Financial debts: +€64,152
- Tax, wage and social debts -€41,891
down €41,891 (-38.3%), from €109,349 to €67,458
of which Remuneration and social security: -€32,477
Income statement
- Staff costs -€124,943
down €124,943 (-28.5%), from €437,640 to €312,698
- Financial income -€31,145
down €31,145 (-88.9%), from €35,016 to €3,871
of which Non-recurring financial income: -€26,216
- Taxes +€25,764
up €25,764 (+1,375%), from €1,874 to €27,638
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.
Result 2024
€15,395
Gross operating margin
-€4,925
Staff costs
+€124,943
Depreciation
+€5,372
Write-downs
-€1,432
Other operating charges
-€442
Other operating items
+€4,147
Financial income
-€31,145
Financial charges
+€1,574
Taxes
-€25,764
Deferred taxes and other
+€113
Result 2025
€87,835
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€270,791
Investment
-€31,967
Financing
-€216,878
Cash 2024
€63,883
From operations (derived)
+€270,791
Net result for the year
+€87,835
Depreciation
+€207,224
Stocks and contracts
-€4,624
Receivables within one year
+€12,242
Smaller working-capital items
+€759
Provisions
-€3,713
Trade debts
+€12,959
Tax, wage and social debts
-€41,891
Investment (derived)
-€31,967
Investment in fixed assets (net)
-€30,161
Current investments
-€1,806
Financing
-€216,878
Debts after one year
+€64,152
Current portion of long-term debt
+€18,970
Short-term financial debts
-€300,000
Cash 2025
€85,830
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,148,756 | €2,987,418 | -€161,338 | -5.1% |
| Fixed assets | 21/28 | €2,663,916 | €2,486,852 | -€177,063 | -6.6% |
| Tangible fixed assets | 22/27 | €2,663,916 | €2,486,852 | -€177,063 | -6.6% |
| Land and buildings | 22 | €2,566,407 | €2,406,651 | -€159,756 | -6.2% |
| Plant, machinery and equipment | 23 | €3,695 | €17,256 | +€13,561 | +367% |
| Furniture and vehicles | 24 | €93,813 | €62,944 | -€30,869 | -32.9% |
| Current assets | 29/58 | €484,840 | €500,566 | +€15,725 | +3.2% |
| Stocks and contracts in progress | 3 | €129,245 | €133,869 | +€4,624 | +3.6% |
| Stocks | 30/36 | €129,245 | €133,869 | +€4,624 | +3.6% |
| Amounts receivable within one year | 40/41 | €102,488 | €90,245 | -€12,242 | -11.9% |
| Trade receivables | 40 | €82,586 | €74,960 | -€7,626 | -9.2% |
| Other amounts receivable | 41 | €19,902 | €15,285 | -€4,616 | -23.2% |
| Current investments | 50/53 | €188,753 | €190,558 | +€1,806 | +1.0% |
| Cash at bank and in hand | 54/58 | €63,883 | €85,830 | +€21,947 | +34.4% |
| Deferred charges and accrued income | 490/1 | €472 | €63 | -€409 | -86.7% |
| Total equity and liabilities | 10/49 | €3,148,756 | €2,987,418 | -€161,338 | -5.1% |
| Equity | 10/15 | €1,072,760 | €1,160,595 | +€87,835 | +8.2% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €529,729 | €518,590 | -€11,139 | -2.1% |
| Non-distributable reserves | 130/1 | €316 | €316 | = | 0.0% |
| Reserves not available under the articles | 1311 | €316 | €316 | = | 0.0% |
| Tax-exempt reserves | 132 | €248,430 | €195,191 | -€53,239 | -21.4% |
| Distributable reserves | 133 | €280,982 | €323,082 | +€42,100 | +15.0% |
| Profit (loss) carried forward | 14 | €536,826 | €635,800 | +€98,975 | +18.4% |
| Provisions and deferred taxes | 16 | €35,097 | €31,384 | -€3,713 | -10.6% |
| Deferred taxes | 168 | €35,097 | €31,384 | -€3,713 | -10.6% |
| Amounts payable | 17/49 | €2,040,899 | €1,795,439 | -€245,460 | -12.0% |
| Amounts payable after more than one year | 17 | €1,219,935 | €1,284,087 | +€64,152 | +5.3% |
| Financial debts | 170/4 | €1,216,635 | €1,280,787 | +€64,152 | +5.3% |
| Other amounts payable | 178/9 | €3,300 | €3,300 | = | 0.0% |
| Amounts payable within one year | 42/48 | €820,965 | €511,052 | -€309,912 | -37.7% |
| Current portion of amounts payable after more than one year | 42 | €218,247 | €237,217 | +€18,970 | +8.7% |
| Financial debts | 43 | €350,000 | €50,000 | -€300,000 | -85.7% |
| Credit institutions | 430/8 | €350,000 | €50,000 | -€300,000 | -85.7% |
| Trade debts | 44 | €143,368 | €156,327 | +€12,959 | +9.0% |
| Suppliers | 440/4 | €143,368 | €156,327 | +€12,959 | +9.0% |
| Taxes, remuneration and social security | 45 | €109,349 | €67,458 | -€41,891 | -38.3% |
| Taxes | 450/3 | €36,728 | €27,314 | -€9,414 | -25.6% |
| Remuneration and social security | 454/9 | €72,621 | €40,144 | -€32,477 | -44.7% |
| Other amounts payable | 47/48 | €0 | €50 | +€50 | |
| Accrued charges and deferred income | 492/3 | - | €300 | +€300 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €437,640 | €312,698 | -€124,943 | -28.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €212,596 | €207,224 | -€5,372 | -2.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,432 | €0 | +€1,432 | |
| Other operating charges | 640/8 | €22,293 | €22,735 | +€442 | +2.0% |
| Non-recurring operating charges | 66A | €4,147 | €0 | -€4,147 | -100% |
| Gross operating margin | 9900 | €715,863 | €710,938 | -€4,925 | -0.7% |
| Operating profit (loss) | 9901 | €40,619 | €168,281 | +€127,662 | +314% |
| Financial income | 75/76B | €35,016 | €3,871 | -€31,145 | -88.9% |
| Recurring financial income | 75 | €8,801 | €3,871 | -€4,929 | -56.0% |
| Non-recurring financial income | 76B | €26,216 | €0 | -€26,216 | -100% |
| Financial charges | 65/66B | €61,966 | €60,392 | -€1,574 | -2.5% |
| Recurring financial charges | 65 | €61,966 | €60,392 | -€1,574 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | €13,669 | €111,760 | +€98,091 | +718% |
| Transfer from deferred taxes | 780 | €3,600 | €3,713 | +€113 | +3.1% |
| Income taxes | 67/77 | €1,874 | €27,638 | +€25,764 | +1,375% |
| Profit (loss) for the period | 9904 | €15,395 | €87,835 | +€72,440 | +471% |
| Transfer from tax-exempt reserves | 789 | €137,100 | €53,239 | -€83,861 | -61.2% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €152,495 | €141,075 | -€11,420 | -7.5% |
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 19 October 2026 via checked.be.