RENA: what changed
Two fiscal 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.
RENA
Largest movements
- Tangible fixed assets -€49,137
down €49,137 (-7.7%), from €638,837 to €589,700
of which Furniture and vehicles: -€53,292
- Receivables within one year -€17,340
down €17,340 (-38.9%), from €44,526 to €27,186
of which Trade receivables: -€27,054
- Cash +€7,828
up €7,828 (+117.0%), from €6,690 to €14,518
mainly Depreciation (+€87,273) and Debts after one year (+€64,786)
- Reserves -€101,942
down €101,942 (-33.3%), from €306,054 to €204,112
of which Distributable reserves: -€101,942
- Debts after one year +€64,786
up €64,786 (+20.8%), from €311,859 to €376,645
- Tax, wage and social debts -€23,888
no longer reported in 2025 (was €23,888)
- Gross operating margin -€163,694
down €163,694, from €154,679 to -€9,015
- Taxes -€22,836
no longer reported in 2025 (was €22,836)
- Depreciation +€19,511
up €19,511 (+28.8%), from €67,762 to €87,273
- Other operating charges +€1,914
up €1,914 (+104.0%), from €1,840 to €3,754
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.
Cash bridge derived
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 | €698,013 | €632,606 | -€65,408 | -9.4% |
| Fixed assets | 21/28 | €638,837 | €589,700 | -€49,137 | -7.7% |
| Tangible fixed assets | 22/27 | €638,837 | €589,700 | -€49,137 | -7.7% |
| Land and buildings | 22 | €327,952 | €339,963 | +€12,011 | +3.7% |
| Plant, machinery and equipment | 23 | €66,899 | €59,042 | -€7,856 | -11.7% |
| Furniture and vehicles | 24 | €243,987 | €190,694 | -€53,292 | -21.8% |
| Current assets | 29/58 | €59,176 | €42,906 | -€16,270 | -27.5% |
| Amounts receivable within one year | 40/41 | €44,526 | €27,186 | -€17,340 | -38.9% |
| Trade receivables | 40 | €31,452 | €4,398 | -€27,054 | -86.0% |
| Other amounts receivable | 41 | €13,074 | €22,788 | +€9,714 | +74.3% |
| Cash at bank and in hand | 54/58 | €6,690 | €14,518 | +€7,828 | +117.0% |
| Deferred charges and accrued income | 490/1 | €7,960 | €1,202 | -€6,758 | -84.9% |
| Total equity and liabilities | 10/49 | €698,013 | €632,606 | -€65,408 | -9.4% |
| Equity | 10/15 | €312,254 | €210,312 | -€101,942 | -32.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €306,054 | €204,112 | -€101,942 | -33.3% |
| 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 | €6,018 | €6,018 | = | 0.0% |
| Distributable reserves | 133 | €298,176 | €196,234 | -€101,942 | -34.2% |
| Amounts payable | 17/49 | €385,759 | €422,294 | +€36,535 | +9.5% |
| Amounts payable after more than one year | 17 | €311,859 | €376,645 | +€64,786 | +20.8% |
| Financial debts | 170/4 | €311,859 | €376,645 | +€64,786 | +20.8% |
| Amounts payable within one year | 42/48 | €73,900 | €45,648 | -€28,251 | -38.2% |
| Current portion of amounts payable after more than one year | 42 | €43,672 | €44,080 | +€408 | +0.9% |
| Trade debts | 44 | €6,340 | €1,569 | -€4,771 | -75.3% |
| Suppliers | 440/4 | €6,340 | €1,569 | -€4,771 | -75.3% |
| Taxes, remuneration and social security | 45 | €23,888 | - | -€23,888 | |
| Taxes | 450/3 | €23,888 | - | -€23,888 | |
| Non-recurring operating income | 76A | €68 | - | -€68 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,762 | €87,273 | +€19,511 | +28.8% |
| Other operating charges | 640/8 | €1,840 | €3,754 | +€1,914 | +104.0% |
| Gross operating margin | 9900 | €154,679 | -€9,015 | -€163,694 | |
| Operating profit (loss) | 9901 | €85,077 | -€100,042 | -€185,119 | |
| Financial income | 75/76B | €13 | €1 | -€12 | -93.9% |
| Recurring financial income | 75 | €13 | €1 | -€12 | -93.9% |
| Financial charges | 65/66B | €2,149 | €1,901 | -€248 | -11.5% |
| Recurring financial charges | 65 | €2,149 | €1,901 | -€248 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €82,941 | -€101,942 | -€184,883 | |
| Income taxes | 67/77 | €22,836 | - | -€22,836 | |
| Profit (loss) for the period | 9904 | €60,105 | -€101,942 | -€162,047 | |
| Profit (loss) for the period to be appropriated | 9905 | €60,105 | -€101,942 | -€162,047 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.