RENARDO: 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.
RENARDO
Largest movements
- Receivables within one year -€680,064
down €680,064 (-17.6%), from €3.9m to €3.2m
of which Other amounts receivable: -€680,064
- Cash +€486,672
up €486,672 (+20,398%), from €2,386 to €489,058
mainly Receivables within one year (+€680,064) and Net result for the year (+€92,689)
- Other debts -€310,000
down €310,000 (-24.7%), from €1.3m to €947,195
- Reserves +€92,689
up €92,689 (+1.2%), from €7.4m to €7.5m
of which Distributable reserves: +€92,689
- Financial income -€214,457
down €214,457 (-42.8%), from €501,239 to €286,782
- Gross operating margin -€208,420
down €208,420 (-94.8%), from €219,873 to €11,453
- Financial charges -€16,259
down €16,259 (-16.4%), from €98,896 to €82,637
- Other operating charges +€11,686
up €11,686 (+139%), from €8,380 to €20,066
- Staff costs +€2,888
up €2,888 (+3.4%), from €86,011 to €88,900
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 | €8,805,615 | €8,650,766 | -€154,849 | -1.8% |
| Fixed assets | 21/28 | €3,504,452 | €3,492,284 | -€12,168 | -0.3% |
| Tangible fixed assets | 22/27 | €36,716 | €24,548 | -€12,168 | -33.1% |
| Plant, machinery and equipment | 23 | €60 | €0 | -€60 | -100% |
| Furniture and vehicles | 24 | €36,656 | €24,548 | -€12,108 | -33.0% |
| Financial fixed assets | 28 | €3,467,737 | €3,467,737 | = | 0.0% |
| Current assets | 29/58 | €5,301,162 | €5,158,482 | -€142,681 | -2.7% |
| Amounts receivable after more than one year | 29 | €1,427,874 | €1,476,570 | +€48,696 | +3.4% |
| Other amounts receivable | 291 | €1,427,874 | €1,476,570 | +€48,696 | +3.4% |
| Amounts receivable within one year | 40/41 | €3,869,367 | €3,189,304 | -€680,064 | -17.6% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €3,869,367 | €3,189,304 | -€680,064 | -17.6% |
| Cash at bank and in hand | 54/58 | €2,386 | €489,058 | +€486,672 | +20,398% |
| Deferred charges and accrued income | 490/1 | €1,535 | €3,550 | +€2,015 | +131% |
| Total equity and liabilities | 10/49 | €8,805,615 | €8,650,766 | -€154,849 | -1.8% |
| Equity | 10/15 | €7,486,887 | €7,579,576 | +€92,689 | +1.2% |
| 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 | €7,424,887 | €7,517,576 | +€92,689 | +1.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,560 | €7,560 | = | 0.0% |
| Distributable reserves | 133 | €7,411,127 | €7,503,816 | +€92,689 | +1.3% |
| Amounts payable | 17/49 | €1,318,728 | €1,071,190 | -€247,538 | -18.8% |
| Amounts payable after more than one year | 17 | €0 | €75,000 | +€75,000 | |
| Financial debts | 170/4 | €0 | €75,000 | +€75,000 | |
| Amounts payable within one year | 42/48 | €1,318,728 | €993,786 | -€324,942 | -24.6% |
| Current portion of amounts payable after more than one year | 42 | €1,976 | €0 | -€1,976 | -100% |
| Trade debts | 44 | €23,071 | €9,481 | -€13,590 | -58.9% |
| Suppliers | 440/4 | €23,071 | €9,481 | -€13,590 | -58.9% |
| Taxes, remuneration and social security | 45 | €36,486 | €37,110 | +€624 | +1.7% |
| Taxes | 450/3 | €26,486 | €26,753 | +€267 | +1.0% |
| Remuneration and social security | 454/9 | €10,000 | €10,357 | +€357 | +3.6% |
| Other amounts payable | 47/48 | €1,257,195 | €947,195 | -€310,000 | -24.7% |
| Accrued charges and deferred income | 492/3 | €0 | €2,404 | +€2,404 | |
| Non-recurring operating income | 76A | €22,699 | €0 | -€22,699 | -100% |
| Remuneration, social security and pensions | 62 | €86,011 | €88,900 | +€2,888 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,290 | €13,484 | +€1,194 | +9.7% |
| Other operating charges | 640/8 | €8,380 | €20,066 | +€11,686 | +139% |
| Gross operating margin | 9900 | €219,873 | €11,453 | -€208,420 | -94.8% |
| Operating profit (loss) | 9901 | €113,192 | -€110,997 | -€224,188 | |
| Financial income | 75/76B | €501,239 | €286,782 | -€214,457 | -42.8% |
| Recurring financial income | 75 | €501,239 | €286,782 | -€214,457 | -42.8% |
| Financial charges | 65/66B | €98,896 | €82,637 | -€16,259 | -16.4% |
| Recurring financial charges | 65 | €98,896 | €82,637 | -€16,259 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €515,535 | €93,148 | -€422,387 | -81.9% |
| Income taxes | 67/77 | €496 | €459 | -€37 | -7.4% |
| Profit (loss) for the period | 9904 | €515,039 | €92,689 | -€422,350 | -82.0% |
| Profit (loss) for the period to be appropriated | 9905 | €515,039 | €92,689 | -€422,350 | -82.0% |
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 15 October 2026 via checked.be.