RENATE MAES: 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.
RENATE MAES
Largest movements
- Tangible fixed assets +€92,582
up €92,582 (+581%), from €15,930 to €108,512
of which Land and buildings: +€96,633
- Cash -€10,275
down €10,275 (-25.3%), from €40,662 to €30,387
mainly Investment in fixed assets (net) (-€98,584) and Contributions, distributions and other (-€40,000)
- Receivables within one year +€5,086
up €5,086 (+28.0%), from €18,173 to €23,259
of which Trade receivables: +€17,001
- Debts after one year +€69,889
up €69,889 (+1,625%), from €4,300 to €74,189
- Current portion of long-term debt +€11,820
up €11,820 (+464%), from €2,546 to €14,365
- Other debts +€9,101
up €9,101 (+674%), from €1,350 to €10,451
- Reserves -€5,406
down €5,406 (-12.5%), from €43,126 to €37,720
- Tax, wage and social debts +€4,015
up €4,015 (+18,606%), from €22 to €4,037
- Gross operating margin +€36,390
up €36,390 (+191%), from €19,062 to €55,452
- Taxes +€6,998
up €6,998 (+193%), from €3,630 to €10,628
- Depreciation +€1,496
up €1,496 (+32.8%), from €4,556 to €6,052
- Financial charges +€1,046
up €1,046 (+701%), from €149 to €1,196
- Staff costs +€791
up €791 (+235%), from €336 to €1,127
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 | €79,094 | €166,998 | +€87,905 | +111% |
| Fixed assets | 21/28 | €16,067 | €108,599 | +€92,532 | +576% |
| Intangible fixed assets | 21 | €138 | €88 | -€50 | -36.4% |
| Tangible fixed assets | 22/27 | €15,930 | €108,512 | +€92,582 | +581% |
| Land and buildings | 22 | €8,044 | €104,676 | +€96,633 | +1,201% |
| Plant, machinery and equipment | 23 | €2,308 | €749 | -€1,558 | -67.5% |
| Furniture and vehicles | 24 | €5,578 | €3,086 | -€2,492 | -44.7% |
| Current assets | 29/58 | €63,027 | €58,399 | -€4,628 | -7.3% |
| Stocks and contracts in progress | 3 | €2,796 | €2,952 | +€156 | +5.6% |
| Stocks | 30/36 | €2,796 | €2,952 | +€156 | +5.6% |
| Amounts receivable within one year | 40/41 | €18,173 | €23,259 | +€5,086 | +28.0% |
| Trade receivables | 40 | €6,258 | €23,259 | +€17,001 | +272% |
| Other amounts receivable | 41 | €11,915 | - | -€11,915 | |
| Cash at bank and in hand | 54/58 | €40,662 | €30,387 | -€10,275 | -25.3% |
| Deferred charges and accrued income | 490/1 | €1,396 | €1,802 | +€406 | +29.1% |
| Total equity and liabilities | 10/49 | €79,094 | €166,998 | +€87,905 | +111% |
| Equity | 10/15 | €61,726 | €56,320 | -€5,406 | -8.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €43,126 | €37,720 | -€5,406 | -12.5% |
| Distributable reserves | 133 | €43,126 | €37,720 | -€5,406 | -12.5% |
| Amounts payable | 17/49 | €17,367 | €110,678 | +€93,311 | +537% |
| Amounts payable after more than one year | 17 | €4,300 | €74,189 | +€69,889 | +1,625% |
| Financial debts | 170/4 | €4,300 | €74,189 | +€69,889 | +1,625% |
| Amounts payable within one year | 42/48 | €13,067 | €36,489 | +€23,422 | +179% |
| Current portion of amounts payable after more than one year | 42 | €2,546 | €14,365 | +€11,820 | +464% |
| Trade debts | 44 | €9,150 | €7,636 | -€1,514 | -16.5% |
| Suppliers | 440/4 | €9,150 | €7,636 | -€1,514 | -16.5% |
| Taxes, remuneration and social security | 45 | €22 | €4,037 | +€4,015 | +18,606% |
| Taxes | 450/3 | €22 | €4,037 | +€4,015 | +18,606% |
| Other amounts payable | 47/48 | €1,350 | €10,451 | +€9,101 | +674% |
| Remuneration, social security and pensions | 62 | €336 | €1,127 | +€791 | +235% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,556 | €6,052 | +€1,496 | +32.8% |
| Other operating charges | 640/8 | €1,345 | €1,856 | +€511 | +38.0% |
| Non-recurring operating charges | 66A | €140 | - | -€140 | |
| Gross operating margin | 9900 | €19,062 | €55,452 | +€36,390 | +191% |
| Operating profit (loss) | 9901 | €12,685 | €46,418 | +€33,733 | +266% |
| Financial charges | 65/66B | €149 | €1,196 | +€1,046 | +701% |
| Recurring financial charges | 65 | €149 | €1,196 | +€1,046 | +701% |
| Profit (loss) for the period before taxes | 9903 | €12,535 | €45,222 | +€32,686 | +261% |
| Income taxes | 67/77 | €3,630 | €10,628 | +€6,998 | +193% |
| Profit (loss) for the period | 9904 | €8,906 | €34,594 | +€25,688 | +288% |
| Profit (loss) for the period to be appropriated | 9905 | €8,906 | €34,594 | +€25,688 | +288% |
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.