RENAUD DE KEPPER: 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.
RENAUD DE KEPPER
Largest movements
- Receivables within one year -€132,079
down €132,079 (-87.9%), from €150,305 to €18,226
of which Trade receivables: -€87,005
- Current investments +€89,937
new in 2025: €89,937
- Tangible fixed assets -€13,717
down €13,717 (-31.5%), from €43,535 to €29,818
of which Furniture and vehicles: -€12,042
- Cash -€9,992
down €9,992 (-17.6%), from €56,690 to €46,699
mainly Current investments (-€89,937) and Trade debts (-€85,192)
- Trade debts -€85,192
down €85,192 (-92.0%), from €92,585 to €7,393
- Other debts +€13,607
up €13,607 (+947%), from €1,436 to €15,043
- Reserves +€13,000
up €13,000 (+10.3%), from €125,610 to €138,610
- Tax, wage and social debts -€7,781
down €7,781 (-50.1%), from €15,538 to €7,757
- Gross operating margin -€63,446
down €63,446 (-79.7%), from €79,623 to €16,177
- Financial income +€26,758
up €26,758 (+2,453%), from €1,091 to €27,849
of which Non-recurring financial income: +€24,121
- Taxes -€9,764
down €9,764 (-52.4%), from €18,645 to €8,881
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 | €251,073 | €185,084 | -€65,989 | -26.3% |
| Fixed assets | 21/28 | €43,535 | €29,818 | -€13,717 | -31.5% |
| Tangible fixed assets | 22/27 | €43,535 | €29,818 | -€13,717 | -31.5% |
| Furniture and vehicles | 24 | €37,539 | €25,497 | -€12,042 | -32.1% |
| Other tangible fixed assets | 26 | €5,996 | €4,321 | -€1,675 | -27.9% |
| Current assets | 29/58 | €207,538 | €155,266 | -€52,272 | -25.2% |
| Amounts receivable within one year | 40/41 | €150,305 | €18,226 | -€132,079 | -87.9% |
| Trade receivables | 40 | €99,111 | €12,107 | -€87,005 | -87.8% |
| Other amounts receivable | 41 | €51,194 | €6,119 | -€45,075 | -88.0% |
| Current investments | 50/53 | - | €89,937 | +€89,937 | |
| Cash at bank and in hand | 54/58 | €56,690 | €46,699 | -€9,992 | -17.6% |
| Deferred charges and accrued income | 490/1 | €543 | €404 | -€138 | -25.5% |
| Total equity and liabilities | 10/49 | €251,073 | €185,084 | -€65,989 | -26.3% |
| Equity | 10/15 | €141,513 | €154,891 | +€13,378 | +9.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Other | 1109/19 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €125,610 | €138,610 | +€13,000 | +10.3% |
| Distributable reserves | 133 | €125,610 | €138,610 | +€13,000 | +10.3% |
| Profit (loss) carried forward | 14 | €3,503 | €3,881 | +€378 | +10.8% |
| Amounts payable | 17/49 | €109,559 | €30,193 | -€79,366 | -72.4% |
| Amounts payable within one year | 42/48 | €109,559 | €30,193 | -€79,366 | -72.4% |
| Trade debts | 44 | €92,585 | €7,393 | -€85,192 | -92.0% |
| Suppliers | 440/4 | €92,585 | €7,393 | -€85,192 | -92.0% |
| Taxes, remuneration and social security | 45 | €15,538 | €7,757 | -€7,781 | -50.1% |
| Taxes | 450/3 | €15,538 | €7,757 | -€7,781 | -50.1% |
| Other amounts payable | 47/48 | €1,436 | €15,043 | +€13,607 | +947% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,589 | €13,717 | +€128 | +0.9% |
| Other operating charges | 640/8 | €790 | €996 | +€206 | +26.1% |
| Gross operating margin | 9900 | €79,623 | €16,177 | -€63,446 | -79.7% |
| Operating profit (loss) | 9901 | €65,245 | €1,464 | -€63,780 | -97.8% |
| Financial income | 75/76B | €1,091 | €27,849 | +€26,758 | +2,453% |
| Recurring financial income | 75 | €1,091 | €3,728 | +€2,637 | +242% |
| Non-recurring financial income | 76B | - | €24,121 | +€24,121 | |
| Financial charges | 65/66B | €81 | €55 | -€26 | -32.0% |
| Recurring financial charges | 65 | €81 | €55 | -€26 | -32.0% |
| Profit (loss) for the period before taxes | 9903 | €66,255 | €29,258 | -€36,996 | -55.8% |
| Income taxes | 67/77 | €18,645 | €8,881 | -€9,764 | -52.4% |
| Profit (loss) for the period | 9904 | €47,609 | €20,378 | -€27,232 | -57.2% |
| Profit (loss) for the period to be appropriated | 9905 | €47,609 | €20,378 | -€27,232 | -57.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.