Renaud DENUIT: 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 DENUIT
Largest movements
- Receivables within one year +€40,573
up €40,573 (+507%), from €8,000 to €48,573
- Profit (loss) carried forward +€476,253
up €476,253 (+35.3%), from €1.3m to €1.8m
- Debts after one year -€312,398
down €312,398 (-27.1%), from €1.2m to €841,354
- Other debts -€129,120
down €129,120 (-41.2%), from €313,626 to €184,506
- Financial income +€99,500
up €99,500 (+29.4%), from €338,500 to €438,000
- Gross operating margin +€38,310
up €38,310 (+67.7%), from €56,575 to €94,885
- Financial charges -€6,814
down €6,814 (-14.6%), from €46,532 to €39,718
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 | €3,189,660 | €3,233,457 | +€43,797 | +1.4% |
| Fixed assets | 21/28 | €3,152,289 | €3,136,145 | -€16,144 | -0.5% |
| Tangible fixed assets | 22/27 | €32,289 | €16,145 | -€16,144 | -50.0% |
| Furniture and vehicles | 24 | €32,289 | €16,145 | -€16,144 | -50.0% |
| Financial fixed assets | 28 | €3,120,000 | €3,120,000 | = | 0.0% |
| Current assets | 29/58 | €37,371 | €97,312 | +€59,941 | +160% |
| Amounts receivable within one year | 40/41 | €8,000 | €48,573 | +€40,573 | +507% |
| Trade receivables | 40 | €8,000 | €48,573 | +€40,573 | +507% |
| Cash at bank and in hand | 54/58 | €27,938 | €47,235 | +€19,297 | +69.1% |
| Deferred charges and accrued income | 490/1 | €1,433 | €1,504 | +€71 | +5.0% |
| Total equity and liabilities | 10/49 | €3,189,660 | €3,233,457 | +€43,797 | +1.4% |
| Equity | 10/15 | €1,368,051 | €1,844,304 | +€476,253 | +34.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,347,591 | €1,823,844 | +€476,253 | +35.3% |
| Amounts payable | 17/49 | €1,821,609 | €1,389,153 | -€432,456 | -23.7% |
| Amounts payable after more than one year | 17 | €1,153,752 | €841,354 | -€312,398 | -27.1% |
| Financial debts | 170/4 | €1,153,752 | €841,354 | -€312,398 | -27.1% |
| Amounts payable within one year | 42/48 | €622,458 | €508,883 | -€113,575 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | €305,563 | €312,398 | +€6,835 | +2.2% |
| Trade debts | 44 | - | €4 | +€4 | |
| Suppliers | 440/4 | - | €4 | +€4 | |
| Taxes, remuneration and social security | 45 | €3,269 | €11,975 | +€8,706 | +266% |
| Taxes | 450/3 | €3,269 | - | -€3,269 | |
| Remuneration and social security | 454/9 | - | €11,975 | +€11,975 | |
| Other amounts payable | 47/48 | €313,626 | €184,506 | -€129,120 | -41.2% |
| Accrued charges and deferred income | 492/3 | €45,399 | €38,916 | -€6,483 | -14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,144 | €16,144 | = | 0.0% |
| Other operating charges | 640/8 | €161 | €189 | +€28 | +17.4% |
| Gross operating margin | 9900 | €56,575 | €94,885 | +€38,310 | +67.7% |
| Operating profit (loss) | 9901 | €40,270 | €78,552 | +€38,282 | +95.1% |
| Financial income | 75/76B | €338,500 | €438,000 | +€99,500 | +29.4% |
| Recurring financial income | 75 | €338,500 | €438,000 | +€99,500 | +29.4% |
| Financial charges | 65/66B | €46,532 | €39,718 | -€6,814 | -14.6% |
| Recurring financial charges | 65 | €46,532 | €39,718 | -€6,814 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | €332,238 | €476,834 | +€144,596 | +43.5% |
| Income taxes | 67/77 | - | €581 | +€581 | |
| Profit (loss) for the period | 9904 | €332,238 | €476,253 | +€144,015 | +43.3% |
| Profit (loss) for the period to be appropriated | 9905 | €332,238 | €476,253 | +€144,015 | +43.3% |
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 21 October 2026 via checked.be.