Renaud Servais: 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 Servais
Largest movements
- Receivables after one year +€500,000
new in 2025: €500,000
- Financial fixed assets -€477,500
down €477,500 (-100.0%), from €477,500 to €0
- Receivables within one year -€87,805
down €87,805 (-61.3%), from €143,180 to €55,375
of which Other amounts receivable: -€74,231
- Debts after one year -€69,160
down €69,160 (-37.2%), from €186,053 to €116,893
- Profit (loss) carried forward +€64,922
up €64,922 (+33.2%), from €195,657 to €260,579
- Other debts -€57,053
down €57,053 (-47.8%), from €119,390 to €62,337
- Trade debts -€6,945
down €6,945 (-40.8%), from €17,006 to €10,061
- Financial income +€26,858
up €26,858 (+1176.9%), from €2,282 to €29,141
of which Non-recurring financial income: +€22,500
- Gross operating margin -€15,967
down €15,967 (-18.4%), from €86,543 to €70,576
- Other operating charges -€6,177
down €6,177 (-67.7%), from €9,123 to €2,946
- Taxes -€1,877
down €1,877 (-7.6%), from €24,827 to €22,950
- Financial charges +€1,077
up €1,077 (+13.8%), from €7,822 to €8,899
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 | €645,508 | €574,668 | -€70,840 | -11.0% |
| Fixed assets | 21/28 | €477,500 | €0 | -€477,500 | -100.0% |
| Financial fixed assets | 28 | €477,500 | €0 | -€477,500 | -100.0% |
| Current assets | 29/58 | €168,008 | €574,668 | +€406,660 | +242.0% |
| Amounts receivable after more than one year | 29 | - | €500,000 | +€500,000 | |
| Other amounts receivable | 291 | - | €500,000 | +€500,000 | |
| Amounts receivable within one year | 40/41 | €143,180 | €55,375 | -€87,805 | -61.3% |
| Trade receivables | 40 | €33,825 | €20,252 | -€13,574 | -40.1% |
| Other amounts receivable | 41 | €109,354 | €35,123 | -€74,231 | -67.9% |
| Cash at bank and in hand | 54/58 | €4,802 | €201 | -€4,601 | -95.8% |
| Deferred charges and accrued income | 490/1 | €20,026 | €19,093 | -€934 | -4.7% |
| Total equity and liabilities | 10/49 | €645,508 | €574,668 | -€70,840 | -11.0% |
| Equity | 10/15 | €205,657 | €270,579 | +€64,922 | +31.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €195,657 | €260,579 | +€64,922 | +33.2% |
| Amounts payable | 17/49 | €439,851 | €304,090 | -€135,761 | -30.9% |
| Amounts payable after more than one year | 17 | €186,053 | €116,893 | -€69,160 | -37.2% |
| Financial debts | 170/4 | €186,053 | €116,893 | -€69,160 | -37.2% |
| Amounts payable within one year | 42/48 | €253,798 | €187,197 | -€66,601 | -26.2% |
| Current portion of amounts payable after more than one year | 42 | €74,109 | €74,891 | +€782 | +1.1% |
| Financial debts | 43 | €4,750 | €4,820 | +€70 | +1.5% |
| Credit institutions | 430/8 | €4,750 | €4,820 | +€70 | +1.5% |
| Trade debts | 44 | €17,006 | €10,061 | -€6,945 | -40.8% |
| Suppliers | 440/4 | €17,006 | €10,061 | -€6,945 | -40.8% |
| Taxes, remuneration and social security | 45 | €38,543 | €35,088 | -€3,455 | -9.0% |
| Taxes | 450/3 | €35,443 | €35,088 | -€355 | -1.0% |
| Remuneration and social security | 454/9 | €3,100 | €0 | -€3,100 | -100.0% |
| Other amounts payable | 47/48 | €119,390 | €62,337 | -€57,053 | -47.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Other operating charges | 640/8 | €9,123 | €2,946 | -€6,177 | -67.7% |
| Gross operating margin | 9900 | €86,543 | €70,576 | -€15,967 | -18.4% |
| Operating profit (loss) | 9901 | €77,420 | €67,630 | -€9,790 | -12.6% |
| Financial income | 75/76B | €2,282 | €29,141 | +€26,858 | +1176.9% |
| Recurring financial income | 75 | €2,282 | €6,641 | +€4,358 | +191.0% |
| Non-recurring financial income | 76B | - | €22,500 | +€22,500 | |
| Financial charges | 65/66B | €7,822 | €8,899 | +€1,077 | +13.8% |
| Recurring financial charges | 65 | €7,822 | €8,899 | +€1,077 | +13.8% |
| Profit (loss) for the period before taxes | 9903 | €71,880 | €87,872 | +€15,992 | +22.2% |
| Income taxes | 67/77 | €24,827 | €22,950 | -€1,877 | -7.6% |
| Profit (loss) for the period | 9904 | €47,053 | €64,922 | +€17,869 | +38.0% |
| Profit (loss) for the period to be appropriated | 9905 | €47,053 | €64,922 | +€17,869 | +38.0% |
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 12 October 2026 via checked.be.