RENDAFO: what changed
Two fiscal 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.
RENDAFO
Largest movements
- Cash +€269,721
up €269,721 (+290.1%), from €92,974 to €362,695
mainly Current investments (+€190,527) and Net result for the year (+€122,833)
- Current investments -€190,527
down €190,527 (-7.0%), from €2.7m to €2.5m
- Reserves +€72,833
up €72,833 (+4.2%), from €1.7m to €1.8m
- Financial income +€67,098
up €67,098 (+59.4%), from €113,044 to €180,141
- Financial charges +€37,493
up €37,493 (+287.0%), from €13,064 to €50,557
- Taxes +€3,969
up €3,969 (+87.5%), from €4,537 to €8,506
- Gross operating margin +€3,446
up €3,446 (+12.0%), from €28,727 to €32,173
- Depreciation -€1,921
down €1,921 (-6.7%), from €28,692 to €26,771
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 | €4,248,886 | €4,326,193 | +€77,307 | +1.8% |
| Fixed assets | 21/28 | €1,396,617 | €1,369,846 | -€26,771 | -1.9% |
| Tangible fixed assets | 22/27 | €1,396,617 | €1,369,846 | -€26,771 | -1.9% |
| Land and buildings | 22 | €1,124,887 | €1,118,451 | -€6,437 | -0.6% |
| Furniture and vehicles | 24 | €40,341 | €25,129 | -€15,212 | -37.7% |
| Other tangible fixed assets | 26 | €231,388 | €226,266 | -€5,122 | -2.2% |
| Current assets | 29/58 | €2,852,269 | €2,956,347 | +€104,079 | +3.6% |
| Amounts receivable within one year | 40/41 | €25,676 | €50,536 | +€24,861 | +96.8% |
| Trade receivables | 40 | €1,993 | €0 | -€1,993 | -100.0% |
| Other amounts receivable | 41 | €23,683 | €50,536 | +€26,853 | +113.4% |
| Current investments | 50/53 | €2,733,364 | €2,542,837 | -€190,527 | -7.0% |
| Cash at bank and in hand | 54/58 | €92,974 | €362,695 | +€269,721 | +290.1% |
| Deferred charges and accrued income | 490/1 | €255 | €279 | +€24 | +9.4% |
| Total equity and liabilities | 10/49 | €4,248,886 | €4,326,193 | +€77,307 | +1.8% |
| Equity | 10/15 | €4,185,481 | €4,258,314 | +€72,833 | +1.7% |
| Contributions | 10/11 | €2,460,300 | €2,460,300 | = | 0.0% |
| Reserves | 13 | €1,725,181 | €1,798,014 | +€72,833 | +4.2% |
| Distributable reserves | 133 | €1,725,181 | €1,798,014 | +€72,833 | +4.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €63,405 | €67,879 | +€4,475 | +7.1% |
| Amounts payable within one year | 42/48 | €55,557 | €59,315 | +€3,758 | +6.8% |
| Trade debts | 44 | €2,965 | €3,777 | +€812 | +27.4% |
| Suppliers | 440/4 | €2,965 | €3,777 | +€812 | +27.4% |
| Taxes, remuneration and social security | 45 | €601 | €0 | -€601 | -100.0% |
| Taxes | 450/3 | €601 | €0 | -€601 | -100.0% |
| Other amounts payable | 47/48 | €51,991 | €55,538 | +€3,546 | +6.8% |
| Accrued charges and deferred income | 492/3 | €7,848 | €8,565 | +€717 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,692 | €26,771 | -€1,921 | -6.7% |
| Other operating charges | 640/8 | €4,131 | €3,647 | -€484 | -11.7% |
| Gross operating margin | 9900 | €28,727 | €32,173 | +€3,446 | +12.0% |
| Operating profit (loss) | 9901 | -€4,095 | €1,755 | +€5,850 | |
| Financial income | 75/76B | €113,044 | €180,141 | +€67,098 | +59.4% |
| Recurring financial income | 75 | €113,044 | €180,141 | +€67,098 | +59.4% |
| Financial charges | 65/66B | €13,064 | €50,557 | +€37,493 | +287.0% |
| Recurring financial charges | 65 | €13,064 | €50,557 | +€37,493 | +287.0% |
| Profit (loss) for the period before taxes | 9903 | €95,884 | €131,339 | +€35,455 | +37.0% |
| Income taxes | 67/77 | €4,537 | €8,506 | +€3,969 | +87.5% |
| Profit (loss) for the period | 9904 | €91,347 | €122,833 | +€31,486 | +34.5% |
| Profit (loss) for the period to be appropriated | 9905 | €91,347 | €122,833 | +€31,486 | +34.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.