RENDEC: 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.
RENDEC
Largest movements
- Receivables within one year -€45,262
down €45,262 (-74.8%), from €60,471 to €15,209
of which Trade receivables: -€46,264
- Cash -€42,262
down €42,262 (-80.0%), from €52,807 to €10,545
mainly Net result for the year (-€70,185) and Trade debts (-€11,687)
- Tangible fixed assets +€7,491
up €7,491 (+16.8%), from €44,603 to €52,095
of which Plant, machinery and equipment: +€7,491
- Profit (loss) carried forward -€70,185
down €70,185 (-69.1%), from -€101,525 to -€171,709
- Trade debts -€11,687
down €11,687 (-86.6%), from €13,497 to €1,810
- Other debts +€1,839
new in 2025: €1,839
- Gross operating margin -€135,105
down €135,105, from €67,602 to -€67,502
- Depreciation -€14,683
no longer reported in 2025 (was €14,683)
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 | €157,971 | €77,939 | -€80,032 | -50.7% |
| Fixed assets | 21/28 | €44,693 | €52,185 | +€7,491 | +16.8% |
| Tangible fixed assets | 22/27 | €44,603 | €52,095 | +€7,491 | +16.8% |
| Plant, machinery and equipment | 23 | €1,951 | €9,443 | +€7,491 | +383.9% |
| Furniture and vehicles | 24 | €42,652 | €42,652 | = | 0.0% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €113,278 | €25,754 | -€87,524 | -77.3% |
| Amounts receivable within one year | 40/41 | €60,471 | €15,209 | -€45,262 | -74.8% |
| Trade receivables | 40 | €54,057 | €7,793 | -€46,264 | -85.6% |
| Other amounts receivable | 41 | €6,414 | €7,416 | +€1,002 | +15.6% |
| Cash at bank and in hand | 54/58 | €52,807 | €10,545 | -€42,262 | -80.0% |
| Total equity and liabilities | 10/49 | €157,971 | €77,939 | -€80,032 | -50.7% |
| Equity | 10/15 | €143,914 | €73,729 | -€70,185 | -48.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €226,839 | €226,839 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €224,979 | €224,979 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€101,525 | -€171,709 | -€70,185 | -69.1% |
| Amounts payable | 17/49 | €14,057 | €4,209 | -€9,848 | -70.1% |
| Amounts payable within one year | 42/48 | €14,057 | €4,209 | -€9,848 | -70.1% |
| Trade debts | 44 | €13,497 | €1,810 | -€11,687 | -86.6% |
| Suppliers | 440/4 | €13,497 | €1,810 | -€11,687 | -86.6% |
| Taxes, remuneration and social security | 45 | €560 | €560 | +€0 | +0.1% |
| Taxes | 450/3 | €560 | €560 | +€0 | +0.1% |
| Other amounts payable | 47/48 | - | €1,839 | +€1,839 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,683 | - | -€14,683 | |
| Other operating charges | 640/8 | €1,604 | €1,401 | -€203 | -12.7% |
| Gross operating margin | 9900 | €67,602 | -€67,502 | -€135,105 | |
| Operating profit (loss) | 9901 | €51,316 | -€68,903 | -€120,219 | |
| Financial income | 75/76B | €40 | €99 | +€59 | +148.6% |
| Recurring financial income | 75 | €40 | €99 | +€59 | +148.6% |
| Financial charges | 65/66B | €1,944 | €1,381 | -€564 | -29.0% |
| Recurring financial charges | 65 | €1,944 | €1,381 | -€564 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | €49,411 | -€70,185 | -€119,596 | |
| Profit (loss) for the period | 9904 | €49,411 | -€70,185 | -€119,596 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,411 | -€70,185 | -€119,596 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.