RENDEER: 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.
RENDEER
Largest movements
- Receivables within one year +€28,200
up €28,200 (+66.6%), from €42,329 to €70,528
- Cash +€9,411
up €9,411 (+76.7%), from €12,268 to €21,679
mainly Net result for the year (+€38,849) and Tax, wage and social debts (+€10,845)
- Tangible fixed assets +€2,535
new in 2025: €2,535
- Reserves +€38,750
up €38,750 (+574.1%), from €6,750 to €45,500
- Tax, wage and social debts +€10,845
up €10,845 (+59.1%), from €18,363 to €29,208
of which Taxes: +€6,333
- Trade debts -€7,084
down €7,084 (-59.2%), from €11,972 to €4,887
- Other debts -€2,463
no longer reported in 2025 (was €2,463)
- Staff costs -€56,612
down €56,612 (-36.3%), from €155,754 to €99,143
- Gross operating margin -€17,543
down €17,543 (-10.6%), from €166,026 to €148,483
- Taxes +€6,958
up €6,958 (+227.3%), from €3,062 to €10,020
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 | €54,597 | €94,742 | +€40,146 | +73.5% |
| Fixed assets | 21/28 | - | €2,535 | +€2,535 | |
| Tangible fixed assets | 22/27 | - | €2,535 | +€2,535 | |
| Furniture and vehicles | 24 | - | €2,535 | +€2,535 | |
| Current assets | 29/58 | €54,597 | €92,207 | +€37,610 | +68.9% |
| Amounts receivable within one year | 40/41 | €42,329 | €70,528 | +€28,200 | +66.6% |
| Trade receivables | 40 | €42,329 | €70,528 | +€28,200 | +66.6% |
| Cash at bank and in hand | 54/58 | €12,268 | €21,679 | +€9,411 | +76.7% |
| Total equity and liabilities | 10/49 | €54,597 | €94,742 | +€40,146 | +73.5% |
| Equity | 10/15 | €21,798 | €60,647 | +€38,849 | +178.2% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €6,750 | €45,500 | +€38,750 | +574.1% |
| Distributable reserves | 133 | €6,750 | €45,500 | +€38,750 | +574.1% |
| Profit (loss) carried forward | 14 | €48 | €147 | +€99 | +205.4% |
| Amounts payable | 17/49 | €32,798 | €34,095 | +€1,297 | +4.0% |
| Amounts payable within one year | 42/48 | €32,798 | €34,095 | +€1,297 | +4.0% |
| Trade debts | 44 | €11,972 | €4,887 | -€7,084 | -59.2% |
| Suppliers | 440/4 | €11,972 | €4,887 | -€7,084 | -59.2% |
| Taxes, remuneration and social security | 45 | €18,363 | €29,208 | +€10,845 | +59.1% |
| Taxes | 450/3 | €10,295 | €16,627 | +€6,333 | +61.5% |
| Remuneration and social security | 454/9 | €8,069 | €12,580 | +€4,512 | +55.9% |
| Other amounts payable | 47/48 | €2,463 | - | -€2,463 | |
| Remuneration, social security and pensions | 62 | €155,754 | €99,143 | -€56,612 | -36.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €147 | +€147 | |
| Other operating charges | 640/8 | €463 | €387 | -€75 | -16.3% |
| Gross operating margin | 9900 | €166,026 | €148,483 | -€17,543 | -10.6% |
| Operating profit (loss) | 9901 | €9,809 | €48,806 | +€38,997 | +397.5% |
| Financial income | 75/76B | €332 | €234 | -€98 | -29.6% |
| Recurring financial income | 75 | €332 | €234 | -€98 | -29.6% |
| Financial charges | 65/66B | €282 | €171 | -€110 | -39.1% |
| Recurring financial charges | 65 | €282 | €171 | -€110 | -39.1% |
| Profit (loss) for the period before taxes | 9903 | €9,860 | €48,869 | +€39,009 | +395.6% |
| Income taxes | 67/77 | €3,062 | €10,020 | +€6,958 | +227.3% |
| Profit (loss) for the period | 9904 | €6,798 | €38,849 | +€32,051 | +471.5% |
| Profit (loss) for the period to be appropriated | 9905 | €6,798 | €38,849 | +€32,051 | +471.5% |
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 8 October 2026 via checked.be.