RENDER: 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.
RENDER
Largest movements
- Cash -€103,342
down €103,342 (-60.9%), from €169,714 to €66,372
mainly Receivables after one year (-€75,675) and Investment in fixed assets (net) (-€26,552)
- Receivables after one year +€75,675
up €75,675 (+140%), from €53,870 to €129,545
- Receivables within one year +€18,648
up €18,648 (+90.0%), from €20,728 to €39,376
of which Trade receivables: +€13,547
- Tangible fixed assets +€12,652
up €12,652 (+46.9%), from €26,998 to €39,650
of which Furniture and vehicles: +€21,787
- Reserves +€16,277
up €16,277 (+7.0%), from €231,279 to €247,556
of which Non-distributable reserves: +€16,277
- Trade debts -€8,015
down €8,015 (-75.8%), from €10,568 to €2,553
- Gross operating margin -€57,698
down €57,698 (-45.8%), from €125,960 to €68,262
- Taxes -€16,085
down €16,085 (-46.9%), from €34,324 to €18,239
- Depreciation +€5,310
up €5,310 (+61.8%), from €8,590 to €13,900
- Other operating charges -€1,871
down €1,871 (-77.5%), from €2,415 to €544
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 | €274,131 | €278,754 | +€4,623 | +1.7% |
| Fixed assets | 21/28 | €26,998 | €39,650 | +€12,652 | +46.9% |
| Tangible fixed assets | 22/27 | €26,998 | €39,650 | +€12,652 | +46.9% |
| Land and buildings | 22 | €14,824 | €9,653 | -€5,171 | -34.9% |
| Plant, machinery and equipment | 23 | €12,174 | €8,210 | -€3,964 | -32.6% |
| Furniture and vehicles | 24 | - | €21,787 | +€21,787 | |
| Current assets | 29/58 | €247,133 | €239,104 | -€8,029 | -3.2% |
| Amounts receivable after more than one year | 29 | €53,870 | €129,545 | +€75,675 | +140% |
| Other amounts receivable | 291 | €53,870 | €129,545 | +€75,675 | +140% |
| Amounts receivable within one year | 40/41 | €20,728 | €39,376 | +€18,648 | +90.0% |
| Trade receivables | 40 | €15,750 | €29,297 | +€13,547 | +86.0% |
| Other amounts receivable | 41 | €4,978 | €10,079 | +€5,101 | +102% |
| Cash at bank and in hand | 54/58 | €169,714 | €66,372 | -€103,342 | -60.9% |
| Deferred charges and accrued income | 490/1 | €2,821 | €3,811 | +€990 | +35.1% |
| Total equity and liabilities | 10/49 | €274,131 | €278,754 | +€4,623 | +1.7% |
| Equity | 10/15 | €231,279 | €247,556 | +€16,277 | +7.0% |
| Reserves | 13 | €231,279 | €247,556 | +€16,277 | +7.0% |
| Non-distributable reserves | 130/1 | €222,612 | €238,889 | +€16,277 | +7.3% |
| Other | 1319 | €222,612 | €238,889 | +€16,277 | +7.3% |
| Distributable reserves | 133 | €8,667 | €8,667 | = | 0.0% |
| Amounts payable | 17/49 | €42,852 | €31,198 | -€11,654 | -27.2% |
| Amounts payable after more than one year | 17 | €2,403 | - | -€2,403 | |
| Financial debts | 170/4 | €2,403 | - | -€2,403 | |
| Amounts payable within one year | 42/48 | €40,449 | €31,198 | -€9,251 | -22.9% |
| Financial debts | 43 | €3,958 | €2,402 | -€1,556 | -39.3% |
| Credit institutions | 430/8 | €3,958 | €2,402 | -€1,556 | -39.3% |
| Trade debts | 44 | €10,568 | €2,553 | -€8,015 | -75.8% |
| Suppliers | 440/4 | €10,568 | €2,553 | -€8,015 | -75.8% |
| Taxes, remuneration and social security | 45 | €25,923 | €26,243 | +€320 | +1.2% |
| Taxes | 450/3 | €25,923 | €26,243 | +€320 | +1.2% |
| Non-recurring operating income | 76A | €67,315 | - | -€67,315 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,590 | €13,900 | +€5,310 | +61.8% |
| Other operating charges | 640/8 | €2,415 | €544 | -€1,871 | -77.5% |
| Gross operating margin | 9900 | €125,960 | €68,262 | -€57,698 | -45.8% |
| Operating profit (loss) | 9901 | €114,955 | €53,818 | -€61,137 | -53.2% |
| Financial income | 75/76B | €1,565 | €913 | -€652 | -41.7% |
| Recurring financial income | 75 | €1,565 | €913 | -€652 | -41.7% |
| Financial charges | 65/66B | €1,485 | €446 | -€1,039 | -70.0% |
| Recurring financial charges | 65 | €1,485 | €446 | -€1,039 | -70.0% |
| Profit (loss) for the period before taxes | 9903 | €115,035 | €54,285 | -€60,750 | -52.8% |
| Income taxes | 67/77 | €34,324 | €18,239 | -€16,085 | -46.9% |
| Profit (loss) for the period | 9904 | €80,711 | €36,046 | -€44,665 | -55.3% |
| Profit (loss) for the period to be appropriated | 9905 | €80,711 | €36,046 | -€44,665 | -55.3% |
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.