RENDERS: 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.
RENDERS
Largest movements
- Cash +€146,969
up €146,969 (+2,275%), from €6,460 to €153,429
mainly Depreciation (+€131,330) and Net result for the year (+€94,078)
- Receivables within one year +€68,878
up €68,878 (+9.9%), from €695,741 to €764,619
of which Other amounts receivable: +€239,647
- Reserves +€94,078
up €94,078 (+18.5%), from €507,776 to €601,854
of which Distributable reserves: +€117,472
- Provisions +€25,535
up €25,535 (+154%), from €16,586 to €42,121
of which Provisions for liabilities and charges: +€33,333
- Debts after one year +€24,295
up €24,295 (+15.3%), from €159,276 to €183,571
- Tax, wage and social debts +€22,097
up €22,097 (+40.4%), from €54,668 to €76,765
of which Taxes: +€18,790
- Current portion of long-term debt +€21,693
up €21,693 (+41.4%), from €52,345 to €74,038
- Gross operating margin +€89,930
up €89,930 (+33.9%), from €265,029 to €354,959
- Provisions +€33,333
new in 2025: €33,333
- Financial charges -€26,642
down €26,642 (-52.5%), from €50,786 to €24,145
- Taxes +€18,922
up €18,922 (+77.3%), from €24,465 to €43,388
- Depreciation +€14,926
up €14,926 (+12.8%), from €116,405 to €131,330
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,300,178 | €1,511,583 | +€211,405 | +16.3% |
| Fixed assets | 21/28 | €486,271 | €476,978 | -€9,293 | -1.9% |
| Tangible fixed assets | 22/27 | €486,271 | €476,978 | -€9,293 | -1.9% |
| Land and buildings | 22 | €25,465 | €22,176 | -€3,289 | -12.9% |
| Plant, machinery and equipment | 23 | €265,297 | €319,708 | +€54,411 | +20.5% |
| Furniture and vehicles | 24 | €195,508 | €135,094 | -€60,414 | -30.9% |
| Current assets | 29/58 | €813,908 | €1,034,605 | +€220,698 | +27.1% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €695,741 | €764,619 | +€68,878 | +9.9% |
| Trade receivables | 40 | €350,329 | €179,559 | -€170,770 | -48.7% |
| Other amounts receivable | 41 | €345,412 | €585,059 | +€239,647 | +69.4% |
| Cash at bank and in hand | 54/58 | €6,460 | €153,429 | +€146,969 | +2,275% |
| Deferred charges and accrued income | 490/1 | €11,707 | €16,558 | +€4,851 | +41.4% |
| Total equity and liabilities | 10/49 | €1,300,178 | €1,511,583 | +€211,405 | +16.3% |
| Equity | 10/15 | €770,476 | €864,554 | +€94,078 | +12.2% |
| Contributions | 10/11 | €262,700 | €262,700 | = | 0.0% |
| Reserves | 13 | €507,776 | €601,854 | +€94,078 | +18.5% |
| Tax-exempt reserves | 132 | €49,758 | €26,364 | -€23,394 | -47.0% |
| Distributable reserves | 133 | €458,018 | €575,490 | +€117,472 | +25.6% |
| Provisions and deferred taxes | 16 | €16,586 | €42,121 | +€25,535 | +154% |
| Provisions for liabilities and charges | 160/5 | - | €33,333 | +€33,333 | |
| Major repairs and maintenance | 162 | - | €33,333 | +€33,333 | |
| Deferred taxes | 168 | €16,586 | €8,788 | -€7,798 | -47.0% |
| Amounts payable | 17/49 | €513,116 | €604,908 | +€91,792 | +17.9% |
| Amounts payable after more than one year | 17 | €159,276 | €183,571 | +€24,295 | +15.3% |
| Financial debts | 170/4 | €159,276 | €183,571 | +€24,295 | +15.3% |
| Amounts payable within one year | 42/48 | €323,840 | €371,301 | +€47,461 | +14.7% |
| Current portion of amounts payable after more than one year | 42 | €52,345 | €74,038 | +€21,693 | +41.4% |
| Trade debts | 44 | €216,827 | €208,498 | -€8,329 | -3.8% |
| Suppliers | 440/4 | €216,827 | €208,498 | -€8,329 | -3.8% |
| Taxes, remuneration and social security | 45 | €54,668 | €76,765 | +€22,097 | +40.4% |
| Taxes | 450/3 | €50,644 | €69,434 | +€18,790 | +37.1% |
| Remuneration and social security | 454/9 | €4,024 | €7,331 | +€3,307 | +82.2% |
| Other amounts payable | 47/48 | €0 | €12,000 | +€12,000 | |
| Accrued charges and deferred income | 492/3 | €30,000 | €50,035 | +€20,035 | +66.8% |
| Non-recurring operating income | 76A | €7,000 | €0 | -€7,000 | -100% |
| Remuneration, social security and pensions | 62 | €55,354 | €57,013 | +€1,658 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,405 | €131,330 | +€14,926 | +12.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €33,333 | +€33,333 | |
| Other operating charges | 640/8 | €545 | €3,020 | +€2,475 | +454% |
| Gross operating margin | 9900 | €265,029 | €354,959 | +€89,930 | +33.9% |
| Operating profit (loss) | 9901 | €92,725 | €130,263 | +€37,537 | +40.5% |
| Financial income | 75/76B | €17,473 | €23,550 | +€6,076 | +34.8% |
| Recurring financial income | 75 | €17,473 | €23,550 | +€6,076 | +34.8% |
| Financial charges | 65/66B | €50,786 | €24,145 | -€26,642 | -52.5% |
| Recurring financial charges | 65 | €50,786 | €24,145 | -€26,642 | -52.5% |
| Profit (loss) for the period before taxes | 9903 | €59,412 | €129,667 | +€70,256 | +118% |
| Transfer from deferred taxes | 780 | €7,798 | €7,798 | = | 0.0% |
| Income taxes | 67/77 | €24,465 | €43,388 | +€18,922 | +77.3% |
| Profit (loss) for the period | 9904 | €42,744 | €94,078 | +€51,333 | +120% |
| Transfer from tax-exempt reserves | 789 | €23,394 | €23,394 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €66,138 | €117,472 | +€51,333 | +77.6% |
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 29 October 2026 via checked.be.