RENDERS: 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.
RENDERS
Largest movements
- Stocks and contracts +€13,075
up €13,075 (+6.7%), from €194,325 to €207,400
- Receivables after one year +€6,500
up €6,500 (+91.2%), from €7,126 to €13,626
- Receivables within one year -€5,853
down €5,853 (-16.1%), from €36,248 to €30,395
of which Other amounts receivable: -€8,426
- Current portion of long-term debt +€4,750
up €4,750 (+105.6%), from €4,500 to €9,250
- Trade debts +€4,111
up €4,111 (+13.0%), from €31,560 to €35,671
- Depreciation +€1,399
up €1,399 (+9.5%), from €14,784 to €16,184
- Taxes -€454
down €454 (-40.2%), from €1,130 to €676
- Other operating charges +€389
up €389 (+58.1%), from €670 to €1,060
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 | €297,453 | €310,535 | +€13,082 | +4.4% |
| Fixed assets | 21/28 | €54,879 | €52,913 | -€1,966 | -3.6% |
| Tangible fixed assets | 22/27 | €54,879 | €52,913 | -€1,966 | -3.6% |
| Plant, machinery and equipment | 23 | €49,435 | €49,433 | -€2 | 0.0% |
| Other tangible fixed assets | 26 | €5,444 | €3,480 | -€1,964 | -36.1% |
| Current assets | 29/58 | €242,574 | €257,622 | +€15,047 | +6.2% |
| Amounts receivable after more than one year | 29 | €7,126 | €13,626 | +€6,500 | +91.2% |
| Other amounts receivable | 291 | €7,126 | €13,626 | +€6,500 | +91.2% |
| Stocks and contracts in progress | 3 | €194,325 | €207,400 | +€13,075 | +6.7% |
| Stocks | 30/36 | €194,325 | €207,400 | +€13,075 | +6.7% |
| Amounts receivable within one year | 40/41 | €36,248 | €30,395 | -€5,853 | -16.1% |
| Trade receivables | 40 | €27,129 | €29,701 | +€2,573 | +9.5% |
| Other amounts receivable | 41 | €9,120 | €694 | -€8,426 | -92.4% |
| Cash at bank and in hand | 54/58 | €4,875 | €6,201 | +€1,326 | +27.2% |
| Total equity and liabilities | 10/49 | €297,453 | €310,535 | +€13,082 | +4.4% |
| Equity | 10/15 | €132,746 | €135,377 | +€2,631 | +2.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €114,154 | €116,785 | +€2,631 | +2.3% |
| Distributable reserves | 133 | €114,154 | €116,785 | +€2,631 | +2.3% |
| Amounts payable | 17/49 | €164,707 | €175,157 | +€10,450 | +6.3% |
| Amounts payable after more than one year | 17 | €118,750 | €120,042 | +€1,292 | +1.1% |
| Financial debts | 170/4 | €3,750 | €5,042 | +€1,292 | +34.4% |
| Other amounts payable | 178/9 | €115,000 | €115,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €45,957 | €55,116 | +€9,158 | +19.9% |
| Current portion of amounts payable after more than one year | 42 | €4,500 | €9,250 | +€4,750 | +105.6% |
| Trade debts | 44 | €31,560 | €35,671 | +€4,111 | +13.0% |
| Suppliers | 440/4 | €31,560 | €35,671 | +€4,111 | +13.0% |
| Taxes, remuneration and social security | 45 | €6,878 | €5,780 | -€1,098 | -16.0% |
| Taxes | 450/3 | €6,878 | €5,780 | -€1,098 | -16.0% |
| Other amounts payable | 47/48 | €3,019 | €4,414 | +€1,396 | +46.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,784 | €16,184 | +€1,399 | +9.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €670 | €1,060 | +€389 | +58.1% |
| Gross operating margin | 9900 | €21,171 | €21,030 | -€141 | -0.7% |
| Operating profit (loss) | 9901 | €5,716 | €3,787 | -€1,929 | -33.8% |
| Financial income | 75/76B | €3 | €29 | +€26 | +861.7% |
| Recurring financial income | 75 | €3 | €29 | +€26 | +861.7% |
| Financial charges | 65/66B | €427 | €508 | +€82 | +19.1% |
| Recurring financial charges | 65 | €427 | €508 | +€82 | +19.1% |
| Profit (loss) for the period before taxes | 9903 | €5,293 | €3,307 | -€1,985 | -37.5% |
| Income taxes | 67/77 | €1,130 | €676 | -€454 | -40.2% |
| Profit (loss) for the period | 9904 | €4,162 | €2,631 | -€1,531 | -36.8% |
| Profit (loss) for the period to be appropriated | 9905 | €4,162 | €2,631 | -€1,531 | -36.8% |
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 6 October 2026 via checked.be.