RENE BAUTHIER: 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.
RENE BAUTHIER
Largest movements
- Stocks and contracts -€32,367
down €32,367 (-29.2%), from €110,778 to €78,412
- Tangible fixed assets -€7,169
down €7,169 (-5.2%), from €138,409 to €131,240
of which Land and buildings: -€5,009
- Receivables within one year +€4,003
up €4,003 (+122%), from €3,279 to €7,283
- Profit (loss) carried forward +€34,800
up €34,800 (+35.8%), from -€97,102 to -€62,303
- Other debts -€29,597
down €29,597 (-96.5%), from €30,682 to €1,085
- Current portion of long-term debt -€25,554
down €25,554 (-71.0%), from €36,000 to €10,446
- Debts after one year -€21,953
down €21,953 (-24.1%), from €91,000 to €69,047
of which Other amounts payable: -€27,500
- Trade debts +€4,858
up €4,858 (+29.6%), from €16,402 to €21,261
- Gross operating margin -€10,912
down €10,912 (-11.1%), from €98,724 to €87,812
- Write-downs -€9,767
down €9,767 (-27.0%), from €36,162 to €26,395
- Staff costs -€5,977
down €5,977 (-85.3%), from €7,007 to €1,031
- Financial charges -€3,286
down €3,286 (-33.6%), from €9,789 to €6,503
- Other operating charges -€1,197
down €1,197 (-13.1%), from €9,135 to €7,938
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 | €269,503 | €231,036 | -€38,467 | -14.3% |
| Fixed assets | 21/28 | €139,344 | €131,824 | -€7,520 | -5.4% |
| Intangible fixed assets | 21 | €934 | €583 | -€351 | -37.6% |
| Tangible fixed assets | 22/27 | €138,409 | €131,240 | -€7,169 | -5.2% |
| Land and buildings | 22 | €134,231 | €129,222 | -€5,009 | -3.7% |
| Plant, machinery and equipment | 23 | €4,178 | €2,018 | -€2,160 | -51.7% |
| Current assets | 29/58 | €130,159 | €99,212 | -€30,947 | -23.8% |
| Stocks and contracts in progress | 3 | €110,778 | €78,412 | -€32,367 | -29.2% |
| Stocks | 30/36 | €110,778 | €78,412 | -€32,367 | -29.2% |
| Amounts receivable within one year | 40/41 | €3,279 | €7,283 | +€4,003 | +122% |
| Trade receivables | 40 | €3,279 | €7,283 | +€4,003 | +122% |
| Cash at bank and in hand | 54/58 | €11,942 | €11,743 | -€199 | -1.7% |
| Deferred charges and accrued income | 490/1 | €4,159 | €1,774 | -€2,385 | -57.3% |
| Total equity and liabilities | 10/49 | €269,503 | €231,036 | -€38,467 | -14.3% |
| Equity | 10/15 | €91,328 | €126,128 | +€34,800 | +38.1% |
| Contributions | 10/11 | €181,400 | €181,400 | = | 0.0% |
| Reserves | 13 | €7,031 | €7,031 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,380 | €6,380 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,380 | €6,380 | = | 0.0% |
| Tax-exempt reserves | 132 | €651 | €651 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€97,102 | -€62,303 | +€34,800 | +35.8% |
| Amounts payable | 17/49 | €178,175 | €104,908 | -€73,267 | -41.1% |
| Amounts payable after more than one year | 17 | €91,000 | €69,047 | -€21,953 | -24.1% |
| Financial debts | 170/4 | €36,000 | €41,547 | +€5,547 | +15.4% |
| Other amounts payable | 178/9 | €55,000 | €27,500 | -€27,500 | -50.0% |
| Amounts payable within one year | 42/48 | €85,738 | €35,847 | -€49,892 | -58.2% |
| Current portion of amounts payable after more than one year | 42 | €36,000 | €10,446 | -€25,554 | -71.0% |
| Trade debts | 44 | €16,402 | €21,261 | +€4,858 | +29.6% |
| Suppliers | 440/4 | €16,402 | €21,261 | +€4,858 | +29.6% |
| Taxes, remuneration and social security | 45 | €2,654 | €3,055 | +€401 | +15.1% |
| Taxes | 450/3 | €2,654 | €3,055 | +€401 | +15.1% |
| Other amounts payable | 47/48 | €30,682 | €1,085 | -€29,597 | -96.5% |
| Accrued charges and deferred income | 492/3 | €1,436 | €14 | -€1,422 | -99.0% |
| Non-recurring operating income | 76A | - | €1 | +€1 | |
| Remuneration, social security and pensions | 62 | €7,007 | €1,031 | -€5,977 | -85.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,165 | €7,520 | -€645 | -7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €36,162 | €26,395 | -€9,767 | -27.0% |
| Other operating charges | 640/8 | €9,135 | €7,938 | -€1,197 | -13.1% |
| Non-recurring operating charges | 66A | €17 | €3,634 | +€3,618 | +21,780% |
| Gross operating margin | 9900 | €98,724 | €87,812 | -€10,912 | -11.1% |
| Operating profit (loss) | 9901 | €38,238 | €41,295 | +€3,057 | +8.0% |
| Financial income | 75/76B | €11 | €7 | -€4 | -34.6% |
| Recurring financial income | 75 | €11 | €7 | -€4 | -34.6% |
| Financial charges | 65/66B | €9,789 | €6,503 | -€3,286 | -33.6% |
| Recurring financial charges | 65 | €9,789 | €6,503 | -€3,286 | -33.6% |
| Profit (loss) for the period before taxes | 9903 | €28,460 | €34,800 | +€6,339 | +22.3% |
| Profit (loss) for the period | 9904 | €28,460 | €34,800 | +€6,339 | +22.3% |
| Profit (loss) for the period to be appropriated | 9905 | €28,460 | €34,800 | +€6,339 | +22.3% |
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 23 October 2026 via checked.be.