RENO-K: 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.
RENO-K
Largest movements
- Receivables within one year +€126,651
up €126,651 (+13.9%), from €908,406 to €1.0m
of which Trade receivables: +€181,698
- Stocks and contracts +€57,351
up €57,351 (+45.7%), from €125,500 to €182,851
- Reserves +€484,611
up €484,611 (+26,054%), from €1,860 to €486,471
- Profit (loss) carried forward -€484,321
no longer reported in 2025 (was €484,321)
- Advances received +€113,410
up €113,410 (+121%), from €93,597 to €207,007
- Trade debts +€106,614
up €106,614 (+19.0%), from €560,482 to €667,096
- Current portion of long-term debt -€70,906
down €70,906 (-64.3%), from €110,188 to €39,282
- Staff costs +€135,863
up €135,863 (+84.2%), from €161,270 to €297,133
- Gross operating margin +€99,079
up €99,079 (+32.4%), from €305,348 to €404,428
- Depreciation +€25,039
up €25,039 (+44.5%), from €56,315 to €81,354
- Taxes -€20,075
down €20,075 (-84.4%), from €23,786 to €3,712
- Financial income -€6,101
down €6,101 (-73.3%), from €8,320 to €2,219
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 | €1,578,076 | €1,769,013 | +€190,937 | +12.1% |
| Fixed assets | 21/28 | €527,776 | €519,298 | -€8,479 | -1.6% |
| Tangible fixed assets | 22/27 | €523,421 | €514,943 | -€8,479 | -1.6% |
| Land and buildings | 22 | €313,466 | €303,356 | -€10,110 | -3.2% |
| Plant, machinery and equipment | 23 | €39,637 | €26,985 | -€12,652 | -31.9% |
| Furniture and vehicles | 24 | €66,943 | €102,511 | +€35,568 | +53.1% |
| Other tangible fixed assets | 26 | €103,375 | €82,090 | -€21,285 | -20.6% |
| Financial fixed assets | 28 | €4,355 | €4,355 | = | 0.0% |
| Current assets | 29/58 | €1,050,300 | €1,249,716 | +€199,416 | +19.0% |
| Stocks and contracts in progress | 3 | €125,500 | €182,851 | +€57,351 | +45.7% |
| Stocks | 30/36 | €125,500 | €182,851 | +€57,351 | +45.7% |
| Amounts receivable within one year | 40/41 | €908,406 | €1,035,056 | +€126,651 | +13.9% |
| Trade receivables | 40 | €688,847 | €870,545 | +€181,698 | +26.4% |
| Other amounts receivable | 41 | €219,559 | €164,512 | -€55,047 | -25.1% |
| Current investments | 50/53 | - | €1,328 | +€1,328 | |
| Cash at bank and in hand | 54/58 | - | €6,205 | +€6,205 | |
| Deferred charges and accrued income | 490/1 | €16,394 | €24,275 | +€7,881 | +48.1% |
| Total equity and liabilities | 10/49 | €1,578,076 | €1,769,013 | +€190,937 | +12.1% |
| Equity | 10/15 | €498,581 | €498,871 | +€290 | +0.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €486,471 | +€484,611 | +26,054% |
| Distributable reserves | 133 | €1,860 | €486,471 | +€484,611 | +26,054% |
| Profit (loss) carried forward | 14 | €484,321 | - | -€484,321 | |
| Amounts payable | 17/49 | €1,079,495 | €1,270,142 | +€190,647 | +17.7% |
| Amounts payable after more than one year | 17 | €205,644 | €231,670 | +€26,026 | +12.7% |
| Financial debts | 170/4 | €205,644 | €231,670 | +€26,026 | +12.7% |
| Amounts payable within one year | 42/48 | €873,151 | €1,037,773 | +€164,621 | +18.9% |
| Current portion of amounts payable after more than one year | 42 | €110,188 | €39,282 | -€70,906 | -64.3% |
| Financial debts | 43 | €50,429 | - | -€50,429 | |
| Credit institutions | 430/8 | €50,429 | - | -€50,429 | |
| Trade debts | 44 | €560,482 | €667,096 | +€106,614 | +19.0% |
| Suppliers | 440/4 | €560,482 | €667,096 | +€106,614 | +19.0% |
| Advances received on contracts in progress | 46 | €93,597 | €207,007 | +€113,410 | +121% |
| Taxes, remuneration and social security | 45 | €36,370 | €40,065 | +€3,694 | +10.2% |
| Taxes | 450/3 | €36,370 | €27,290 | -€9,080 | -25.0% |
| Remuneration and social security | 454/9 | - | €12,775 | +€12,775 | |
| Other amounts payable | 47/48 | €22,085 | €84,322 | +€62,237 | +282% |
| Accrued charges and deferred income | 492/3 | €700 | €700 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €161,270 | €297,133 | +€135,863 | +84.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,315 | €81,354 | +€25,039 | +44.5% |
| Other operating charges | 640/8 | €4,471 | €9,829 | +€5,358 | +120% |
| Gross operating margin | 9900 | €305,348 | €404,428 | +€99,079 | +32.4% |
| Operating profit (loss) | 9901 | €83,292 | €16,111 | -€67,181 | -80.7% |
| Financial income | 75/76B | €8,320 | €2,219 | -€6,101 | -73.3% |
| Recurring financial income | 75 | €8,320 | €2,219 | -€6,101 | -73.3% |
| Financial charges | 65/66B | €8,648 | €14,329 | +€5,681 | +65.7% |
| Recurring financial charges | 65 | €8,648 | €14,329 | +€5,681 | +65.7% |
| Profit (loss) for the period before taxes | 9903 | €82,965 | €4,002 | -€78,963 | -95.2% |
| Income taxes | 67/77 | €23,786 | €3,712 | -€20,075 | -84.4% |
| Profit (loss) for the period | 9904 | €59,179 | €290 | -€58,888 | -99.5% |
| Profit (loss) for the period to be appropriated | 9905 | €59,179 | €290 | -€58,888 | -99.5% |
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 25 October 2026 via checked.be.