RENO - VLERO: 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 - VLERO
Largest movements
- Cash +€13,014
up €13,014 (+270%), from €4,818 to €17,832
mainly Current investments (+€9,962) and Net result for the year (+€5,232)
- Current investments -€9,962
no longer reported in 2025 (was €9,962)
- Receivables within one year -€1,441
down €1,441 (-6.8%), from €21,342 to €19,901
of which Trade receivables: -€2,145
- Deferred charges and accrued income -€912
down €912 (-9.7%), from €9,442 to €8,530
- Stocks and contracts +€850
up €850 (+6.6%), from €12,807 to €13,657
- Profit (loss) carried forward +€5,232
up €5,232 (+11.3%), from €46,203 to €51,435
- Accrued charges and deferred income -€1,500
no longer reported in 2025 (was €1,500)
- Trade debts -€1,380
down €1,380 (-55.9%), from €2,467 to €1,087
- Tax, wage and social debts -€1,199
no longer reported in 2025 (was €1,199)
- Gross operating margin -€7,186
down €7,186 (-43.5%), from €16,511 to €9,325
- Taxes -€1,650
down €1,650 (-45.9%), from €3,597 to €1,947
- Financial charges -€555
down €555 (-75.4%), from €736 to €181
- Depreciation -€420
down €420 (-19.8%), from €2,120 to €1,700
- Other operating charges -€328
down €328 (-55.3%), from €593 to €265
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 | €72,662 | €73,522 | +€860 | +1.2% |
| Fixed assets | 21/28 | €14,291 | €13,602 | -€689 | -4.8% |
| Tangible fixed assets | 22/27 | €14,290 | €13,601 | -€689 | -4.8% |
| Plant, machinery and equipment | 23 | €14,290 | €13,600 | -€690 | -4.8% |
| Furniture and vehicles | 24 | - | €1 | +€1 | |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €58,371 | €59,920 | +€1,549 | +2.7% |
| Stocks and contracts in progress | 3 | €12,807 | €13,657 | +€850 | +6.6% |
| Stocks | 30/36 | €12,807 | €13,657 | +€850 | +6.6% |
| Amounts receivable within one year | 40/41 | €21,342 | €19,901 | -€1,441 | -6.8% |
| Trade receivables | 40 | €4,695 | €2,550 | -€2,145 | -45.7% |
| Other amounts receivable | 41 | €16,647 | €17,351 | +€704 | +4.2% |
| Current investments | 50/53 | €9,962 | - | -€9,962 | |
| Cash at bank and in hand | 54/58 | €4,818 | €17,832 | +€13,014 | +270% |
| Deferred charges and accrued income | 490/1 | €9,442 | €8,530 | -€912 | -9.7% |
| Total equity and liabilities | 10/49 | €72,662 | €73,522 | +€860 | +1.2% |
| Equity | 10/15 | €67,203 | €72,435 | +€5,232 | +7.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Capital | 10 | €20,000 | €20,000 | = | 0.0% |
| Issued capital | 100 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,000 | €1,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Legal reserve | 130 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,203 | €51,435 | +€5,232 | +11.3% |
| Amounts payable | 17/49 | €5,459 | €1,087 | -€4,372 | -80.1% |
| Amounts payable within one year | 42/48 | €3,959 | €1,087 | -€2,872 | -72.5% |
| Financial debts | 43 | €293 | - | -€293 | |
| Credit institutions | 430/8 | €293 | - | -€293 | |
| Trade debts | 44 | €2,467 | €1,087 | -€1,380 | -55.9% |
| Suppliers | 440/4 | €2,467 | €1,087 | -€1,380 | -55.9% |
| Taxes, remuneration and social security | 45 | €1,199 | - | -€1,199 | |
| Taxes | 450/3 | €1,199 | - | -€1,199 | |
| Accrued charges and deferred income | 492/3 | €1,500 | - | -€1,500 | |
| Non-recurring operating income | 76A | €2,785 | €7,023 | +€4,238 | +152% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,120 | €1,700 | -€420 | -19.8% |
| Other operating charges | 640/8 | €593 | €265 | -€328 | -55.3% |
| Gross operating margin | 9900 | €16,511 | €9,325 | -€7,186 | -43.5% |
| Operating profit (loss) | 9901 | €13,798 | €7,360 | -€6,438 | -46.7% |
| Financial charges | 65/66B | €736 | €181 | -€555 | -75.4% |
| Recurring financial charges | 65 | €736 | €181 | -€555 | -75.4% |
| Profit (loss) for the period before taxes | 9903 | €13,062 | €7,179 | -€5,883 | -45.0% |
| Income taxes | 67/77 | €3,597 | €1,947 | -€1,650 | -45.9% |
| Profit (loss) for the period | 9904 | €9,465 | €5,232 | -€4,233 | -44.7% |
| Profit (loss) for the period to be appropriated | 9905 | €9,465 | €5,232 | -€4,233 | -44.7% |
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 27 October 2026 via checked.be.