RETINOP: 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.
RETINOP
Largest movements
- Receivables within one year +€301,745
up €301,745 (+1951.6%), from €15,461 to €317,207
of which Other amounts receivable: +€200,292
- Tangible fixed assets -€267,563
down €267,563 (-38.6%), from €693,575 to €426,012
of which Land and buildings: -€260,476
- Deferred charges and accrued income +€152,962
up €152,962 (+86.0%), from €177,786 to €330,748
- Cash -€14,813
down €14,813 (-23.9%), from €61,852 to €47,039
mainly Receivables within one year (-€301,745) and Contributions, distributions and other (-€215,721)
- Reserves +€124,442
up €124,442 (+23.7%), from €525,639 to €650,081
- Debts after one year -€107,380
down €107,380 (-41.6%), from €258,086 to €150,706
- Tax, wage and social debts +€85,753
up €85,753 (+1319.3%), from €6,500 to €92,253
- Trade debts +€47,122
up €47,122 (+140.4%), from €33,574 to €80,695
- Current portion of long-term debt +€24,571
up €24,571 (+25.4%), from €96,755 to €121,326
- Gross operating margin +€297,133
up €297,133 (+94.2%), from €315,295 to €612,428
- Taxes +€102,520
up €102,520 (+123.3%), from €83,141 to €185,660
- Financial charges +€12,101
up €12,101 (+49.2%), from €24,619 to €36,720
- Depreciation -€9,763
down €9,763 (-18.2%), from €53,620 to €43,856
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 | €949,034 | €1,121,171 | +€172,138 | +18.1% |
| Fixed assets | 21/28 | €693,934 | €426,177 | -€267,757 | -38.6% |
| Tangible fixed assets | 22/27 | €693,575 | €426,012 | -€267,563 | -38.6% |
| Land and buildings | 22 | €662,204 | €401,728 | -€260,476 | -39.3% |
| Plant, machinery and equipment | 23 | €3,010 | €2,221 | -€789 | -26.2% |
| Furniture and vehicles | 24 | €8,362 | €2,064 | -€6,298 | -75.3% |
| Other tangible fixed assets | 26 | €20,000 | €20,000 | = | 0.0% |
| Financial fixed assets | 28 | €359 | €165 | -€194 | -54.0% |
| Current assets | 29/58 | €255,100 | €694,994 | +€439,894 | +172.4% |
| Amounts receivable within one year | 40/41 | €15,461 | €317,207 | +€301,745 | +1951.6% |
| Trade receivables | 40 | €13,206 | €114,660 | +€101,454 | +768.2% |
| Other amounts receivable | 41 | €2,255 | €202,547 | +€200,292 | +8880.6% |
| Cash at bank and in hand | 54/58 | €61,852 | €47,039 | -€14,813 | -23.9% |
| Deferred charges and accrued income | 490/1 | €177,786 | €330,748 | +€152,962 | +86.0% |
| Total equity and liabilities | 10/49 | €949,034 | €1,121,171 | +€172,138 | +18.1% |
| Equity | 10/15 | €550,439 | €674,881 | +€124,442 | +22.6% |
| Contributions | 10/11 | €24,800 | €24,800 | = | 0.0% |
| Reserves | 13 | €525,639 | €650,081 | +€124,442 | +23.7% |
| Distributable reserves | 133 | €525,639 | €650,081 | +€124,442 | +23.7% |
| Amounts payable | 17/49 | €398,595 | €446,291 | +€47,696 | +12.0% |
| Amounts payable after more than one year | 17 | €258,086 | €150,706 | -€107,380 | -41.6% |
| Financial debts | 170/4 | €258,086 | €150,706 | -€107,380 | -41.6% |
| Amounts payable within one year | 42/48 | €140,509 | €294,274 | +€153,765 | +109.4% |
| Current portion of amounts payable after more than one year | 42 | €96,755 | €121,326 | +€24,571 | +25.4% |
| Trade debts | 44 | €33,574 | €80,695 | +€47,122 | +140.4% |
| Suppliers | 440/4 | €33,574 | €80,695 | +€47,122 | +140.4% |
| Taxes, remuneration and social security | 45 | €6,500 | €92,253 | +€85,753 | +1319.3% |
| Taxes | 450/3 | €6,500 | €92,253 | +€85,753 | +1319.3% |
| Other amounts payable | 47/48 | €3,680 | - | -€3,680 | |
| Accrued charges and deferred income | 492/3 | - | €1,310 | +€1,310 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,620 | €43,856 | -€9,763 | -18.2% |
| Other operating charges | 640/8 | €8,356 | €8,806 | +€450 | +5.4% |
| Gross operating margin | 9900 | €315,295 | €612,428 | +€297,133 | +94.2% |
| Operating profit (loss) | 9901 | €253,319 | €559,766 | +€306,446 | +121.0% |
| Financial income | 75/76B | €1,320 | €2,778 | +€1,458 | +110.4% |
| Recurring financial income | 75 | €1,320 | €2,778 | +€1,458 | +110.4% |
| Financial charges | 65/66B | €24,619 | €36,720 | +€12,101 | +49.2% |
| Recurring financial charges | 65 | €24,619 | €36,720 | +€12,101 | +49.2% |
| Profit (loss) for the period before taxes | 9903 | €230,021 | €525,824 | +€295,803 | +128.6% |
| Income taxes | 67/77 | €83,141 | €185,660 | +€102,520 | +123.3% |
| Profit (loss) for the period | 9904 | €146,880 | €340,163 | +€193,283 | +131.6% |
| Profit (loss) for the period to be appropriated | 9905 | €146,880 | €340,163 | +€193,283 | +131.6% |
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 2 October 2026 via checked.be.