REYNAERT RESEARCH: 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.
REYNAERT RESEARCH
Largest movements
- Cash -€26,517
down €26,517 (-58.7%), from €45,184 to €18,666
mainly Other debts (-€12,748) and Receivables within one year (-€11,601)
- Receivables within one year +€11,601
up €11,601 (+114%), from €10,200 to €21,801
of which Trade receivables: +€11,601
- Stocks and contracts +€2,041
up €2,041 (+30.8%), from €6,634 to €8,675
- Tangible fixed assets -€950
down €950 (-12.4%), from €7,665 to €6,715
of which Assets under construction and advance payments: -€950
- Other debts -€12,748
down €12,748 (-12.1%), from €105,272 to €92,524
- Tax, wage and social debts -€9,152
down €9,152 (-72.0%), from €12,711 to €3,559
- Profit (loss) carried forward +€7,614
up €7,614 (+11.5%), from -€66,427 to -€58,812
- Trade debts +€786
up €786 (+1,654%), from €48 to €833
- Gross operating margin -€26,651
down €26,651 (-65.8%), from €40,473 to €13,822
- Taxes -€7,848
down €7,848 (-68.9%), from €11,383 to €3,535
- Other operating charges +€828
up €828 (+101%), from €820 to €1,648
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 | €70,309 | €56,696 | -€13,613 | -19.4% |
| Fixed assets | 21/28 | €7,665 | €6,715 | -€950 | -12.4% |
| Tangible fixed assets | 22/27 | €7,665 | €6,715 | -€950 | -12.4% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €7,665 | €6,715 | -€950 | -12.4% |
| Current assets | 29/58 | €62,644 | €49,981 | -€12,663 | -20.2% |
| Stocks and contracts in progress | 3 | €6,634 | €8,675 | +€2,041 | +30.8% |
| Stocks | 30/36 | €6,634 | €8,675 | +€2,041 | +30.8% |
| Amounts receivable within one year | 40/41 | €10,200 | €21,801 | +€11,601 | +114% |
| Trade receivables | 40 | €10,200 | €21,801 | +€11,601 | +114% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €45,184 | €18,666 | -€26,517 | -58.7% |
| Deferred charges and accrued income | 490/1 | €627 | €839 | +€212 | +33.8% |
| Total equity and liabilities | 10/49 | €70,309 | €56,696 | -€13,613 | -19.4% |
| Equity | 10/15 | -€47,835 | -€40,220 | +€7,614 | +15.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€66,427 | -€58,812 | +€7,614 | +11.5% |
| Amounts payable | 17/49 | €118,144 | €96,916 | -€21,228 | -18.0% |
| Amounts payable within one year | 42/48 | €118,031 | €96,916 | -€21,114 | -17.9% |
| Trade debts | 44 | €48 | €833 | +€786 | +1,654% |
| Suppliers | 440/4 | €48 | €833 | +€786 | +1,654% |
| Taxes, remuneration and social security | 45 | €12,711 | €3,559 | -€9,152 | -72.0% |
| Taxes | 450/3 | €12,711 | €3,559 | -€9,152 | -72.0% |
| Other amounts payable | 47/48 | €105,272 | €92,524 | -€12,748 | -12.1% |
| Accrued charges and deferred income | 492/3 | €113 | €0 | -€113 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,205 | €950 | -€255 | -21.2% |
| Other operating charges | 640/8 | €820 | €1,648 | +€828 | +101% |
| Gross operating margin | 9900 | €40,473 | €13,822 | -€26,651 | -65.8% |
| Operating profit (loss) | 9901 | €38,448 | €11,224 | -€27,224 | -70.8% |
| Financial income | 75/76B | €19 | €16 | -€3 | -15.7% |
| Recurring financial income | 75 | €19 | €16 | -€3 | -15.7% |
| Financial charges | 65/66B | €86 | €91 | +€5 | +5.5% |
| Recurring financial charges | 65 | €86 | €91 | +€5 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | €38,381 | €11,149 | -€27,232 | -71.0% |
| Income taxes | 67/77 | €11,383 | €3,535 | -€7,848 | -68.9% |
| Profit (loss) for the period | 9904 | €26,998 | €7,614 | -€19,384 | -71.8% |
| Profit (loss) for the period to be appropriated | 9905 | €26,998 | €7,614 | -€19,384 | -71.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.