SARAH RENKENS: 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.
SARAH RENKENS
Largest movements
- Cash +€20,944
up €20,944 (+39.3%), from €53,344 to €74,288
mainly Net result for the year (+€15,954) and Stocks and contracts (+€3,778)
- Stocks and contracts -€3,778
no longer reported in 2025 (was €3,778)
- Tangible fixed assets -€1,270
down €1,270 (-11.3%), from €11,286 to €10,016
- Reserves +€15,954
up €15,954 (+37.4%), from €42,678 to €58,632
- Gross operating margin +€10,864
up €10,864 (+89.7%), from €12,110 to €22,974
- Taxes +€3,556
up €3,556 (+122%), from €2,919 to €6,475
- Depreciation -€3,112
down €3,112 (-71.0%), from €4,382 to €1,270
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 | €68,588 | €84,547 | +€15,959 | +23.3% |
| Fixed assets | 21/28 | €11,286 | €10,016 | -€1,270 | -11.3% |
| Tangible fixed assets | 22/27 | €11,286 | €10,016 | -€1,270 | -11.3% |
| Land and buildings | 22 | €11,286 | €10,016 | -€1,270 | -11.3% |
| Current assets | 29/58 | €57,302 | €74,531 | +€17,229 | +30.1% |
| Stocks and contracts in progress | 3 | €3,778 | - | -€3,778 | |
| Contracts in progress | 37 | €3,778 | - | -€3,778 | |
| Amounts receivable within one year | 40/41 | €180 | €180 | = | 0.0% |
| Other amounts receivable | 41 | €180 | €180 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €53,344 | €74,288 | +€20,944 | +39.3% |
| Deferred charges and accrued income | 490/1 | - | €63 | +€63 | |
| Total equity and liabilities | 10/49 | €68,588 | €84,547 | +€15,959 | +23.3% |
| Equity | 10/15 | €55,078 | €71,032 | +€15,954 | +29.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €42,678 | €58,632 | +€15,954 | +37.4% |
| Distributable reserves | 133 | €42,678 | €58,632 | +€15,954 | +37.4% |
| Amounts payable | 17/49 | €13,510 | €13,516 | +€5 | 0.0% |
| Amounts payable within one year | 42/48 | €13,510 | €13,516 | +€5 | 0.0% |
| Trade debts | 44 | €479 | - | -€479 | |
| Suppliers | 440/4 | €479 | - | -€479 | |
| Taxes, remuneration and social security | 45 | €3,207 | €2,914 | -€293 | -9.1% |
| Taxes | 450/3 | €3,207 | €2,914 | -€293 | -9.1% |
| Other amounts payable | 47/48 | €9,825 | €10,602 | +€777 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,382 | €1,270 | -€3,112 | -71.0% |
| Other operating charges | 640/8 | €1,089 | €1,186 | +€97 | +8.9% |
| Gross operating margin | 9900 | €12,110 | €22,974 | +€10,864 | +89.7% |
| Operating profit (loss) | 9901 | €6,639 | €20,518 | +€13,879 | +209% |
| Financial income | 75/76B | €1,941 | €1,984 | +€43 | +2.2% |
| Recurring financial income | 75 | €1,941 | €1,984 | +€43 | +2.2% |
| Financial charges | 65/66B | €69 | €72 | +€3 | +4.7% |
| Recurring financial charges | 65 | €69 | €72 | +€3 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | €8,511 | €22,429 | +€13,918 | +164% |
| Income taxes | 67/77 | €2,919 | €6,475 | +€3,556 | +122% |
| Profit (loss) for the period | 9904 | €5,592 | €15,954 | +€10,362 | +185% |
| Profit (loss) for the period to be appropriated | 9905 | €5,592 | €15,954 | +€10,362 | +185% |
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 30 October 2026 via checked.be.