SARAH RENSON: 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 RENSON
Largest movements
- Tangible fixed assets +€122,695
up €122,695 (+28.9%), from €423,925 to €546,620
of which Land and buildings: +€147,773
- Stocks and contracts +€88,259
up €88,259 (+198%), from €44,682 to €132,941
- Deferred charges and accrued income -€24,883
down €24,883 (-75.1%), from €33,127 to €8,244
- Cash -€21,933
down €21,933 (-35.8%), from €61,205 to €39,272
mainly Investment in fixed assets (net) (-€200,150) and Stocks and contracts (-€88,259)
- Receivables within one year -€14,303
down €14,303 (-17.3%), from €82,877 to €68,574
of which Trade receivables: -€9,367
- Debts after one year +€88,843
up €88,843 (+33.3%), from €267,097 to €355,940
- Current portion of long-term debt +€29,941
up €29,941 (+49.3%), from €60,672 to €90,612
- Reserves +€27,107
up €27,107 (+38.1%), from €71,134 to €98,241
- Tax, wage and social debts -€13,907
down €13,907 (-39.9%), from €34,817 to €20,910
of which Remuneration and social security: -€23,357
- Other debts +€10,598
up €10,598 (+24.0%), from €44,232 to €54,830
- Gross operating margin +€145,191
up €145,191 (+32.5%), from €447,091 to €592,282
- Staff costs +€81,331
up €81,331 (+23.4%), from €347,677 to €429,008
- Depreciation +€33,352
up €33,352 (+60.1%), from €55,503 to €88,855
- Financial charges +€14,371
up €14,371 (+101%), from €14,224 to €28,595
- Other operating charges +€8,407
up €8,407 (+551%), from €1,527 to €9,933
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 | €668,099 | €806,534 | +€138,435 | +20.7% |
| Fixed assets | 21/28 | €446,208 | €557,503 | +€111,295 | +24.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €423,925 | €546,620 | +€122,695 | +28.9% |
| Land and buildings | 22 | €237,454 | €385,227 | +€147,773 | +62.2% |
| Plant, machinery and equipment | 23 | €149,679 | €127,589 | -€22,090 | -14.8% |
| Furniture and vehicles | 24 | €25,516 | €22,521 | -€2,995 | -11.7% |
| Leasing and similar rights | 25 | €11,276 | €11,284 | +€8 | +0.1% |
| Financial fixed assets | 28 | €22,283 | €10,883 | -€11,400 | -51.2% |
| Current assets | 29/58 | €221,891 | €249,031 | +€27,140 | +12.2% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €44,682 | €132,941 | +€88,259 | +198% |
| Stocks | 30/36 | €44,682 | €132,941 | +€88,259 | +198% |
| Amounts receivable within one year | 40/41 | €82,877 | €68,574 | -€14,303 | -17.3% |
| Trade receivables | 40 | €77,142 | €67,775 | -€9,367 | -12.1% |
| Other amounts receivable | 41 | €5,735 | €800 | -€4,935 | -86.1% |
| Cash at bank and in hand | 54/58 | €61,205 | €39,272 | -€21,933 | -35.8% |
| Deferred charges and accrued income | 490/1 | €33,127 | €8,244 | -€24,883 | -75.1% |
| Total equity and liabilities | 10/49 | €668,099 | €806,534 | +€138,435 | +20.7% |
| Equity | 10/15 | €79,134 | €106,241 | +€27,107 | +34.3% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €71,134 | €98,241 | +€27,107 | +38.1% |
| Distributable reserves | 133 | €71,134 | €98,241 | +€27,107 | +38.1% |
| Amounts payable | 17/49 | €588,966 | €700,293 | +€111,328 | +18.9% |
| Amounts payable after more than one year | 17 | €267,097 | €355,940 | +€88,843 | +33.3% |
| Financial debts | 170/4 | €267,097 | €355,940 | +€88,843 | +33.3% |
| Amounts payable within one year | 42/48 | €321,868 | €344,353 | +€22,485 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €60,672 | €90,612 | +€29,941 | +49.3% |
| Trade debts | 44 | €182,147 | €178,000 | -€4,147 | -2.3% |
| Suppliers | 440/4 | €182,147 | €178,000 | -€4,147 | -2.3% |
| Taxes, remuneration and social security | 45 | €34,817 | €20,910 | -€13,907 | -39.9% |
| Taxes | 450/3 | €8,161 | €17,612 | +€9,451 | +116% |
| Remuneration and social security | 454/9 | €26,655 | €3,298 | -€23,357 | -87.6% |
| Other amounts payable | 47/48 | €44,232 | €54,830 | +€10,598 | +24.0% |
| Non-recurring operating income | 76A | €2,116 | €0 | -€2,116 | -100% |
| Remuneration, social security and pensions | 62 | €347,677 | €429,008 | +€81,331 | +23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,503 | €88,855 | +€33,352 | +60.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,270 | €0 | -€1,270 | -100% |
| Other operating charges | 640/8 | €1,527 | €9,933 | +€8,407 | +551% |
| Non-recurring operating charges | 66A | - | €1,244 | +€1,244 | |
| Gross operating margin | 9900 | €447,091 | €592,282 | +€145,191 | +32.5% |
| Operating profit (loss) | 9901 | €41,114 | €63,241 | +€22,127 | +53.8% |
| Financial income | 75/76B | €136 | €39 | -€96 | -71.1% |
| Recurring financial income | 75 | €136 | €39 | -€96 | -71.1% |
| Financial charges | 65/66B | €14,224 | €28,595 | +€14,371 | +101% |
| Recurring financial charges | 65 | €14,224 | €28,595 | +€14,371 | +101% |
| Profit (loss) for the period before taxes | 9903 | €27,026 | €34,686 | +€7,660 | +28.3% |
| Income taxes | 67/77 | €5,904 | €7,578 | +€1,674 | +28.4% |
| Profit (loss) for the period | 9904 | €21,122 | €27,107 | +€5,986 | +28.3% |
| Profit (loss) for the period to be appropriated | 9905 | €21,122 | €27,107 | +€5,986 | +28.3% |
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 28 October 2026 via checked.be.