SARRAZIJN RENZO: 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.
SARRAZIJN RENZO
Largest movements
- Cash +€441,045
up €441,045 (+282%), from €156,311 to €597,356
mainly Net result for the year (+€259,018) and Stocks and contracts (+€225,207)
- Stocks and contracts -€225,207
down €225,207 (-35.6%), from €632,667 to €407,459
- Current investments +€174,662
up €174,662 (+36.0%), from €485,332 to €659,994
- Tangible fixed assets -€155,391
down €155,391 (-15.3%), from €1.0m to €860,127
of which Furniture and vehicles: -€119,139
- Receivables within one year -€28,304
down €28,304 (-63.5%), from €44,599 to €16,295
of which Trade receivables: -€31,525
- Reserves +€222,775
up €222,775 (+16.2%), from €1.4m to €1.6m
- Debts after one year -€34,648
down €34,648 (-5.2%), from €667,508 to €632,860
of which Financial debts: -€70,755
- Gross operating margin -€104,130
down €104,130 (-15.0%), from €692,605 to €588,475
- Financial charges -€30,012
down €30,012 (-47.0%), from €63,913 to €33,902
of which Non-recurring financial charges: -€17,089
- Financial income +€21,570
up €21,570 (+101%), from €21,336 to €42,906
of which Non-recurring financial income: +€36,936
- Taxes -€17,482
down €17,482 (-12.6%), from €138,307 to €120,825
- Depreciation -€9,160
down €9,160 (-10.7%), from €85,237 to €76,078
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 | €2,355,015 | €2,561,783 | +€206,769 | +8.8% |
| Fixed assets | 21/28 | €1,015,696 | €860,302 | -€155,393 | -15.3% |
| Tangible fixed assets | 22/27 | €1,015,518 | €860,127 | -€155,391 | -15.3% |
| Land and buildings | 22 | €732,343 | €692,438 | -€39,905 | -5.4% |
| Plant, machinery and equipment | 23 | €6,003 | €9,656 | +€3,653 | +60.9% |
| Furniture and vehicles | 24 | €277,173 | €158,034 | -€119,139 | -43.0% |
| Financial fixed assets | 28 | €177 | €175 | -€2 | -1.3% |
| Current assets | 29/58 | €1,339,319 | €1,701,481 | +€362,162 | +27.0% |
| Stocks and contracts in progress | 3 | €632,667 | €407,459 | -€225,207 | -35.6% |
| Stocks | 30/36 | €632,667 | €407,459 | -€225,207 | -35.6% |
| Amounts receivable within one year | 40/41 | €44,599 | €16,295 | -€28,304 | -63.5% |
| Trade receivables | 40 | €40,114 | €8,589 | -€31,525 | -78.6% |
| Other amounts receivable | 41 | €4,485 | €7,706 | +€3,221 | +71.8% |
| Current investments | 50/53 | €485,332 | €659,994 | +€174,662 | +36.0% |
| Cash at bank and in hand | 54/58 | €156,311 | €597,356 | +€441,045 | +282% |
| Deferred charges and accrued income | 490/1 | €20,410 | €20,376 | -€34 | -0.2% |
| Total equity and liabilities | 10/49 | €2,355,015 | €2,561,783 | +€206,769 | +8.8% |
| Equity | 10/15 | €1,502,591 | €1,725,366 | +€222,775 | +14.8% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €1,377,591 | €1,600,366 | +€222,775 | +16.2% |
| Distributable reserves | 133 | €1,377,591 | €1,600,366 | +€222,775 | +16.2% |
| Amounts payable | 17/49 | €852,424 | €836,417 | -€16,006 | -1.9% |
| Amounts payable after more than one year | 17 | €667,508 | €632,860 | -€34,648 | -5.2% |
| Financial debts | 170/4 | €568,123 | €497,367 | -€70,755 | -12.5% |
| Other amounts payable | 178/9 | €99,386 | €135,493 | +€36,107 | +36.3% |
| Amounts payable within one year | 42/48 | €165,700 | €176,050 | +€10,349 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €67,972 | €70,755 | +€2,783 | +4.1% |
| Trade debts | 44 | €4,737 | €19,878 | +€15,140 | +320% |
| Suppliers | 440/4 | €4,737 | €19,878 | +€15,140 | +320% |
| Taxes, remuneration and social security | 45 | €90,491 | €82,917 | -€7,574 | -8.4% |
| Taxes | 450/3 | €80,711 | €72,512 | -€8,198 | -10.2% |
| Remuneration and social security | 454/9 | €9,781 | €10,405 | +€624 | +6.4% |
| Other amounts payable | 47/48 | €2,500 | €2,500 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €19,215 | €27,507 | +€8,292 | +43.2% |
| Remuneration, social security and pensions | 62 | €123,765 | €130,793 | +€7,028 | +5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,237 | €76,078 | -€9,160 | -10.7% |
| Other operating charges | 640/8 | €10,882 | €10,765 | -€117 | -1.1% |
| Gross operating margin | 9900 | €692,605 | €588,475 | -€104,130 | -15.0% |
| Operating profit (loss) | 9901 | €472,722 | €370,839 | -€101,882 | -21.6% |
| Financial income | 75/76B | €21,336 | €42,906 | +€21,570 | +101% |
| Recurring financial income | 75 | €21,336 | €5,970 | -€15,366 | -72.0% |
| Non-recurring financial income | 76B | - | €36,936 | +€36,936 | |
| Financial charges | 65/66B | €63,913 | €33,902 | -€30,012 | -47.0% |
| Recurring financial charges | 65 | €46,824 | €33,902 | -€12,923 | -27.6% |
| Non-recurring financial charges | 66B | €17,089 | - | -€17,089 | |
| Profit (loss) for the period before taxes | 9903 | €430,144 | €379,843 | -€50,301 | -11.7% |
| Income taxes | 67/77 | €138,307 | €120,825 | -€17,482 | -12.6% |
| Profit (loss) for the period | 9904 | €291,837 | €259,018 | -€32,819 | -11.2% |
| Profit (loss) for the period to be appropriated | 9905 | €291,837 | €259,018 | -€32,819 | -11.2% |
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 31 October 2026 via checked.be.