To-Reno: 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.
To-Reno
Largest movements
- Tangible fixed assets -€13,069
down €13,069 (-5.8%), from €226,821 to €213,751
of which Plant, machinery and equipment: -€10,499
- Receivables within one year +€11,308
up €11,308 (+20.4%), from €55,481 to €66,788
of which Trade receivables: +€8,256
- Cash +€3,852
up €3,852 (+126%), from €3,066 to €6,918
mainly Accrued charges and deferred income (+€18,499) and Net result for the year (+€14,893)
- Debts after one year -€19,428
down €19,428 (-16.9%), from €114,990 to €95,562
- Accrued charges and deferred income +€18,499
up €18,499 (+301%), from €6,151 to €24,650
- Other debts -€15,650
down €15,650 (-96.0%), from €16,309 to €659
- Reserves +€14,893
up €14,893 (+15.3%), from €97,262 to €112,155
of which Distributable reserves: +€14,893
- Trade debts +€5,370
up €5,370 (+21.6%), from €24,823 to €30,193
- Gross operating margin -€3,592
down €3,592 (-8.0%), from €45,108 to €41,516
- Other operating charges +€2,731
up €2,731 (+105%), from €2,604 to €5,335
- Financial charges -€961
down €961 (-27.6%), from €3,484 to €2,524
- Depreciation +€770
up €770 (+6.3%), from €12,299 to €13,069
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 | €301,018 | €300,385 | -€633 | -0.2% |
| Fixed assets | 21/28 | €226,821 | €213,751 | -€13,069 | -5.8% |
| Tangible fixed assets | 22/27 | €226,821 | €213,751 | -€13,069 | -5.8% |
| Land and buildings | 22 | €193,910 | €191,340 | -€2,570 | -1.3% |
| Plant, machinery and equipment | 23 | €32,911 | €22,411 | -€10,499 | -31.9% |
| Current assets | 29/58 | €74,197 | €86,633 | +€12,436 | +16.8% |
| Stocks and contracts in progress | 3 | €13,388 | €10,677 | -€2,711 | -20.2% |
| Stocks | 30/36 | €13,388 | €10,677 | -€2,711 | -20.2% |
| Amounts receivable within one year | 40/41 | €55,481 | €66,788 | +€11,308 | +20.4% |
| Trade receivables | 40 | €50,496 | €58,752 | +€8,256 | +16.3% |
| Other amounts receivable | 41 | €4,985 | €8,036 | +€3,052 | +61.2% |
| Cash at bank and in hand | 54/58 | €3,066 | €6,918 | +€3,852 | +126% |
| Deferred charges and accrued income | 490/1 | €2,262 | €2,250 | -€12 | -0.6% |
| Total equity and liabilities | 10/49 | €301,018 | €300,385 | -€633 | -0.2% |
| Equity | 10/15 | €115,862 | €130,755 | +€14,893 | +12.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €97,262 | €112,155 | +€14,893 | +15.3% |
| Non-distributable reserves | 130/1 | €1,247 | €1,247 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,247 | €1,247 | = | 0.0% |
| Distributable reserves | 133 | €96,015 | €110,908 | +€14,893 | +15.5% |
| Amounts payable | 17/49 | €185,155 | €169,629 | -€15,526 | -8.4% |
| Amounts payable after more than one year | 17 | €114,990 | €95,562 | -€19,428 | -16.9% |
| Financial debts | 170/4 | €114,990 | €95,562 | -€19,428 | -16.9% |
| Amounts payable within one year | 42/48 | €64,014 | €49,417 | -€14,597 | -22.8% |
| Current portion of amounts payable after more than one year | 42 | €15,003 | €15,328 | +€326 | +2.2% |
| Trade debts | 44 | €24,823 | €30,193 | +€5,370 | +21.6% |
| Suppliers | 440/4 | €24,823 | €30,193 | +€5,370 | +21.6% |
| Taxes, remuneration and social security | 45 | €7,880 | €3,237 | -€4,643 | -58.9% |
| Taxes | 450/3 | €7,880 | €3,237 | -€4,643 | -58.9% |
| Other amounts payable | 47/48 | €16,309 | €659 | -€15,650 | -96.0% |
| Accrued charges and deferred income | 492/3 | €6,151 | €24,650 | +€18,499 | +301% |
| Non-recurring operating income | 76A | €992 | - | -€992 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,299 | €13,069 | +€770 | +6.3% |
| Other operating charges | 640/8 | €2,604 | €5,335 | +€2,731 | +105% |
| Gross operating margin | 9900 | €45,108 | €41,516 | -€3,592 | -8.0% |
| Operating profit (loss) | 9901 | €30,205 | €23,111 | -€7,093 | -23.5% |
| Financial income | 75/76B | €224 | €472 | +€248 | +110% |
| Recurring financial income | 75 | €224 | €472 | +€248 | +110% |
| Financial charges | 65/66B | €3,484 | €2,524 | -€961 | -27.6% |
| Recurring financial charges | 65 | €3,484 | €2,524 | -€961 | -27.6% |
| Profit (loss) for the period before taxes | 9903 | €26,945 | €21,060 | -€5,885 | -21.8% |
| Income taxes | 67/77 | €5,992 | €6,167 | +€175 | +2.9% |
| Profit (loss) for the period | 9904 | €20,953 | €14,893 | -€6,060 | -28.9% |
| Profit (loss) for the period to be appropriated | 9905 | €20,953 | €14,893 | -€6,060 | -28.9% |
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 22 October 2026 via checked.be.