ANDRE LABEEUW: what changed
Two fiscal 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.
ANDRE LABEEUW
Largest movements
- Receivables within one year -€59,358
down €59,358 (-52.7%), from €112,636 to €53,278
of which Trade receivables: -€42,855
- Current investments +€50,544
up €50,544 (+401.5%), from €12,588 to €63,132
- Cash +€38,466
up €38,466 (+176.6%), from €21,787 to €60,253
mainly Receivables within one year (+€59,358) and Net result for the year (+€41,903)
- Tangible fixed assets -€4,935
down €4,935 (-46.9%), from €10,514 to €5,579
of which Furniture and vehicles: -€4,701
- Tax, wage and social debts +€12,539
up €12,539 (+5935.2%), from €211 to €12,751
- Reserves +€5,886
up €5,886 (+5.1%), from €114,300 to €120,187
of which Distributable reserves: +€5,886
- Trade debts +€3,472
up €3,472 (+106.9%), from €3,249 to €6,721
- Advances received +€2,500
new in 2025: €2,500
- Gross operating margin +€42,853
up €42,853 (+474.3%), from €9,034 to €51,887
- Taxes +€18,006
up €18,006 (+2538.9%), from €709 to €18,715
- Financial income +€17,393
up €17,393 (+1575.5%), from €1,104 to €18,497
- Write-downs +€4,453
up €4,453 (+39.5%), from -€11,287 to -€6,834
- Depreciation +€3,830
up €3,830 (+154.8%), from €2,474 to €6,305
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.
Cash bridge derived
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 | €158,709 | €183,895 | +€25,187 | +15.9% |
| Fixed assets | 21/28 | €10,514 | €5,579 | -€4,935 | -46.9% |
| Tangible fixed assets | 22/27 | €10,514 | €5,579 | -€4,935 | -46.9% |
| Plant, machinery and equipment | 23 | €644 | €409 | -€235 | -36.4% |
| Furniture and vehicles | 24 | €9,870 | €5,170 | -€4,701 | -47.6% |
| Current assets | 29/58 | €148,194 | €178,316 | +€30,122 | +20.3% |
| Stocks and contracts in progress | 3 | €985 | €1,444 | +€459 | +46.7% |
| Stocks | 30/36 | €985 | €1,444 | +€459 | +46.7% |
| Amounts receivable within one year | 40/41 | €112,636 | €53,278 | -€59,358 | -52.7% |
| Trade receivables | 40 | €82,157 | €39,302 | -€42,855 | -52.2% |
| Other amounts receivable | 41 | €30,479 | €13,977 | -€16,503 | -54.1% |
| Current investments | 50/53 | €12,588 | €63,132 | +€50,544 | +401.5% |
| Cash at bank and in hand | 54/58 | €21,787 | €60,253 | +€38,466 | +176.6% |
| Deferred charges and accrued income | 490/1 | €198 | €208 | +€11 | +5.3% |
| Total equity and liabilities | 10/49 | €158,709 | €183,895 | +€25,187 | +15.9% |
| Equity | 10/15 | €155,100 | €160,187 | +€5,087 | +3.3% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €114,300 | €120,187 | +€5,886 | +5.1% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €110,300 | €116,187 | +€5,886 | +5.3% |
| Profit (loss) carried forward | 14 | €799 | €0 | -€799 | -100.0% |
| Amounts payable | 17/49 | €3,609 | €23,709 | +€20,100 | +556.9% |
| Amounts payable within one year | 42/48 | €3,609 | €23,709 | +€20,100 | +556.9% |
| Financial debts | 43 | €149 | €1,737 | +€1,588 | +1068.9% |
| Credit institutions | 430/8 | €149 | €1,737 | +€1,588 | +1068.9% |
| Trade debts | 44 | €3,249 | €6,721 | +€3,472 | +106.9% |
| Suppliers | 440/4 | €3,249 | €6,721 | +€3,472 | +106.9% |
| Advances received on contracts in progress | 46 | - | €2,500 | +€2,500 | |
| Taxes, remuneration and social security | 45 | €211 | €12,751 | +€12,539 | +5935.2% |
| Taxes | 450/3 | €211 | €12,751 | +€12,539 | +5935.2% |
| Non-recurring operating income | 76A | €413 | €0 | -€413 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,474 | €6,305 | +€3,830 | +154.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€11,287 | -€6,834 | +€4,453 | +39.5% |
| Other operating charges | 640/8 | €12,373 | €10,388 | -€1,985 | -16.0% |
| Gross operating margin | 9900 | €9,034 | €51,887 | +€42,853 | +474.3% |
| Operating profit (loss) | 9901 | €5,474 | €42,028 | +€36,555 | +667.8% |
| Financial income | 75/76B | €1,104 | €18,497 | +€17,393 | +1575.5% |
| Recurring financial income | 75 | €1,104 | €18,497 | +€17,393 | +1575.5% |
| Financial charges | 65/66B | €941 | -€93 | -€1,034 | |
| Recurring financial charges | 65 | €941 | -€93 | -€1,034 | |
| Profit (loss) for the period before taxes | 9903 | €5,636 | €60,619 | +€54,982 | +975.5% |
| Income taxes | 67/77 | €709 | €18,715 | +€18,006 | +2538.9% |
| Profit (loss) for the period | 9904 | €4,927 | €41,903 | +€36,976 | +750.4% |
| Profit (loss) for the period to be appropriated | 9905 | €4,927 | €41,903 | +€36,976 | +750.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.