Axel Leclercq: what changed
Axel Leclercq
Largest movements
- Receivables after one year +€5,550
new in 2025: €5,550
- Receivables within one year +€3,345
up €3,345 (+38.0%), from €8,801 to €12,146
of which Other amounts receivable: +€3,212
- Cash -€1,271
down €1,271 (-8.6%), from €14,823 to €13,552
mainly Contributions, distributions and other (-€19,142) and Receivables after one year (-€5,550)
- Tangible fixed assets -€990
down €990 (-38.6%), from €2,567 to €1,577
- Other debts +€14,270
up €14,270 (+413%), from €3,459 to €17,729
- Profit (loss) carried forward -€9,739
no longer reported in 2025 (was €9,739)
- Tax, wage and social debts +€4,149
up €4,149 (+63.5%), from €6,536 to €10,685
- Current portion of long-term debt -€2,600
no longer reported in 2025 (was €2,600)
- Trade debts +€365
up €365 (+651%), from €56 to €421
- Gross operating margin -€10,972
down €10,972 (-43.4%), from €25,267 to €14,295
- Taxes -€1,804
down €1,804 (-36.5%), from €4,940 to €3,136
- Depreciation +€587
up €587 (+146%), from €402 to €990
- Other operating charges +€421
up €421 (+260%), from €162 to €582
- Financial charges -€284
down €284 (-60.7%), from €467 to €184
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,507 | €33,191 | +€6,683 | +25.2% |
| Fixed assets | 21/28 | €2,567 | €1,577 | -€990 | -38.6% |
| Tangible fixed assets | 22/27 | €2,567 | €1,577 | -€990 | -38.6% |
| Furniture and vehicles | 24 | €2,567 | €1,577 | -€990 | -38.6% |
| Current assets | 29/58 | €23,941 | €31,613 | +€7,673 | +32.0% |
| Amounts receivable after more than one year | 29 | - | €5,550 | +€5,550 | |
| Other amounts receivable | 291 | - | €5,550 | +€5,550 | |
| Amounts receivable within one year | 40/41 | €8,801 | €12,146 | +€3,345 | +38.0% |
| Trade receivables | 40 | €8,436 | €8,568 | +€133 | +1.6% |
| Other amounts receivable | 41 | €366 | €3,578 | +€3,212 | +878% |
| Cash at bank and in hand | 54/58 | €14,823 | €13,552 | -€1,271 | -8.6% |
| Deferred charges and accrued income | 490/1 | €316 | €366 | +€50 | +15.7% |
| Total equity and liabilities | 10/49 | €26,507 | €33,191 | +€6,683 | +25.2% |
| Equity | 10/15 | €13,239 | €3,500 | -€9,739 | -73.6% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,739 | - | -€9,739 | |
| Amounts payable | 17/49 | €13,269 | €29,691 | +€16,422 | +124% |
| Amounts payable within one year | 42/48 | €13,269 | €29,691 | +€16,422 | +124% |
| Current portion of amounts payable after more than one year | 42 | €2,600 | - | -€2,600 | |
| Financial debts | 43 | €617 | €856 | +€239 | +38.7% |
| Credit institutions | 430/8 | €617 | €856 | +€239 | +38.7% |
| Trade debts | 44 | €56 | €421 | +€365 | +651% |
| Suppliers | 440/4 | €56 | €421 | +€365 | +651% |
| Taxes, remuneration and social security | 45 | €6,536 | €10,685 | +€4,149 | +63.5% |
| Taxes | 450/3 | €6,536 | €10,685 | +€4,149 | +63.5% |
| Other amounts payable | 47/48 | €3,459 | €17,729 | +€14,270 | +413% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €402 | €990 | +€587 | +146% |
| Other operating charges | 640/8 | €162 | €582 | +€421 | +260% |
| Gross operating margin | 9900 | €25,267 | €14,295 | -€10,972 | -43.4% |
| Operating profit (loss) | 9901 | €24,703 | €12,723 | -€11,980 | -48.5% |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €467 | €184 | -€284 | -60.7% |
| Recurring financial charges | 65 | €467 | €184 | -€284 | -60.7% |
| Profit (loss) for the period before taxes | 9903 | €24,238 | €12,539 | -€11,699 | -48.3% |
| Income taxes | 67/77 | €4,940 | €3,136 | -€1,804 | -36.5% |
| Profit (loss) for the period | 9904 | €19,298 | €9,403 | -€9,895 | -51.3% |
| Profit (loss) for the period to be appropriated | 9905 | €19,298 | €9,403 | -€9,895 | -51.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.