Benoit Lambert: 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.
Benoit Lambert
Largest movements
- Stocks and contracts +€91,594
up €91,594 (+38.1%), from €240,113 to €331,707
- Receivables within one year +€34,163
up €34,163 (+38.9%), from €87,770 to €121,933
- Cash +€14,394
up €14,394 (+284.3%), from €5,063 to €19,457
mainly Other debts (+€235,247) and Depreciation (+€5,582)
- Tangible fixed assets -€5,105
down €5,105 (-36.3%), from €14,076 to €8,971
of which Land and buildings: -€2,983
- Other debts +€235,247
up €235,247 (+197.6%), from €119,075 to €354,322
- Profit (loss) carried forward -€70,359
down €70,359 (-49.6%), from -€141,847 to -€212,206
- Tax, wage and social debts -€24,678
down €24,678 (-34.6%), from €71,224 to €46,546
- Short-term financial debts -€9,843
down €9,843 (-5.9%), from €167,657 to €157,814
- Gross operating margin +€103,048
up €103,048, from -€98,584 to €4,465
- Write-downs +€25,240
up €25,240 (+99.9%), from -€25,270 to -€30
- Depreciation -€11,005
down €11,005 (-66.3%), from €16,588 to €5,582
- Financial charges +€7,305
up €7,305 (+35.5%), from €20,550 to €27,855
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 | €349,276 | €484,273 | +€134,998 | +38.7% |
| Fixed assets | 21/28 | €15,439 | €10,334 | -€5,105 | -33.1% |
| Tangible fixed assets | 22/27 | €14,076 | €8,971 | -€5,105 | -36.3% |
| Land and buildings | 22 | €10,920 | €7,937 | -€2,983 | -27.3% |
| Plant, machinery and equipment | 23 | €2,334 | €1,034 | -€1,299 | -55.7% |
| Furniture and vehicles | 24 | €822 | - | -€822 | |
| Financial fixed assets | 28 | €1,363 | €1,363 | = | 0.0% |
| Current assets | 29/58 | €333,836 | €473,939 | +€140,103 | +42.0% |
| Stocks and contracts in progress | 3 | €240,113 | €331,707 | +€91,594 | +38.1% |
| Stocks | 30/36 | €240,113 | €331,707 | +€91,594 | +38.1% |
| Amounts receivable within one year | 40/41 | €87,770 | €121,933 | +€34,163 | +38.9% |
| Trade receivables | 40 | €87,770 | €121,933 | +€34,163 | +38.9% |
| Cash at bank and in hand | 54/58 | €5,063 | €19,457 | +€14,394 | +284.3% |
| Deferred charges and accrued income | 490/1 | €890 | €842 | -€49 | -5.5% |
| Total equity and liabilities | 10/49 | €349,276 | €484,273 | +€134,998 | +38.7% |
| Equity | 10/15 | -€83,136 | -€153,495 | -€70,359 | -84.6% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €18,711 | €18,711 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,000 | €4,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,511 | €13,511 | = | 0.0% |
| Distributable reserves | 133 | €1,200 | €1,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€141,847 | -€212,206 | -€70,359 | -49.6% |
| Amounts payable | 17/49 | €432,412 | €637,769 | +€205,357 | +47.5% |
| Amounts payable within one year | 42/48 | €432,412 | €637,769 | +€205,357 | +47.5% |
| Financial debts | 43 | €167,657 | €157,814 | -€9,843 | -5.9% |
| Credit institutions | 430/8 | €167,657 | €157,814 | -€9,843 | -5.9% |
| Trade debts | 44 | €74,456 | €79,087 | +€4,631 | +6.2% |
| Suppliers | 440/4 | €74,456 | €79,087 | +€4,631 | +6.2% |
| Taxes, remuneration and social security | 45 | €71,224 | €46,546 | -€24,678 | -34.6% |
| Taxes | 450/3 | €71,224 | €46,546 | -€24,678 | -34.6% |
| Other amounts payable | 47/48 | €119,075 | €354,322 | +€235,247 | +197.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,588 | €5,582 | -€11,005 | -66.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€25,270 | -€30 | +€25,240 | +99.9% |
| Other operating charges | 640/8 | €8,243 | €7,714 | -€529 | -6.4% |
| Non-recurring operating charges | 66A | - | €33,927 | +€33,927 | |
| Gross operating margin | 9900 | -€98,584 | €4,465 | +€103,048 | |
| Operating profit (loss) | 9901 | -€98,145 | -€42,729 | +€55,415 | +56.5% |
| Financial income | 75/76B | €50 | €226 | +€176 | +351.9% |
| Recurring financial income | 75 | €50 | €226 | +€176 | +351.9% |
| Financial charges | 65/66B | €20,550 | €27,855 | +€7,305 | +35.5% |
| Recurring financial charges | 65 | €20,550 | €27,855 | +€7,305 | +35.5% |
| Profit (loss) for the period before taxes | 9903 | -€118,645 | -€70,359 | +€48,286 | +40.7% |
| Income taxes | 67/77 | -€131 | - | +€131 | |
| Profit (loss) for the period | 9904 | -€118,513 | -€70,359 | +€48,154 | +40.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€118,513 | -€70,359 | +€48,154 | +40.6% |
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 6 October 2026 via checked.be.