BENOIT LEDUC: 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 LEDUC
Largest movements
- Cash -€18,218
down €18,218 (-20.1%), from €90,595 to €72,377
mainly Contributions, distributions and other (-€100,000) and Receivables within one year (-€11,514)
- Receivables within one year +€11,514
up €11,514 (+33.5%), from €34,347 to €45,861
of which Trade receivables: +€7,526
- Intangible fixed assets -€10,000
down €10,000 (-15.3%), from €65,164 to €55,164
- Tax, wage and social debts -€9,377
down €9,377 (-29.8%), from €31,490 to €22,113
- Profit (loss) carried forward -€7,240
down €7,240 (-7.0%), from €103,998 to €96,758
- Gross operating margin -€16,174
down €16,174 (-10.8%), from €149,794 to €133,620
- Taxes -€4,025
down €4,025 (-13.1%), from €30,611 to €26,586
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 | €297,069 | €280,879 | -€16,191 | -5.5% |
| Fixed assets | 21/28 | €70,394 | €60,812 | -€9,583 | -13.6% |
| Intangible fixed assets | 21 | €65,164 | €55,164 | -€10,000 | -15.3% |
| Tangible fixed assets | 22/27 | €5,231 | €5,648 | +€417 | +8.0% |
| Furniture and vehicles | 24 | €5,231 | €5,648 | +€417 | +8.0% |
| Current assets | 29/58 | €226,675 | €220,067 | -€6,608 | -2.9% |
| Amounts receivable within one year | 40/41 | €34,347 | €45,861 | +€11,514 | +33.5% |
| Trade receivables | 40 | €34,347 | €41,873 | +€7,526 | +21.9% |
| Other amounts receivable | 41 | - | €3,988 | +€3,988 | |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €90,595 | €72,377 | -€18,218 | -20.1% |
| Deferred charges and accrued income | 490/1 | €1,733 | €1,829 | +€96 | +5.5% |
| Total equity and liabilities | 10/49 | €297,069 | €280,879 | -€16,191 | -5.5% |
| Equity | 10/15 | €263,898 | €256,658 | -€7,240 | -2.7% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €152,900 | €152,900 | = | 0.0% |
| Distributable reserves | 133 | €152,900 | €152,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €103,998 | €96,758 | -€7,240 | -7.0% |
| Amounts payable | 17/49 | €33,171 | €24,220 | -€8,951 | -27.0% |
| Amounts payable within one year | 42/48 | €33,171 | €24,125 | -€9,046 | -27.3% |
| Trade debts | 44 | €1,651 | €2,012 | +€361 | +21.9% |
| Suppliers | 440/4 | €1,651 | €2,012 | +€361 | +21.9% |
| Taxes, remuneration and social security | 45 | €31,490 | €22,113 | -€9,377 | -29.8% |
| Taxes | 450/3 | €31,490 | €22,113 | -€9,377 | -29.8% |
| Other amounts payable | 47/48 | €30 | - | -€30 | |
| Accrued charges and deferred income | 492/3 | - | €95 | +€95 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,675 | €14,648 | -€1,027 | -6.5% |
| Other operating charges | 640/8 | €1,489 | €1,589 | +€100 | +6.7% |
| Gross operating margin | 9900 | €149,794 | €133,620 | -€16,174 | -10.8% |
| Operating profit (loss) | 9901 | €132,630 | €117,383 | -€15,248 | -11.5% |
| Financial income | 75/76B | €1,669 | €2,315 | +€647 | +38.7% |
| Recurring financial income | 75 | €1,669 | €2,315 | +€647 | +38.7% |
| Financial charges | 65/66B | €756 | €352 | -€405 | -53.5% |
| Recurring financial charges | 65 | €756 | €352 | -€405 | -53.5% |
| Profit (loss) for the period before taxes | 9903 | €133,543 | €119,346 | -€14,197 | -10.6% |
| Income taxes | 67/77 | €30,611 | €26,586 | -€4,025 | -13.1% |
| Profit (loss) for the period | 9904 | €102,932 | €92,760 | -€10,172 | -9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €102,932 | €92,760 | -€10,172 | -9.9% |
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 1 October 2026 via checked.be.