Bertrand Lejoly: 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.
Bertrand Lejoly
Largest movements
- Receivables within one year +€383,854
up €383,854 (+114%), from €335,970 to €719,824
of which Trade receivables: +€356,108
- Tangible fixed assets +€97,770
up €97,770 (+396%), from €24,719 to €122,489
of which Other tangible fixed assets: +€97,628
- Cash +€15,804
up €15,804 (+5.4%), from €290,111 to €305,915
mainly Net result for the year (+€543,328) and Trade debts (+€405,848)
- Trade debts +€405,848
up €405,848 (+2,913%), from €13,933 to €419,781
- Debts after one year +€90,122
up €90,122, from €0 to €90,122
- Gross operating margin -€37,710
down €37,710 (-4.7%), from €803,416 to €765,705
- Other operating charges -€12,359
down €12,359 (-31.6%), from €39,056 to €26,697
- Taxes -€10,713
down €10,713 (-5.8%), from €185,806 to €175,092
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 | €652,362 | €1,148,638 | +€496,276 | +76.1% |
| Fixed assets | 21/28 | €25,560 | €122,549 | +€96,989 | +379% |
| Intangible fixed assets | 21 | €841 | €60 | -€781 | -92.9% |
| Tangible fixed assets | 22/27 | €24,719 | €122,489 | +€97,770 | +396% |
| Plant, machinery and equipment | 23 | €9,638 | €5,825 | -€3,813 | -39.6% |
| Furniture and vehicles | 24 | €5,578 | €9,533 | +€3,955 | +70.9% |
| Other tangible fixed assets | 26 | €9,504 | €107,132 | +€97,628 | +1,027% |
| Current assets | 29/58 | €626,802 | €1,026,089 | +€399,287 | +63.7% |
| Amounts receivable within one year | 40/41 | €335,970 | €719,824 | +€383,854 | +114% |
| Trade receivables | 40 | €334,322 | €690,430 | +€356,108 | +107% |
| Other amounts receivable | 41 | €1,648 | €29,393 | +€27,745 | +1,683% |
| Cash at bank and in hand | 54/58 | €290,111 | €305,915 | +€15,804 | +5.4% |
| Deferred charges and accrued income | 490/1 | €720 | €350 | -€370 | -51.4% |
| Total equity and liabilities | 10/49 | €652,362 | €1,148,638 | +€496,276 | +76.1% |
| Equity | 10/15 | €18,550 | €18,550 | = | 0.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €633,812 | €1,130,088 | +€496,276 | +78.3% |
| Amounts payable after more than one year | 17 | €0 | €90,122 | +€90,122 | |
| Financial debts | 170/4 | €0 | €90,122 | +€90,122 | |
| Amounts payable within one year | 42/48 | €633,812 | €1,039,966 | +€406,154 | +64.1% |
| Current portion of amounts payable after more than one year | 42 | €2,074 | €8,494 | +€6,420 | +310% |
| Trade debts | 44 | €13,933 | €419,781 | +€405,848 | +2,913% |
| Suppliers | 440/4 | €13,933 | €419,781 | +€405,848 | +2,913% |
| Taxes, remuneration and social security | 45 | €33,959 | €37,040 | +€3,081 | +9.1% |
| Taxes | 450/3 | €33,959 | €32,473 | -€1,486 | -4.4% |
| Remuneration and social security | 454/9 | €0 | €4,567 | +€4,567 | |
| Other amounts payable | 47/48 | €583,847 | €574,651 | -€9,196 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,313 | €14,626 | -€7,687 | -34.5% |
| Other operating charges | 640/8 | €39,056 | €26,697 | -€12,359 | -31.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €803,416 | €765,705 | -€37,710 | -4.7% |
| Operating profit (loss) | 9901 | €742,046 | €724,382 | -€17,664 | -2.4% |
| Financial income | 75/76B | €40 | €28 | -€11 | -28.6% |
| Recurring financial income | 75 | €40 | €28 | -€11 | -28.6% |
| Financial charges | 65/66B | €2,469 | €5,990 | +€3,521 | +143% |
| Recurring financial charges | 65 | €2,469 | €5,990 | +€3,521 | +143% |
| Profit (loss) for the period before taxes | 9903 | €739,617 | €718,421 | -€21,197 | -2.9% |
| Income taxes | 67/77 | €185,806 | €175,092 | -€10,713 | -5.8% |
| Profit (loss) for the period | 9904 | €553,812 | €543,328 | -€10,483 | -1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €553,812 | €543,328 | -€10,483 | -1.9% |
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.