BRIGITTE LIEVENS: 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.
BRIGITTE LIEVENS
Largest movements
- Tangible fixed assets -€21,969
down €21,969 (-6.2%), from €354,211 to €332,242
of which Land and buildings: -€19,893
- Receivables within one year +€12,808
up €12,808 (+189%), from €6,762 to €19,570
of which Trade receivables: +€14,158
- Cash -€6,012
down €6,012 (-12.4%), from €48,636 to €42,624
mainly Debts after one year (-€31,923) and Receivables within one year (-€12,808)
- Debts after one year -€31,923
down €31,923 (-17.2%), from €185,372 to €153,450
of which Financial debts: -€31,923
- Other debts +€10,072
up €10,072 (+7.8%), from €129,517 to €139,589
- Accrued charges and deferred income -€8,699
down €8,699 (-100%), from €8,699 to €0
- Reserves +€8,506
up €8,506 (+43.8%), from €19,399 to €27,905
of which Distributable reserves: +€8,506
- Trade debts +€5,346
up €5,346 (+839%), from €637 to €5,984
- Financial charges -€10,078
down €10,078 (-69.1%), from €14,576 to €4,498
- Depreciation +€2,542
up €2,542 (+9.6%), from €26,451 to €28,993
- Taxes +€751
up €751 (+125%), from €600 to €1,351
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €419,315 | €402,470 | -€16,845 | -4.0% |
| Fixed assets | 21/28 | €355,711 | €333,742 | -€21,969 | -6.2% |
| Tangible fixed assets | 22/27 | €354,211 | €332,242 | -€21,969 | -6.2% |
| Land and buildings | 22 | €341,041 | €321,148 | -€19,893 | -5.8% |
| Plant, machinery and equipment | 23 | €13,113 | €10,305 | -€2,809 | -21.4% |
| Furniture and vehicles | 24 | €57 | €789 | +€732 | +1,285% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €63,604 | €68,728 | +€5,123 | +8.1% |
| Amounts receivable within one year | 40/41 | €6,762 | €19,570 | +€12,808 | +189% |
| Trade receivables | 40 | €4,862 | €19,020 | +€14,158 | +291% |
| Other amounts receivable | 41 | €1,900 | €550 | -€1,351 | -71.1% |
| Cash at bank and in hand | 54/58 | €48,636 | €42,624 | -€6,012 | -12.4% |
| Deferred charges and accrued income | 490/1 | €8,206 | €6,534 | -€1,673 | -20.4% |
| Total equity and liabilities | 10/49 | €419,315 | €402,470 | -€16,845 | -4.0% |
| Equity | 10/15 | €55,308 | €63,813 | +€8,506 | +15.4% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €19,399 | €27,905 | +€8,506 | +43.8% |
| Tax-exempt reserves | 132 | €490 | €490 | = | 0.0% |
| Distributable reserves | 133 | €18,910 | €27,416 | +€8,506 | +45.0% |
| Profit (loss) carried forward | 14 | €16,908 | €16,908 | = | 0.0% |
| Amounts payable | 17/49 | €364,008 | €338,656 | -€25,351 | -7.0% |
| Amounts payable after more than one year | 17 | €185,372 | €153,450 | -€31,923 | -17.2% |
| Financial debts | 170/4 | €76,905 | €44,983 | -€31,923 | -41.5% |
| Other amounts payable | 178/9 | €108,467 | €108,467 | = | 0.0% |
| Amounts payable within one year | 42/48 | €169,936 | €185,207 | +€15,270 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €30,446 | €31,923 | +€1,477 | +4.9% |
| Trade debts | 44 | €637 | €5,984 | +€5,346 | +839% |
| Suppliers | 440/4 | €637 | €5,984 | +€5,346 | +839% |
| Taxes, remuneration and social security | 45 | €9,336 | €7,712 | -€1,625 | -17.4% |
| Taxes | 450/3 | €9,336 | €7,712 | -€1,625 | -17.4% |
| Other amounts payable | 47/48 | €129,517 | €139,589 | +€10,072 | +7.8% |
| Accrued charges and deferred income | 492/3 | €8,699 | €0 | -€8,699 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,451 | €28,993 | +€2,542 | +9.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €3,458 | €3,567 | +€109 | +3.2% |
| Gross operating margin | 9900 | €48,105 | €48,573 | +€469 | +1.0% |
| Operating profit (loss) | 9901 | €18,196 | €16,013 | -€2,183 | -12.0% |
| Financial income | 75/76B | - | €242 | +€242 | |
| Recurring financial income | 75 | - | €242 | +€242 | |
| Financial charges | 65/66B | €14,576 | €4,498 | -€10,078 | -69.1% |
| Recurring financial charges | 65 | €14,576 | €4,498 | -€10,078 | -69.1% |
| Profit (loss) for the period before taxes | 9903 | €3,620 | €11,756 | +€8,136 | +225% |
| Income taxes | 67/77 | €600 | €1,351 | +€751 | +125% |
| Profit (loss) for the period | 9904 | €3,020 | €10,406 | +€7,385 | +245% |
| Profit (loss) for the period to be appropriated | 9905 | €3,020 | €10,406 | +€7,385 | +245% |
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 23 October 2026 via checked.be.