BRUNO LOMBAERT: 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.
BRUNO LOMBAERT
Largest movements
- Current investments +€710,000
up €710,000 (+119%), from €595,000 to €1.3m
- Cash -€601,818
down €601,818 (-57.7%), from €1.0m to €440,817
mainly Current investments (-€710,000) and Contributions, distributions and other (-€410,815)
- Tangible fixed assets +€363,604
up €363,604 (+73.6%), from €493,759 to €857,363
of which Assets under construction and advance payments: +€273,331
- Receivables within one year -€137,361
down €137,361 (-49.3%), from €278,354 to €140,993
of which Other amounts receivable: -€222,061
- Receivables after one year -€50,000
down €50,000 (-16.7%), from €300,000 to €250,000
- Reserves +€92,792
up €92,792 (+3.9%), from €2.4m to €2.5m
of which Distributable reserves: +€92,792
- Tax, wage and social debts +€89,884
up €89,884 (+610%), from €14,737 to €104,621
- Other debts +€79,440
new in 2025: €79,440
- Trade debts +€64,831
up €64,831 (+934%), from €6,943 to €71,774
- Debts after one year -€41,971
down €41,971 (-12.9%), from €326,423 to €284,452
- Taxes +€257,085
up €257,085 (+145%), from €176,775 to €433,860
- Gross operating margin +€176,484
up €176,484 (+21.8%), from €808,948 to €985,432
- Financial income -€16,150
down €16,150 (-60.6%), from €26,650 to €10,500
- Depreciation +€10,334
up €10,334 (+34.3%), from €30,122 to €40,456
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 | €2,809,739 | €3,094,164 | +€284,425 | +10.1% |
| Fixed assets | 21/28 | €593,750 | €957,354 | +€363,604 | +61.2% |
| Tangible fixed assets | 22/27 | €493,759 | €857,363 | +€363,604 | +73.6% |
| Land and buildings | 22 | €266,564 | €365,780 | +€99,216 | +37.2% |
| Plant, machinery and equipment | 23 | €7,648 | €5,211 | -€2,436 | -31.9% |
| Furniture and vehicles | 24 | €41,779 | €47,969 | +€6,191 | +14.8% |
| Leasing and similar rights | 25 | €177,769 | €165,071 | -€12,698 | -7.1% |
| Assets under construction and advance payments | 27 | - | €273,331 | +€273,331 | |
| Financial fixed assets | 28 | €99,991 | €99,991 | = | 0.0% |
| Current assets | 29/58 | €2,215,989 | €2,136,810 | -€79,179 | -3.6% |
| Amounts receivable after more than one year | 29 | €300,000 | €250,000 | -€50,000 | -16.7% |
| Other amounts receivable | 291 | €300,000 | €250,000 | -€50,000 | -16.7% |
| Amounts receivable within one year | 40/41 | €278,354 | €140,993 | -€137,361 | -49.3% |
| Trade receivables | 40 | €36,293 | €120,993 | +€84,700 | +233% |
| Other amounts receivable | 41 | €242,061 | €20,000 | -€222,061 | -91.7% |
| Current investments | 50/53 | €595,000 | €1,305,000 | +€710,000 | +119% |
| Cash at bank and in hand | 54/58 | €1,042,635 | €440,817 | -€601,818 | -57.7% |
| Total equity and liabilities | 10/49 | €2,809,739 | €3,094,164 | +€284,425 | +10.1% |
| Equity | 10/15 | €2,419,114 | €2,511,906 | +€92,792 | +3.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,400,514 | €2,493,306 | +€92,792 | +3.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,650 | €25,650 | = | 0.0% |
| Distributable reserves | 133 | €2,373,004 | €2,465,796 | +€92,792 | +3.9% |
| Amounts payable | 17/49 | €390,625 | €582,258 | +€191,632 | +49.1% |
| Amounts payable after more than one year | 17 | €326,423 | €284,452 | -€41,971 | -12.9% |
| Financial debts | 170/4 | €326,423 | €284,452 | -€41,971 | -12.9% |
| Amounts payable within one year | 42/48 | €64,202 | €297,806 | +€233,604 | +364% |
| Current portion of amounts payable after more than one year | 42 | €42,522 | €41,971 | -€551 | -1.3% |
| Trade debts | 44 | €6,943 | €71,774 | +€64,831 | +934% |
| Suppliers | 440/4 | €6,943 | €71,774 | +€64,831 | +934% |
| Taxes, remuneration and social security | 45 | €14,737 | €104,621 | +€89,884 | +610% |
| Taxes | 450/3 | €14,737 | €104,621 | +€89,884 | +610% |
| Other amounts payable | 47/48 | - | €79,440 | +€79,440 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,122 | €40,456 | +€10,334 | +34.3% |
| Other operating charges | 640/8 | €7,982 | €5,452 | -€2,530 | -31.7% |
| Gross operating margin | 9900 | €808,948 | €985,432 | +€176,484 | +21.8% |
| Operating profit (loss) | 9901 | €770,844 | €939,524 | +€168,680 | +21.9% |
| Financial income | 75/76B | €26,650 | €10,500 | -€16,150 | -60.6% |
| Recurring financial income | 75 | €26,650 | €10,500 | -€16,150 | -60.6% |
| Financial charges | 65/66B | €16,568 | €12,556 | -€4,011 | -24.2% |
| Recurring financial charges | 65 | €16,568 | €12,556 | -€4,011 | -24.2% |
| Profit (loss) for the period before taxes | 9903 | €780,926 | €937,467 | +€156,541 | +20.0% |
| Income taxes | 67/77 | €176,775 | €433,860 | +€257,085 | +145% |
| Profit (loss) for the period | 9904 | €604,151 | €503,607 | -€100,544 | -16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €604,151 | €503,607 | -€100,544 | -16.6% |
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.