CECILE LAHY: 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.
CECILE LAHY
Largest movements
- Tangible fixed assets -€35,928
down €35,928 (-18.5%), from €194,457 to €158,529
of which Land and buildings: -€35,260
- Current investments +€6,986
up €6,986 (+12.9%), from €54,338 to €61,324
- Cash -€4,963
down €4,963 (-41.6%), from €11,918 to €6,955
mainly Contributions, distributions and other (-€65,000) and Current portion of long-term debt (-€34,321)
- Reserves -€37,000
down €37,000 (-17.8%), from €207,860 to €170,860
of which Distributable reserves: -€37,000
- Current portion of long-term debt -€34,321
no longer reported in 2025 (was €34,321)
- Other debts +€30,775
up €30,775 (+103%), from €30,000 to €60,775
- Tax, wage and social debts +€4,235
up €4,235 (+119%), from €3,550 to €7,785
- Gross operating margin -€11,616
down €11,616 (-12.9%), from €90,220 to €78,604
- Taxes -€2,990
down €2,990 (-21.4%), from €14,004 to €11,014
- Financial charges -€1,127
down €1,127 (-54.4%), from €2,072 to €945
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 | €359,826 | €323,899 | -€35,927 | -10.0% |
| Fixed assets | 21/28 | €194,457 | €158,529 | -€35,928 | -18.5% |
| Tangible fixed assets | 22/27 | €194,457 | €158,529 | -€35,928 | -18.5% |
| Land and buildings | 22 | €192,386 | €157,126 | -€35,260 | -18.3% |
| Plant, machinery and equipment | 23 | €2,071 | €1,403 | -€668 | -32.3% |
| Current assets | 29/58 | €165,369 | €165,370 | +€1 | 0.0% |
| Amounts receivable within one year | 40/41 | €98,276 | €95,568 | -€2,707 | -2.8% |
| Other amounts receivable | 41 | €98,276 | €95,568 | -€2,707 | -2.8% |
| Current investments | 50/53 | €54,338 | €61,324 | +€6,986 | +12.9% |
| Cash at bank and in hand | 54/58 | €11,918 | €6,955 | -€4,963 | -41.6% |
| Deferred charges and accrued income | 490/1 | €837 | €1,522 | +€685 | +81.8% |
| Total equity and liabilities | 10/49 | €359,826 | €323,899 | -€35,927 | -10.0% |
| Equity | 10/15 | €291,048 | €254,288 | -€36,760 | -12.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €207,860 | €170,860 | -€37,000 | -17.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €206,000 | €169,000 | -€37,000 | -18.0% |
| Profit (loss) carried forward | 14 | €64,588 | €64,828 | +€240 | +0.4% |
| Amounts payable | 17/49 | €68,778 | €69,611 | +€833 | +1.2% |
| Amounts payable within one year | 42/48 | €68,165 | €69,297 | +€1,132 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €34,321 | - | -€34,321 | |
| Trade debts | 44 | €294 | €737 | +€443 | +151% |
| Suppliers | 440/4 | €294 | €737 | +€443 | +151% |
| Taxes, remuneration and social security | 45 | €3,550 | €7,785 | +€4,235 | +119% |
| Taxes | 450/3 | €3,550 | €7,785 | +€4,235 | +119% |
| Other amounts payable | 47/48 | €30,000 | €60,775 | +€30,775 | +103% |
| Accrued charges and deferred income | 492/3 | €612 | €313 | -€299 | -48.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,260 | €35,928 | -€332 | -0.9% |
| Other operating charges | 640/8 | €3,255 | €3,662 | +€406 | +12.5% |
| Gross operating margin | 9900 | €90,220 | €78,604 | -€11,616 | -12.9% |
| Operating profit (loss) | 9901 | €50,705 | €39,015 | -€11,691 | -23.1% |
| Financial income | 75/76B | €1,864 | €1,183 | -€681 | -36.5% |
| Recurring financial income | 75 | €1,864 | €1,183 | -€681 | -36.5% |
| Financial charges | 65/66B | €2,072 | €945 | -€1,127 | -54.4% |
| Recurring financial charges | 65 | €2,072 | €945 | -€1,127 | -54.4% |
| Profit (loss) for the period before taxes | 9903 | €50,497 | €39,253 | -€11,244 | -22.3% |
| Income taxes | 67/77 | €14,004 | €11,014 | -€2,990 | -21.4% |
| Profit (loss) for the period | 9904 | €36,493 | €28,240 | -€8,254 | -22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €36,493 | €28,240 | -€8,254 | -22.6% |
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.