Cédric DELEUZE: 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.
Cédric DELEUZE
Largest movements
- Receivables within one year +€474,561
up €474,561 (+31.8%), from €1.5m to €2.0m
of which Other amounts receivable: +€480,140
- Cash +€77,114
up €77,114 (+100%), from €77,002 to €154,117
mainly Net result for the year (+€396,358) and Current investments (+€70,429)
- Current investments -€70,429
down €70,429 (-47.5%), from €148,217 to €77,788
- Profit (loss) carried forward +€232,722
up €232,722 (+207%), from €112,560 to €345,281
- Reserves +€160,636
up €160,636 (+22.3%), from €721,182 to €881,818
- Current portion of long-term debt +€36,373
up €36,373 (+22.9%), from €158,490 to €194,863
- Short-term financial debts +€35,725
up €35,725 (+9.8%), from €365,167 to €400,892
- Tax, wage and social debts +€32,575
up €32,575 (+141%), from €23,072 to €55,648
- Financial charges -€120,684
down €120,684 (-73.4%), from €164,309 to €43,625
of which Non-recurring financial charges: -€131,474
- Provisions +€101,913
no longer reported in 2025 (was -€101,913)
- Financial income +€88,644
up €88,644 (+275%), from €32,283 to €120,927
of which Non-recurring financial income: +€81,743
- Gross operating margin +€48,485
up €48,485 (+11.7%), from €414,530 to €463,015
- Taxes +€28,704
up €28,704 (+26.2%), from €109,444 to €138,148
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 | €1,763,973 | €2,245,593 | +€481,620 | +27.3% |
| Fixed assets | 21/28 | €28,054 | €24,109 | -€3,945 | -14.1% |
| Tangible fixed assets | 22/27 | €14,054 | €10,109 | -€3,945 | -28.1% |
| Furniture and vehicles | 24 | €12,981 | €9,478 | -€3,503 | -27.0% |
| Other tangible fixed assets | 26 | €1,073 | €631 | -€442 | -41.2% |
| Financial fixed assets | 28 | €14,000 | €14,000 | = | 0.0% |
| Current assets | 29/58 | €1,735,919 | €2,221,484 | +€485,565 | +28.0% |
| Amounts receivable within one year | 40/41 | €1,494,133 | €1,968,694 | +€474,561 | +31.8% |
| Trade receivables | 40 | €6,683 | €1,104 | -€5,579 | -83.5% |
| Other amounts receivable | 41 | €1,487,450 | €1,967,590 | +€480,140 | +32.3% |
| Current investments | 50/53 | €148,217 | €77,788 | -€70,429 | -47.5% |
| Cash at bank and in hand | 54/58 | €77,002 | €154,117 | +€77,114 | +100% |
| Deferred charges and accrued income | 490/1 | €16,567 | €20,885 | +€4,318 | +26.1% |
| Total equity and liabilities | 10/49 | €1,763,973 | €2,245,593 | +€481,620 | +27.3% |
| Equity | 10/15 | €863,741 | €1,257,100 | +€393,358 | +45.5% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €721,182 | €881,818 | +€160,636 | +22.3% |
| Distributable reserves | 133 | €721,182 | €881,818 | +€160,636 | +22.3% |
| Profit (loss) carried forward | 14 | €112,560 | €345,281 | +€232,722 | +207% |
| Amounts payable | 17/49 | €900,232 | €988,493 | +€88,262 | +9.8% |
| Amounts payable after more than one year | 17 | €318,292 | €310,622 | -€7,669 | -2.4% |
| Financial debts | 170/4 | €318,292 | €310,622 | -€7,669 | -2.4% |
| Amounts payable within one year | 42/48 | €562,173 | €657,174 | +€95,001 | +16.9% |
| Current portion of amounts payable after more than one year | 42 | €158,490 | €194,863 | +€36,373 | +22.9% |
| Financial debts | 43 | €365,167 | €400,892 | +€35,725 | +9.8% |
| Other loans | 439 | €365,167 | €400,892 | +€35,725 | +9.8% |
| Trade debts | 44 | €15,444 | €5,771 | -€9,673 | -62.6% |
| Suppliers | 440/4 | €15,444 | €5,771 | -€9,673 | -62.6% |
| Taxes, remuneration and social security | 45 | €23,072 | €55,648 | +€32,575 | +141% |
| Taxes | 450/3 | €23,072 | €55,648 | +€32,575 | +141% |
| Accrued charges and deferred income | 492/3 | €19,767 | €20,697 | +€930 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,683 | €3,945 | +€262 | +7.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€101,913 | - | +€101,913 | |
| Other operating charges | 640/8 | €1,182 | €1,866 | +€684 | +57.8% |
| Gross operating margin | 9900 | €414,530 | €463,015 | +€48,485 | +11.7% |
| Operating profit (loss) | 9901 | €511,577 | €457,204 | -€54,373 | -10.6% |
| Financial income | 75/76B | €32,283 | €120,927 | +€88,644 | +275% |
| Recurring financial income | 75 | €32,283 | €39,183 | +€6,901 | +21.4% |
| Non-recurring financial income | 76B | - | €81,743 | +€81,743 | |
| Financial charges | 65/66B | €164,309 | €43,625 | -€120,684 | -73.4% |
| Recurring financial charges | 65 | €32,835 | €43,625 | +€10,790 | +32.9% |
| Non-recurring financial charges | 66B | €131,474 | - | -€131,474 | |
| Profit (loss) for the period before taxes | 9903 | €379,551 | €534,506 | +€154,955 | +40.8% |
| Income taxes | 67/77 | €109,444 | €138,148 | +€28,704 | +26.2% |
| Profit (loss) for the period | 9904 | €270,108 | €396,358 | +€126,250 | +46.7% |
| Profit (loss) for the period to be appropriated | 9905 | €270,108 | €396,358 | +€126,250 | +46.7% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.