Cédric Lannoy: what changed
Cédric Lannoy
Largest movements
- Receivables within one year +€147,088
up €147,088 (+46.7%), from €314,678 to €461,766
of which Other amounts receivable: +€148,564
- Cash -€25,676
down €25,676 (-45.0%), from €57,035 to €31,359
mainly Receivables within one year (-€147,088) and Deferred charges and accrued income (-€1,681)
- Tangible fixed assets -€8,108
down €8,108 (-90.7%), from €8,944 to €835
- Reserves +€111,828
up €111,828 (+37.4%), from €299,390 to €411,218
- Depreciation -€8,284
down €8,284 (-50.5%), from €16,392 to €8,108
- Financial income +€6,091
up €6,091 (+40.9%), from €14,909 to €21,000
- Taxes +€2,728
up €2,728 (+9.0%), from €30,451 to €33,179
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €390,012 | €504,996 | +€114,984 | +29.5% |
| Fixed assets | 21/28 | €8,944 | €835 | -€8,108 | -90.7% |
| Tangible fixed assets | 22/27 | €8,944 | €835 | -€8,108 | -90.7% |
| Furniture and vehicles | 24 | €8,944 | €835 | -€8,108 | -90.7% |
| Current assets | 29/58 | €381,068 | €504,161 | +€123,093 | +32.3% |
| Amounts receivable within one year | 40/41 | €314,678 | €461,766 | +€147,088 | +46.7% |
| Trade receivables | 40 | €1,476 | €0 | -€1,476 | -100% |
| Other amounts receivable | 41 | €313,202 | €461,766 | +€148,564 | +47.4% |
| Cash at bank and in hand | 54/58 | €57,035 | €31,359 | -€25,676 | -45.0% |
| Deferred charges and accrued income | 490/1 | €9,355 | €11,036 | +€1,681 | +18.0% |
| Total equity and liabilities | 10/49 | €390,012 | €504,996 | +€114,984 | +29.5% |
| Equity | 10/15 | €314,390 | €426,218 | +€111,828 | +35.6% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €299,390 | €411,218 | +€111,828 | +37.4% |
| Distributable reserves | 133 | €299,390 | €411,218 | +€111,828 | +37.4% |
| Amounts payable | 17/49 | €75,622 | €78,778 | +€3,156 | +4.2% |
| Amounts payable within one year | 42/48 | €75,622 | €78,778 | +€3,156 | +4.2% |
| Trade debts | 44 | €2,499 | €845 | -€1,655 | -66.2% |
| Suppliers | 440/4 | €2,499 | €845 | -€1,655 | -66.2% |
| Taxes, remuneration and social security | 45 | €73,123 | €77,933 | +€4,810 | +6.6% |
| Taxes | 450/3 | €73,123 | €77,933 | +€4,810 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,392 | €8,108 | -€8,284 | -50.5% |
| Other operating charges | 640/8 | €1,511 | €1,088 | -€422 | -28.0% |
| Gross operating margin | 9900 | €132,336 | €133,476 | +€1,140 | +0.9% |
| Operating profit (loss) | 9901 | €114,434 | €124,279 | +€9,845 | +8.6% |
| Financial income | 75/76B | €14,909 | €21,000 | +€6,091 | +40.9% |
| Recurring financial income | 75 | €14,909 | €21,000 | +€6,091 | +40.9% |
| Financial charges | 65/66B | €270 | €272 | +€2 | +0.7% |
| Recurring financial charges | 65 | €270 | €272 | +€2 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €129,073 | €145,008 | +€15,935 | +12.3% |
| Income taxes | 67/77 | €30,451 | €33,179 | +€2,728 | +9.0% |
| Profit (loss) for the period | 9904 | €98,622 | €111,828 | +€13,206 | +13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €98,622 | €111,828 | +€13,206 | +13.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.