Cédric LEBOEUF: 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 LEBOEUF
Largest movements
- Receivables within one year -€8,498
down €8,498 (-24.1%), from €35,200 to €26,702
of which Trade receivables: -€10,751
- Cash -€4,513
down €4,513 (-59.8%), from €7,543 to €3,030
mainly Net result for the year (-€17,630) and Investment in fixed assets (net) (-€13,200)
- Tangible fixed assets +€3,583
up €3,583 (+24.2%), from €14,784 to €18,367
of which Other tangible fixed assets: +€10,520
- Stocks and contracts -€2,032
down €2,032 (-22.6%), from €8,986 to €6,954
- Deferred charges and accrued income -€1,302
down €1,302 (-38.6%), from €3,372 to €2,070
- Profit (loss) carried forward -€17,630
down €17,630 (-59.6%), from -€29,585 to -€47,215
- Debts after one year +€8,196
new in 2025: €8,196
- Trade debts -€4,846
down €4,846 (-22.6%), from €21,425 to €16,579
of which Suppliers: -€5,847
- Current portion of long-term debt +€3,982
new in 2025: €3,982
- Other debts -€3,019
down €3,019 (-96.4%), from €3,132 to €113
- Gross operating margin -€26,180
down €26,180 (-9.8%), from €267,539 to €241,359
- Staff costs -€4,628
down €4,628 (-1.9%), from €248,401 to €243,773
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 | €69,885 | €57,123 | -€12,762 | -18.3% |
| Fixed assets | 21/28 | €14,784 | €18,367 | +€3,583 | +24.2% |
| Tangible fixed assets | 22/27 | €14,784 | €18,367 | +€3,583 | +24.2% |
| Plant, machinery and equipment | 23 | €2,700 | €1,530 | -€1,170 | -43.3% |
| Furniture and vehicles | 24 | €12,084 | €6,317 | -€5,767 | -47.7% |
| Other tangible fixed assets | 26 | - | €10,520 | +€10,520 | |
| Current assets | 29/58 | €55,101 | €38,756 | -€16,345 | -29.7% |
| Stocks and contracts in progress | 3 | €8,986 | €6,954 | -€2,032 | -22.6% |
| Stocks | 30/36 | €8,986 | €6,954 | -€2,032 | -22.6% |
| Amounts receivable within one year | 40/41 | €35,200 | €26,702 | -€8,498 | -24.1% |
| Trade receivables | 40 | €35,149 | €24,398 | -€10,751 | -30.6% |
| Other amounts receivable | 41 | €51 | €2,304 | +€2,253 | +4,418% |
| Cash at bank and in hand | 54/58 | €7,543 | €3,030 | -€4,513 | -59.8% |
| Deferred charges and accrued income | 490/1 | €3,372 | €2,070 | -€1,302 | -38.6% |
| Total equity and liabilities | 10/49 | €69,885 | €57,123 | -€12,762 | -18.3% |
| Equity | 10/15 | -€10,985 | -€28,615 | -€17,630 | -160% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,585 | -€47,215 | -€17,630 | -59.6% |
| Amounts payable | 17/49 | €80,870 | €85,738 | +€4,868 | +6.0% |
| Amounts payable after more than one year | 17 | - | €8,196 | +€8,196 | |
| Financial debts | 170/4 | - | €8,196 | +€8,196 | |
| Amounts payable within one year | 42/48 | €79,105 | €75,775 | -€3,330 | -4.2% |
| Current portion of amounts payable after more than one year | 42 | - | €3,982 | +€3,982 | |
| Financial debts | 43 | €11,823 | €9,755 | -€2,068 | -17.5% |
| Other loans | 439 | €11,823 | €9,755 | -€2,068 | -17.5% |
| Trade debts | 44 | €21,425 | €16,579 | -€4,846 | -22.6% |
| Suppliers | 440/4 | €16,638 | €10,791 | -€5,847 | -35.1% |
| Bills of exchange payable | 441 | €4,787 | €5,788 | +€1,001 | +20.9% |
| Taxes, remuneration and social security | 45 | €42,725 | €45,346 | +€2,621 | +6.1% |
| Taxes | 450/3 | €12,906 | €14,425 | +€1,519 | +11.8% |
| Remuneration and social security | 454/9 | €29,819 | €30,921 | +€1,102 | +3.7% |
| Other amounts payable | 47/48 | €3,132 | €113 | -€3,019 | -96.4% |
| Accrued charges and deferred income | 492/3 | €1,765 | €1,767 | +€2 | +0.1% |
| Remuneration, social security and pensions | 62 | €248,401 | €243,773 | -€4,628 | -1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,734 | €9,617 | -€2,117 | -18.0% |
| Other operating charges | 640/8 | €2,253 | €4,038 | +€1,785 | +79.2% |
| Gross operating margin | 9900 | €267,539 | €241,359 | -€26,180 | -9.8% |
| Operating profit (loss) | 9901 | €5,151 | -€16,069 | -€21,220 | |
| Financial income | 75/76B | €1,124 | €1,129 | +€5 | +0.4% |
| Recurring financial income | 75 | €1,124 | €1,129 | +€5 | +0.4% |
| Financial charges | 65/66B | €1,596 | €2,128 | +€532 | +33.3% |
| Recurring financial charges | 65 | €1,596 | €2,128 | +€532 | +33.3% |
| Profit (loss) for the period before taxes | 9903 | €4,679 | -€17,068 | -€21,747 | |
| Income taxes | 67/77 | €550 | €562 | +€12 | +2.2% |
| Profit (loss) for the period | 9904 | €4,129 | -€17,630 | -€21,759 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,129 | -€17,630 | -€21,759 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.