Cédric LEFEBVRE: 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 LEFEBVRE
Largest movements
- Cash +€77,941
up €77,941 (+218%), from €35,804 to €113,746
mainly Net result for the year (+€67,678) and Receivables within one year (+€34,804)
- Receivables within one year -€34,804
down €34,804 (-45.9%), from €75,864 to €41,060
- Tangible fixed assets -€12,940
down €12,940 (-28.0%), from €46,206 to €33,266
of which Furniture and vehicles: -€11,581
- Reserves +€52,525
up €52,525 (+74.9%), from €70,110 to €122,635
- Debts after one year -€9,962
down €9,962 (-59.8%), from €16,657 to €6,695
- Other debts -€8,301
down €8,301 (-29.8%), from €27,859 to €19,557
- Tax, wage and social debts -€2,846
down €2,846 (-23.7%), from €12,029 to €9,183
of which Remuneration and social security: -€3,269
- Gross operating margin +€62,069
up €62,069 (+113%), from €55,122 to €117,191
- Taxes +€15,490
up €15,490 (+143%), from €10,848 to €26,338
- Write-downs +€4,838
up €4,838 (+157%), from €3,080 to €7,918
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 | €160,578 | €190,863 | +€30,285 | +18.9% |
| Fixed assets | 21/28 | €46,206 | €33,266 | -€12,940 | -28.0% |
| Tangible fixed assets | 22/27 | €46,206 | €33,266 | -€12,940 | -28.0% |
| Land and buildings | 22 | €13,584 | €12,226 | -€1,358 | -10.0% |
| Furniture and vehicles | 24 | €32,622 | €21,040 | -€11,581 | -35.5% |
| Current assets | 29/58 | €114,372 | €157,597 | +€43,225 | +37.8% |
| Amounts receivable within one year | 40/41 | €75,864 | €41,060 | -€34,804 | -45.9% |
| Trade receivables | 40 | €75,864 | €41,060 | -€34,804 | -45.9% |
| Cash at bank and in hand | 54/58 | €35,804 | €113,746 | +€77,941 | +218% |
| Deferred charges and accrued income | 490/1 | €2,704 | €2,792 | +€88 | +3.2% |
| Total equity and liabilities | 10/49 | €160,578 | €190,863 | +€30,285 | +18.9% |
| Equity | 10/15 | €83,802 | €136,330 | +€52,528 | +62.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €70,110 | €122,635 | +€52,525 | +74.9% |
| Distributable reserves | 133 | €70,110 | €122,635 | +€52,525 | +74.9% |
| Profit (loss) carried forward | 14 | €1,292 | €1,295 | +€3 | +0.2% |
| Amounts payable | 17/49 | €76,777 | €54,534 | -€22,243 | -29.0% |
| Amounts payable after more than one year | 17 | €16,657 | €6,695 | -€9,962 | -59.8% |
| Financial debts | 170/4 | €16,657 | €6,695 | -€9,962 | -59.8% |
| Amounts payable within one year | 42/48 | €60,120 | €47,839 | -€12,281 | -20.4% |
| Current portion of amounts payable after more than one year | 42 | €9,867 | €9,962 | +€95 | +1.0% |
| Trade debts | 44 | €10,365 | €9,136 | -€1,229 | -11.9% |
| Suppliers | 440/4 | €10,365 | €9,136 | -€1,229 | -11.9% |
| Taxes, remuneration and social security | 45 | €12,029 | €9,183 | -€2,846 | -23.7% |
| Taxes | 450/3 | €8,760 | €9,183 | +€423 | +4.8% |
| Remuneration and social security | 454/9 | €3,269 | - | -€3,269 | |
| Other amounts payable | 47/48 | €27,859 | €19,557 | -€8,301 | -29.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,057 | €14,228 | -€829 | -5.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,080 | €7,918 | +€4,838 | +157% |
| Other operating charges | 640/8 | €599 | €625 | +€26 | +4.3% |
| Gross operating margin | 9900 | €55,122 | €117,191 | +€62,069 | +113% |
| Operating profit (loss) | 9901 | €36,386 | €94,420 | +€58,034 | +159% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €496 | €404 | -€92 | -18.5% |
| Recurring financial charges | 65 | €496 | €404 | -€92 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | €35,890 | €94,015 | +€58,126 | +162% |
| Income taxes | 67/77 | €10,848 | €26,338 | +€15,490 | +143% |
| Profit (loss) for the period | 9904 | €25,042 | €67,678 | +€42,635 | +170% |
| Profit (loss) for the period to be appropriated | 9905 | €25,042 | €67,678 | +€42,635 | +170% |
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 15 October 2026 via checked.be.