Cédric Levert: 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 Levert
Largest movements
- Cash -€37,378
down €37,378 (-18.7%), from €200,157 to €162,780
mainly Contributions, distributions and other (-€133,500) and Tax, wage and social debts (-€20,252)
- Tangible fixed assets -€6,788
down €6,788 (-40.1%), from €16,940 to €10,151
- Reserves -€62,000
no longer reported in 2025 (was €62,000)
- Other debts +€47,498
up €47,498 (+61.2%), from €77,580 to €125,078
- Tax, wage and social debts -€20,252
down €20,252 (-34.0%), from €59,519 to €39,267
- Debts after one year -€3,990
no longer reported in 2025 (was €3,990)
- Current portion of long-term debt -€3,873
down €3,873 (-49.3%), from €7,863 to €3,990
- Gross operating margin +€9,567
up €9,567 (+11.2%), from €85,748 to €95,315
- Taxes +€2,166
up €2,166 (+12.7%), from €17,023 to €19,189
- Financial income +€1,339
up €1,339 (+72.1%), from €1,856 to €3,195
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.
Cash bridge derived
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 | €217,181 | €173,971 | -€43,210 | -19.9% |
| Fixed assets | 21/28 | €16,940 | €10,151 | -€6,788 | -40.1% |
| Tangible fixed assets | 22/27 | €16,940 | €10,151 | -€6,788 | -40.1% |
| Furniture and vehicles | 24 | €16,940 | €10,151 | -€6,788 | -40.1% |
| Current assets | 29/58 | €200,241 | €163,819 | -€36,422 | -18.2% |
| Amounts receivable within one year | 40/41 | €84 | €1,040 | +€956 | +1144.9% |
| Trade receivables | 40 | €84 | €770 | +€687 | +822.5% |
| Other amounts receivable | 41 | - | €269 | +€269 | |
| Cash at bank and in hand | 54/58 | €200,157 | €162,780 | -€37,378 | -18.7% |
| Total equity and liabilities | 10/49 | €217,181 | €173,971 | -€43,210 | -19.9% |
| Equity | 10/15 | €67,383 | €5,205 | -€62,178 | -92.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €62,000 | - | -€62,000 | |
| Distributable reserves | 133 | €62,000 | - | -€62,000 | |
| Profit (loss) carried forward | 14 | €383 | €205 | -€178 | -46.4% |
| Amounts payable | 17/49 | €149,798 | €168,766 | +€18,968 | +12.7% |
| Amounts payable after more than one year | 17 | €3,990 | - | -€3,990 | |
| Financial debts | 170/4 | €3,990 | - | -€3,990 | |
| Amounts payable within one year | 42/48 | €145,808 | €168,766 | +€22,958 | +15.7% |
| Current portion of amounts payable after more than one year | 42 | €7,863 | €3,990 | -€3,873 | -49.3% |
| Trade debts | 44 | €846 | €431 | -€415 | -49.1% |
| Suppliers | 440/4 | €846 | €431 | -€415 | -49.1% |
| Taxes, remuneration and social security | 45 | €59,519 | €39,267 | -€20,252 | -34.0% |
| Taxes | 450/3 | €59,519 | €39,267 | -€20,252 | -34.0% |
| Other amounts payable | 47/48 | €77,580 | €125,078 | +€47,498 | +61.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,788 | €6,788 | = | 0.0% |
| Other operating charges | 640/8 | €981 | €949 | -€33 | -3.3% |
| Gross operating margin | 9900 | €85,748 | €95,315 | +€9,567 | +11.2% |
| Operating profit (loss) | 9901 | €77,979 | €87,578 | +€9,600 | +12.3% |
| Financial income | 75/76B | €1,856 | €3,195 | +€1,339 | +72.1% |
| Recurring financial income | 75 | €1,856 | €3,195 | +€1,339 | +72.1% |
| Financial charges | 65/66B | €429 | €261 | -€168 | -39.1% |
| Recurring financial charges | 65 | €429 | €261 | -€168 | -39.1% |
| Profit (loss) for the period before taxes | 9903 | €79,405 | €90,511 | +€11,106 | +14.0% |
| Income taxes | 67/77 | €17,023 | €19,189 | +€2,166 | +12.7% |
| Profit (loss) for the period | 9904 | €62,383 | €71,322 | +€8,940 | +14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €62,383 | €71,322 | +€8,940 | +14.3% |
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 10 October 2026 via checked.be.