CEDRIC LOMBAERT: 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.
CEDRIC LOMBAERT
Largest movements
- Receivables after one year +€100,399
up €100,399 (+111%), from €90,492 to €190,892
- Receivables within one year +€70,120
up €70,120 (+239%), from €29,289 to €99,409
of which Other amounts receivable: +€75,654
- Cash -€40,321
down €40,321 (-92.9%), from €43,391 to €3,070
mainly Receivables after one year (-€100,399) and Receivables within one year (-€70,120)
- Tangible fixed assets -€21,066
down €21,066 (-4.4%), from €483,387 to €462,322
of which Land and buildings: -€20,604
- Debts after one year +€61,855
up €61,855 (+17.2%), from €359,846 to €421,701
- Reserves +€18,978
up €18,978 (+8.4%), from €225,401 to €244,379
of which Distributable reserves: +€18,978
- Current portion of long-term debt +€14,992
up €14,992 (+59.6%), from €25,150 to €40,143
- Other debts +€12,000
new in 2025: €12,000
- Financial income +€5,450
up €5,450 (+187%), from €2,921 to €8,371
- Financial charges +€4,861
up €4,861 (+48.2%), from €10,087 to €14,948
- Gross operating margin +€4,523
up €4,523 (+5.8%), from €77,435 to €81,959
- Taxes -€1,175
down €1,175 (-8.3%), from €14,153 to €12,978
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 | €665,682 | €772,098 | +€106,416 | +16.0% |
| Fixed assets | 21/28 | €483,387 | €462,322 | -€21,066 | -4.4% |
| Tangible fixed assets | 22/27 | €483,387 | €462,322 | -€21,066 | -4.4% |
| Land and buildings | 22 | €481,567 | €460,963 | -€20,604 | -4.3% |
| Furniture and vehicles | 24 | €1,820 | €1,359 | -€461 | -25.3% |
| Current assets | 29/58 | €182,295 | €309,776 | +€127,482 | +69.9% |
| Amounts receivable after more than one year | 29 | €90,492 | €190,892 | +€100,399 | +111% |
| Other amounts receivable | 291 | €90,492 | €190,892 | +€100,399 | +111% |
| Amounts receivable within one year | 40/41 | €29,289 | €99,409 | +€70,120 | +239% |
| Trade receivables | 40 | €25,277 | €19,743 | -€5,534 | -21.9% |
| Other amounts receivable | 41 | €4,012 | €79,666 | +€75,654 | +1,886% |
| Current investments | 50/53 | €18,116 | €15,287 | -€2,829 | -15.6% |
| Cash at bank and in hand | 54/58 | €43,391 | €3,070 | -€40,321 | -92.9% |
| Deferred charges and accrued income | 490/1 | €1,006 | €1,119 | +€112 | +11.2% |
| Total equity and liabilities | 10/49 | €665,682 | €772,098 | +€106,416 | +16.0% |
| Equity | 10/15 | €231,601 | €250,579 | +€18,978 | +8.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €225,401 | €244,379 | +€18,978 | +8.4% |
| Tax-exempt reserves | 132 | €58,429 | €58,429 | = | 0.0% |
| Distributable reserves | 133 | €166,971 | €185,949 | +€18,978 | +11.4% |
| Provisions and deferred taxes | 16 | €19,476 | €19,476 | = | 0.0% |
| Deferred taxes | 168 | €19,476 | €19,476 | = | 0.0% |
| Amounts payable | 17/49 | €414,605 | €502,043 | +€87,438 | +21.1% |
| Amounts payable after more than one year | 17 | €359,846 | €421,701 | +€61,855 | +17.2% |
| Financial debts | 170/4 | €359,846 | €421,701 | +€61,855 | +17.2% |
| Amounts payable within one year | 42/48 | €52,412 | €77,976 | +€25,564 | +48.8% |
| Current portion of amounts payable after more than one year | 42 | €25,150 | €40,143 | +€14,992 | +59.6% |
| Trade debts | 44 | €2,424 | €4,586 | +€2,162 | +89.2% |
| Suppliers | 440/4 | €2,424 | €4,586 | +€2,162 | +89.2% |
| Taxes, remuneration and social security | 45 | €24,838 | €21,247 | -€3,590 | -14.5% |
| Taxes | 450/3 | €13,869 | €21,247 | +€7,379 | +53.2% |
| Remuneration and social security | 454/9 | €10,969 | - | -€10,969 | |
| Other amounts payable | 47/48 | - | €12,000 | +€12,000 | |
| Accrued charges and deferred income | 492/3 | €2,347 | €2,366 | +€19 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,950 | €21,066 | +€116 | +0.6% |
| Other operating charges | 640/8 | €2,499 | €3,073 | +€575 | +23.0% |
| Gross operating margin | 9900 | €77,435 | €81,959 | +€4,523 | +5.8% |
| Operating profit (loss) | 9901 | €53,987 | €57,820 | +€3,833 | +7.1% |
| Financial income | 75/76B | €2,921 | €8,371 | +€5,450 | +187% |
| Recurring financial income | 75 | €2,921 | €8,371 | +€5,450 | +187% |
| Financial charges | 65/66B | €10,087 | €14,948 | +€4,861 | +48.2% |
| Recurring financial charges | 65 | €10,087 | €14,948 | +€4,861 | +48.2% |
| Profit (loss) for the period before taxes | 9903 | €46,821 | €51,243 | +€4,422 | +9.4% |
| Income taxes | 67/77 | €14,153 | €12,978 | -€1,175 | -8.3% |
| Profit (loss) for the period | 9904 | €32,668 | €38,265 | +€5,597 | +17.1% |
| Profit (loss) for the period to be appropriated | 9905 | €32,668 | €38,265 | +€5,597 | +17.1% |
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 26 October 2026 via checked.be.