CHRIS LEYS: what changed
Two fiscal 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.
CHRIS LEYS
Largest movements
- Current investments +€229,500
new in 2025: €229,500
- Cash -€83,141
down €83,141 (-51.3%), from €162,200 to €79,059
mainly Current investments (-€229,500) and Receivables within one year (-€65,343)
- Receivables within one year +€65,343
up €65,343 (+76.9%), from €84,929 to €150,272
- Tangible fixed assets -€43,179
down €43,179 (-5.0%), from €862,044 to €818,865
of which Land and buildings: -€26,615
- Financial fixed assets -€23,756
down €23,756 (-38.0%), from €62,443 to €38,686
- Reserves +€152,949
up €152,949 (+15.0%), from €1.0m to €1.2m
of which Distributable reserves: +€152,949
- Gross operating margin +€25,728
up €25,728 (+8.8%), from €292,026 to €317,754
- Taxes +€9,126
up €9,126 (+13.4%), from €67,897 to €77,023
- Depreciation +€6,484
up €6,484 (+14.6%), from €44,287 to €50,770
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 | €1,179,365 | €1,322,890 | +€143,525 | +12.2% |
| Fixed assets | 21/28 | €924,486 | €857,551 | -€66,935 | -7.2% |
| Tangible fixed assets | 22/27 | €862,044 | €818,865 | -€43,179 | -5.0% |
| Land and buildings | 22 | €775,647 | €749,032 | -€26,615 | -3.4% |
| Plant, machinery and equipment | 23 | €33,905 | €27,325 | -€6,579 | -19.4% |
| Furniture and vehicles | 24 | €52,493 | €42,508 | -€9,985 | -19.0% |
| Financial fixed assets | 28 | €62,443 | €38,686 | -€23,756 | -38.0% |
| Current assets | 29/58 | €254,878 | €465,339 | +€210,460 | +82.6% |
| Amounts receivable within one year | 40/41 | €84,929 | €150,272 | +€65,343 | +76.9% |
| Other amounts receivable | 41 | €84,929 | €150,272 | +€65,343 | +76.9% |
| Current investments | 50/53 | - | €229,500 | +€229,500 | |
| Cash at bank and in hand | 54/58 | €162,200 | €79,059 | -€83,141 | -51.3% |
| Deferred charges and accrued income | 490/1 | €7,749 | €6,507 | -€1,242 | -16.0% |
| Total equity and liabilities | 10/49 | €1,179,365 | €1,322,890 | +€143,525 | +12.2% |
| Equity | 10/15 | €1,035,322 | €1,188,271 | +€152,949 | +14.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,016,722 | €1,169,671 | +€152,949 | +15.0% |
| Non-distributable reserves | 130/1 | €18,400 | €18,400 | = | 0.0% |
| Reserves not available under the articles | 1311 | €18,400 | €18,400 | = | 0.0% |
| Distributable reserves | 133 | €998,322 | €1,151,271 | +€152,949 | +15.3% |
| Amounts payable | 17/49 | €144,042 | €134,619 | -€9,424 | -6.5% |
| Amounts payable after more than one year | 17 | €87,139 | €75,077 | -€12,061 | -13.8% |
| Financial debts | 170/4 | €87,139 | €75,077 | -€12,061 | -13.8% |
| Amounts payable within one year | 42/48 | €56,904 | €59,542 | +€2,638 | +4.6% |
| Current portion of amounts payable after more than one year | 42 | €21,897 | €22,173 | +€276 | +1.3% |
| Trade debts | 44 | €8,199 | €12,593 | +€4,394 | +53.6% |
| Suppliers | 440/4 | €8,199 | €12,593 | +€4,394 | +53.6% |
| Taxes, remuneration and social security | 45 | €26,808 | €24,776 | -€2,032 | -7.6% |
| Taxes | 450/3 | €17,636 | €15,312 | -€2,324 | -13.2% |
| Remuneration and social security | 454/9 | €9,172 | €9,464 | +€293 | +3.2% |
| Remuneration, social security and pensions | 62 | €35,430 | €33,372 | -€2,058 | -5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,287 | €50,770 | +€6,484 | +14.6% |
| Other operating charges | 640/8 | €4,438 | €4,784 | +€346 | +7.8% |
| Gross operating margin | 9900 | €292,026 | €317,754 | +€25,728 | +8.8% |
| Operating profit (loss) | 9901 | €207,872 | €228,827 | +€20,956 | +10.1% |
| Financial income | 75/76B | €7,921 | €8,638 | +€717 | +9.1% |
| Recurring financial income | 75 | €7,921 | €8,638 | +€717 | +9.1% |
| Financial charges | 65/66B | €6,986 | €7,494 | +€507 | +7.3% |
| Recurring financial charges | 65 | €6,986 | €7,494 | +€507 | +7.3% |
| Profit (loss) for the period before taxes | 9903 | €208,806 | €229,972 | +€21,166 | +10.1% |
| Income taxes | 67/77 | €67,897 | €77,023 | +€9,126 | +13.4% |
| Profit (loss) for the period | 9904 | €140,909 | €152,949 | +€12,040 | +8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €140,909 | €152,949 | +€12,040 | +8.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.