D. LIEVENS: 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.
D. LIEVENS
Largest movements
- Cash -€82,146
down €82,146 (-74.6%), from €110,177 to €28,031
mainly Other debts (-€68,715) and Current investments (-€22,700)
- Current investments +€22,700
up €22,700 (+19.7%), from €115,063 to €137,763
- Stocks and contracts -€9,508
down €9,508 (-8.7%), from €109,896 to €100,389
- Receivables within one year -€4,586
down €4,586 (-29.1%), from €15,741 to €11,154
of which Trade receivables: -€5,380
- Other debts -€68,715
down €68,715 (-17.9%), from €383,346 to €314,631
- Reserves -€6,728
down €6,728 (-69.7%), from €9,656 to €2,928
- Gross operating margin +€1,525
up €1,525 (+43.6%), from -€3,496 to -€1,971
- Staff costs +€507
new in 2025: €507
- Financial charges +€359
up €359 (+48.9%), from €734 to €1,093
- Financial income -€201
down €201 (-7.1%), from €2,847 to €2,646
- Other operating charges +€103
up €103 (+1.9%), from €5,342 to €5,445
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 | €413,557 | €339,209 | -€74,348 | -18.0% |
| Fixed assets | 21/28 | €62,229 | €61,872 | -€357 | -0.6% |
| Tangible fixed assets | 22/27 | €56,528 | €56,171 | -€357 | -0.6% |
| Land and buildings | 22 | €55,406 | €55,406 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,122 | €765 | -€357 | -31.8% |
| Financial fixed assets | 28 | €5,702 | €5,702 | = | 0.0% |
| Current assets | 29/58 | €351,328 | €277,337 | -€73,991 | -21.1% |
| Stocks and contracts in progress | 3 | €109,896 | €100,389 | -€9,508 | -8.7% |
| Stocks | 30/36 | €109,896 | €100,389 | -€9,508 | -8.7% |
| Amounts receivable within one year | 40/41 | €15,741 | €11,154 | -€4,586 | -29.1% |
| Trade receivables | 40 | €14,889 | €9,509 | -€5,380 | -36.1% |
| Other amounts receivable | 41 | €851 | €1,645 | +€794 | +93.2% |
| Current investments | 50/53 | €115,063 | €137,763 | +€22,700 | +19.7% |
| Cash at bank and in hand | 54/58 | €110,177 | €28,031 | -€82,146 | -74.6% |
| Deferred charges and accrued income | 490/1 | €451 | - | -€451 | |
| Total equity and liabilities | 10/49 | €413,557 | €339,209 | -€74,348 | -18.0% |
| Equity | 10/15 | €28,256 | €21,528 | -€6,728 | -23.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €9,656 | €2,928 | -€6,728 | -69.7% |
| Distributable reserves | 133 | €9,656 | €2,928 | -€6,728 | -69.7% |
| Amounts payable | 17/49 | €385,301 | €317,681 | -€67,620 | -17.5% |
| Amounts payable within one year | 42/48 | €385,301 | €317,681 | -€67,620 | -17.5% |
| Trade debts | 44 | €357 | €421 | +€64 | +18.0% |
| Suppliers | 440/4 | €357 | €421 | +€64 | +18.0% |
| Taxes, remuneration and social security | 45 | €1,598 | €2,629 | +€1,031 | +64.5% |
| Taxes | 450/3 | €1,598 | €2,272 | +€673 | +42.1% |
| Remuneration and social security | 454/9 | - | €358 | +€358 | |
| Other amounts payable | 47/48 | €383,346 | €314,631 | -€68,715 | -17.9% |
| Non-recurring operating income | 76A | €36 | €3,000 | +€2,964 | +8,217% |
| Remuneration, social security and pensions | 62 | - | €507 | +€507 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €357 | €357 | = | 0.0% |
| Other operating charges | 640/8 | €5,342 | €5,445 | +€103 | +1.9% |
| Gross operating margin | 9900 | -€3,496 | -€1,971 | +€1,525 | +43.6% |
| Operating profit (loss) | 9901 | -€9,195 | -€8,280 | +€915 | +9.9% |
| Financial income | 75/76B | €2,847 | €2,646 | -€201 | -7.1% |
| Recurring financial income | 75 | €2,847 | €2,646 | -€201 | -7.1% |
| Financial charges | 65/66B | €734 | €1,093 | +€359 | +48.9% |
| Recurring financial charges | 65 | €734 | €1,093 | +€359 | +48.9% |
| Profit (loss) for the period before taxes | 9903 | -€7,083 | -€6,728 | +€355 | +5.0% |
| Profit (loss) for the period | 9904 | -€7,083 | -€6,728 | +€355 | +5.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,083 | -€6,728 | +€355 | +5.0% |
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 24 October 2026 via checked.be.