DAVID LEDURE: 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.
DAVID LEDURE
Largest movements
- Receivables within one year -€71,549
down €71,549 (-74.0%), from €96,745 to €25,196
of which Other amounts receivable: -€93,092
- Current investments +€58,646
up €58,646 (+55.6%), from €105,493 to €164,139
- Cash +€13,035
up €13,035 (+9.4%), from €138,896 to €151,931
mainly Net result for the year (+€239,584) and Receivables within one year (+€71,549)
- Tax, wage and social debts +€30,032
up €30,032 (+143.4%), from €20,937 to €50,969
- Other debts -€20,491
down €20,491 (-10.2%), from €200,000 to €179,509
- Reserves -€10,416
down €10,416 (-2.5%), from €410,982 to €400,566
- Gross operating margin -€20,554
down €20,554 (-6.0%), from €343,726 to €323,172
- Depreciation +€15,203
up €15,203 (+111.3%), from €13,661 to €28,864
- Taxes -€9,261
down €9,261 (-11.3%), from €82,077 to €72,816
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 | €672,181 | €667,861 | -€4,321 | -0.6% |
| Fixed assets | 21/28 | €135,543 | €133,483 | -€2,060 | -1.5% |
| Tangible fixed assets | 22/27 | €135,543 | €133,483 | -€2,060 | -1.5% |
| Furniture and vehicles | 24 | €38,745 | €46,530 | +€7,785 | +20.1% |
| Other tangible fixed assets | 26 | €96,798 | €86,953 | -€9,844 | -10.2% |
| Current assets | 29/58 | €536,639 | €534,378 | -€2,261 | -0.4% |
| Amounts receivable after more than one year | 29 | €190,000 | €190,000 | = | 0.0% |
| Other amounts receivable | 291 | €190,000 | €190,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €96,745 | €25,196 | -€71,549 | -74.0% |
| Trade receivables | 40 | €3,653 | €25,196 | +€21,543 | +589.8% |
| Other amounts receivable | 41 | €93,092 | €0 | -€93,092 | -100.0% |
| Current investments | 50/53 | €105,493 | €164,139 | +€58,646 | +55.6% |
| Cash at bank and in hand | 54/58 | €138,896 | €151,931 | +€13,035 | +9.4% |
| Deferred charges and accrued income | 490/1 | €5,504 | €3,112 | -€2,393 | -43.5% |
| Total equity and liabilities | 10/49 | €672,181 | €667,861 | -€4,321 | -0.6% |
| Equity | 10/15 | €429,532 | €419,116 | -€10,416 | -2.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €410,982 | €400,566 | -€10,416 | -2.5% |
| Distributable reserves | 133 | €410,982 | €400,566 | -€10,416 | -2.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €242,649 | €248,745 | +€6,096 | +2.5% |
| Amounts payable within one year | 42/48 | €242,649 | €248,745 | +€6,096 | +2.5% |
| Trade debts | 44 | €21,712 | €18,267 | -€3,445 | -15.9% |
| Suppliers | 440/4 | €21,712 | €18,267 | -€3,445 | -15.9% |
| Taxes, remuneration and social security | 45 | €20,937 | €50,969 | +€30,032 | +143.4% |
| Taxes | 450/3 | €20,937 | €50,969 | +€30,032 | +143.4% |
| Other amounts payable | 47/48 | €200,000 | €179,509 | -€20,491 | -10.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €200 | €0 | -€200 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,661 | €28,864 | +€15,203 | +111.3% |
| Other operating charges | 640/8 | €3,340 | €1,362 | -€1,978 | -59.2% |
| Non-recurring operating charges | 66A | €374 | €0 | -€374 | -100.0% |
| Gross operating margin | 9900 | €343,726 | €323,172 | -€20,554 | -6.0% |
| Operating profit (loss) | 9901 | €326,351 | €292,947 | -€33,404 | -10.2% |
| Financial income | 75/76B | €21,755 | €20,412 | -€1,343 | -6.2% |
| Recurring financial income | 75 | €21,755 | €20,412 | -€1,343 | -6.2% |
| Financial charges | 65/66B | €1,045 | €959 | -€86 | -8.3% |
| Recurring financial charges | 65 | €1,045 | €959 | -€86 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €347,061 | €312,400 | -€34,661 | -10.0% |
| Income taxes | 67/77 | €82,077 | €72,816 | -€9,261 | -11.3% |
| Profit (loss) for the period | 9904 | €264,984 | €239,584 | -€25,400 | -9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €264,984 | €239,584 | -€25,400 | -9.6% |
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 4 October 2026 via checked.be.