DAVID LENAERTS: 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.
DAVID LENAERTS
Largest movements
- Cash +€91,926
up €91,926 (+96.3%), from €95,486 to €187,412
mainly Net result for the year (+€191,759) and Depreciation (+€15,666)
- Receivables within one year +€38,730
up €38,730 (+6.2%), from €627,447 to €666,177
of which Other amounts receivable: +€34,039
- Current investments +€20,000
up €20,000 (+13.3%), from €150,000 to €170,000
- Tangible fixed assets -€15,666
down €15,666 (-25.0%), from €62,665 to €46,999
- Reserves +€190,000
up €190,000 (+36.8%), from €516,855 to €706,855
of which Distributable reserves: +€190,000
- Trade debts -€36,740
down €36,740 (-62.3%), from €58,977 to €22,237
- Debts after one year -€20,253
down €20,253 (-44.0%), from €46,054 to €25,801
- Gross operating margin +€56,483
up €56,483 (+25.7%), from €219,935 to €276,418
- Taxes +€18,026
up €18,026 (+26.8%), from €67,338 to €85,364
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 | €941,743 | €1,076,733 | +€134,990 | +14.3% |
| Fixed assets | 21/28 | €64,310 | €48,644 | -€15,666 | -24.4% |
| Tangible fixed assets | 22/27 | €62,665 | €46,999 | -€15,666 | -25.0% |
| Furniture and vehicles | 24 | €62,665 | €46,999 | -€15,666 | -25.0% |
| Financial fixed assets | 28 | €1,645 | €1,645 | = | 0.0% |
| Current assets | 29/58 | €877,433 | €1,028,089 | +€150,656 | +17.2% |
| Amounts receivable within one year | 40/41 | €627,447 | €666,177 | +€38,730 | +6.2% |
| Trade receivables | 40 | €45,886 | €50,577 | +€4,691 | +10.2% |
| Other amounts receivable | 41 | €581,561 | €615,600 | +€34,039 | +5.9% |
| Current investments | 50/53 | €150,000 | €170,000 | +€20,000 | +13.3% |
| Cash at bank and in hand | 54/58 | €95,486 | €187,412 | +€91,926 | +96.3% |
| Deferred charges and accrued income | 490/1 | €4,500 | €4,500 | = | 0.0% |
| Total equity and liabilities | 10/49 | €941,743 | €1,076,733 | +€134,990 | +14.3% |
| Equity | 10/15 | €780,952 | €972,711 | +€191,759 | +24.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | €12,400 | = | 0.0% |
| Issued capital | 100 | €18,550 | €18,550 | = | 0.0% |
| Uncalled capital | 101 | €6,150 | €6,150 | = | 0.0% |
| Reserves | 13 | €516,855 | €706,855 | +€190,000 | +36.8% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Legal reserve | 130 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €515,000 | €705,000 | +€190,000 | +36.9% |
| Profit (loss) carried forward | 14 | €251,697 | €253,456 | +€1,759 | +0.7% |
| Amounts payable | 17/49 | €160,791 | €104,022 | -€56,769 | -35.3% |
| Amounts payable after more than one year | 17 | €46,054 | €25,801 | -€20,253 | -44.0% |
| Financial debts | 170/4 | €46,054 | €25,801 | -€20,253 | -44.0% |
| Amounts payable within one year | 42/48 | €114,617 | €78,101 | -€36,516 | -31.9% |
| Trade debts | 44 | €58,977 | €22,237 | -€36,740 | -62.3% |
| Suppliers | 440/4 | €58,977 | €22,237 | -€36,740 | -62.3% |
| Taxes, remuneration and social security | 45 | €55,640 | €55,864 | +€224 | +0.4% |
| Taxes | 450/3 | €55,640 | €55,864 | +€224 | +0.4% |
| Accrued charges and deferred income | 492/3 | €120 | €120 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,666 | €15,666 | = | 0.0% |
| Other operating charges | 640/8 | €2,189 | €2,925 | +€736 | +33.6% |
| Gross operating margin | 9900 | €219,935 | €276,418 | +€56,483 | +25.7% |
| Operating profit (loss) | 9901 | €202,080 | €257,827 | +€55,747 | +27.6% |
| Financial income | 75/76B | €18,975 | €20,075 | +€1,100 | +5.8% |
| Recurring financial income | 75 | €18,975 | €20,075 | +€1,100 | +5.8% |
| Financial charges | 65/66B | €2,566 | €779 | -€1,787 | -69.6% |
| Recurring financial charges | 65 | €2,566 | €779 | -€1,787 | -69.6% |
| Profit (loss) for the period before taxes | 9903 | €218,489 | €277,123 | +€58,634 | +26.8% |
| Income taxes | 67/77 | €67,338 | €85,364 | +€18,026 | +26.8% |
| Profit (loss) for the period | 9904 | €151,151 | €191,759 | +€40,608 | +26.9% |
| Profit (loss) for the period to be appropriated | 9905 | €151,151 | €191,759 | +€40,608 | +26.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.