David 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.
David Lievens
Largest movements
- Receivables within one year -€37,338
down €37,338 (-96.1%), from €38,852 to €1,514
of which Trade receivables: -€26,670
- Cash +€12,966
new in 2025: €12,966
mainly Receivables within one year (+€37,338) and Net result for the year (+€4,771)
- Tangible fixed assets -€6,619
down €6,619 (-37.2%), from €17,811 to €11,192
of which Leasing and similar rights: -€3,495
- Deferred charges and accrued income -€2,993
down €2,993 (-49.5%), from €6,051 to €3,059
- Short-term financial debts -€15,934
down €15,934 (-100%), from €15,934 to €0
- Other debts -€11,471
down €11,471 (-57.4%), from €20,000 to €8,529
- Debts after one year -€3,041
down €3,041 (-29.1%), from €10,446 to €7,405
- Tax, wage and social debts -€2,741
down €2,741 (-32.6%), from €8,412 to €5,670
of which Taxes: -€2,741
- Trade debts -€1,211
down €1,211 (-29.3%), from €4,129 to €2,917
- Gross operating margin -€11,471
down €11,471 (-36.8%), from €31,210 to €19,739
- Taxes -€1,913
down €1,913 (-48.3%), from €3,963 to €2,051
- Other operating charges -€1,490
down €1,490 (-63.2%), from €2,359 to €869
- Financial income -€684
down €684 (-68.1%), from €1,004 to €321
- Financial charges +€664
up €664 (+11.4%), from €5,831 to €6,495
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 | €63,803 | €29,618 | -€34,184 | -53.6% |
| Fixed assets | 21/28 | €18,899 | €12,079 | -€6,819 | -36.1% |
| Intangible fixed assets | 21 | €1,088 | €888 | -€200 | -18.4% |
| Tangible fixed assets | 22/27 | €17,811 | €11,192 | -€6,619 | -37.2% |
| Plant, machinery and equipment | 23 | €1,760 | €0 | -€1,760 | -100% |
| Furniture and vehicles | 24 | €1,365 | €0 | -€1,365 | -100% |
| Leasing and similar rights | 25 | €14,687 | €11,192 | -€3,495 | -23.8% |
| Current assets | 29/58 | €44,904 | €17,539 | -€27,365 | -60.9% |
| Amounts receivable within one year | 40/41 | €38,852 | €1,514 | -€37,338 | -96.1% |
| Trade receivables | 40 | €27,735 | €1,065 | -€26,670 | -96.2% |
| Other amounts receivable | 41 | €11,117 | €449 | -€10,668 | -96.0% |
| Cash at bank and in hand | 54/58 | - | €12,966 | +€12,966 | |
| Deferred charges and accrued income | 490/1 | €6,051 | €3,059 | -€2,993 | -49.5% |
| Total equity and liabilities | 10/49 | €63,803 | €29,618 | -€34,184 | -53.6% |
| Equity | 10/15 | €2,056 | €2,056 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56 | €56 | = | 0.0% |
| Amounts payable | 17/49 | €61,747 | €27,563 | -€34,184 | -55.4% |
| Amounts payable after more than one year | 17 | €10,446 | €7,405 | -€3,041 | -29.1% |
| Financial debts | 170/4 | €10,446 | €7,405 | -€3,041 | -29.1% |
| Amounts payable within one year | 42/48 | €51,300 | €20,157 | -€31,143 | -60.7% |
| Current portion of amounts payable after more than one year | 42 | €2,826 | €3,041 | +€215 | +7.6% |
| Financial debts | 43 | €15,934 | €0 | -€15,934 | -100% |
| Credit institutions | 430/8 | €15,934 | €0 | -€15,934 | -100% |
| Trade debts | 44 | €4,129 | €2,917 | -€1,211 | -29.3% |
| Suppliers | 440/4 | €4,129 | €2,917 | -€1,211 | -29.3% |
| Taxes, remuneration and social security | 45 | €8,412 | €5,670 | -€2,741 | -32.6% |
| Taxes | 450/3 | €8,412 | €5,670 | -€2,741 | -32.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €20,000 | €8,529 | -€11,471 | -57.4% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,795 | €4,266 | +€471 | +12.4% |
| Other operating charges | 640/8 | €2,359 | €869 | -€1,490 | -63.2% |
| Non-recurring operating charges | 66A | - | €1,607 | +€1,607 | |
| Gross operating margin | 9900 | €31,210 | €19,739 | -€11,471 | -36.8% |
| Operating profit (loss) | 9901 | €25,056 | €12,996 | -€12,060 | -48.1% |
| Financial income | 75/76B | €1,004 | €321 | -€684 | -68.1% |
| Recurring financial income | 75 | €1,004 | €321 | -€684 | -68.1% |
| Financial charges | 65/66B | €5,831 | €6,495 | +€664 | +11.4% |
| Recurring financial charges | 65 | €5,831 | €6,495 | +€664 | +11.4% |
| Profit (loss) for the period before taxes | 9903 | €20,230 | €6,822 | -€13,407 | -66.3% |
| Income taxes | 67/77 | €3,963 | €2,051 | -€1,913 | -48.3% |
| Profit (loss) for the period | 9904 | €16,266 | €4,771 | -€11,495 | -70.7% |
| Profit (loss) for the period to be appropriated | 9905 | €16,266 | €4,771 | -€11,495 | -70.7% |
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.