DAVID LORENZO: 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 LORENZO
Largest movements
- Tangible fixed assets +€32,454
up €32,454 (+524%), from €6,196 to €38,650
of which Furniture and vehicles: +€32,910
- Receivables within one year +€31,374
up €31,374 (+140%), from €22,426 to €53,800
of which Trade receivables: +€31,553
- Cash +€14,270
up €14,270 (+400%), from €3,567 to €17,837
mainly Net result for the year (+€52,015) and Debts after one year (+€25,701)
- Reserves +€52,015
up €52,015 (+25.1%), from €207,621 to €259,637
- Debts after one year +€25,701
new in 2025: €25,701
- Current portion of long-term debt +€4,559
up €4,559 (+139%), from €3,270 to €7,829
- Trade debts -€3,718
down €3,718 (-37.1%), from €10,008 to €6,290
- Gross operating margin +€44,612
up €44,612 (+95.8%), from €46,553 to €91,165
- Taxes +€9,586
up €9,586 (+56.9%), from €16,842 to €26,428
- Depreciation +€7,695
up €7,695 (+434%), from €1,771 to €9,466
- Write-downs +€4,807
new in 2025: €4,807
- Financial charges +€1,476
up €1,476 (+108%), from €1,369 to €2,845
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €267,889 | €345,787 | +€77,898 | +29.1% |
| Fixed assets | 21/28 | €6,196 | €38,650 | +€32,454 | +524% |
| Tangible fixed assets | 22/27 | €6,196 | €38,650 | +€32,454 | +524% |
| Plant, machinery and equipment | 23 | €6,196 | €5,739 | -€457 | -7.4% |
| Furniture and vehicles | 24 | - | €32,910 | +€32,910 | |
| Current assets | 29/58 | €261,693 | €307,137 | +€45,445 | +17.4% |
| Amounts receivable after more than one year | 29 | €235,500 | €235,500 | = | 0.0% |
| Other amounts receivable | 291 | €235,500 | €235,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €22,426 | €53,800 | +€31,374 | +140% |
| Trade receivables | 40 | €10,086 | €41,639 | +€31,553 | +313% |
| Other amounts receivable | 41 | €12,339 | €12,161 | -€179 | -1.4% |
| Cash at bank and in hand | 54/58 | €3,567 | €17,837 | +€14,270 | +400% |
| Deferred charges and accrued income | 490/1 | €200 | - | -€200 | |
| Total equity and liabilities | 10/49 | €267,889 | €345,787 | +€77,898 | +29.1% |
| Equity | 10/15 | €213,821 | €265,837 | +€52,015 | +24.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €207,621 | €259,637 | +€52,015 | +25.1% |
| Distributable reserves | 133 | €207,621 | €259,637 | +€52,015 | +25.1% |
| Amounts payable | 17/49 | €54,067 | €79,950 | +€25,883 | +47.9% |
| Amounts payable after more than one year | 17 | - | €25,701 | +€25,701 | |
| Financial debts | 170/4 | - | €25,701 | +€25,701 | |
| Amounts payable within one year | 42/48 | €53,067 | €54,249 | +€1,182 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €3,270 | €7,829 | +€4,559 | +139% |
| Trade debts | 44 | €10,008 | €6,290 | -€3,718 | -37.1% |
| Suppliers | 440/4 | €10,008 | €6,290 | -€3,718 | -37.1% |
| Advances received on contracts in progress | 46 | €475 | - | -€475 | |
| Taxes, remuneration and social security | 45 | €39,314 | €40,130 | +€815 | +2.1% |
| Taxes | 450/3 | €39,314 | €39,430 | +€115 | +0.3% |
| Remuneration and social security | 454/9 | - | €700 | +€700 | |
| Accrued charges and deferred income | 492/3 | €1,000 | - | -€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,771 | €9,466 | +€7,695 | +434% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,807 | +€4,807 | |
| Other operating charges | 640/8 | €1,661 | €999 | -€662 | -39.9% |
| Gross operating margin | 9900 | €46,553 | €91,165 | +€44,612 | +95.8% |
| Operating profit (loss) | 9901 | €43,120 | €75,893 | +€32,773 | +76.0% |
| Financial income | 75/76B | €4,966 | €5,396 | +€430 | +8.7% |
| Recurring financial income | 75 | €4,966 | €5,396 | +€430 | +8.7% |
| Financial charges | 65/66B | €1,369 | €2,845 | +€1,476 | +108% |
| Recurring financial charges | 65 | €1,369 | €2,845 | +€1,476 | +108% |
| Profit (loss) for the period before taxes | 9903 | €46,717 | €78,444 | +€31,726 | +67.9% |
| Income taxes | 67/77 | €16,842 | €26,428 | +€9,586 | +56.9% |
| Profit (loss) for the period | 9904 | €29,875 | €52,015 | +€22,140 | +74.1% |
| Profit (loss) for the period to be appropriated | 9905 | €29,875 | €52,015 | +€22,140 | +74.1% |
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 29 October 2026 via checked.be.