DENIS LEBEAU: 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.
DENIS LEBEAU
Largest movements
- Cash -€67,891
down €67,891 (-99.0%), from €68,589 to €698
mainly Receivables within one year (-€51,398) and Stocks and contracts (-€46,300)
- Financial fixed assets -€61,223
down €61,223 (-55.5%), from €110,288 to €49,065
- Receivables within one year +€51,398
up €51,398 (+23.8%), from €216,257 to €267,654
of which Trade receivables: +€44,122
- Stocks and contracts +€46,300
up €46,300 (+153%), from €30,231 to €76,530
- Tangible fixed assets -€34,235
down €34,235 (-33.6%), from €102,034 to €67,799
of which Furniture and vehicles: -€31,237
- Trade debts -€33,541
down €33,541 (-39.9%), from €84,074 to €50,533
- Tax, wage and social debts -€25,376
down €25,376 (-89.8%), from €28,258 to €2,882
of which Taxes: -€18,098
- Short-term financial debts +€10,095
new in 2025: €10,095
- Other debts -€6,981
no longer reported in 2025 (was €6,981)
- Accrued charges and deferred income -€6,000
no longer reported in 2025 (was €6,000)
- Staff costs +€22,967
up €22,967 (+24.2%), from €94,911 to €117,879
- Gross operating margin +€20,505
up €20,505 (+14.1%), from €145,209 to €165,714
- Depreciation +€5,189
up €5,189 (+17.9%), from €29,047 to €34,235
- Taxes +€3,198
up €3,198 (+87.2%), from €3,667 to €6,865
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 | €530,925 | €468,782 | -€62,143 | -11.7% |
| Fixed assets | 21/28 | €212,323 | €116,864 | -€95,458 | -45.0% |
| Tangible fixed assets | 22/27 | €102,034 | €67,799 | -€34,235 | -33.6% |
| Plant, machinery and equipment | 23 | €3,818 | €820 | -€2,999 | -78.5% |
| Furniture and vehicles | 24 | €98,216 | €66,979 | -€31,237 | -31.8% |
| Financial fixed assets | 28 | €110,288 | €49,065 | -€61,223 | -55.5% |
| Current assets | 29/58 | €318,602 | €351,918 | +€33,316 | +10.5% |
| Stocks and contracts in progress | 3 | €30,231 | €76,530 | +€46,300 | +153% |
| Stocks | 30/36 | €30,231 | €76,530 | +€46,300 | +153% |
| Amounts receivable within one year | 40/41 | €216,257 | €267,654 | +€51,398 | +23.8% |
| Trade receivables | 40 | €208,713 | €252,835 | +€44,122 | +21.1% |
| Other amounts receivable | 41 | €7,544 | €14,820 | +€7,276 | +96.4% |
| Current investments | 50/53 | €475 | €475 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €68,589 | €698 | -€67,891 | -99.0% |
| Deferred charges and accrued income | 490/1 | €3,051 | €6,561 | +€3,509 | +115% |
| Total equity and liabilities | 10/49 | €530,925 | €468,782 | -€62,143 | -11.7% |
| Equity | 10/15 | €405,612 | €405,273 | -€339 | -0.1% |
| Contributions | 10/11 | €17,869 | €17,869 | = | 0.0% |
| Reserves | 13 | €272,108 | €272,108 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €251,499 | €251,499 | = | 0.0% |
| Profit (loss) carried forward | 14 | €115,634 | €115,295 | -€339 | -0.3% |
| Amounts payable | 17/49 | €125,313 | €63,510 | -€61,803 | -49.3% |
| Amounts payable within one year | 42/48 | €119,313 | €63,510 | -€55,803 | -46.8% |
| Financial debts | 43 | - | €10,095 | +€10,095 | |
| Credit institutions | 430/8 | - | €10,095 | +€10,095 | |
| Trade debts | 44 | €84,074 | €50,533 | -€33,541 | -39.9% |
| Suppliers | 440/4 | €84,074 | €50,533 | -€33,541 | -39.9% |
| Taxes, remuneration and social security | 45 | €28,258 | €2,882 | -€25,376 | -89.8% |
| Taxes | 450/3 | €20,980 | €2,882 | -€18,098 | -86.3% |
| Remuneration and social security | 454/9 | €7,278 | - | -€7,278 | |
| Other amounts payable | 47/48 | €6,981 | - | -€6,981 | |
| Accrued charges and deferred income | 492/3 | €6,000 | - | -€6,000 | |
| Remuneration, social security and pensions | 62 | €94,911 | €117,879 | +€22,967 | +24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,047 | €34,235 | +€5,189 | +17.9% |
| Other operating charges | 640/8 | €1,912 | €2,504 | +€592 | +31.0% |
| Gross operating margin | 9900 | €145,209 | €165,714 | +€20,505 | +14.1% |
| Operating profit (loss) | 9901 | €19,340 | €11,096 | -€8,243 | -42.6% |
| Financial income | 75/76B | €275 | - | -€275 | |
| Recurring financial income | 75 | €275 | - | -€275 | |
| Financial charges | 65/66B | €3,835 | €4,571 | +€736 | +19.2% |
| Recurring financial charges | 65 | €3,835 | €4,571 | +€736 | +19.2% |
| Profit (loss) for the period before taxes | 9903 | €15,780 | €6,526 | -€9,254 | -58.6% |
| Income taxes | 67/77 | €3,667 | €6,865 | +€3,198 | +87.2% |
| Profit (loss) for the period | 9904 | €12,112 | -€339 | -€12,452 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,112 | -€339 | -€12,452 |
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 23 October 2026 via checked.be.