DR. GUY LAMBRECHT: 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.
DR. GUY LAMBRECHT
Largest movements
- Cash -€48,352
down €48,352 (-14.3%), from €338,496 to €290,145
mainly Contributions, distributions and other (-€392,099) and Investment in fixed assets (net) (-€79,991)
- Tangible fixed assets +€24,696
up €24,696 (+6.4%), from €386,245 to €410,940
of which Other tangible fixed assets: +€71,327
- Reserves -€63,605
down €63,605 (-3.9%), from €1.6m to €1.6m
of which Distributable reserves: -€63,605
- Tax, wage and social debts +€45,529
up €45,529 (+84.7%), from €53,774 to €99,303
of which Taxes: +€47,862
- Financial income +€52,961
up €52,961 (+357.3%), from €14,823 to €67,784
- Taxes +€9,314
up €9,314 (+7.6%), from €122,269 to €131,583
- Depreciation -€6,900
down €6,900 (-11.1%), from €62,196 to €55,296
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 | €1,700,225 | €1,674,655 | -€25,570 | -1.5% |
| Fixed assets | 21/28 | €386,337 | €411,033 | +€24,696 | +6.4% |
| Tangible fixed assets | 22/27 | €386,245 | €410,940 | +€24,696 | +6.4% |
| Land and buildings | 22 | €82,560 | €64,276 | -€18,285 | -22.1% |
| Plant, machinery and equipment | 23 | €110,775 | €88,785 | -€21,990 | -19.9% |
| Furniture and vehicles | 24 | €24,990 | €18,633 | -€6,357 | -25.4% |
| Other tangible fixed assets | 26 | €167,919 | €239,246 | +€71,327 | +42.5% |
| Financial fixed assets | 28 | €93 | €93 | = | 0.0% |
| Current assets | 29/58 | €1,313,888 | €1,263,622 | -€50,265 | -3.8% |
| Amounts receivable within one year | 40/41 | €287,593 | €291,927 | +€4,334 | +1.5% |
| Trade receivables | 40 | €287,187 | €268,618 | -€18,569 | -6.5% |
| Other amounts receivable | 41 | €406 | €23,309 | +€22,903 | +5639.7% |
| Current investments | 50/53 | €674,276 | €667,800 | -€6,476 | -1.0% |
| Cash at bank and in hand | 54/58 | €338,496 | €290,145 | -€48,352 | -14.3% |
| Deferred charges and accrued income | 490/1 | €13,523 | €13,751 | +€228 | +1.7% |
| Total equity and liabilities | 10/49 | €1,700,225 | €1,674,655 | -€25,570 | -1.5% |
| Equity | 10/15 | €1,635,559 | €1,571,955 | -€63,605 | -3.9% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €1,616,559 | €1,552,955 | -€63,605 | -3.9% |
| Tax-exempt reserves | 132 | €291 | €291 | = | 0.0% |
| Distributable reserves | 133 | €1,616,268 | €1,552,663 | -€63,605 | -3.9% |
| Amounts payable | 17/49 | €64,665 | €102,700 | +€38,035 | +58.8% |
| Amounts payable within one year | 42/48 | €64,665 | €102,700 | +€38,035 | +58.8% |
| Trade debts | 44 | €7,150 | €3,397 | -€3,752 | -52.5% |
| Suppliers | 440/4 | €7,150 | €3,397 | -€3,752 | -52.5% |
| Taxes, remuneration and social security | 45 | €53,774 | €99,303 | +€45,529 | +84.7% |
| Taxes | 450/3 | €48,941 | €96,803 | +€47,862 | +97.8% |
| Remuneration and social security | 454/9 | €4,833 | €2,500 | -€2,333 | -48.3% |
| Other amounts payable | 47/48 | €3,742 | - | -€3,742 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,196 | €55,296 | -€6,900 | -11.1% |
| Other operating charges | 640/8 | €9,481 | €8,486 | -€995 | -10.5% |
| Gross operating margin | 9900 | €465,090 | €461,988 | -€3,102 | -0.7% |
| Operating profit (loss) | 9901 | €393,413 | €398,206 | +€4,793 | +1.2% |
| Financial income | 75/76B | €14,823 | €67,784 | +€52,961 | +357.3% |
| Recurring financial income | 75 | €14,823 | €67,784 | +€52,961 | +357.3% |
| Financial charges | 65/66B | €6,536 | €5,912 | -€624 | -9.5% |
| Recurring financial charges | 65 | €6,536 | €5,912 | -€624 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €401,700 | €460,078 | +€58,378 | +14.5% |
| Income taxes | 67/77 | €122,269 | €131,583 | +€9,314 | +7.6% |
| Profit (loss) for the period | 9904 | €279,431 | €328,494 | +€49,064 | +17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €279,431 | €328,494 | +€49,064 | +17.6% |
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 9 October 2026 via checked.be.