Dr. Julie Lecomte: 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.
Dr. Julie Lecomte
Largest movements
- Current investments +€70,000
new in 2025: €70,000
- Cash -€36,990
down €36,990 (-47.3%), from €78,245 to €41,255
mainly Current investments (-€70,000) and Tax, wage and social debts (-€17,661)
- Tangible fixed assets -€8,469
down €8,469 (-18.8%), from €45,117 to €36,648
of which Furniture and vehicles: -€10,259
- Receivables within one year +€1,862
up €1,862 (+19.7%), from €9,436 to €11,298
of which Trade receivables: +€8,259
- Reserves +€53,140
up €53,140 (+70.7%), from €75,190 to €128,329
- Tax, wage and social debts -€17,661
down €17,661 (-99.4%), from €17,776 to €115
- Debts after one year -€8,750
down €8,750 (-30.0%), from €29,167 to €20,417
- Current portion of long-term debt +€2,917
up €2,917 (+50.0%), from €5,833 to €8,750
- Other debts -€2,277
down €2,277 (-80.6%), from €2,826 to €549
- Gross operating margin -€12,717
down €12,717 (-14.1%), from €90,420 to €77,703
- Depreciation +€5,805
up €5,805 (+130%), from €4,478 to €10,284
- Taxes -€3,661
down €3,661 (-20.6%), from €17,776 to €14,115
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 | €134,105 | €160,447 | +€26,343 | +19.6% |
| Fixed assets | 21/28 | €45,117 | €36,648 | -€8,469 | -18.8% |
| Tangible fixed assets | 22/27 | €45,117 | €36,648 | -€8,469 | -18.8% |
| Plant, machinery and equipment | 23 | - | €1,791 | +€1,791 | |
| Furniture and vehicles | 24 | €45,117 | €34,858 | -€10,259 | -22.7% |
| Current assets | 29/58 | €88,988 | €123,799 | +€34,811 | +39.1% |
| Amounts receivable within one year | 40/41 | €9,436 | €11,298 | +€1,862 | +19.7% |
| Trade receivables | 40 | €3,039 | €11,298 | +€8,259 | +272% |
| Other amounts receivable | 41 | €6,398 | €0 | -€6,398 | -100% |
| Current investments | 50/53 | - | €70,000 | +€70,000 | |
| Cash at bank and in hand | 54/58 | €78,245 | €41,255 | -€36,990 | -47.3% |
| Deferred charges and accrued income | 490/1 | €1,307 | €1,246 | -€60 | -4.6% |
| Total equity and liabilities | 10/49 | €134,105 | €160,447 | +€26,343 | +19.6% |
| Equity | 10/15 | €76,690 | €129,829 | +€53,140 | +69.3% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €75,190 | €128,329 | +€53,140 | +70.7% |
| Distributable reserves | 133 | €75,190 | €128,329 | +€53,140 | +70.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €57,415 | €30,618 | -€26,797 | -46.7% |
| Amounts payable after more than one year | 17 | €29,167 | €20,417 | -€8,750 | -30.0% |
| Financial debts | 170/4 | €29,167 | €20,417 | -€8,750 | -30.0% |
| Amounts payable within one year | 42/48 | €28,248 | €10,201 | -€18,047 | -63.9% |
| Current portion of amounts payable after more than one year | 42 | €5,833 | €8,750 | +€2,917 | +50.0% |
| Trade debts | 44 | €1,813 | €788 | -€1,025 | -56.5% |
| Suppliers | 440/4 | €1,813 | €788 | -€1,025 | -56.5% |
| Taxes, remuneration and social security | 45 | €17,776 | €115 | -€17,661 | -99.4% |
| Taxes | 450/3 | €17,776 | €115 | -€17,661 | -99.4% |
| Other amounts payable | 47/48 | €2,826 | €549 | -€2,277 | -80.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,478 | €10,284 | +€5,805 | +130% |
| Other operating charges | 640/8 | - | €120 | +€120 | |
| Gross operating margin | 9900 | €90,420 | €77,703 | -€12,717 | -14.1% |
| Operating profit (loss) | 9901 | €85,942 | €67,299 | -€18,642 | -21.7% |
| Financial charges | 65/66B | €44 | €45 | +€1 | +1.3% |
| Recurring financial charges | 65 | €44 | €45 | +€1 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €85,897 | €67,254 | -€18,643 | -21.7% |
| Income taxes | 67/77 | €17,776 | €14,115 | -€3,661 | -20.6% |
| Profit (loss) for the period | 9904 | €68,121 | €53,140 | -€14,982 | -22.0% |
| Profit (loss) for the period to be appropriated | 9905 | €68,121 | €53,140 | -€14,982 | -22.0% |
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 30 October 2026 via checked.be.