DR. K. LEFEBVRE: 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. K. LEFEBVRE
Largest movements
- Deferred charges and accrued income +€37,284
up €37,284 (+29.9%), from €124,644 to €161,928
- Tangible fixed assets -€11,487
down €11,487 (-5.3%), from €216,708 to €205,220
of which Land and buildings: -€11,360
- Cash -€8,309
down €8,309 (-28.2%), from €29,468 to €21,159
mainly Contributions, distributions and other (-€231,418) and Deferred charges and accrued income (-€37,284)
- Other debts +€34,181
up €34,181 (+13.2%), from €259,076 to €293,257
- Debts after one year -€15,603
down €15,603 (-21.6%), from €72,263 to €56,660
- Current portion of long-term debt -€5,235
down €5,235 (-25.1%), from €20,838 to €15,603
- Gross operating margin +€49,523
up €49,523 (+17.8%), from €277,740 to €327,263
- Financial income -€18,799
no longer reported in 2025 (was €18,799)
- Taxes +€15,190
up €15,190 (+26.2%), from €57,868 to €73,057
- Depreciation -€11,325
down €11,325 (-39.7%), from €28,556 to €17,231
- Financial charges +€10,659
up €10,659, from -€7,203 to €3,456
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 | €373,079 | €388,307 | +€15,229 | +4.1% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €216,708 | €205,220 | -€11,487 | -5.3% |
| Tangible fixed assets | 22/27 | €216,708 | €205,220 | -€11,487 | -5.3% |
| Land and buildings | 22 | €208,857 | €197,497 | -€11,360 | -5.4% |
| Plant, machinery and equipment | 23 | €3,212 | €6,342 | +€3,130 | +97.5% |
| Furniture and vehicles | 24 | €4,639 | €1,381 | -€3,257 | -70.2% |
| Current assets | 29/58 | €156,371 | €183,087 | +€26,716 | +17.1% |
| Amounts receivable within one year | 40/41 | €2,259 | - | -€2,259 | |
| Other amounts receivable | 41 | €2,259 | - | -€2,259 | |
| Cash at bank and in hand | 54/58 | €29,468 | €21,159 | -€8,309 | -28.2% |
| Deferred charges and accrued income | 490/1 | €124,644 | €161,928 | +€37,284 | +29.9% |
| Total equity and liabilities | 10/49 | €373,079 | €388,307 | +€15,229 | +4.1% |
| Equity | 10/15 | €2,000 | €2,000 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Amounts payable | 17/49 | €371,079 | €386,307 | +€15,229 | +4.1% |
| Amounts payable after more than one year | 17 | €72,263 | €56,660 | -€15,603 | -21.6% |
| Financial debts | 170/4 | €72,263 | €56,660 | -€15,603 | -21.6% |
| Amounts payable within one year | 42/48 | €298,815 | €329,647 | +€30,832 | +10.3% |
| Current portion of amounts payable after more than one year | 42 | €20,838 | €15,603 | -€5,235 | -25.1% |
| Trade debts | 44 | €759 | €4,100 | +€3,341 | +440% |
| Suppliers | 440/4 | €759 | €4,100 | +€3,341 | +440% |
| Taxes, remuneration and social security | 45 | €18,143 | €16,687 | -€1,455 | -8.0% |
| Taxes | 450/3 | €16,143 | €13,057 | -€3,085 | -19.1% |
| Remuneration and social security | 454/9 | €2,000 | €3,630 | +€1,630 | +81.5% |
| Other amounts payable | 47/48 | €259,076 | €293,257 | +€34,181 | +13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,556 | €17,231 | -€11,325 | -39.7% |
| Other operating charges | 640/8 | €2,141 | €2,099 | -€42 | -2.0% |
| Gross operating margin | 9900 | €277,740 | €327,263 | +€49,523 | +17.8% |
| Operating profit (loss) | 9901 | €247,042 | €307,932 | +€60,890 | +24.6% |
| Financial income | 75/76B | €18,799 | - | -€18,799 | |
| Recurring financial income | 75 | €18,799 | - | -€18,799 | |
| Financial charges | 65/66B | -€7,203 | €3,456 | +€10,659 | |
| Recurring financial charges | 65 | -€7,203 | €3,456 | +€10,659 | |
| Profit (loss) for the period before taxes | 9903 | €273,044 | €304,476 | +€31,432 | +11.5% |
| Income taxes | 67/77 | €57,868 | €73,057 | +€15,190 | +26.2% |
| Profit (loss) for the period | 9904 | €215,176 | €231,418 | +€16,243 | +7.5% |
| Profit (loss) for the period to be appropriated | 9905 | €215,176 | €231,418 | +€16,243 | +7.5% |
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 21 October 2026 via checked.be.