DR. LAGROU BRECHT: 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. LAGROU BRECHT
Largest movements
- Tangible fixed assets +€89,960
up €89,960 (+8.4%), from €1.1m to €1.2m
of which Land and buildings: +€77,039
- Cash -€49,212
down €49,212 (-55.6%), from €88,580 to €39,368
mainly Investment in fixed assets (net) (-€134,666) and Trade debts (-€46,240)
- Intangible fixed assets -€13,016
down €13,016 (-13.7%), from €95,317 to €82,301
- Other debts +€66,717
up €66,717 (+46.3%), from €143,991 to €210,708
- Reserves +€50,949
up €50,949 (+20.0%), from €254,593 to €305,542
- Trade debts -€46,240
down €46,240 (-71.9%), from €64,330 to €18,090
- Debts after one year -€44,223
down €44,223 (-5.9%), from €748,401 to €704,178
- Current portion of long-term debt +€15,566
up €15,566 (+103.6%), from €15,032 to €30,598
- Gross operating margin -€64,199
down €64,199 (-28.4%), from €225,791 to €161,592
- Taxes -€14,650
down €14,650 (-46.6%), from €31,449 to €16,799
- Depreciation +€13,093
up €13,093 (+29.3%), from €44,629 to €57,722
- Financial charges +€5,621
up €5,621 (+27.6%), from €20,336 to €25,957
- Staff costs -€2,850
down €2,850 (-24.6%), from €11,585 to €8,735
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 | €1,258,796 | €1,288,405 | +€29,609 | +2.4% |
| Fixed assets | 21/28 | €1,166,704 | €1,243,648 | +€76,944 | +6.6% |
| Intangible fixed assets | 21 | €95,317 | €82,301 | -€13,016 | -13.7% |
| Tangible fixed assets | 22/27 | €1,071,387 | €1,161,347 | +€89,960 | +8.4% |
| Land and buildings | 22 | €1,021,611 | €1,098,650 | +€77,039 | +7.5% |
| Plant, machinery and equipment | 23 | €19,836 | €18,254 | -€1,582 | -8.0% |
| Furniture and vehicles | 24 | €29,940 | €44,443 | +€14,503 | +48.4% |
| Current assets | 29/58 | €92,092 | €44,757 | -€47,335 | -51.4% |
| Amounts receivable within one year | 40/41 | €1,651 | €18 | -€1,633 | -98.9% |
| Trade receivables | 40 | €1,651 | - | -€1,651 | |
| Other amounts receivable | 41 | - | €18 | +€18 | |
| Current investments | 50/53 | - | €4,199 | +€4,199 | |
| Cash at bank and in hand | 54/58 | €88,580 | €39,368 | -€49,212 | -55.6% |
| Deferred charges and accrued income | 490/1 | €1,861 | €1,172 | -€689 | -37.0% |
| Total equity and liabilities | 10/49 | €1,258,796 | €1,288,405 | +€29,609 | +2.4% |
| Equity | 10/15 | €255,593 | €306,542 | +€50,949 | +19.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €254,593 | €305,542 | +€50,949 | +20.0% |
| Distributable reserves | 133 | €254,593 | €305,542 | +€50,949 | +20.0% |
| Amounts payable | 17/49 | €1,003,203 | €981,863 | -€21,340 | -2.1% |
| Amounts payable after more than one year | 17 | €748,401 | €704,178 | -€44,223 | -5.9% |
| Financial debts | 170/4 | €748,401 | €704,178 | -€44,223 | -5.9% |
| Amounts payable within one year | 42/48 | €254,802 | €276,195 | +€21,393 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €15,032 | €30,598 | +€15,566 | +103.6% |
| Trade debts | 44 | €64,330 | €18,090 | -€46,240 | -71.9% |
| Suppliers | 440/4 | €64,330 | €18,090 | -€46,240 | -71.9% |
| Taxes, remuneration and social security | 45 | €31,449 | €16,799 | -€14,650 | -46.6% |
| Taxes | 450/3 | €31,449 | €16,799 | -€14,650 | -46.6% |
| Other amounts payable | 47/48 | €143,991 | €210,708 | +€66,717 | +46.3% |
| Accrued charges and deferred income | 492/3 | - | €1,490 | +€1,490 | |
| Remuneration, social security and pensions | 62 | €11,585 | €8,735 | -€2,850 | -24.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,629 | €57,722 | +€13,093 | +29.3% |
| Other operating charges | 640/8 | €1,375 | €1,432 | +€57 | +4.1% |
| Gross operating margin | 9900 | €225,791 | €161,592 | -€64,199 | -28.4% |
| Operating profit (loss) | 9901 | €168,202 | €93,703 | -€74,499 | -44.3% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €20,336 | €25,957 | +€5,621 | +27.6% |
| Recurring financial charges | 65 | €20,336 | €25,957 | +€5,621 | +27.6% |
| Profit (loss) for the period before taxes | 9903 | €147,866 | €67,748 | -€80,118 | -54.2% |
| Income taxes | 67/77 | €31,449 | €16,799 | -€14,650 | -46.6% |
| Profit (loss) for the period | 9904 | €116,417 | €50,949 | -€65,468 | -56.2% |
| Profit (loss) for the period to be appropriated | 9905 | €116,417 | €50,949 | -€65,468 | -56.2% |
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 12 October 2026 via checked.be.