DR. LAMBRECHTS DAVID: 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. LAMBRECHTS DAVID
Largest movements
- Cash +€348,965
up €348,965 (+2,007%), from €17,388 to €366,352
mainly Other debts (+€718,010) and Net result for the year (+€437,490)
- Tangible fixed assets -€129,497
down €129,497 (-5.1%), from €2.5m to €2.4m
- Other debts +€718,010
up €718,010 (+968%), from €74,185 to €792,194
- Reserves -€385,862
down €385,862 (-22.0%), from €1.8m to €1.4m
of which Distributable reserves: -€382,907
- Tax, wage and social debts +€109,294
up €109,294 (+104%), from €105,495 to €214,790
of which Taxes: +€109,029
- Debts after one year -€97,466
down €97,466 (-15.2%), from €641,882 to €544,415
- Short-term financial debts -€59,915
no longer reported in 2025 (was €59,915)
- Gross operating margin +€121,843
up €121,843 (+13.6%), from €897,888 to €1.0m
- Taxes +€30,562
up €30,562 (+17.8%), from €171,267 to €201,829
- Financial charges +€12,632
up €12,632 (+12.7%), from €99,567 to €112,199
of which Financial charges: +€12,632
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 | €2,839,350 | €3,080,095 | +€240,745 | +8.5% |
| Fixed assets | 21/28 | €2,544,080 | €2,414,583 | -€129,497 | -5.1% |
| Tangible fixed assets | 22/27 | €2,544,080 | €2,414,583 | -€129,497 | -5.1% |
| Land and buildings | 22 | €2,216,057 | €2,173,044 | -€43,013 | -1.9% |
| Plant, machinery and equipment | 23 | €74,851 | €43,032 | -€31,818 | -42.5% |
| Furniture and vehicles | 24 | €247,201 | €192,535 | -€54,666 | -22.1% |
| Other tangible fixed assets | 26 | €5,971 | €5,971 | = | 0.0% |
| Current assets | 29/58 | €295,270 | €665,512 | +€370,241 | +125% |
| Amounts receivable within one year | 40/41 | €257,883 | €279,107 | +€21,225 | +8.2% |
| Trade receivables | 40 | €257,883 | €279,107 | +€21,225 | +8.2% |
| Current investments | 50/53 | €20,000 | €20,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €17,388 | €366,352 | +€348,965 | +2,007% |
| Deferred charges and accrued income | 490/1 | - | €52 | +€52 | |
| Total equity and liabilities | 10/49 | €2,839,350 | €3,080,095 | +€240,745 | +8.5% |
| Equity | 10/15 | €1,775,916 | €1,390,054 | -€385,862 | -21.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,757,316 | €1,371,454 | -€385,862 | -22.0% |
| Tax-exempt reserves | 132 | €90,495 | €87,540 | -€2,955 | -3.3% |
| Distributable reserves | 133 | €1,666,821 | €1,283,914 | -€382,907 | -23.0% |
| Provisions and deferred taxes | 16 | €30,165 | €29,180 | -€985 | -3.3% |
| Deferred taxes | 168 | €30,165 | €29,180 | -€985 | -3.3% |
| Amounts payable | 17/49 | €1,033,270 | €1,660,860 | +€627,591 | +60.7% |
| Amounts payable after more than one year | 17 | €641,882 | €544,415 | -€97,466 | -15.2% |
| Financial debts | 170/4 | €641,882 | €544,415 | -€97,466 | -15.2% |
| Amounts payable within one year | 42/48 | €391,388 | €1,116,445 | +€725,057 | +185% |
| Current portion of amounts payable after more than one year | 42 | €126,663 | €97,466 | -€29,196 | -23.1% |
| Financial debts | 43 | €59,915 | - | -€59,915 | |
| Other loans | 439 | €59,915 | - | -€59,915 | |
| Trade debts | 44 | €25,130 | €11,995 | -€13,135 | -52.3% |
| Suppliers | 440/4 | €25,130 | €11,995 | -€13,135 | -52.3% |
| Taxes, remuneration and social security | 45 | €105,495 | €214,790 | +€109,294 | +104% |
| Taxes | 450/3 | €90,721 | €199,751 | +€109,029 | +120% |
| Remuneration and social security | 454/9 | €14,774 | €15,039 | +€265 | +1.8% |
| Other amounts payable | 47/48 | €74,185 | €792,194 | +€718,010 | +968% |
| Non-recurring operating income | 76A | €1 | €0 | -€1 | -98.0% |
| Remuneration, social security and pensions | 62 | €77,586 | €78,514 | +€927 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €181,119 | €190,193 | +€9,075 | +5.0% |
| Other operating charges | 640/8 | €4,585 | €492 | -€4,093 | -89.3% |
| Non-recurring operating charges | 66A | €381 | - | -€381 | |
| Gross operating margin | 9900 | €897,888 | €1,019,731 | +€121,843 | +13.6% |
| Operating profit (loss) | 9901 | €634,217 | €750,533 | +€116,316 | +18.3% |
| Financial charges | 65/66B | €99,567 | €112,199 | +€12,632 | +12.7% |
| Recurring financial charges | 65 | €99,567 | €112,199 | +€12,632 | +12.7% |
| Non-recurring financial charges | 66B | €0 | - | -€0 | |
| Profit (loss) for the period before taxes | 9903 | €534,650 | €638,334 | +€103,684 | +19.4% |
| Transfer from deferred taxes | 780 | €985 | €985 | = | 0.0% |
| Income taxes | 67/77 | €171,267 | €201,829 | +€30,562 | +17.8% |
| Profit (loss) for the period | 9904 | €364,368 | €437,490 | +€73,122 | +20.1% |
| Transfer from tax-exempt reserves | 789 | €2,955 | €2,955 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €367,323 | €440,444 | +€73,122 | +19.9% |
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 24 October 2026 via checked.be.