Dr. LEDENT Thomas: 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. LEDENT Thomas
Largest movements
- Cash -€23,378
down €23,378 (-25.3%), from €92,488 to €69,110
mainly Contributions, distributions and other (-€100,000) and Other debts (-€16,411)
- Tangible fixed assets -€10,997
down €10,997 (-27.7%), from €39,650 to €28,653
of which Furniture and vehicles: -€10,453
- Deferred charges and accrued income -€7,340
down €7,340 (-16.1%), from €45,633 to €38,293
- Receivables within one year +€6,717
up €6,717 (+156%), from €4,315 to €11,033
of which Other amounts receivable: +€11,033
- Other debts -€16,411
down €16,411 (-16.2%), from €101,411 to €85,000
- Debts after one year -€9,994
down €9,994 (-37.4%), from €26,709 to €16,715
- Tax, wage and social debts -€6,717
down €6,717 (-30.9%), from €21,717 to €15,000
- Reserves -€2,335
down €2,335 (-80.4%), from €2,904 to €569
- Gross operating margin -€28,481
down €28,481 (-17.1%), from €166,091 to €137,610
- Taxes -€6,897
down €6,897 (-20.3%), from €34,017 to €27,120
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 | €182,186 | €147,188 | -€34,998 | -19.2% |
| Fixed assets | 21/28 | €39,750 | €28,753 | -€10,997 | -27.7% |
| Tangible fixed assets | 22/27 | €39,650 | €28,653 | -€10,997 | -27.7% |
| Plant, machinery and equipment | 23 | €1,625 | €1,080 | -€544 | -33.5% |
| Furniture and vehicles | 24 | €38,025 | €27,572 | -€10,453 | -27.5% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €142,437 | €118,436 | -€24,001 | -16.9% |
| Amounts receivable within one year | 40/41 | €4,315 | €11,033 | +€6,717 | +156% |
| Trade receivables | 40 | €4,315 | - | -€4,315 | |
| Other amounts receivable | 41 | - | €11,033 | +€11,033 | |
| Cash at bank and in hand | 54/58 | €92,488 | €69,110 | -€23,378 | -25.3% |
| Deferred charges and accrued income | 490/1 | €45,633 | €38,293 | -€7,340 | -16.1% |
| Total equity and liabilities | 10/49 | €182,186 | €147,188 | -€34,998 | -19.2% |
| Equity | 10/15 | €21,504 | €19,169 | -€2,335 | -10.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,904 | €569 | -€2,335 | -80.4% |
| Distributable reserves | 133 | €2,904 | €569 | -€2,335 | -80.4% |
| Amounts payable | 17/49 | €160,682 | €128,019 | -€32,663 | -20.3% |
| Amounts payable after more than one year | 17 | €26,709 | €16,715 | -€9,994 | -37.4% |
| Financial debts | 170/4 | €26,709 | €16,715 | -€9,994 | -37.4% |
| Amounts payable within one year | 42/48 | €133,973 | €111,304 | -€22,669 | -16.9% |
| Current portion of amounts payable after more than one year | 42 | €9,580 | €9,994 | +€414 | +4.3% |
| Trade debts | 44 | €1,265 | €1,310 | +€45 | +3.5% |
| Suppliers | 440/4 | €1,265 | €1,310 | +€45 | +3.5% |
| Taxes, remuneration and social security | 45 | €21,717 | €15,000 | -€6,717 | -30.9% |
| Taxes | 450/3 | €21,717 | €15,000 | -€6,717 | -30.9% |
| Other amounts payable | 47/48 | €101,411 | €85,000 | -€16,411 | -16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,992 | €10,997 | +€5 | 0.0% |
| Other operating charges | 640/8 | €101 | €103 | +€2 | +2.0% |
| Gross operating margin | 9900 | €166,091 | €137,610 | -€28,481 | -17.1% |
| Operating profit (loss) | 9901 | €154,998 | €126,509 | -€28,488 | -18.4% |
| Financial charges | 65/66B | €2,657 | €1,725 | -€932 | -35.1% |
| Recurring financial charges | 65 | €2,657 | €1,725 | -€932 | -35.1% |
| Profit (loss) for the period before taxes | 9903 | €152,341 | €124,785 | -€27,556 | -18.1% |
| Income taxes | 67/77 | €34,017 | €27,120 | -€6,897 | -20.3% |
| Profit (loss) for the period | 9904 | €118,324 | €97,665 | -€20,659 | -17.5% |
| Profit (loss) for the period to be appropriated | 9905 | €118,324 | €97,665 | -€20,659 | -17.5% |
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 18 October 2026 via checked.be.