Dr. Lievens Marc: 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. Lievens Marc
Largest movements
- Current investments +€100,000
up €100,000 (+108%), from €92,999 to €192,999
- Tangible fixed assets -€31,746
down €31,746 (-32.8%), from €96,690 to €64,944
of which Other tangible fixed assets: -€22,620
- Cash -€27,146
down €27,146 (-27.0%), from €100,450 to €73,304
mainly Current investments (-€100,000) and Other debts (-€19,328)
- Receivables within one year +€11,956
up €11,956 (+28.5%), from €41,992 to €53,948
of which Other amounts receivable: +€13,176
- Reserves +€83,218
up €83,218 (+25.3%), from €329,226 to €412,444
- Other debts -€19,328
down €19,328 (-93.2%), from €20,743 to €1,415
- Debts after one year -€18,614
down €18,614 (-66.0%), from €28,205 to €9,591
- Tax, wage and social debts +€8,322
up €8,322 (+52.7%), from €15,805 to €24,127
- Gross operating margin -€10,846
down €10,846 (-6.9%), from €157,337 to €146,490
- Taxes -€3,149
down €3,149 (-8.4%), from €37,443 to €34,295
- Depreciation -€1,623
down €1,623 (-6.7%), from €24,248 to €22,625
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 | €464,096 | €521,239 | +€57,143 | +12.3% |
| Fixed assets | 21/28 | €96,690 | €64,944 | -€31,746 | -32.8% |
| Tangible fixed assets | 22/27 | €96,690 | €64,944 | -€31,746 | -32.8% |
| Plant, machinery and equipment | 23 | €6,163 | €4,128 | -€2,035 | -33.0% |
| Furniture and vehicles | 24 | €64,097 | €57,006 | -€7,091 | -11.1% |
| Other tangible fixed assets | 26 | €26,430 | €3,810 | -€22,620 | -85.6% |
| Current assets | 29/58 | €367,406 | €456,295 | +€88,889 | +24.2% |
| Amounts receivable within one year | 40/41 | €41,992 | €53,948 | +€11,956 | +28.5% |
| Trade receivables | 40 | €37,871 | €36,652 | -€1,220 | -3.2% |
| Other amounts receivable | 41 | €4,120 | €17,297 | +€13,176 | +320% |
| Current investments | 50/53 | €92,999 | €192,999 | +€100,000 | +108% |
| Cash at bank and in hand | 54/58 | €100,450 | €73,304 | -€27,146 | -27.0% |
| Deferred charges and accrued income | 490/1 | €131,964 | €136,044 | +€4,079 | +3.1% |
| Total equity and liabilities | 10/49 | €464,096 | €521,239 | +€57,143 | +12.3% |
| Equity | 10/15 | €347,826 | €431,044 | +€83,218 | +23.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €329,226 | €412,444 | +€83,218 | +25.3% |
| Distributable reserves | 133 | €329,226 | €412,444 | +€83,218 | +25.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €116,270 | €90,194 | -€26,076 | -22.4% |
| Amounts payable after more than one year | 17 | €28,205 | €9,591 | -€18,614 | -66.0% |
| Financial debts | 170/4 | €28,205 | €9,591 | -€18,614 | -66.0% |
| Amounts payable within one year | 42/48 | €70,159 | €61,138 | -€9,021 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €17,881 | €18,614 | +€733 | +4.1% |
| Trade debts | 44 | €15,730 | €16,982 | +€1,252 | +8.0% |
| Suppliers | 440/4 | €15,730 | €16,982 | +€1,252 | +8.0% |
| Taxes, remuneration and social security | 45 | €15,805 | €24,127 | +€8,322 | +52.7% |
| Taxes | 450/3 | €15,805 | €24,127 | +€8,322 | +52.7% |
| Other amounts payable | 47/48 | €20,743 | €1,415 | -€19,328 | -93.2% |
| Accrued charges and deferred income | 492/3 | €17,906 | €19,465 | +€1,559 | +8.7% |
| Remuneration, social security and pensions | 62 | - | €1,177 | +€1,177 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,248 | €22,625 | -€1,623 | -6.7% |
| Other operating charges | 640/8 | €845 | €1,684 | +€839 | +99.2% |
| Non-recurring operating charges | 66A | - | €373 | +€373 | |
| Gross operating margin | 9900 | €157,337 | €146,490 | -€10,846 | -6.9% |
| Operating profit (loss) | 9901 | €132,244 | €120,632 | -€11,612 | -8.8% |
| Financial income | 75/76B | €632 | €859 | +€227 | +35.9% |
| Recurring financial income | 75 | €632 | €859 | +€227 | +35.9% |
| Financial charges | 65/66B | €4,795 | €3,978 | -€817 | -17.0% |
| Recurring financial charges | 65 | €4,795 | €3,978 | -€817 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €128,081 | €117,513 | -€10,567 | -8.3% |
| Income taxes | 67/77 | €37,443 | €34,295 | -€3,149 | -8.4% |
| Profit (loss) for the period | 9904 | €90,637 | €83,218 | -€7,419 | -8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €90,637 | €83,218 | -€7,419 | -8.2% |
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 28 October 2026 via checked.be.