Dr. Luyckx 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. Luyckx Thomas
Largest movements
- Intangible fixed assets -€45,000
down €45,000 (-33.3%), from €135,000 to €90,000
- Cash -€28,554
down €28,554 (-8.9%), from €322,612 to €294,058
mainly Contributions, distributions and other (-€248,900) and Other debts (-€70,863)
- Receivables within one year -€17,412
down €17,412 (-6.9%), from €251,716 to €234,303
of which Other amounts receivable: -€10,600
- Tangible fixed assets -€9,141
down €9,141 (-8.1%), from €112,990 to €103,849
of which Other tangible fixed assets: -€19,122
- Other debts -€70,863
down €70,863 (-21.1%), from €335,874 to €265,011
- Reserves +€51,790
up €51,790 (+15.5%), from €333,100 to €384,890
of which Distributable reserves: +€51,790
- Current portion of long-term debt -€43,615
no longer reported in 2025 (was €43,615)
- Accrued charges and deferred income -€17,111
down €17,111 (-47.8%), from €35,798 to €18,686
- Tax, wage and social debts -€15,329
down €15,329 (-31.5%), from €48,665 to €33,336
- Gross operating margin -€16,952
down €16,952 (-3.3%), from €508,329 to €491,377
- Financial charges +€15,468
up €15,468 (+420%), from €3,679 to €19,147
- Taxes -€8,200
down €8,200 (-7.8%), from €104,591 to €96,390
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 | €822,317 | €722,675 | -€99,642 | -12.1% |
| Fixed assets | 21/28 | €247,990 | €193,849 | -€54,141 | -21.8% |
| Intangible fixed assets | 21 | €135,000 | €90,000 | -€45,000 | -33.3% |
| Tangible fixed assets | 22/27 | €112,990 | €103,849 | -€9,141 | -8.1% |
| Plant, machinery and equipment | 23 | €6,062 | €6,663 | +€601 | +9.9% |
| Furniture and vehicles | 24 | €19,990 | €29,370 | +€9,380 | +46.9% |
| Other tangible fixed assets | 26 | €86,939 | €67,816 | -€19,122 | -22.0% |
| Current assets | 29/58 | €574,327 | €528,827 | -€45,501 | -7.9% |
| Amounts receivable within one year | 40/41 | €251,716 | €234,303 | -€17,412 | -6.9% |
| Trade receivables | 40 | €11,848 | €5,035 | -€6,813 | -57.5% |
| Other amounts receivable | 41 | €239,868 | €229,268 | -€10,600 | -4.4% |
| Cash at bank and in hand | 54/58 | €322,612 | €294,058 | -€28,554 | -8.9% |
| Deferred charges and accrued income | 490/1 | - | €466 | +€466 | |
| Total equity and liabilities | 10/49 | €822,317 | €722,675 | -€99,642 | -12.1% |
| Equity | 10/15 | €351,700 | €403,490 | +€51,790 | +14.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €333,100 | €384,890 | +€51,790 | +15.5% |
| Tax-exempt reserves | 132 | €84,200 | €84,200 | = | 0.0% |
| Distributable reserves | 133 | €248,900 | €300,690 | +€51,790 | +20.8% |
| Amounts payable | 17/49 | €470,618 | €319,186 | -€151,432 | -32.2% |
| Amounts payable within one year | 42/48 | €434,820 | €300,499 | -€134,320 | -30.9% |
| Current portion of amounts payable after more than one year | 42 | €43,615 | - | -€43,615 | |
| Trade debts | 44 | €6,666 | €2,153 | -€4,513 | -67.7% |
| Suppliers | 440/4 | €6,666 | €2,153 | -€4,513 | -67.7% |
| Taxes, remuneration and social security | 45 | €48,665 | €33,336 | -€15,329 | -31.5% |
| Taxes | 450/3 | €48,665 | €33,336 | -€15,329 | -31.5% |
| Other amounts payable | 47/48 | €335,874 | €265,011 | -€70,863 | -21.1% |
| Accrued charges and deferred income | 492/3 | €35,798 | €18,686 | -€17,111 | -47.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,913 | €74,896 | -€4,017 | -5.1% |
| Other operating charges | 640/8 | €767 | €2,801 | +€2,034 | +265% |
| Gross operating margin | 9900 | €508,329 | €491,377 | -€16,952 | -3.3% |
| Operating profit (loss) | 9901 | €428,649 | €413,679 | -€14,970 | -3.5% |
| Financial income | 75/76B | €3,521 | €2,548 | -€972 | -27.6% |
| Recurring financial income | 75 | €3,521 | €2,548 | -€972 | -27.6% |
| Financial charges | 65/66B | €3,679 | €19,147 | +€15,468 | +420% |
| Recurring financial charges | 65 | €3,679 | €19,147 | +€15,468 | +420% |
| Profit (loss) for the period before taxes | 9903 | €428,491 | €397,080 | -€31,410 | -7.3% |
| Income taxes | 67/77 | €104,591 | €96,390 | -€8,200 | -7.8% |
| Profit (loss) for the period | 9904 | €323,900 | €300,690 | -€23,210 | -7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €323,900 | €300,690 | -€23,210 | -7.2% |
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 24 October 2026 via checked.be.