DR. M. LEBRUN: 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. M. LEBRUN
Largest movements
- Cash -€119,963
down €119,963 (-72.7%), from €165,086 to €45,123
mainly Contributions, distributions and other (-€66,958) and Current investments (-€48,117)
- Current investments +€48,117
up €48,117 (+9.7%), from €497,844 to €545,961
- Receivables within one year +€45,562
new in 2025: €45,562
- Tangible fixed assets -€18,543
down €18,543 (-39.3%), from €47,239 to €28,696
of which Leasing and similar rights: -€13,323
- Reserves -€17,055
down €17,055 (-2.6%), from €649,504 to €632,449
of which Distributable reserves: -€17,055
- Tax, wage and social debts -€13,569
down €13,569 (-100%), from €13,569 to €0
of which Taxes: -€8,191
- Current portion of long-term debt -€8,378
down €8,378 (-100%), from €8,378 to €0
- Gross operating margin -€130,946
down €130,946 (-61.7%), from €212,394 to €81,448
- Staff costs -€32,326
down €32,326, from €32,285 to -€41
- Taxes -€29,153
down €29,153 (-56.8%), from €51,355 to €22,202
- Financial charges +€15,609
up €15,609, from -€14,977 to €632
- Financial income +€12,161
up €12,161 (+732%), from €1,662 to €13,823
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 | €719,003 | €668,973 | -€50,030 | -7.0% |
| Fixed assets | 21/28 | €47,419 | €28,696 | -€18,723 | -39.5% |
| Tangible fixed assets | 22/27 | €47,239 | €28,696 | -€18,543 | -39.3% |
| Plant, machinery and equipment | 23 | €1,946 | €780 | -€1,166 | -59.9% |
| Furniture and vehicles | 24 | €9,767 | €9,090 | -€677 | -6.9% |
| Leasing and similar rights | 25 | €13,323 | €0 | -€13,323 | -100% |
| Other tangible fixed assets | 26 | €22,203 | €18,825 | -€3,378 | -15.2% |
| Financial fixed assets | 28 | €180 | €0 | -€180 | -100% |
| Current assets | 29/58 | €671,584 | €640,277 | -€31,306 | -4.7% |
| Amounts receivable within one year | 40/41 | - | €45,562 | +€45,562 | |
| Other amounts receivable | 41 | - | €45,562 | +€45,562 | |
| Current investments | 50/53 | €497,844 | €545,961 | +€48,117 | +9.7% |
| Cash at bank and in hand | 54/58 | €165,086 | €45,123 | -€119,963 | -72.7% |
| Deferred charges and accrued income | 490/1 | €8,654 | €3,632 | -€5,022 | -58.0% |
| Total equity and liabilities | 10/49 | €719,003 | €668,973 | -€50,030 | -7.0% |
| Equity | 10/15 | €668,096 | €651,041 | -€17,055 | -2.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €649,504 | €632,449 | -€17,055 | -2.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €649,504 | €632,449 | -€17,055 | -2.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €50,907 | €17,932 | -€32,974 | -64.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €35,302 | €7,932 | -€27,370 | -77.5% |
| Current portion of amounts payable after more than one year | 42 | €8,378 | €0 | -€8,378 | -100% |
| Financial debts | 43 | €7,575 | €7,575 | = | 0.0% |
| Credit institutions | 430/8 | €7,575 | €7,575 | = | 0.0% |
| Trade debts | 44 | €4,161 | €358 | -€3,803 | -91.4% |
| Suppliers | 440/4 | €4,161 | €358 | -€3,803 | -91.4% |
| Taxes, remuneration and social security | 45 | €13,569 | €0 | -€13,569 | -100% |
| Taxes | 450/3 | €8,191 | €0 | -€8,191 | -100% |
| Remuneration and social security | 454/9 | €5,378 | €0 | -€5,378 | -100% |
| Other amounts payable | 47/48 | €1,620 | €0 | -€1,620 | -100% |
| Accrued charges and deferred income | 492/3 | €15,604 | €10,000 | -€5,604 | -35.9% |
| Non-recurring operating income | 76A | €300 | €0 | -€300 | -100% |
| Remuneration, social security and pensions | 62 | €32,285 | -€41 | -€32,326 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,181 | €20,866 | -€3,315 | -13.7% |
| Other operating charges | 640/8 | €822 | €1,708 | +€886 | +108% |
| Gross operating margin | 9900 | €212,394 | €81,448 | -€130,946 | -61.7% |
| Operating profit (loss) | 9901 | €155,104 | €58,914 | -€96,190 | -62.0% |
| Financial income | 75/76B | €1,662 | €13,823 | +€12,161 | +732% |
| Recurring financial income | 75 | €1,662 | €13,823 | +€12,161 | +732% |
| Financial charges | 65/66B | -€14,977 | €632 | +€15,609 | |
| Recurring financial charges | 65 | -€14,977 | €632 | +€15,609 | |
| Profit (loss) for the period before taxes | 9903 | €171,744 | €72,105 | -€99,639 | -58.0% |
| Income taxes | 67/77 | €51,355 | €22,202 | -€29,153 | -56.8% |
| Profit (loss) for the period | 9904 | €120,388 | €49,903 | -€70,486 | -58.5% |
| Profit (loss) for the period to be appropriated | 9905 | €120,388 | €49,903 | -€70,486 | -58.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.