DR MAXENCE LEBEAU: 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 MAXENCE LEBEAU
Largest movements
- Receivables after one year +€70,000
up €70,000 (+140%), from €50,000 to €120,000
- Cash -€39,093
down €39,093 (-28.1%), from €138,971 to €99,878
mainly Contributions, distributions and other (-€89,420) and Receivables after one year (-€70,000)
- Receivables within one year +€25,257
up €25,257 (+94.0%), from €26,864 to €52,121
- Deferred charges and accrued income +€14,415
up €14,415 (+185%), from €7,784 to €22,199
- Tangible fixed assets +€3,732
new in 2025: €3,732
- Other debts +€88,561
up €88,561 (+10,310%), from €859 to €89,420
- Tax, wage and social debts -€13,985
down €13,985 (-65.3%), from €21,425 to €7,440
of which Taxes: -€13,903
- Gross operating margin -€10,313
down €10,313 (-8.7%), from €118,646 to €108,333
- Financial income +€5,729
up €5,729 (+402%), from €1,426 to €7,155
- Taxes -€1,398
down €1,398 (-5.5%), from €25,438 to €24,040
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 | €223,619 | €297,931 | +€74,312 | +33.2% |
| Fixed assets | 21/28 | - | €3,732 | +€3,732 | |
| Tangible fixed assets | 22/27 | - | €3,732 | +€3,732 | |
| Furniture and vehicles | 24 | - | €3,732 | +€3,732 | |
| Current assets | 29/58 | €223,619 | €294,199 | +€70,580 | +31.6% |
| Amounts receivable after more than one year | 29 | €50,000 | €120,000 | +€70,000 | +140% |
| Trade receivables | 290 | €50,000 | €120,000 | +€70,000 | +140% |
| Amounts receivable within one year | 40/41 | €26,864 | €52,121 | +€25,257 | +94.0% |
| Other amounts receivable | 41 | €26,864 | €52,121 | +€25,257 | +94.0% |
| Cash at bank and in hand | 54/58 | €138,971 | €99,878 | -€39,093 | -28.1% |
| Deferred charges and accrued income | 490/1 | €7,784 | €22,199 | +€14,415 | +185% |
| Total equity and liabilities | 10/49 | €223,619 | €297,931 | +€74,312 | +33.2% |
| Equity | 10/15 | €200,023 | €200,023 | = | 0.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €197,023 | €197,023 | = | 0.0% |
| Distributable reserves | 133 | €197,023 | €197,023 | = | 0.0% |
| Amounts payable | 17/49 | €23,596 | €97,907 | +€74,312 | +315% |
| Amounts payable within one year | 42/48 | €23,581 | €97,907 | +€74,326 | +315% |
| Trade debts | 44 | €1,297 | €1,047 | -€250 | -19.3% |
| Suppliers | 440/4 | €1,297 | €1,047 | -€250 | -19.3% |
| Taxes, remuneration and social security | 45 | €21,425 | €7,440 | -€13,985 | -65.3% |
| Taxes | 450/3 | €20,141 | €6,238 | -€13,903 | -69.0% |
| Remuneration and social security | 454/9 | €1,284 | €1,202 | -€82 | -6.4% |
| Other amounts payable | 47/48 | €859 | €89,420 | +€88,561 | +10,310% |
| Accrued charges and deferred income | 492/3 | €14 | - | -€14 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €486 | +€486 | |
| Other operating charges | 640/8 | €345 | €753 | +€408 | +118% |
| Gross operating margin | 9900 | €118,646 | €108,333 | -€10,313 | -8.7% |
| Operating profit (loss) | 9901 | €118,301 | €107,093 | -€11,208 | -9.5% |
| Financial income | 75/76B | €1,426 | €7,155 | +€5,729 | +402% |
| Recurring financial income | 75 | €1,426 | €7,155 | +€5,729 | +402% |
| Financial charges | 65/66B | €859 | €787 | -€71 | -8.3% |
| Recurring financial charges | 65 | €859 | €787 | -€71 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €118,868 | €113,461 | -€5,407 | -4.5% |
| Income taxes | 67/77 | €25,438 | €24,040 | -€1,398 | -5.5% |
| Profit (loss) for the period | 9904 | €93,429 | €89,420 | -€4,009 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €93,429 | €89,420 | -€4,009 | -4.3% |
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.