DR. PIETER LAMMENS: 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. PIETER LAMMENS
Largest movements
- Tangible fixed assets +€527,058
up €527,058 (+643%), from €81,920 to €608,978
of which Land and buildings: +€467,500
- Cash +€59,183
up €59,183 (+57.7%), from €102,508 to €161,691
mainly Debts after one year (+€369,664) and Trade debts (+€232,481)
- Receivables within one year +€29,953
new in 2025: €29,953
- Debts after one year +€369,664
new in 2025: €369,664
- Trade debts +€232,481
up €232,481 (+8,295%), from €2,803 to €235,284
- Reserves +€21,278
up €21,278 (+13.8%), from €154,173 to €175,451
- Tax, wage and social debts -€8,156
down €8,156 (-38.8%), from €21,042 to €12,886
- Depreciation +€108,591
up €108,591 (+1,501%), from €7,234 to €115,825
- Taxes -€23,464
down €23,464 (-90.2%), from €26,011 to €2,547
- Gross operating margin +€16,023
up €16,023 (+12.3%), from €129,871 to €145,894
- Financial charges +€3,766
up €3,766 (+2,790%), from €135 to €3,901
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 | €191,077 | €806,203 | +€615,125 | +322% |
| Fixed assets | 21/28 | €81,920 | €608,978 | +€527,058 | +643% |
| Tangible fixed assets | 22/27 | €81,920 | €608,978 | +€527,058 | +643% |
| Land and buildings | 22 | €37,500 | €505,000 | +€467,500 | +1,247% |
| Plant, machinery and equipment | 23 | €1,875 | €1,466 | -€409 | -21.8% |
| Furniture and vehicles | 24 | €42,545 | €32,513 | -€10,033 | -23.6% |
| Other tangible fixed assets | 26 | - | €70,000 | +€70,000 | |
| Current assets | 29/58 | €109,157 | €197,225 | +€88,067 | +80.7% |
| Amounts receivable within one year | 40/41 | - | €29,953 | +€29,953 | |
| Other amounts receivable | 41 | - | €29,953 | +€29,953 | |
| Cash at bank and in hand | 54/58 | €102,508 | €161,691 | +€59,183 | +57.7% |
| Deferred charges and accrued income | 490/1 | €6,649 | €5,581 | -€1,068 | -16.1% |
| Total equity and liabilities | 10/49 | €191,077 | €806,203 | +€615,125 | +322% |
| Equity | 10/15 | €155,373 | €176,651 | +€21,278 | +13.7% |
| Contributions | 10/11 | €1,200 | €1,200 | = | 0.0% |
| Reserves | 13 | €154,173 | €175,451 | +€21,278 | +13.8% |
| Distributable reserves | 133 | €154,173 | €175,451 | +€21,278 | +13.8% |
| Amounts payable | 17/49 | €35,705 | €629,552 | +€593,847 | +1,663% |
| Amounts payable after more than one year | 17 | - | €369,664 | +€369,664 | |
| Financial debts | 170/4 | - | €369,664 | +€369,664 | |
| Amounts payable within one year | 42/48 | €35,705 | €259,888 | +€224,183 | +628% |
| Trade debts | 44 | €2,803 | €235,284 | +€232,481 | +8,295% |
| Suppliers | 440/4 | €2,803 | €235,284 | +€232,481 | +8,295% |
| Taxes, remuneration and social security | 45 | €21,042 | €12,886 | -€8,156 | -38.8% |
| Taxes | 450/3 | €21,042 | €12,886 | -€8,156 | -38.8% |
| Other amounts payable | 47/48 | €11,860 | €11,718 | -€142 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,234 | €115,825 | +€108,591 | +1,501% |
| Other operating charges | 640/8 | €906 | €2,342 | +€1,436 | +159% |
| Gross operating margin | 9900 | €129,871 | €145,894 | +€16,023 | +12.3% |
| Operating profit (loss) | 9901 | €121,730 | €27,726 | -€94,004 | -77.2% |
| Financial charges | 65/66B | €135 | €3,901 | +€3,766 | +2,790% |
| Recurring financial charges | 65 | €135 | €3,901 | +€3,766 | +2,790% |
| Profit (loss) for the period before taxes | 9903 | €121,595 | €23,825 | -€97,770 | -80.4% |
| Income taxes | 67/77 | €26,011 | €2,547 | -€23,464 | -90.2% |
| Profit (loss) for the period | 9904 | €95,584 | €21,278 | -€74,306 | -77.7% |
| Profit (loss) for the period to be appropriated | 9905 | €95,584 | €21,278 | -€74,306 | -77.7% |
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 27 October 2026 via checked.be.