Dr. Raphaël Lapré: what changed
Two fiscal 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. Raphaël Lapré
Largest movements
- Cash -€184,303
down €184,303 (-75.5%), from €244,227 to €59,924
mainly Other debts (-€226,574) and Deferred charges and accrued income (-€77,553)
- Deferred charges and accrued income +€77,553
up €77,553 (+1786.9%), from €4,340 to €81,893
- Tangible fixed assets +€7,414
up €7,414 (+34.7%), from €21,355 to €28,769
of which Plant, machinery and equipment: +€11,277
- Receivables within one year +€6,408
up €6,408 (+416.9%), from €1,537 to €7,945
- Other debts -€226,574
down €226,574 (-96.0%), from €235,990 to €9,417
- Reserves +€132,116
up €132,116 (+1192.5%), from €11,079 to €143,195
- Gross operating margin -€84,277
down €84,277 (-29.9%), from €281,550 to €197,273
- Taxes -€23,314
down €23,314 (-35.1%), from €66,404 to €43,090
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.
Cash bridge derived
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 | €271,460 | €178,532 | -€92,928 | -34.2% |
| Fixed assets | 21/28 | €21,355 | €28,769 | +€7,414 | +34.7% |
| Tangible fixed assets | 22/27 | €21,355 | €28,769 | +€7,414 | +34.7% |
| Plant, machinery and equipment | 23 | €4,649 | €15,926 | +€11,277 | +242.6% |
| Furniture and vehicles | 24 | €16,706 | €12,843 | -€3,863 | -23.1% |
| Current assets | 29/58 | €250,104 | €149,763 | -€100,341 | -40.1% |
| Amounts receivable within one year | 40/41 | €1,537 | €7,945 | +€6,408 | +416.9% |
| Other amounts receivable | 41 | €1,537 | €7,945 | +€6,408 | +416.9% |
| Cash at bank and in hand | 54/58 | €244,227 | €59,924 | -€184,303 | -75.5% |
| Deferred charges and accrued income | 490/1 | €4,340 | €81,893 | +€77,553 | +1786.9% |
| Total equity and liabilities | 10/49 | €271,460 | €178,532 | -€92,928 | -34.2% |
| Equity | 10/15 | €13,079 | €145,195 | +€132,116 | +1010.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €11,079 | €143,195 | +€132,116 | +1192.5% |
| Distributable reserves | 133 | €11,079 | €143,195 | +€132,116 | +1192.5% |
| Amounts payable | 17/49 | €258,381 | €33,337 | -€225,044 | -87.1% |
| Amounts payable within one year | 42/48 | €258,381 | €33,337 | -€225,044 | -87.1% |
| Trade debts | 44 | €987 | €820 | -€167 | -16.9% |
| Suppliers | 440/4 | €987 | €820 | -€167 | -16.9% |
| Taxes, remuneration and social security | 45 | €21,404 | €23,100 | +€1,697 | +7.9% |
| Taxes | 450/3 | €21,404 | €23,100 | +€1,697 | +7.9% |
| Other amounts payable | 47/48 | €235,990 | €9,417 | -€226,574 | -96.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,415 | €7,828 | +€1,413 | +22.0% |
| Other operating charges | 640/8 | €714 | €1,021 | +€307 | +42.9% |
| Non-recurring operating charges | 66A | - | €2,064 | +€2,064 | |
| Gross operating margin | 9900 | €281,550 | €197,273 | -€84,277 | -29.9% |
| Operating profit (loss) | 9901 | €274,421 | €186,361 | -€88,060 | -32.1% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €80 | €76 | -€4 | -5.0% |
| Recurring financial charges | 65 | €80 | €76 | -€4 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €274,341 | €186,285 | -€88,057 | -32.1% |
| Income taxes | 67/77 | €66,404 | €43,090 | -€23,314 | -35.1% |
| Profit (loss) for the period | 9904 | €207,938 | €143,195 | -€64,743 | -31.1% |
| Profit (loss) for the period to be appropriated | 9905 | €207,938 | €143,195 | -€64,743 | -31.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.