DR. SARAH LEFEVRE: 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. SARAH LEFEVRE
Largest movements
- Tangible fixed assets -€25,743
down €25,743 (-5.2%), from €498,702 to €472,959
of which Land and buildings: -€24,287
- Receivables within one year -€19,055
down €19,055 (-52.5%), from €36,268 to €17,213
of which Trade receivables: -€13,635
- Deferred charges and accrued income -€7,024
down €7,024 (-85.0%), from €8,267 to €1,243
- Debts after one year -€44,894
down €44,894 (-13.9%), from €321,939 to €277,045
- Other debts -€6,576
down €6,576 (-7.5%), from €88,065 to €81,489
- Gross operating margin -€19,474
down €19,474 (-18.2%), from €107,092 to €87,618
- Write-downs -€3,194
down €3,194 (-100%), from €3,194 to €0
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 | €566,829 | €519,091 | -€47,738 | -8.4% |
| Fixed assets | 21/28 | €498,702 | €472,959 | -€25,743 | -5.2% |
| Tangible fixed assets | 22/27 | €498,702 | €472,959 | -€25,743 | -5.2% |
| Land and buildings | 22 | €493,409 | €469,122 | -€24,287 | -4.9% |
| Furniture and vehicles | 24 | €1,818 | €2,387 | +€569 | +31.3% |
| Other tangible fixed assets | 26 | €3,475 | €1,450 | -€2,025 | -58.3% |
| Current assets | 29/58 | €68,127 | €46,132 | -€21,995 | -32.3% |
| Amounts receivable within one year | 40/41 | €36,268 | €17,213 | -€19,055 | -52.5% |
| Trade receivables | 40 | €30,178 | €16,543 | -€13,635 | -45.2% |
| Other amounts receivable | 41 | €6,091 | €671 | -€5,420 | -89.0% |
| Cash at bank and in hand | 54/58 | €23,592 | €27,676 | +€4,084 | +17.3% |
| Deferred charges and accrued income | 490/1 | €8,267 | €1,243 | -€7,024 | -85.0% |
| Total equity and liabilities | 10/49 | €566,829 | €519,091 | -€47,738 | -8.4% |
| Equity | 10/15 | €106,085 | €106,085 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €87,485 | €87,485 | = | 0.0% |
| Distributable reserves | 133 | €87,485 | €87,485 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €460,743 | €413,005 | -€47,738 | -10.4% |
| Amounts payable after more than one year | 17 | €321,939 | €277,045 | -€44,894 | -13.9% |
| Financial debts | 170/4 | €321,939 | €277,045 | -€44,894 | -13.9% |
| Amounts payable within one year | 42/48 | €136,246 | €133,319 | -€2,927 | -2.1% |
| Current portion of amounts payable after more than one year | 42 | €44,095 | €44,894 | +€800 | +1.8% |
| Trade debts | 44 | €674 | €1,619 | +€946 | +140% |
| Suppliers | 440/4 | €674 | €1,619 | +€946 | +140% |
| Taxes, remuneration and social security | 45 | €3,412 | €5,317 | +€1,904 | +55.8% |
| Taxes | 450/3 | €3,412 | €5,317 | +€1,904 | +55.8% |
| Other amounts payable | 47/48 | €88,065 | €81,489 | -€6,576 | -7.5% |
| Accrued charges and deferred income | 492/3 | €2,558 | €2,641 | +€83 | +3.2% |
| Non-recurring operating income | 76A | €16,290 | €0 | -€16,290 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,793 | €27,394 | +€600 | +2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,194 | €0 | -€3,194 | -100% |
| Other operating charges | 640/8 | €1,854 | €1,459 | -€395 | -21.3% |
| Gross operating margin | 9900 | €107,092 | €87,618 | -€19,474 | -18.2% |
| Operating profit (loss) | 9901 | €75,251 | €58,765 | -€16,486 | -21.9% |
| Financial income | 75/76B | €17 | €1 | -€16 | -94.1% |
| Recurring financial income | 75 | €17 | €1 | -€16 | -94.1% |
| Financial charges | 65/66B | €8,447 | €8,503 | +€56 | +0.7% |
| Recurring financial charges | 65 | €8,447 | €8,503 | +€56 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €66,822 | €50,263 | -€16,558 | -24.8% |
| Income taxes | 67/77 | €13,606 | €13,109 | -€497 | -3.7% |
| Profit (loss) for the period | 9904 | €53,216 | €37,155 | -€16,061 | -30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €53,216 | €37,155 | -€16,061 | -30.2% |
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 29 October 2026 via checked.be.