Dr. Simon Lenaerts: 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. Simon Lenaerts
Largest movements
- Tangible fixed assets -€43,029
down €43,029 (-74.3%), from €57,904 to €14,874
of which Furniture and vehicles: -€38,370
- Receivables within one year +€4,994
up €4,994 (+127%), from €3,940 to €8,934
of which Other amounts receivable: +€5,046
- Cash -€4,733
down €4,733 (-1.7%), from €282,892 to €278,159
mainly Other debts (-€58,326) and Debts after one year (-€29,353)
- Reserves +€76,386
up €76,386 (+33.4%), from €228,922 to €305,308
- Other debts -€58,326
down €58,326 (-98.5%), from €59,204 to €878
- Debts after one year -€29,353
no longer reported in 2025 (was €29,353)
- Trade debts -€19,157
down €19,157 (-92.6%), from €20,696 to €1,539
- Current portion of long-term debt -€13,472
no longer reported in 2025 (was €13,472)
- Gross operating margin -€15,860
down €15,860 (-11.0%), from €143,873 to €128,013
- Depreciation -€13,239
down €13,239 (-64.3%), from €20,583 to €7,344
- Other operating charges +€10,084
up €10,084 (+16,265%), from €62 to €10,146
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 | €372,483 | €329,225 | -€43,258 | -11.6% |
| Fixed assets | 21/28 | €82,904 | €39,874 | -€43,029 | -51.9% |
| Tangible fixed assets | 22/27 | €57,904 | €14,874 | -€43,029 | -74.3% |
| Land and buildings | 22 | €17,124 | €12,464 | -€4,659 | -27.2% |
| Furniture and vehicles | 24 | €40,780 | €2,410 | -€38,370 | -94.1% |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €289,579 | €289,350 | -€229 | -0.1% |
| Amounts receivable after more than one year | 29 | €856 | - | -€856 | |
| Other amounts receivable | 291 | €856 | - | -€856 | |
| Amounts receivable within one year | 40/41 | €3,940 | €8,934 | +€4,994 | +127% |
| Trade receivables | 40 | €52 | - | -€52 | |
| Other amounts receivable | 41 | €3,888 | €8,934 | +€5,046 | +130% |
| Cash at bank and in hand | 54/58 | €282,892 | €278,159 | -€4,733 | -1.7% |
| Deferred charges and accrued income | 490/1 | €1,892 | €2,258 | +€366 | +19.4% |
| Total equity and liabilities | 10/49 | €372,483 | €329,225 | -€43,258 | -11.6% |
| Equity | 10/15 | €248,922 | €325,308 | +€76,386 | +30.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €228,922 | €305,308 | +€76,386 | +33.4% |
| Distributable reserves | 133 | €228,922 | €305,308 | +€76,386 | +33.4% |
| Amounts payable | 17/49 | €123,562 | €3,917 | -€119,645 | -96.8% |
| Amounts payable after more than one year | 17 | €29,353 | - | -€29,353 | |
| Financial debts | 170/4 | €29,353 | - | -€29,353 | |
| Amounts payable within one year | 42/48 | €94,209 | €3,917 | -€90,292 | -95.8% |
| Current portion of amounts payable after more than one year | 42 | €13,472 | - | -€13,472 | |
| Trade debts | 44 | €20,696 | €1,539 | -€19,157 | -92.6% |
| Suppliers | 440/4 | €20,696 | €1,539 | -€19,157 | -92.6% |
| Taxes, remuneration and social security | 45 | €837 | €1,500 | +€664 | +79.3% |
| Taxes | 450/3 | €837 | €1,500 | +€664 | +79.3% |
| Other amounts payable | 47/48 | €59,204 | €878 | -€58,326 | -98.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,583 | €7,344 | -€13,239 | -64.3% |
| Other operating charges | 640/8 | €62 | €10,146 | +€10,084 | +16,265% |
| Gross operating margin | 9900 | €143,873 | €128,013 | -€15,860 | -11.0% |
| Operating profit (loss) | 9901 | €123,229 | €110,523 | -€12,706 | -10.3% |
| Financial income | 75/76B | €176 | €34 | -€142 | -80.8% |
| Recurring financial income | 75 | €176 | €34 | -€142 | -80.8% |
| Financial charges | 65/66B | €3,732 | €2,670 | -€1,062 | -28.5% |
| Recurring financial charges | 65 | €3,732 | €2,670 | -€1,062 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | €119,672 | €107,887 | -€11,786 | -9.8% |
| Income taxes | 67/77 | €30,837 | €31,500 | +€664 | +2.2% |
| Profit (loss) for the period | 9904 | €88,836 | €76,386 | -€12,449 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €88,836 | €76,386 | -€12,449 | -14.0% |
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.