DR.THIERRY LAFULLARDE: 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.THIERRY LAFULLARDE
Largest movements
- Current investments +€949,516
up €949,516 (+129%), from €734,794 to €1.7m
- Cash -€796,801
down €796,801 (-82.4%), from €966,425 to €169,624
mainly Current investments (-€949,516) and Contributions, distributions and other (-€181,782)
- Tangible fixed assets -€222,475
down €222,475 (-26.8%), from €831,637 to €609,162
of which Land and buildings: -€216,460
- Other debts -€149,552
down €149,552 (-29.8%), from €501,649 to €352,097
- Reserves +€78,085
up €78,085 (+3.7%), from €2.1m to €2.2m
of which Distributable reserves: +€78,085
- Financial income -€243,179
down €243,179 (-81.7%), from €297,621 to €54,442
- Gross operating margin +€182,557
up €182,557 (+89.9%), from €203,103 to €385,660
- Taxes +€9,761
up €9,761 (+9.4%), from €103,354 to €113,116
- Financial charges -€8,504
down €8,504 (-20.6%), from €41,357 to €32,853
- Depreciation -€7,192
down €7,192 (-23.8%), from €30,241 to €23,050
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 | €2,652,830 | €2,588,980 | -€63,851 | -2.4% |
| Fixed assets | 21/28 | €831,637 | €609,162 | -€222,475 | -26.8% |
| Tangible fixed assets | 22/27 | €831,637 | €609,162 | -€222,475 | -26.8% |
| Land and buildings | 22 | €824,311 | €607,851 | -€216,460 | -26.3% |
| Plant, machinery and equipment | 23 | €314 | €1,311 | +€997 | +318% |
| Furniture and vehicles | 24 | €7,012 | €0 | -€7,012 | -100% |
| Current assets | 29/58 | €1,821,193 | €1,979,817 | +€158,624 | +8.7% |
| Amounts receivable within one year | 40/41 | €119,975 | €125,884 | +€5,909 | +4.9% |
| Trade receivables | 40 | €106,365 | €124,716 | +€18,351 | +17.3% |
| Other amounts receivable | 41 | €13,610 | €1,167 | -€12,442 | -91.4% |
| Current investments | 50/53 | €734,794 | €1,684,310 | +€949,516 | +129% |
| Cash at bank and in hand | 54/58 | €966,425 | €169,624 | -€796,801 | -82.4% |
| Total equity and liabilities | 10/49 | €2,652,830 | €2,588,980 | -€63,851 | -2.4% |
| Equity | 10/15 | €2,131,676 | €2,209,761 | +€78,085 | +3.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,119,276 | €2,197,361 | +€78,085 | +3.7% |
| Tax-exempt reserves | 132 | €7,248 | €7,248 | = | 0.0% |
| Distributable reserves | 133 | €2,112,028 | €2,190,112 | +€78,085 | +3.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €521,154 | €379,219 | -€141,935 | -27.2% |
| Amounts payable within one year | 42/48 | €521,154 | €379,219 | -€141,935 | -27.2% |
| Trade debts | 44 | €3,507 | €2,305 | -€1,202 | -34.3% |
| Suppliers | 440/4 | €3,507 | €2,305 | -€1,202 | -34.3% |
| Taxes, remuneration and social security | 45 | €15,998 | €24,816 | +€8,819 | +55.1% |
| Taxes | 450/3 | €11,698 | €22,666 | +€10,969 | +93.8% |
| Remuneration and social security | 454/9 | €4,300 | €2,150 | -€2,150 | -50.0% |
| Other amounts payable | 47/48 | €501,649 | €352,097 | -€149,552 | -29.8% |
| Non-recurring operating income | 76A | - | €56,463 | +€56,463 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,241 | €23,050 | -€7,192 | -23.8% |
| Other operating charges | 640/8 | €4,416 | €4,817 | +€400 | +9.1% |
| Non-recurring operating charges | 66A | - | €6,400 | +€6,400 | |
| Gross operating margin | 9900 | €203,103 | €385,660 | +€182,557 | +89.9% |
| Operating profit (loss) | 9901 | €168,446 | €351,394 | +€182,948 | +109% |
| Financial income | 75/76B | €297,621 | €54,442 | -€243,179 | -81.7% |
| Recurring financial income | 75 | €297,621 | €54,442 | -€243,179 | -81.7% |
| Financial charges | 65/66B | €41,357 | €32,853 | -€8,504 | -20.6% |
| Recurring financial charges | 65 | €41,357 | €32,853 | -€8,504 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | €424,709 | €372,982 | -€51,727 | -12.2% |
| Income taxes | 67/77 | €103,354 | €113,116 | +€9,761 | +9.4% |
| Profit (loss) for the period | 9904 | €321,355 | €259,867 | -€61,489 | -19.1% |
| Transfer from tax-exempt reserves | 789 | €84,200 | €0 | -€84,200 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €405,555 | €259,867 | -€145,689 | -35.9% |
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 23 October 2026 via checked.be.