Dr. W. LEROY: what changed
Dr. W. LEROY
Largest movements
- Current investments +€127,386
up €127,386 (+19.3%), from €659,131 to €786,517
- Cash +€21,484
up €21,484 (+17.1%), from €125,755 to €147,240
mainly Net result for the year (+€132,528) and Depreciation (+€20,546)
- Tangible fixed assets -€11,478
down €11,478 (-13.4%), from €85,486 to €74,008
of which Furniture and vehicles: -€15,886
- Reserves +€132,528
up €132,528 (+15.3%), from €868,857 to €1.0m
- Financial income +€21,561
up €21,561 (+106%), from €20,408 to €41,969
- Gross operating margin -€16,681
down €16,681 (-8.6%), from €194,687 to €178,006
- Taxes +€6,561
up €6,561 (+11.0%), from €59,778 to €66,340
- Staff costs -€2,743
down €2,743 (-93.2%), from €2,943 to €201
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €888,258 | €1,026,106 | +€137,849 | +15.5% |
| Fixed assets | 21/28 | €85,486 | €74,008 | -€11,478 | -13.4% |
| Tangible fixed assets | 22/27 | €85,486 | €74,008 | -€11,478 | -13.4% |
| Land and buildings | 22 | €26,154 | €30,563 | +€4,409 | +16.9% |
| Furniture and vehicles | 24 | €59,332 | €43,445 | -€15,886 | -26.8% |
| Current assets | 29/58 | €802,772 | €952,098 | +€149,326 | +18.6% |
| Amounts receivable within one year | 40/41 | €17,685 | €17,102 | -€584 | -3.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €17,685 | €17,102 | -€584 | -3.3% |
| Current investments | 50/53 | €659,131 | €786,517 | +€127,386 | +19.3% |
| Cash at bank and in hand | 54/58 | €125,755 | €147,240 | +€21,484 | +17.1% |
| Deferred charges and accrued income | 490/1 | €200 | €1,240 | +€1,040 | +519% |
| Total equity and liabilities | 10/49 | €888,258 | €1,026,106 | +€137,849 | +15.5% |
| Equity | 10/15 | €887,407 | €1,019,935 | +€132,528 | +14.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €868,857 | €1,001,385 | +€132,528 | +15.3% |
| Distributable reserves | 133 | €868,857 | €1,001,385 | +€132,528 | +15.3% |
| Amounts payable | 17/49 | €850 | €6,171 | +€5,321 | +626% |
| Amounts payable within one year | 42/48 | €850 | €6,171 | +€5,321 | +626% |
| Trade debts | 44 | €773 | €4,070 | +€3,297 | +426% |
| Suppliers | 440/4 | €773 | €4,070 | +€3,297 | +426% |
| Taxes, remuneration and social security | 45 | €77 | €2,101 | +€2,024 | +2,631% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €77 | €2,101 | +€2,024 | +2,631% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €2,943 | €201 | -€2,743 | -93.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,175 | €20,546 | +€371 | +1.8% |
| Other operating charges | 640/8 | €1,831 | €1,216 | -€615 | -33.6% |
| Gross operating margin | 9900 | €194,687 | €178,006 | -€16,681 | -8.6% |
| Operating profit (loss) | 9901 | €169,737 | €156,043 | -€13,694 | -8.1% |
| Financial income | 75/76B | €20,408 | €41,969 | +€21,561 | +106% |
| Recurring financial income | 75 | €20,408 | €41,969 | +€21,561 | +106% |
| Financial charges | 65/66B | -€123 | -€856 | -€733 | -597% |
| Recurring financial charges | 65 | -€123 | -€856 | -€733 | -597% |
| Profit (loss) for the period before taxes | 9903 | €190,268 | €198,868 | +€8,600 | +4.5% |
| Income taxes | 67/77 | €59,778 | €66,340 | +€6,561 | +11.0% |
| Profit (loss) for the period | 9904 | €130,490 | €132,528 | +€2,038 | +1.6% |
| Profit (loss) for the period to be appropriated | 9905 | €130,490 | €132,528 | +€2,038 | +1.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 28 February 2025 and 28 February 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.