Emmanuel LEFEBVRE: 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.
Emmanuel LEFEBVRE
Largest movements
- Cash +€35,561
up €35,561 (+42.6%), from €83,453 to €119,014
mainly Other debts (+€39,237) and Net result for the year (+€23,626)
- Receivables within one year -€13,473
down €13,473 (-16.2%), from €83,239 to €69,766
of which Other amounts receivable: -€12,459
- Tangible fixed assets -€12,094
down €12,094 (-17.6%), from €68,683 to €56,589
of which Land and buildings: -€8,108
- Other debts +€39,237
up €39,237 (+304%), from €12,922 to €52,159
- Reserves -€31,923
down €31,923 (-19.7%), from €161,927 to €130,004
- Tax, wage and social debts +€12,457
up €12,457 (+216%), from €5,757 to €18,214
of which Taxes: +€10,869
- Debts after one year -€9,857
down €9,857 (-51.5%), from €19,139 to €9,281
- Gross operating margin +€37,607
up €37,607 (+52.9%), from €71,076 to €108,683
- Staff costs +€8,378
up €8,378 (+16.5%), from €50,658 to €59,035
- Taxes +€8,236
up €8,236 (+447%), from €1,842 to €10,078
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 | €240,249 | €249,249 | +€9,000 | +3.7% |
| Fixed assets | 21/28 | €69,217 | €57,123 | -€12,094 | -17.5% |
| Tangible fixed assets | 22/27 | €68,683 | €56,589 | -€12,094 | -17.6% |
| Land and buildings | 22 | €62,576 | €54,468 | -€8,108 | -13.0% |
| Plant, machinery and equipment | 23 | €264 | €86 | -€178 | -67.3% |
| Furniture and vehicles | 24 | €5,843 | €2,035 | -€3,808 | -65.2% |
| Financial fixed assets | 28 | €534 | €534 | = | 0.0% |
| Current assets | 29/58 | €171,032 | €192,126 | +€21,094 | +12.3% |
| Amounts receivable within one year | 40/41 | €83,239 | €69,766 | -€13,473 | -16.2% |
| Trade receivables | 40 | €1,945 | €931 | -€1,014 | -52.1% |
| Other amounts receivable | 41 | €81,294 | €68,835 | -€12,459 | -15.3% |
| Cash at bank and in hand | 54/58 | €83,453 | €119,014 | +€35,561 | +42.6% |
| Deferred charges and accrued income | 490/1 | €4,341 | €3,346 | -€994 | -22.9% |
| Total equity and liabilities | 10/49 | €240,249 | €249,249 | +€9,000 | +3.7% |
| Equity | 10/15 | €181,927 | €150,004 | -€31,923 | -17.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €161,927 | €130,004 | -€31,923 | -19.7% |
| Distributable reserves | 133 | €161,927 | €130,004 | -€31,923 | -19.7% |
| Amounts payable | 17/49 | €58,322 | €99,245 | +€40,923 | +70.2% |
| Amounts payable after more than one year | 17 | €19,139 | €9,281 | -€9,857 | -51.5% |
| Financial debts | 170/4 | €19,139 | €9,281 | -€9,857 | -51.5% |
| Amounts payable within one year | 42/48 | €39,183 | €89,964 | +€50,780 | +130% |
| Current portion of amounts payable after more than one year | 42 | €11,796 | €9,857 | -€1,939 | -16.4% |
| Trade debts | 44 | €8,708 | €9,734 | +€1,025 | +11.8% |
| Suppliers | 440/4 | €8,708 | €9,734 | +€1,025 | +11.8% |
| Taxes, remuneration and social security | 45 | €5,757 | €18,214 | +€12,457 | +216% |
| Taxes | 450/3 | €4,083 | €14,952 | +€10,869 | +266% |
| Remuneration and social security | 454/9 | €1,674 | €3,262 | +€1,587 | +94.8% |
| Other amounts payable | 47/48 | €12,922 | €52,159 | +€39,237 | +304% |
| Non-recurring operating income | 76A | €248 | - | -€248 | |
| Remuneration, social security and pensions | 62 | €50,658 | €59,035 | +€8,378 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,511 | €12,691 | +€180 | +1.4% |
| Other operating charges | 640/8 | €1,964 | €2,128 | +€164 | +8.3% |
| Gross operating margin | 9900 | €71,076 | €108,683 | +€37,607 | +52.9% |
| Operating profit (loss) | 9901 | €5,943 | €34,829 | +€28,886 | +486% |
| Financial income | 75/76B | €416 | €443 | +€27 | +6.5% |
| Recurring financial income | 75 | €416 | €443 | +€27 | +6.5% |
| Financial charges | 65/66B | €2,252 | €1,567 | -€685 | -30.4% |
| Recurring financial charges | 65 | €2,252 | €1,567 | -€685 | -30.4% |
| Profit (loss) for the period before taxes | 9903 | €4,107 | €33,705 | +€29,597 | +721% |
| Income taxes | 67/77 | €1,842 | €10,078 | +€8,236 | +447% |
| Profit (loss) for the period | 9904 | €2,265 | €23,626 | +€21,361 | +943% |
| Profit (loss) for the period to be appropriated | 9905 | €2,265 | €23,626 | +€21,361 | +943% |
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 14 October 2026 via checked.be.