Emmanuel Leroux: 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 Leroux
Largest movements
- Tangible fixed assets -€32,280
down €32,280 (-6.2%), from €517,903 to €485,623
of which Furniture and vehicles: -€23,499
- Receivables within one year -€6,606
down €6,606 (-15.2%), from €43,410 to €36,804
of which Trade receivables: -€8,918
- Debts after one year -€22,402
down €22,402 (-8.3%), from €268,417 to €246,015
- Other debts -€18,315
down €18,315 (-12.5%), from €146,670 to €128,354
- Gross operating margin +€9,224
up €9,224 (+6.5%), from €140,877 to €150,100
- Depreciation +€2,389
up €2,389 (+8.0%), from €29,891 to €32,280
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.
Cash bridge derived
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 | €596,511 | €556,855 | -€39,657 | -6.6% |
| Fixed assets | 21/28 | €517,903 | €485,623 | -€32,280 | -6.2% |
| Tangible fixed assets | 22/27 | €517,903 | €485,623 | -€32,280 | -6.2% |
| Land and buildings | 22 | €235,609 | €234,738 | -€871 | -0.4% |
| Furniture and vehicles | 24 | €93,066 | €69,567 | -€23,499 | -25.3% |
| Other tangible fixed assets | 26 | €189,228 | €181,318 | -€7,910 | -4.2% |
| Current assets | 29/58 | €78,608 | €71,232 | -€7,376 | -9.4% |
| Amounts receivable within one year | 40/41 | €43,410 | €36,804 | -€6,606 | -15.2% |
| Trade receivables | 40 | €43,410 | €34,492 | -€8,918 | -20.5% |
| Other amounts receivable | 41 | - | €2,312 | +€2,312 | |
| Cash at bank and in hand | 54/58 | €33,413 | €31,306 | -€2,106 | -6.3% |
| Deferred charges and accrued income | 490/1 | €1,786 | €3,121 | +€1,336 | +74.8% |
| Total equity and liabilities | 10/49 | €596,511 | €556,855 | -€39,657 | -6.6% |
| Equity | 10/15 | €146,265 | €146,265 | = | 0.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €131,265 | €131,265 | = | 0.0% |
| Distributable reserves | 133 | €131,265 | €131,265 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €450,246 | €410,589 | -€39,657 | -8.8% |
| Amounts payable after more than one year | 17 | €268,417 | €246,015 | -€22,402 | -8.3% |
| Financial debts | 170/4 | €268,417 | €246,015 | -€22,402 | -8.3% |
| Amounts payable within one year | 42/48 | €181,349 | €163,934 | -€17,414 | -9.6% |
| Current portion of amounts payable after more than one year | 42 | €22,098 | €22,402 | +€304 | +1.4% |
| Trade debts | 44 | €321 | €2,130 | +€1,809 | +564.2% |
| Suppliers | 440/4 | €321 | €2,130 | +€1,809 | +564.2% |
| Taxes, remuneration and social security | 45 | €12,260 | €11,048 | -€1,213 | -9.9% |
| Taxes | 450/3 | €10,695 | €9,632 | -€1,062 | -9.9% |
| Remuneration and social security | 454/9 | €1,566 | €1,415 | -€150 | -9.6% |
| Other amounts payable | 47/48 | €146,670 | €128,354 | -€18,315 | -12.5% |
| Accrued charges and deferred income | 492/3 | €480 | €640 | +€160 | +33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,891 | €32,280 | +€2,389 | +8.0% |
| Other operating charges | 640/8 | €2,101 | €3,427 | +€1,326 | +63.1% |
| Gross operating margin | 9900 | €140,877 | €150,100 | +€9,224 | +6.5% |
| Operating profit (loss) | 9901 | €108,885 | €114,394 | +€5,509 | +5.1% |
| Financial income | 75/76B | €42 | €0 | -€42 | -100.0% |
| Recurring financial income | 75 | €42 | €0 | -€42 | -100.0% |
| Financial charges | 65/66B | €4,397 | €3,972 | -€425 | -9.7% |
| Recurring financial charges | 65 | €4,397 | €3,972 | -€425 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | €104,530 | €110,422 | +€5,892 | +5.6% |
| Income taxes | 67/77 | €22,466 | €23,688 | +€1,222 | +5.4% |
| Profit (loss) for the period | 9904 | €82,065 | €86,734 | +€4,670 | +5.7% |
| Profit (loss) for the period to be appropriated | 9905 | €82,065 | €86,734 | +€4,670 | +5.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.