Fietsen Luc: 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.
Fietsen Luc
Largest movements
- Stocks and contracts -€82,325
down €82,325 (-13.7%), from €602,345 to €520,019
of which Stocks: -€69,844
- Tangible fixed assets -€31,190
down €31,190 (-20.4%), from €153,014 to €121,824
of which Land and buildings: -€17,274
- Receivables within one year -€16,427
down €16,427 (-54.4%), from €30,202 to €13,775
of which Trade receivables: -€15,767
- Cash -€10,888
down €10,888 (-47.6%), from €22,895 to €12,007
mainly Trade debts (-€58,956) and Tax, wage and social debts (-€27,704)
- Trade debts -€58,956
down €58,956 (-39.3%), from €149,975 to €91,019
- Tax, wage and social debts -€27,704
down €27,704 (-48.1%), from €57,595 to €29,891
of which Taxes: -€18,782
- Debts after one year -€25,147
down €25,147 (-16.7%), from €150,298 to €125,151
- Other debts -€15,577
down €15,577 (-50.5%), from €30,830 to €15,252
- Current portion of long-term debt -€13,643
down €13,643 (-38.8%), from €35,136 to €21,493
- Gross operating margin -€38,060
down €38,060 (-17.2%), from €220,996 to €182,935
- Staff costs -€26,458
down €26,458 (-16.3%), from €162,182 to €135,724
- Depreciation -€18,888
down €18,888 (-38.4%), from €49,170 to €30,282
- Taxes -€10,000
new in 2025: -€10,000
- Financial charges -€4,835
down €4,835 (-18.5%), from €26,195 to €21,360
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 | €816,566 | €677,974 | -€138,592 | -17.0% |
| Fixed assets | 21/28 | €160,754 | €125,364 | -€35,390 | -22.0% |
| Tangible fixed assets | 22/27 | €153,014 | €121,824 | -€31,190 | -20.4% |
| Land and buildings | 22 | €115,969 | €98,695 | -€17,274 | -14.9% |
| Plant, machinery and equipment | 23 | €6,980 | €5,698 | -€1,282 | -18.4% |
| Furniture and vehicles | 24 | €30,065 | €17,431 | -€12,634 | -42.0% |
| Financial fixed assets | 28 | €7,740 | €3,540 | -€4,200 | -54.3% |
| Current assets | 29/58 | €655,812 | €552,610 | -€103,202 | -15.7% |
| Stocks and contracts in progress | 3 | €602,345 | €520,019 | -€82,325 | -13.7% |
| Stocks | 30/36 | €589,863 | €520,019 | -€69,844 | -11.8% |
| Contracts in progress | 37 | €12,482 | - | -€12,482 | |
| Amounts receivable within one year | 40/41 | €30,202 | €13,775 | -€16,427 | -54.4% |
| Trade receivables | 40 | €29,518 | €13,752 | -€15,767 | -53.4% |
| Other amounts receivable | 41 | €684 | €23 | -€660 | -96.6% |
| Cash at bank and in hand | 54/58 | €22,895 | €12,007 | -€10,888 | -47.6% |
| Deferred charges and accrued income | 490/1 | €371 | €6,809 | +€6,438 | +1,736% |
| Total equity and liabilities | 10/49 | €816,566 | €677,974 | -€138,592 | -17.0% |
| Equity | 10/15 | €150,057 | €154,492 | +€4,435 | +3.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €184,577 | €184,577 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €182,717 | €182,717 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€53,119 | -€48,685 | +€4,435 | +8.3% |
| Amounts payable | 17/49 | €666,509 | €523,482 | -€143,027 | -21.5% |
| Amounts payable after more than one year | 17 | €150,298 | €125,151 | -€25,147 | -16.7% |
| Financial debts | 170/4 | €150,298 | €125,151 | -€25,147 | -16.7% |
| Amounts payable within one year | 42/48 | €515,874 | €396,905 | -€118,970 | -23.1% |
| Current portion of amounts payable after more than one year | 42 | €35,136 | €21,493 | -€13,643 | -38.8% |
| Financial debts | 43 | €242,009 | €239,209 | -€2,800 | -1.2% |
| Credit institutions | 430/8 | €242,009 | €239,209 | -€2,800 | -1.2% |
| Trade debts | 44 | €149,975 | €91,019 | -€58,956 | -39.3% |
| Suppliers | 440/4 | €149,975 | €91,019 | -€58,956 | -39.3% |
| Advances received on contracts in progress | 46 | €330 | €40 | -€290 | -87.9% |
| Taxes, remuneration and social security | 45 | €57,595 | €29,891 | -€27,704 | -48.1% |
| Taxes | 450/3 | €42,572 | €23,790 | -€18,782 | -44.1% |
| Remuneration and social security | 454/9 | €15,023 | €6,101 | -€8,922 | -59.4% |
| Other amounts payable | 47/48 | €30,830 | €15,252 | -€15,577 | -50.5% |
| Accrued charges and deferred income | 492/3 | €336 | €1,426 | +€1,090 | +324% |
| Non-recurring operating income | 76A | €7,650 | €1,133 | -€6,517 | -85.2% |
| Remuneration, social security and pensions | 62 | €162,182 | €135,724 | -€26,458 | -16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,170 | €30,282 | -€18,888 | -38.4% |
| Other operating charges | 640/8 | €3,976 | €2,178 | -€1,798 | -45.2% |
| Gross operating margin | 9900 | €220,996 | €182,935 | -€38,060 | -17.2% |
| Operating profit (loss) | 9901 | €5,668 | €14,751 | +€9,083 | +160% |
| Financial income | 75/76B | €1,816 | €1,044 | -€772 | -42.5% |
| Recurring financial income | 75 | €1,816 | €1,044 | -€772 | -42.5% |
| Financial charges | 65/66B | €26,195 | €21,360 | -€4,835 | -18.5% |
| Recurring financial charges | 65 | €26,195 | €21,360 | -€4,835 | -18.5% |
| Profit (loss) for the period before taxes | 9903 | -€18,711 | -€5,565 | +€13,146 | +70.3% |
| Income taxes | 67/77 | - | -€10,000 | -€10,000 | |
| Profit (loss) for the period | 9904 | -€18,711 | €4,435 | +€23,146 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,711 | €4,435 | +€23,146 |
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.