Filip Ledure: what changed
Two fiscal 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.
Filip Ledure
Largest movements
- Current investments +€126,560
up €126,560 (+11.5%), from €1.1m to €1.2m
- Receivables within one year -€41,063
down €41,063 (-91.7%), from €44,759 to €3,697
of which Other amounts receivable: -€34,463
- Tangible fixed assets -€25,745
down €25,745 (-20.9%), from €123,100 to €97,355
of which Land and buildings: -€18,175
- Tax, wage and social debts +€52,080
up €52,080 (+211.7%), from €24,601 to €76,681
- Financial income +€32,282
up €32,282 (+136.8%), from €23,601 to €55,883
- Taxes +€15,550
up €15,550 (+19.3%), from €80,510 to €96,060
- Staff costs -€10,677
down €10,677 (-93.1%), from €11,473 to €796
- Gross operating margin -€7,817
down €7,817 (-3.1%), from €251,483 to €243,667
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 | €1,357,297 | €1,415,690 | +€58,393 | +4.3% |
| Fixed assets | 21/28 | €123,100 | €97,355 | -€25,745 | -20.9% |
| Tangible fixed assets | 22/27 | €123,100 | €97,355 | -€25,745 | -20.9% |
| Land and buildings | 22 | €109,783 | €91,608 | -€18,175 | -16.6% |
| Plant, machinery and equipment | 23 | €7,360 | €1,310 | -€6,050 | -82.2% |
| Furniture and vehicles | 24 | €5,957 | €4,436 | -€1,520 | -25.5% |
| Current assets | 29/58 | €1,234,198 | €1,318,335 | +€84,138 | +6.8% |
| Amounts receivable within one year | 40/41 | €44,759 | €3,697 | -€41,063 | -91.7% |
| Trade receivables | 40 | €6,600 | - | -€6,600 | |
| Other amounts receivable | 41 | €38,159 | €3,697 | -€34,463 | -90.3% |
| Current investments | 50/53 | €1,097,419 | €1,223,978 | +€126,560 | +11.5% |
| Cash at bank and in hand | 54/58 | €76,093 | €87,754 | +€11,661 | +15.3% |
| Deferred charges and accrued income | 490/1 | €15,926 | €2,906 | -€13,020 | -81.8% |
| Total equity and liabilities | 10/49 | €1,357,297 | €1,415,690 | +€58,393 | +4.3% |
| Equity | 10/15 | €1,322,474 | €1,333,882 | +€11,409 | +0.9% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €1,260,500 | €1,271,909 | +€11,409 | +0.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €769 | €769 | = | 0.0% |
| Distributable reserves | 133 | €1,253,532 | €1,264,940 | +€11,409 | +0.9% |
| Amounts payable | 17/49 | €34,824 | €81,808 | +€46,984 | +134.9% |
| Amounts payable within one year | 42/48 | €34,823 | €81,808 | +€46,985 | +134.9% |
| Trade debts | 44 | €10,222 | €5,127 | -€5,095 | -49.8% |
| Suppliers | 440/4 | €10,222 | €5,127 | -€5,095 | -49.8% |
| Taxes, remuneration and social security | 45 | €24,601 | €76,681 | +€52,080 | +211.7% |
| Taxes | 450/3 | €24,601 | €76,681 | +€52,080 | +211.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | -€0 | |
| Remuneration, social security and pensions | 62 | €11,473 | €796 | -€10,677 | -93.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,733 | €8,122 | -€611 | -7.0% |
| Other operating charges | 640/8 | €2,004 | €873 | -€1,131 | -56.4% |
| Gross operating margin | 9900 | €251,483 | €243,667 | -€7,817 | -3.1% |
| Operating profit (loss) | 9901 | €229,274 | €233,877 | +€4,602 | +2.0% |
| Financial income | 75/76B | €23,601 | €55,883 | +€32,282 | +136.8% |
| Recurring financial income | 75 | €23,601 | €55,883 | +€32,282 | +136.8% |
| Financial charges | 65/66B | €1,080 | €527 | -€553 | -51.2% |
| Recurring financial charges | 65 | €1,080 | €527 | -€553 | -51.2% |
| Profit (loss) for the period before taxes | 9903 | €251,795 | €289,233 | +€37,438 | +14.9% |
| Income taxes | 67/77 | €80,510 | €96,060 | +€15,550 | +19.3% |
| Profit (loss) for the period | 9904 | €171,285 | €193,173 | +€21,888 | +12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €171,285 | €193,173 | +€21,888 | +12.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.