Frédéric Lacroix: 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.
Frédéric Lacroix
Largest movements
- Cash +€26,738
up €26,738 (+154.9%), from €17,264 to €44,001
mainly Receivables within one year (+€21,938) and Trade debts (+€3,088)
- Receivables within one year -€21,938
down €21,938 (-19.7%), from €111,459 to €89,520
of which Trade receivables: -€22,835
- Trade debts +€3,088
up €3,088 (+3.2%), from €97,079 to €100,167
- Tax, wage and social debts +€2,715
up €2,715 (+187.0%), from €1,452 to €4,167
- Profit (loss) carried forward -€2,191
down €2,191 (-9.8%), from €22,250 to €20,060
- Gross operating margin -€3,800
down €3,800 (-97.1%), from €3,914 to €113
- Taxes -€1,477
down €1,477 (-75.9%), from €1,945 to €468
- Other operating charges +€184
up €184 (+13.5%), from €1,364 to €1,548
- Financial charges -€131
down €131 (-31.3%), from €419 to €288
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 | €129,873 | €134,802 | +€4,929 | +3.8% |
| Current assets | 29/58 | €129,873 | €134,802 | +€4,929 | +3.8% |
| Amounts receivable within one year | 40/41 | €111,459 | €89,520 | -€21,938 | -19.7% |
| Trade receivables | 40 | €110,829 | €87,994 | -€22,835 | -20.6% |
| Other amounts receivable | 41 | €629 | €1,526 | +€897 | +142.5% |
| Cash at bank and in hand | 54/58 | €17,264 | €44,001 | +€26,738 | +154.9% |
| Deferred charges and accrued income | 490/1 | €1,151 | €1,281 | +€130 | +11.3% |
| Total equity and liabilities | 10/49 | €129,873 | €134,802 | +€4,929 | +3.8% |
| Equity | 10/15 | €29,820 | €27,630 | -€2,191 | -7.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,370 | €1,370 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,370 | €1,370 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,370 | €1,370 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,250 | €20,060 | -€2,191 | -9.8% |
| Amounts payable | 17/49 | €100,053 | €107,173 | +€7,120 | +7.1% |
| Amounts payable within one year | 42/48 | €100,053 | €107,173 | +€7,120 | +7.1% |
| Trade debts | 44 | €97,079 | €100,167 | +€3,088 | +3.2% |
| Suppliers | 440/4 | €97,079 | €100,167 | +€3,088 | +3.2% |
| Taxes, remuneration and social security | 45 | €1,452 | €4,167 | +€2,715 | +187.0% |
| Taxes | 450/3 | €1,452 | €4,167 | +€2,715 | +187.0% |
| Other amounts payable | 47/48 | €1,521 | €2,839 | +€1,318 | +86.6% |
| Other operating charges | 640/8 | €1,364 | €1,548 | +€184 | +13.5% |
| Gross operating margin | 9900 | €3,914 | €113 | -€3,800 | -97.1% |
| Operating profit (loss) | 9901 | €2,550 | -€1,435 | -€3,985 | |
| Financial income | 75/76B | €1 | €0 | -€1 | -98.4% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -98.4% |
| Financial charges | 65/66B | €419 | €288 | -€131 | -31.3% |
| Recurring financial charges | 65 | €419 | €288 | -€131 | -31.3% |
| Profit (loss) for the period before taxes | 9903 | €2,132 | -€1,722 | -€3,854 | |
| Income taxes | 67/77 | €1,945 | €468 | -€1,477 | -75.9% |
| Profit (loss) for the period | 9904 | €187 | -€2,191 | -€2,377 | |
| Profit (loss) for the period to be appropriated | 9905 | €187 | -€2,191 | -€2,377 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.