FREDERIC LE FEVRE: 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.
FREDERIC LE FEVRE
Largest movements
- Receivables within one year +€281,292
up €281,292 (+41.4%), from €678,793 to €960,085
of which Trade receivables: +€179,114
- Cash -€213,846
down €213,846 (-74.0%), from €288,950 to €75,103
mainly Receivables within one year (-€281,292) and Contributions, distributions and other (-€150,000)
- Tangible fixed assets +€29,981
up €29,981 (+423%), from €7,088 to €37,069
of which Furniture and vehicles: +€31,120
- Stocks and contracts -€26,227
down €26,227 (-17.6%), from €149,119 to €122,892
- Reserves +€100,658
up €100,658 (+16.0%), from €630,429 to €731,087
of which Distributable reserves: +€100,658
- Gross operating margin -€26,278
down €26,278 (-3.9%), from €677,087 to €650,810
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 | €1,133,440 | €1,206,447 | +€73,006 | +6.4% |
| Fixed assets | 21/28 | €7,163 | €37,144 | +€29,981 | +419% |
| Tangible fixed assets | 22/27 | €7,088 | €37,069 | +€29,981 | +423% |
| Plant, machinery and equipment | 23 | €2,319 | €1,180 | -€1,139 | -49.1% |
| Furniture and vehicles | 24 | €4,769 | €35,889 | +€31,120 | +653% |
| Financial fixed assets | 28 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €1,126,278 | €1,169,303 | +€43,025 | +3.8% |
| Stocks and contracts in progress | 3 | €149,119 | €122,892 | -€26,227 | -17.6% |
| Stocks | 30/36 | €149,119 | €122,892 | -€26,227 | -17.6% |
| Amounts receivable within one year | 40/41 | €678,793 | €960,085 | +€281,292 | +41.4% |
| Trade receivables | 40 | €187,802 | €366,916 | +€179,114 | +95.4% |
| Other amounts receivable | 41 | €490,991 | €593,169 | +€102,178 | +20.8% |
| Cash at bank and in hand | 54/58 | €288,950 | €75,103 | -€213,846 | -74.0% |
| Deferred charges and accrued income | 490/1 | €9,417 | €11,223 | +€1,806 | +19.2% |
| Total equity and liabilities | 10/49 | €1,133,440 | €1,206,447 | +€73,006 | +6.4% |
| Equity | 10/15 | €782,931 | €883,590 | +€100,658 | +12.9% |
| Contributions | 10/11 | €149,092 | €149,092 | = | 0.0% |
| Reserves | 13 | €630,429 | €731,087 | +€100,658 | +16.0% |
| Non-distributable reserves | 130/1 | €14,910 | €14,910 | = | 0.0% |
| Reserves not available under the articles | 1311 | €14,910 | €14,910 | = | 0.0% |
| Distributable reserves | 133 | €615,519 | €716,177 | +€100,658 | +16.4% |
| Profit (loss) carried forward | 14 | €3,410 | €3,410 | = | 0.0% |
| Amounts payable | 17/49 | €350,509 | €322,857 | -€27,652 | -7.9% |
| Amounts payable within one year | 42/48 | €343,179 | €322,857 | -€20,322 | -5.9% |
| Trade debts | 44 | €26,410 | €18,814 | -€7,596 | -28.8% |
| Suppliers | 440/4 | €25,405 | €18,684 | -€6,721 | -26.5% |
| Bills of exchange payable | 441 | €1,004 | €130 | -€874 | -87.1% |
| Advances received on contracts in progress | 46 | €4,712 | €0 | -€4,712 | -100% |
| Taxes, remuneration and social security | 45 | €47,318 | €41,548 | -€5,770 | -12.2% |
| Taxes | 450/3 | €41,483 | €35,683 | -€5,799 | -14.0% |
| Remuneration and social security | 454/9 | €5,835 | €5,864 | +€29 | +0.5% |
| Other amounts payable | 47/48 | €264,739 | €262,495 | -€2,244 | -0.8% |
| Accrued charges and deferred income | 492/3 | €7,330 | €0 | -€7,330 | -100% |
| Non-recurring operating income | 76A | - | €410 | +€410 | |
| Remuneration, social security and pensions | 62 | €342,621 | €344,934 | +€2,313 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,343 | €9,835 | -€1,508 | -13.3% |
| Other operating charges | 640/8 | €1,254 | €1,442 | +€188 | +15.0% |
| Gross operating margin | 9900 | €677,087 | €650,810 | -€26,278 | -3.9% |
| Operating profit (loss) | 9901 | €321,869 | €294,599 | -€27,270 | -8.5% |
| Financial income | 75/76B | €11,486 | €13,732 | +€2,247 | +19.6% |
| Recurring financial income | 75 | €11,486 | €13,732 | +€2,247 | +19.6% |
| Financial charges | 65/66B | €8,097 | €8,255 | +€158 | +2.0% |
| Recurring financial charges | 65 | €8,097 | €8,255 | +€158 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €325,258 | €300,076 | -€25,182 | -7.7% |
| Income taxes | 67/77 | €54,425 | €49,417 | -€5,007 | -9.2% |
| Profit (loss) for the period | 9904 | €270,833 | €250,658 | -€20,175 | -7.4% |
| Profit (loss) for the period to be appropriated | 9905 | €270,833 | €250,658 | -€20,175 | -7.4% |
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.