FREDERIC LEBLANC: 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.
What changed
FREDERIC LEBLANC
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3,492
2024 · €2,678+€814
Equity
€661,480
2024 · €657,988+€3,492
Cash
€16,524
2024 · €15,867+€657
Balance sheet total
€1.5m
2024 · €1.6m-€37,354
Largest movements
Assets
- Tangible fixed assets -€44,378
down €44,378 (-4.2%), from €1.1m to €1.0m
of which Land and buildings: -€42,816
Equity and liabilities
- Debts after one year -€52,338
down €52,338 (-6.9%), from €758,035 to €705,697
- Other debts +€20,555
up €20,555 (+31.5%), from €65,220 to €85,775
Income statement
- Financial charges -€2,650
down €2,650 (-7.5%), from €35,443 to €32,793
- Financial income -€1,945
down €1,945 (-99.9%), from €1,946 to €1
- Gross operating margin +€1,791
up €1,791 (+2.1%), from €85,855 to €87,646
- Other operating charges +€1,767
up €1,767 (+51.5%), from €3,429 to €5,196
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.
Result 2024
€2,678
Gross operating margin
+€1,791
Depreciation
+€238
Other operating charges
-€1,767
Other operating items
+€114
Financial income
-€1,945
Financial charges
+€2,650
Taxes
-€266
Deferred taxes and other
-€1
Result 2025
€3,492
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€59,022
Investment
€0
Financing
-€58,365
Cash 2024
€15,867
From operations (derived)
+€59,022
Net result for the year
+€3,492
Depreciation
+€44,378
Receivables within one year
-€7,019
Deferred charges and accrued income
+€652
Provisions
-€497
Trade debts
+€619
Tax, wage and social debts
-€3,158
Other debts
+€20,555
Financing
-€58,365
Debts after one year
-€52,338
Current portion of long-term debt
-€6,027
Cash 2025
€16,524
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,573,756 | €1,536,402 | -€37,354 | -2.4% |
| Fixed assets | 21/28 | €1,510,185 | €1,465,807 | -€44,378 | -2.9% |
| Tangible fixed assets | 22/27 | €1,068,823 | €1,024,445 | -€44,378 | -4.2% |
| Land and buildings | 22 | €1,059,196 | €1,016,380 | -€42,816 | -4.0% |
| Furniture and vehicles | 24 | €9,627 | €8,065 | -€1,562 | -16.2% |
| Financial fixed assets | 28 | €441,362 | €441,362 | = | 0.0% |
| Current assets | 29/58 | €63,571 | €70,595 | +€7,024 | +11.0% |
| Amounts receivable within one year | 40/41 | €39,611 | €46,630 | +€7,019 | +17.7% |
| Other amounts receivable | 41 | €39,611 | €46,630 | +€7,019 | +17.7% |
| Cash at bank and in hand | 54/58 | €15,867 | €16,524 | +€657 | +4.1% |
| Deferred charges and accrued income | 490/1 | €8,093 | €7,441 | -€652 | -8.1% |
| Total equity and liabilities | 10/49 | €1,573,756 | €1,536,402 | -€37,354 | -2.4% |
| Equity | 10/15 | €657,988 | €661,480 | +€3,492 | +0.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €63,728 | €61,732 | -€1,996 | -3.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €61,868 | €59,872 | -€1,996 | -3.2% |
| Profit (loss) carried forward | 14 | €588,060 | €593,548 | +€5,488 | +0.9% |
| Provisions and deferred taxes | 16 | €15,468 | €14,971 | -€497 | -3.2% |
| Deferred taxes | 168 | €15,468 | €14,971 | -€497 | -3.2% |
| Amounts payable | 17/49 | €900,300 | €859,951 | -€40,349 | -4.5% |
| Amounts payable after more than one year | 17 | €758,035 | €705,697 | -€52,338 | -6.9% |
| Financial debts | 170/4 | €758,035 | €705,697 | -€52,338 | -6.9% |
| Amounts payable within one year | 42/48 | €142,265 | €154,254 | +€11,989 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €58,365 | €52,338 | -€6,027 | -10.3% |
| Financial debts | 43 | €3 | €3 | = | 0.0% |
| Credit institutions | 430/8 | €3 | €3 | = | 0.0% |
| Trade debts | 44 | €8,986 | €9,605 | +€619 | +6.9% |
| Suppliers | 440/4 | €8,986 | €9,605 | +€619 | +6.9% |
| Taxes, remuneration and social security | 45 | €9,691 | €6,533 | -€3,158 | -32.6% |
| Taxes | 450/3 | €9,691 | €6,533 | -€3,158 | -32.6% |
| Other amounts payable | 47/48 | €65,220 | €85,775 | +€20,555 | +31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,616 | €44,378 | -€238 | -0.5% |
| Other operating charges | 640/8 | €3,429 | €5,196 | +€1,767 | +51.5% |
| Non-recurring operating charges | 66A | €338 | €224 | -€114 | -33.7% |
| Gross operating margin | 9900 | €85,855 | €87,646 | +€1,791 | +2.1% |
| Operating profit (loss) | 9901 | €37,472 | €37,848 | +€376 | +1.0% |
| Financial income | 75/76B | €1,946 | €1 | -€1,945 | -99.9% |
| Recurring financial income | 75 | €1,946 | €1 | -€1,945 | -99.9% |
| Financial charges | 65/66B | €35,443 | €32,793 | -€2,650 | -7.5% |
| Recurring financial charges | 65 | €35,443 | €32,793 | -€2,650 | -7.5% |
| Profit (loss) for the period before taxes | 9903 | €3,975 | €5,056 | +€1,081 | +27.2% |
| Transfer from deferred taxes | 780 | €498 | €497 | -€1 | -0.2% |
| Income taxes | 67/77 | €1,795 | €2,061 | +€266 | +14.8% |
| Profit (loss) for the period | 9904 | €2,678 | €3,492 | +€814 | +30.4% |
| Transfer from tax-exempt reserves | 789 | €1,996 | €1,996 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,674 | €5,488 | +€814 | +17.4% |
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 25 October 2026 via checked.be.