Frédéric LONHIENNE: 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.
Frédéric LONHIENNE
Largest movements
- Stocks and contracts +€89,000
up €89,000 (+101%), from €88,300 to €177,300
- Receivables within one year -€86,517
down €86,517 (-44.8%), from €193,191 to €106,673
of which Trade receivables: -€89,452
- Current investments -€22,750
down €22,750 (-38.0%), from €59,850 to €37,100
- Tangible fixed assets -€13,550
down €13,550 (-14.2%), from €95,683 to €82,133
of which Furniture and vehicles: -€10,675
- Reserves -€133,500
down €133,500 (-42.1%), from €317,300 to €183,800
of which Distributable reserves: -€133,500
- Other debts +€125,044
up €125,044 (+139%), from €90,219 to €215,263
- Tax, wage and social debts -€19,416
down €19,416 (-23.0%), from €84,459 to €65,043
of which Taxes: -€18,467
- Debts after one year -€5,463
down €5,463 (-65.8%), from €8,298 to €2,835
- Gross operating margin -€32,548
down €32,548 (-11.5%), from €282,063 to €249,514
- Taxes -€8,523
down €8,523 (-21.1%), from €40,475 to €31,952
- Staff costs +€3,473
up €3,473 (+3.1%), from €110,836 to €114,309
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 | €528,958 | €498,710 | -€30,248 | -5.7% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €96,013 | €82,463 | -€13,550 | -14.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €95,683 | €82,133 | -€13,550 | -14.2% |
| Land and buildings | 22 | €44,317 | €40,083 | -€4,234 | -9.6% |
| Furniture and vehicles | 24 | €35,082 | €24,406 | -€10,675 | -30.4% |
| Other tangible fixed assets | 26 | €16,284 | €17,643 | +€1,359 | +8.3% |
| Financial fixed assets | 28 | €330 | €330 | = | 0.0% |
| Current assets | 29/58 | €432,946 | €416,248 | -€16,698 | -3.9% |
| Stocks and contracts in progress | 3 | €88,300 | €177,300 | +€89,000 | +101% |
| Contracts in progress | 37 | €88,300 | €177,300 | +€89,000 | +101% |
| Amounts receivable within one year | 40/41 | €193,191 | €106,673 | -€86,517 | -44.8% |
| Trade receivables | 40 | €190,677 | €101,226 | -€89,452 | -46.9% |
| Other amounts receivable | 41 | €2,513 | €5,448 | +€2,934 | +117% |
| Current investments | 50/53 | €59,850 | €37,100 | -€22,750 | -38.0% |
| Cash at bank and in hand | 54/58 | €81,465 | €86,219 | +€4,754 | +5.8% |
| Deferred charges and accrued income | 490/1 | €10,140 | €8,955 | -€1,185 | -11.7% |
| Total equity and liabilities | 10/49 | €528,958 | €498,710 | -€30,248 | -5.7% |
| Equity | 10/15 | €337,405 | €204,347 | -€133,058 | -39.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €317,300 | €183,800 | -€133,500 | -42.1% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Other | 1319 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €315,300 | €181,800 | -€133,500 | -42.3% |
| Profit (loss) carried forward | 14 | €105 | €547 | +€442 | +421% |
| Amounts payable | 17/49 | €191,553 | €294,363 | +€102,810 | +53.7% |
| Amounts payable after more than one year | 17 | €8,298 | €2,835 | -€5,463 | -65.8% |
| Financial debts | 170/4 | €8,298 | €2,835 | -€5,463 | -65.8% |
| Amounts payable within one year | 42/48 | €182,897 | €291,160 | +€108,263 | +59.2% |
| Current portion of amounts payable after more than one year | 42 | €5,198 | €5,463 | +€265 | +5.1% |
| Trade debts | 44 | €3,021 | €5,390 | +€2,369 | +78.4% |
| Suppliers | 440/4 | €3,021 | €5,390 | +€2,369 | +78.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €84,459 | €65,043 | -€19,416 | -23.0% |
| Taxes | 450/3 | €57,489 | €39,022 | -€18,467 | -32.1% |
| Remuneration and social security | 454/9 | €26,970 | €26,021 | -€949 | -3.5% |
| Other amounts payable | 47/48 | €90,219 | €215,263 | +€125,044 | +139% |
| Accrued charges and deferred income | 492/3 | €358 | €368 | +€10 | +2.8% |
| Turnover | 70 | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €110,836 | €114,309 | +€3,473 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,712 | €23,491 | +€778 | +3.4% |
| Other operating charges | 640/8 | €1,412 | €1,433 | +€22 | +1.5% |
| Gross operating margin | 9900 | €282,063 | €249,514 | -€32,548 | -11.5% |
| Operating profit (loss) | 9901 | €147,103 | €110,282 | -€36,821 | -25.0% |
| Financial charges | 65/66B | €990 | €828 | -€162 | -16.3% |
| Recurring financial charges | 65 | €990 | €828 | -€162 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €146,113 | €109,454 | -€36,660 | -25.1% |
| Income taxes | 67/77 | €40,475 | €31,952 | -€8,523 | -21.1% |
| Profit (loss) for the period | 9904 | €105,639 | €77,502 | -€28,137 | -26.6% |
| Profit (loss) for the period to be appropriated | 9905 | €105,639 | €77,502 | -€28,137 | -26.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.