Frédéric LORIAUX: 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 LORIAUX
Largest movements
- Receivables within one year +€53,817
up €53,817 (+142.8%), from €37,698 to €91,515
of which Trade receivables: +€71,829
- Cash -€22,213
down €22,213 (-35.5%), from €62,584 to €40,371
mainly Receivables within one year (-€53,817) and Contributions, distributions and other (-€18,400)
- Tangible fixed assets -€13,901
down €13,901 (-6.3%), from €220,344 to €206,443
- Other debts +€31,435
up €31,435 (+44.7%), from €70,259 to €101,694
- Tax, wage and social debts -€12,843
down €12,843 (-43.5%), from €29,494 to €16,651
of which Remuneration and social security: -€12,000
- Gross operating margin -€4,991
down €4,991 (-10.5%), from €47,308 to €42,318
- Taxes -€1,083
down €1,083 (-12.9%), from €8,364 to €7,281
- Depreciation -€829
down €829 (-5.0%), from €16,512 to €15,683
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 | €329,217 | €347,009 | +€17,791 | +5.4% |
| Fixed assets | 21/28 | €220,344 | €206,443 | -€13,901 | -6.3% |
| Tangible fixed assets | 22/27 | €220,344 | €206,443 | -€13,901 | -6.3% |
| Land and buildings | 22 | €220,344 | €206,443 | -€13,901 | -6.3% |
| Current assets | 29/58 | €108,873 | €140,565 | +€31,692 | +29.1% |
| Amounts receivable within one year | 40/41 | €37,698 | €91,515 | +€53,817 | +142.8% |
| Trade receivables | 40 | €17,957 | €89,786 | +€71,829 | +400.0% |
| Other amounts receivable | 41 | €19,741 | €1,729 | -€18,012 | -91.2% |
| Cash at bank and in hand | 54/58 | €62,584 | €40,371 | -€22,213 | -35.5% |
| Deferred charges and accrued income | 490/1 | €8,591 | €8,679 | +€88 | +1.0% |
| Total equity and liabilities | 10/49 | €329,217 | €347,009 | +€17,791 | +5.4% |
| Equity | 10/15 | €228,361 | €228,099 | -€262 | -0.1% |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Reserves | 13 | €101,347 | €101,086 | -€262 | -0.3% |
| Distributable reserves | 133 | €101,347 | €101,086 | -€262 | -0.3% |
| Profit (loss) carried forward | 14 | €118,013 | €118,013 | = | 0.0% |
| Amounts payable | 17/49 | €100,857 | €118,910 | +€18,053 | +17.9% |
| Amounts payable within one year | 42/48 | €99,866 | €118,484 | +€18,618 | +18.6% |
| Trade debts | 44 | €113 | €139 | +€25 | +22.5% |
| Suppliers | 440/4 | €113 | €139 | +€25 | +22.5% |
| Taxes, remuneration and social security | 45 | €29,494 | €16,651 | -€12,843 | -43.5% |
| Taxes | 450/3 | €11,494 | €10,651 | -€843 | -7.3% |
| Remuneration and social security | 454/9 | €18,000 | €6,000 | -€12,000 | -66.7% |
| Other amounts payable | 47/48 | €70,259 | €101,694 | +€31,435 | +44.7% |
| Accrued charges and deferred income | 492/3 | €991 | €426 | -€565 | -57.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,512 | €15,683 | -€829 | -5.0% |
| Other operating charges | 640/8 | €1,632 | €1,187 | -€444 | -27.2% |
| Gross operating margin | 9900 | €47,308 | €42,318 | -€4,991 | -10.5% |
| Operating profit (loss) | 9901 | €29,165 | €25,447 | -€3,718 | -12.7% |
| Financial income | 75/76B | €350 | €35 | -€315 | -90.1% |
| Recurring financial income | 75 | €350 | €35 | -€315 | -90.1% |
| Financial charges | 65/66B | €63 | €62 | -€1 | -2.0% |
| Recurring financial charges | 65 | €63 | €62 | -€1 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | €29,451 | €25,420 | -€4,032 | -13.7% |
| Income taxes | 67/77 | €8,364 | €7,281 | -€1,083 | -12.9% |
| Profit (loss) for the period | 9904 | €21,087 | €18,138 | -€2,949 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,087 | €18,138 | -€2,949 | -14.0% |
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 9 October 2026 via checked.be.