GREGORY LEBRUN: 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.
GREGORY LEBRUN
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+51.5%), from €2.1m to €3.2m
of which Land and buildings: +€946,275
- Receivables within one year -€305,722
down €305,722 (-35.6%), from €858,647 to €552,925
of which Other amounts receivable: -€479,728
- Cash -€152,098
down €152,098 (-29.1%), from €521,936 to €369,838
mainly Investment in fixed assets (net) (-€1.1m) and Contributions, distributions and other (-€673,216)
- Reserves +€348,576
up €348,576 (+25.2%), from €1.4m to €1.7m
of which Tax-exempt reserves: +€310,754
- Debts after one year +€229,576
up €229,576 (+14.0%), from €1.6m to €1.9m
- Provisions +€103,585
new in 2025: €103,585
- Trade debts -€90,269
down €90,269 (-80.1%), from €112,689 to €22,420
- Accrued charges and deferred income +€46,923
up €46,923 (+1234.9%), from €3,800 to €50,723
- Gross operating margin +€742,525
up €742,525 (+91.8%), from €808,642 to €1.6m
- Taxes +€56,775
up €56,775 (+23.1%), from €245,494 to €302,269
- Depreciation +€39,185
up €39,185 (+231.7%), from €16,910 to €56,095
- Financial charges +€25,227
up €25,227 (+41.8%), from €60,329 to €85,556
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 | €3,606,095 | €4,272,992 | +€666,897 | +18.5% |
| Fixed assets | 21/28 | €2,119,852 | €3,211,115 | +€1.1m | +51.5% |
| Tangible fixed assets | 22/27 | €2,119,852 | €3,211,115 | +€1.1m | +51.5% |
| Land and buildings | 22 | €2,119,531 | €3,065,806 | +€946,275 | +44.6% |
| Furniture and vehicles | 24 | €321 | €145,310 | +€144,989 | +45143.9% |
| Current assets | 29/58 | €1,486,243 | €1,061,877 | -€424,366 | -28.6% |
| Amounts receivable within one year | 40/41 | €858,647 | €552,925 | -€305,722 | -35.6% |
| Trade receivables | 40 | €228,386 | €402,392 | +€174,005 | +76.2% |
| Other amounts receivable | 41 | €630,261 | €150,533 | -€479,728 | -76.1% |
| Current investments | 50/53 | €101,522 | €132,062 | +€30,541 | +30.1% |
| Cash at bank and in hand | 54/58 | €521,936 | €369,838 | -€152,098 | -29.1% |
| Deferred charges and accrued income | 490/1 | €4,139 | €7,052 | +€2,913 | +70.4% |
| Total equity and liabilities | 10/49 | €3,606,095 | €4,272,992 | +€666,897 | +18.5% |
| Equity | 10/15 | €1,530,558 | €1,879,135 | +€348,576 | +22.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,381,468 | €1,730,044 | +€348,576 | +25.2% |
| Tax-exempt reserves | 132 | €15,887 | €326,640 | +€310,754 | +1956.1% |
| Distributable reserves | 133 | €1,365,581 | €1,403,404 | +€37,823 | +2.8% |
| Profit (loss) carried forward | 14 | €136,690 | €136,690 | = | 0.0% |
| Provisions and deferred taxes | 16 | - | €103,585 | +€103,585 | |
| Deferred taxes | 168 | - | €103,585 | +€103,585 | |
| Amounts payable | 17/49 | €2,075,537 | €2,290,273 | +€214,736 | +10.3% |
| Amounts payable after more than one year | 17 | €1,637,021 | €1,866,597 | +€229,576 | +14.0% |
| Financial debts | 170/4 | €1,637,021 | €1,866,597 | +€229,576 | +14.0% |
| Amounts payable within one year | 42/48 | €434,717 | €372,953 | -€61,763 | -14.2% |
| Current portion of amounts payable after more than one year | 42 | €65,257 | €76,233 | +€10,975 | +16.8% |
| Trade debts | 44 | €112,689 | €22,420 | -€90,269 | -80.1% |
| Suppliers | 440/4 | €112,689 | €22,420 | -€90,269 | -80.1% |
| Taxes, remuneration and social security | 45 | €253,189 | €270,720 | +€17,531 | +6.9% |
| Taxes | 450/3 | €253,189 | €270,720 | +€17,531 | +6.9% |
| Other amounts payable | 47/48 | €3,580 | €3,580 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €3,800 | €50,723 | +€46,923 | +1234.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,910 | €56,095 | +€39,185 | +231.7% |
| Other operating charges | 640/8 | €4,669 | €3,646 | -€1,023 | -21.9% |
| Gross operating margin | 9900 | €808,642 | €1,551,166 | +€742,525 | +91.8% |
| Operating profit (loss) | 9901 | €787,063 | €1,491,426 | +€704,363 | +89.5% |
| Financial income | 75/76B | €37,141 | €21,776 | -€15,365 | -41.4% |
| Recurring financial income | 75 | €37,141 | €21,776 | -€15,365 | -41.4% |
| Financial charges | 65/66B | €60,329 | €85,556 | +€25,227 | +41.8% |
| Recurring financial charges | 65 | €60,329 | €85,556 | +€25,227 | +41.8% |
| Profit (loss) for the period before taxes | 9903 | €763,874 | €1,427,646 | +€663,772 | +86.9% |
| Transfer from deferred taxes | 780 | - | €1,577 | +€1,577 | |
| Transfer to deferred taxes | 680 | - | €105,162 | +€105,162 | |
| Income taxes | 67/77 | €245,494 | €302,269 | +€56,775 | +23.1% |
| Profit (loss) for the period | 9904 | €518,380 | €1,021,792 | +€503,412 | +97.1% |
| Transfer from tax-exempt reserves | 789 | - | €4,732 | +€4,732 | |
| Transfer to tax-exempt reserves | 689 | - | €315,486 | +€315,486 | |
| Profit (loss) for the period to be appropriated | 9905 | €518,380 | €711,038 | +€192,658 | +37.2% |
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 9 October 2026 via checked.be.