HERVE 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.
HERVE LEBRUN
Largest movements
- Tangible fixed assets +€18,322
up €18,322 (+239%), from €7,671 to €25,993
- Cash -€16,091
down €16,091 (-25.8%), from €62,471 to €46,380
mainly Investment in fixed assets (net) (-€21,370) and Other debts (-€18,752)
- Receivables within one year +€2,459
up €2,459 (+7.2%), from €33,963 to €36,422
of which Trade receivables: +€5,621
- Financial fixed assets +€1,800
up €1,800 (+692%), from €260 to €2,060
- Other debts -€18,752
down €18,752 (-63.9%), from €29,331 to €10,579
- Debts after one year +€14,121
new in 2025: €14,121
- Reserves +€13,360
up €13,360 (+36.0%), from €37,141 to €50,502
- Trade debts -€6,830
down €6,830 (-55.9%), from €12,208 to €5,379
- Current portion of long-term debt +€2,675
up €2,675 (+146%), from €1,836 to €4,511
- Staff costs +€9,898
new in 2025: €9,898
- Depreciation -€4,320
down €4,320 (-69.2%), from €6,244 to €1,924
- Gross operating margin +€3,802
up €3,802 (+13.0%), from €29,218 to €33,020
- Taxes -€837
down €837 (-15.1%), from €5,534 to €4,696
- Other operating charges +€389
up €389 (+21.4%), from €1,822 to €2,212
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 | €108,610 | €115,082 | +€6,473 | +6.0% |
| Fixed assets | 21/28 | €9,129 | €28,576 | +€19,446 | +213% |
| Intangible fixed assets | 21 | €1,199 | €523 | -€676 | -56.4% |
| Tangible fixed assets | 22/27 | €7,671 | €25,993 | +€18,322 | +239% |
| Furniture and vehicles | 24 | €7,671 | €25,993 | +€18,322 | +239% |
| Financial fixed assets | 28 | €260 | €2,060 | +€1,800 | +692% |
| Current assets | 29/58 | €99,480 | €86,507 | -€12,974 | -13.0% |
| Amounts receivable within one year | 40/41 | €33,963 | €36,422 | +€2,459 | +7.2% |
| Trade receivables | 40 | €27,497 | €33,119 | +€5,621 | +20.4% |
| Other amounts receivable | 41 | €6,466 | €3,304 | -€3,163 | -48.9% |
| Cash at bank and in hand | 54/58 | €62,471 | €46,380 | -€16,091 | -25.8% |
| Deferred charges and accrued income | 490/1 | €3,046 | €3,704 | +€659 | +21.6% |
| Total equity and liabilities | 10/49 | €108,610 | €115,082 | +€6,473 | +6.0% |
| Equity | 10/15 | €55,741 | €69,102 | +€13,360 | +24.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €37,141 | €50,502 | +€13,360 | +36.0% |
| Distributable reserves | 133 | €37,141 | €50,502 | +€13,360 | +36.0% |
| Amounts payable | 17/49 | €52,868 | €45,981 | -€6,888 | -13.0% |
| Amounts payable after more than one year | 17 | - | €14,121 | +€14,121 | |
| Financial debts | 170/4 | - | €14,121 | +€14,121 | |
| Amounts payable within one year | 42/48 | €52,803 | €31,793 | -€21,010 | -39.8% |
| Current portion of amounts payable after more than one year | 42 | €1,836 | €4,511 | +€2,675 | +146% |
| Financial debts | 43 | €56 | €264 | +€208 | +371% |
| Credit institutions | 430/8 | €56 | €264 | +€208 | +371% |
| Trade debts | 44 | €12,208 | €5,379 | -€6,830 | -55.9% |
| Suppliers | 440/4 | €12,208 | €5,379 | -€6,830 | -55.9% |
| Taxes, remuneration and social security | 45 | €9,372 | €11,061 | +€1,689 | +18.0% |
| Taxes | 450/3 | €9,372 | €6,651 | -€2,720 | -29.0% |
| Remuneration and social security | 454/9 | - | €4,409 | +€4,409 | |
| Other amounts payable | 47/48 | €29,331 | €10,579 | -€18,752 | -63.9% |
| Accrued charges and deferred income | 492/3 | €66 | €67 | +€1 | +2.0% |
| Remuneration, social security and pensions | 62 | - | €9,898 | +€9,898 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,244 | €1,924 | -€4,320 | -69.2% |
| Other operating charges | 640/8 | €1,822 | €2,212 | +€389 | +21.4% |
| Non-recurring operating charges | 66A | - | €595 | +€595 | |
| Gross operating margin | 9900 | €29,218 | €33,020 | +€3,802 | +13.0% |
| Operating profit (loss) | 9901 | €21,152 | €18,392 | -€2,760 | -13.0% |
| Financial income | 75/76B | €17 | €1 | -€16 | -94.3% |
| Recurring financial income | 75 | €17 | €1 | -€16 | -94.3% |
| Financial charges | 65/66B | €251 | €336 | +€85 | +33.8% |
| Recurring financial charges | 65 | €251 | €336 | +€85 | +33.8% |
| Profit (loss) for the period before taxes | 9903 | €20,918 | €18,057 | -€2,861 | -13.7% |
| Income taxes | 67/77 | €5,534 | €4,696 | -€837 | -15.1% |
| Profit (loss) for the period | 9904 | €15,384 | €13,360 | -€2,024 | -13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €15,384 | €13,360 | -€2,024 | -13.2% |
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 23 October 2026 via checked.be.