ISABELLE LAURIER: 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.
ISABELLE LAURIER
Largest movements
- Stocks and contracts -€66,169
down €66,169 (-16.2%), from €407,881 to €341,712
- Receivables within one year -€46,345
down €46,345 (-36.3%), from €127,576 to €81,230
of which Trade receivables: -€39,693
- Trade debts -€65,277
down €65,277 (-49.1%), from €132,957 to €67,679
- Short-term financial debts -€39,998
down €39,998 (-28.5%), from €140,563 to €100,565
of which Other loans: -€39,435
- Profit (loss) carried forward +€37,404
up €37,404 (+38.5%), from €97,202 to €134,606
- Debts after one year -€14,874
down €14,874 (-48.5%), from €30,687 to €15,814
- Accrued charges and deferred income -€10,527
down €10,527 (-66.8%), from €15,770 to €5,243
- Gross operating margin -€38,293
down €38,293 (-19.3%), from €198,732 to €160,439
- Financial charges -€10,846
down €10,846 (-40.7%), from €26,635 to €15,789
- Staff costs -€9,448
down €9,448 (-10.2%), from €92,708 to €83,260
- Taxes -€5,337
down €5,337 (-31.9%), from €16,720 to €11,383
- Financial income -€2,676
down €2,676 (-65.5%), from €4,087 to €1,411
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 | €610,906 | €500,668 | -€110,238 | -18.0% |
| Fixed assets | 21/28 | €25,337 | €20,345 | -€4,993 | -19.7% |
| Intangible fixed assets | 21 | €1,909 | €1,382 | -€527 | -27.6% |
| Tangible fixed assets | 22/27 | €23,429 | €18,963 | -€4,466 | -19.1% |
| Plant, machinery and equipment | 23 | €22,486 | €9,722 | -€12,764 | -56.8% |
| Furniture and vehicles | 24 | €942 | €9,241 | +€8,299 | +881% |
| Current assets | 29/58 | €585,568 | €480,324 | -€105,245 | -18.0% |
| Stocks and contracts in progress | 3 | €407,881 | €341,712 | -€66,169 | -16.2% |
| Stocks | 30/36 | €407,881 | €341,712 | -€66,169 | -16.2% |
| Amounts receivable within one year | 40/41 | €127,576 | €81,230 | -€46,345 | -36.3% |
| Trade receivables | 40 | €119,491 | €79,797 | -€39,693 | -33.2% |
| Other amounts receivable | 41 | €8,085 | €1,433 | -€6,652 | -82.3% |
| Cash at bank and in hand | 54/58 | €31,375 | €35,693 | +€4,318 | +13.8% |
| Deferred charges and accrued income | 490/1 | €18,737 | €21,689 | +€2,952 | +15.8% |
| Total equity and liabilities | 10/49 | €610,906 | €500,668 | -€110,238 | -18.0% |
| Equity | 10/15 | €236,240 | €273,644 | +€37,404 | +15.8% |
| Contributions | 10/11 | €10,551 | €10,551 | = | 0.0% |
| Reserves | 13 | €128,487 | €128,487 | = | 0.0% |
| Distributable reserves | 133 | €128,487 | €128,487 | = | 0.0% |
| Profit (loss) carried forward | 14 | €97,202 | €134,606 | +€37,404 | +38.5% |
| Amounts payable | 17/49 | €374,665 | €227,024 | -€147,641 | -39.4% |
| Amounts payable after more than one year | 17 | €30,687 | €15,814 | -€14,874 | -48.5% |
| Financial debts | 170/4 | €30,687 | €15,814 | -€14,874 | -48.5% |
| Amounts payable within one year | 42/48 | €328,208 | €205,967 | -€122,241 | -37.2% |
| Current portion of amounts payable after more than one year | 42 | €24,125 | €14,874 | -€9,252 | -38.3% |
| Financial debts | 43 | €140,563 | €100,565 | -€39,998 | -28.5% |
| Credit institutions | 430/8 | €563 | €0 | -€563 | -100% |
| Other loans | 439 | €140,000 | €100,565 | -€39,435 | -28.2% |
| Trade debts | 44 | €132,957 | €67,679 | -€65,277 | -49.1% |
| Suppliers | 440/4 | €132,957 | €67,679 | -€65,277 | -49.1% |
| Taxes, remuneration and social security | 45 | €28,006 | €21,529 | -€6,477 | -23.1% |
| Taxes | 450/3 | €16,720 | €13,727 | -€2,992 | -17.9% |
| Remuneration and social security | 454/9 | €11,286 | €7,801 | -€3,485 | -30.9% |
| Other amounts payable | 47/48 | €2,557 | €1,320 | -€1,237 | -48.4% |
| Accrued charges and deferred income | 492/3 | €15,770 | €5,243 | -€10,527 | -66.8% |
| Non-recurring operating income | 76A | €0 | €7,196 | +€7,196 | |
| Remuneration, social security and pensions | 62 | €92,708 | €83,260 | -€9,448 | -10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,975 | €9,941 | -€2,033 | -17.0% |
| Other operating charges | 640/8 | €1,995 | €1,923 | -€72 | -3.6% |
| Non-recurring operating charges | 66A | - | €2,149 | +€2,149 | |
| Gross operating margin | 9900 | €198,732 | €160,439 | -€38,293 | -19.3% |
| Operating profit (loss) | 9901 | €92,054 | €63,164 | -€28,890 | -31.4% |
| Financial income | 75/76B | €4,087 | €1,411 | -€2,676 | -65.5% |
| Recurring financial income | 75 | €4,087 | €1,411 | -€2,676 | -65.5% |
| Financial charges | 65/66B | €26,635 | €15,789 | -€10,846 | -40.7% |
| Recurring financial charges | 65 | €26,635 | €15,789 | -€10,846 | -40.7% |
| Profit (loss) for the period before taxes | 9903 | €69,505 | €48,786 | -€20,719 | -29.8% |
| Income taxes | 67/77 | €16,720 | €11,383 | -€5,337 | -31.9% |
| Profit (loss) for the period | 9904 | €52,786 | €37,404 | -€15,382 | -29.1% |
| Profit (loss) for the period to be appropriated | 9905 | €52,786 | €37,404 | -€15,382 | -29.1% |
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 16 October 2026 via checked.be.