Julien Leclercq: 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.
Julien Leclercq
Largest movements
- Cash +€38,408
up €38,408 (+93.2%), from €41,228 to €79,635
mainly Net result for the year (+€40,529) and Depreciation (+€2,096)
- Receivables within one year +€2,990
up €2,990 (+21.4%), from €13,948 to €16,938
of which Other amounts receivable: +€2,446
- Profit (loss) carried forward +€40,529
up €40,529 (+93.4%), from €43,399 to €83,929
- Gross operating margin -€2,250
down €2,250 (-4.0%), from €55,859 to €53,609
- Depreciation +€1,373
up €1,373 (+190%), from €724 to €2,096
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 | €63,574 | €103,556 | +€39,982 | +62.9% |
| Formation expenses | 20 | €814 | €609 | -€205 | -25.2% |
| Fixed assets | 21/28 | €6,929 | €6,373 | -€556 | -8.0% |
| Tangible fixed assets | 22/27 | €6,929 | €6,373 | -€556 | -8.0% |
| Furniture and vehicles | 24 | €4,413 | €4,446 | +€33 | +0.8% |
| Other tangible fixed assets | 26 | €2,516 | €1,927 | -€589 | -23.4% |
| Current assets | 29/58 | €55,830 | €96,574 | +€40,743 | +73.0% |
| Amounts receivable within one year | 40/41 | €13,948 | €16,938 | +€2,990 | +21.4% |
| Trade receivables | 40 | €12,306 | €12,850 | +€545 | +4.4% |
| Other amounts receivable | 41 | €1,643 | €4,088 | +€2,446 | +149% |
| Cash at bank and in hand | 54/58 | €41,228 | €79,635 | +€38,408 | +93.2% |
| Deferred charges and accrued income | 490/1 | €654 | - | -€654 | |
| Total equity and liabilities | 10/49 | €63,574 | €103,556 | +€39,982 | +62.9% |
| Equity | 10/15 | €45,899 | €86,429 | +€40,529 | +88.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,399 | €83,929 | +€40,529 | +93.4% |
| Amounts payable | 17/49 | €17,675 | €17,127 | -€547 | -3.1% |
| Amounts payable within one year | 42/48 | €17,675 | €17,127 | -€547 | -3.1% |
| Trade debts | 44 | €182 | €421 | +€239 | +132% |
| Suppliers | 440/4 | €182 | €421 | +€239 | +132% |
| Taxes, remuneration and social security | 45 | €17,493 | €16,707 | -€786 | -4.5% |
| Taxes | 450/3 | €17,493 | €16,707 | -€786 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €724 | €2,096 | +€1,373 | +190% |
| Other operating charges | 640/8 | €327 | €101 | -€226 | -69.1% |
| Gross operating margin | 9900 | €55,859 | €53,609 | -€2,250 | -4.0% |
| Operating profit (loss) | 9901 | €54,808 | €51,411 | -€3,397 | -6.2% |
| Financial charges | 65/66B | - | €175 | +€175 | |
| Recurring financial charges | 65 | - | €175 | +€175 | |
| Profit (loss) for the period before taxes | 9903 | €54,808 | €51,236 | -€3,572 | -6.5% |
| Income taxes | 67/77 | €11,238 | €10,707 | -€532 | -4.7% |
| Profit (loss) for the period | 9904 | €43,570 | €40,529 | -€3,041 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €43,570 | €40,529 | -€3,041 | -7.0% |
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 30 October 2026 via checked.be.