La Haute Cour: what changed
La Haute Cour
Largest movements
- Cash +€15,225
up €15,225 (+23.2%), from €65,586 to €80,812
mainly Net result for the year (+€22,073) and Depreciation (+€18,172)
- Tangible fixed assets -€5,583
down €5,583 (-9.6%), from €57,929 to €52,346
of which Leasing and similar rights: -€6,732
- Stocks and contracts +€4,654
up €4,654 (+83.8%), from €5,554 to €10,208
- Receivables within one year -€3,881
down €3,881 (-21.8%), from €17,766 to €13,885
of which Other amounts receivable: -€2,750
- Reserves +€22,073
up €22,073 (+38.0%), from €58,105 to €80,178
- Tax, wage and social debts -€7,010
no longer reported in 2025 (was €7,010)
- Debts after one year -€6,602
down €6,602 (-28.2%), from €23,372 to €16,770
- Trade debts +€2,449
up €2,449 (+22.1%), from €11,078 to €13,527
- Gross operating margin +€15,153
up €15,153 (+36.3%), from €41,689 to €56,842
- Taxes +€4,378
up €4,378 (+77.3%), from €5,663 to €10,041
- Depreciation +€4,362
up €4,362 (+31.6%), from €13,809 to €18,172
- Other operating charges -€1,903
down €1,903 (-45.0%), from €4,225 to €2,322
- Write-downs +€600
new in 2025: €600
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €147,590 | €157,251 | +€9,661 | +6.5% |
| Fixed assets | 21/28 | €57,929 | €52,346 | -€5,583 | -9.6% |
| Tangible fixed assets | 22/27 | €57,929 | €52,346 | -€5,583 | -9.6% |
| Plant, machinery and equipment | 23 | €27,995 | €29,568 | +€1,572 | +5.6% |
| Leasing and similar rights | 25 | €29,510 | €22,778 | -€6,732 | -22.8% |
| Other tangible fixed assets | 26 | €424 | - | -€424 | |
| Current assets | 29/58 | €89,660 | €104,905 | +€15,245 | +17.0% |
| Stocks and contracts in progress | 3 | €5,554 | €10,208 | +€4,654 | +83.8% |
| Stocks | 30/36 | €5,554 | €10,208 | +€4,654 | +83.8% |
| Amounts receivable within one year | 40/41 | €17,766 | €13,885 | -€3,881 | -21.8% |
| Trade receivables | 40 | €9,087 | €7,956 | -€1,131 | -12.4% |
| Other amounts receivable | 41 | €8,679 | €5,929 | -€2,750 | -31.7% |
| Cash at bank and in hand | 54/58 | €65,586 | €80,812 | +€15,225 | +23.2% |
| Deferred charges and accrued income | 490/1 | €754 | - | -€754 | |
| Total equity and liabilities | 10/49 | €147,590 | €157,251 | +€9,661 | +6.5% |
| Equity | 10/15 | €76,705 | €98,778 | +€22,073 | +28.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €58,105 | €80,178 | +€22,073 | +38.0% |
| Distributable reserves | 133 | €58,105 | €80,178 | +€22,073 | +38.0% |
| Amounts payable | 17/49 | €70,884 | €58,473 | -€12,412 | -17.5% |
| Amounts payable after more than one year | 17 | €23,372 | €16,770 | -€6,602 | -28.2% |
| Financial debts | 170/4 | €23,372 | €16,770 | -€6,602 | -28.2% |
| Amounts payable within one year | 42/48 | €45,798 | €40,239 | -€5,559 | -12.1% |
| Current portion of amounts payable after more than one year | 42 | €6,276 | €6,602 | +€326 | +5.2% |
| Trade debts | 44 | €11,078 | €13,527 | +€2,449 | +22.1% |
| Suppliers | 440/4 | €11,078 | €13,527 | +€2,449 | +22.1% |
| Taxes, remuneration and social security | 45 | €7,010 | - | -€7,010 | |
| Taxes | 450/3 | €7,010 | - | -€7,010 | |
| Other amounts payable | 47/48 | €21,434 | €20,110 | -€1,323 | -6.2% |
| Accrued charges and deferred income | 492/3 | €1,714 | €1,463 | -€251 | -14.6% |
| Non-recurring operating income | 76A | - | €500 | +€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,809 | €18,172 | +€4,362 | +31.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €600 | +€600 | |
| Other operating charges | 640/8 | €4,225 | €2,322 | -€1,903 | -45.0% |
| Non-recurring operating charges | 66A | - | €112 | +€112 | |
| Gross operating margin | 9900 | €41,689 | €56,842 | +€15,153 | +36.3% |
| Operating profit (loss) | 9901 | €23,655 | €35,637 | +€11,981 | +50.6% |
| Financial income | 75/76B | €0 | €2 | +€2 | +7,800% |
| Recurring financial income | 75 | €0 | €2 | +€2 | +7,800% |
| Financial charges | 65/66B | €3,581 | €3,524 | -€56 | -1.6% |
| Recurring financial charges | 65 | €3,581 | €3,524 | -€56 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | €20,075 | €32,114 | +€12,039 | +60.0% |
| Income taxes | 67/77 | €5,663 | €10,041 | +€4,378 | +77.3% |
| Profit (loss) for the period | 9904 | €14,412 | €22,073 | +€7,661 | +53.2% |
| Profit (loss) for the period to be appropriated | 9905 | €14,412 | €22,073 | +€7,661 | +53.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.