LAURA SEGERS: 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.
LAURA SEGERS
Largest movements
- Cash +€154,382
up €154,382 (+57.5%), from €268,665 to €423,047
mainly Net result for the year (+€169,770) and Short-term financial debts (+€125,000)
- Stocks and contracts +€127,368
up €127,368 (+87.9%), from €144,837 to €272,205
- Tangible fixed assets -€61,434
down €61,434 (-5.2%), from €1.2m to €1.1m
of which Leasing and similar rights: -€87,600
- Reserves +€169,770
up €169,770 (+41.0%), from €413,792 to €583,561
- Current portion of long-term debt -€125,274
down €125,274 (-72.6%), from €172,529 to €47,254
- Short-term financial debts +€125,000
new in 2025: €125,000
- Debts after one year -€47,254
down €47,254 (-4.8%), from €990,664 to €943,410
- Advances received +€32,758
new in 2025: €32,758
- Gross operating margin +€256,637
up €256,637 (+57.3%), from €447,682 to €704,319
- Staff costs +€78,990
up €78,990 (+51.6%), from €153,202 to €232,192
- Taxes +€66,542
up €66,542 (+434%), from €15,342 to €81,883
- Depreciation +€19,305
up €19,305 (+21.4%), from €90,165 to €109,470
- Financial charges +€16,381
up €16,381 (+18.0%), from €90,773 to €107,154
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 | €1,734,576 | €1,935,221 | +€200,645 | +11.6% |
| Fixed assets | 21/28 | €1,183,844 | €1,117,646 | -€66,199 | -5.6% |
| Intangible fixed assets | 21 | €11,690 | €6,926 | -€4,764 | -40.8% |
| Tangible fixed assets | 22/27 | €1,172,154 | €1,110,720 | -€61,434 | -5.2% |
| Plant, machinery and equipment | 23 | €5,104 | €40,996 | +€35,892 | +703% |
| Furniture and vehicles | 24 | €40,861 | €31,135 | -€9,726 | -23.8% |
| Leasing and similar rights | 25 | €1,126,189 | €1,038,589 | -€87,600 | -7.8% |
| Current assets | 29/58 | €550,732 | €817,576 | +€266,844 | +48.5% |
| Stocks and contracts in progress | 3 | €144,837 | €272,205 | +€127,368 | +87.9% |
| Stocks | 30/36 | €144,837 | €272,205 | +€127,368 | +87.9% |
| Amounts receivable within one year | 40/41 | €132,368 | €113,593 | -€18,775 | -14.2% |
| Trade receivables | 40 | €1,141 | €9,334 | +€8,193 | +718% |
| Other amounts receivable | 41 | €131,227 | €104,259 | -€26,968 | -20.6% |
| Cash at bank and in hand | 54/58 | €268,665 | €423,047 | +€154,382 | +57.5% |
| Deferred charges and accrued income | 490/1 | €4,862 | €8,731 | +€3,869 | +79.6% |
| Total equity and liabilities | 10/49 | €1,734,576 | €1,935,221 | +€200,645 | +11.6% |
| Equity | 10/15 | €414,792 | €584,561 | +€169,770 | +40.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €413,792 | €583,561 | +€169,770 | +41.0% |
| Distributable reserves | 133 | €413,792 | €583,561 | +€169,770 | +41.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,319,784 | €1,350,660 | +€30,875 | +2.3% |
| Amounts payable after more than one year | 17 | €990,664 | €943,410 | -€47,254 | -4.8% |
| Financial debts | 170/4 | €990,664 | €943,410 | -€47,254 | -4.8% |
| Amounts payable within one year | 42/48 | €329,121 | €407,250 | +€78,130 | +23.7% |
| Current portion of amounts payable after more than one year | 42 | €172,529 | €47,254 | -€125,274 | -72.6% |
| Financial debts | 43 | - | €125,000 | +€125,000 | |
| Credit institutions | 430/8 | - | €125,000 | +€125,000 | |
| Trade debts | 44 | €48,598 | €63,686 | +€15,088 | +31.0% |
| Suppliers | 440/4 | €48,598 | €63,686 | +€15,088 | +31.0% |
| Advances received on contracts in progress | 46 | - | €32,758 | +€32,758 | |
| Taxes, remuneration and social security | 45 | €107,994 | €138,551 | +€30,557 | +28.3% |
| Taxes | 450/3 | €76,498 | €91,438 | +€14,940 | +19.5% |
| Remuneration and social security | 454/9 | €31,496 | €47,113 | +€15,617 | +49.6% |
| Non-recurring operating income | 76A | - | €10,300 | +€10,300 | |
| Remuneration, social security and pensions | 62 | €153,202 | €232,192 | +€78,990 | +51.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,165 | €109,470 | +€19,305 | +21.4% |
| Other operating charges | 640/8 | €11,299 | €6,082 | -€5,217 | -46.2% |
| Gross operating margin | 9900 | €447,682 | €704,319 | +€256,637 | +57.3% |
| Operating profit (loss) | 9901 | €193,016 | €356,575 | +€163,559 | +84.7% |
| Financial income | 75/76B | €1,288 | €2,232 | +€944 | +73.4% |
| Recurring financial income | 75 | €1,288 | €2,232 | +€944 | +73.4% |
| Financial charges | 65/66B | €90,773 | €107,154 | +€16,381 | +18.0% |
| Recurring financial charges | 65 | €90,773 | €107,154 | +€16,381 | +18.0% |
| Profit (loss) for the period before taxes | 9903 | €103,531 | €251,653 | +€148,122 | +143% |
| Income taxes | 67/77 | €15,342 | €81,883 | +€66,542 | +434% |
| Profit (loss) for the period | 9904 | €88,189 | €169,770 | +€81,580 | +92.5% |
| Profit (loss) for the period to be appropriated | 9905 | €88,189 | €169,770 | +€81,580 | +92.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.