LAURENCE LEFEBVRE: 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.
LAURENCE LEFEBVRE
Largest movements
- Cash +€17,102
up €17,102 (+30.1%), from €56,885 to €73,987
mainly Net result for the year (+€44,143) and Depreciation (+€39,891)
- Receivables within one year +€12,461
up €12,461 (+7.9%), from €157,960 to €170,420
of which Trade receivables: +€11,920
- Tangible fixed assets -€10,221
down €10,221 (-2.4%), from €425,744 to €415,523
of which Land and buildings: -€20,500
- Reserves +€27,455
up €27,455 (+29.6%), from €92,845 to €120,300
- Debts after one year -€27,348
down €27,348 (-12.4%), from €220,713 to €193,365
- Other debts +€7,393
up €7,393 (+4.2%), from €177,890 to €185,283
- Tax, wage and social debts +€7,082
up €7,082 (+44.6%), from €15,889 to €22,971
of which Taxes: +€10,688
- Taxes +€11,304
up €11,304 (+357%), from €3,168 to €14,471
- Gross operating margin +€9,955
up €9,955 (+8.4%), from €118,179 to €128,135
- Staff costs -€6,537
down €6,537 (-26.5%), from €24,631 to €18,094
- Depreciation +€1,739
up €1,739 (+4.6%), from €38,152 to €39,891
- Write-downs -€1,361
down €1,361, from €1,082 to -€280
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 | €641,887 | €662,470 | +€20,582 | +3.2% |
| Fixed assets | 21/28 | €425,965 | €415,744 | -€10,221 | -2.4% |
| Tangible fixed assets | 22/27 | €425,744 | €415,523 | -€10,221 | -2.4% |
| Land and buildings | 22 | €319,514 | €299,013 | -€20,500 | -6.4% |
| Plant, machinery and equipment | 23 | €63,124 | €81,654 | +€18,530 | +29.4% |
| Furniture and vehicles | 24 | €43,106 | €34,855 | -€8,251 | -19.1% |
| Financial fixed assets | 28 | €221 | €221 | = | 0.0% |
| Current assets | 29/58 | €215,922 | €246,726 | +€30,803 | +14.3% |
| Amounts receivable within one year | 40/41 | €157,960 | €170,420 | +€12,461 | +7.9% |
| Trade receivables | 40 | €157,665 | €169,585 | +€11,920 | +7.6% |
| Other amounts receivable | 41 | €295 | €835 | +€540 | +183% |
| Cash at bank and in hand | 54/58 | €56,885 | €73,987 | +€17,102 | +30.1% |
| Deferred charges and accrued income | 490/1 | €1,077 | €2,318 | +€1,241 | +115% |
| Total equity and liabilities | 10/49 | €641,887 | €662,470 | +€20,582 | +3.2% |
| Equity | 10/15 | €113,439 | €143,036 | +€29,597 | +26.1% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €92,845 | €120,300 | +€27,455 | +29.6% |
| Distributable reserves | 133 | €92,845 | €120,300 | +€27,455 | +29.6% |
| Profit (loss) carried forward | 14 | €134 | €2,276 | +€2,143 | +1,603% |
| Amounts payable | 17/49 | €528,448 | €519,433 | -€9,015 | -1.7% |
| Amounts payable after more than one year | 17 | €220,713 | €193,365 | -€27,348 | -12.4% |
| Financial debts | 170/4 | €220,713 | €193,365 | -€27,348 | -12.4% |
| Amounts payable within one year | 42/48 | €307,735 | €326,068 | +€18,333 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €29,306 | €27,348 | -€1,958 | -6.7% |
| Trade debts | 44 | €84,650 | €90,466 | +€5,816 | +6.9% |
| Suppliers | 440/4 | €84,650 | €90,466 | +€5,816 | +6.9% |
| Taxes, remuneration and social security | 45 | €15,889 | €22,971 | +€7,082 | +44.6% |
| Taxes | 450/3 | €9,228 | €19,916 | +€10,688 | +116% |
| Remuneration and social security | 454/9 | €6,660 | €3,055 | -€3,606 | -54.1% |
| Other amounts payable | 47/48 | €177,890 | €185,283 | +€7,393 | +4.2% |
| Remuneration, social security and pensions | 62 | €24,631 | €18,094 | -€6,537 | -26.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,152 | €39,891 | +€1,739 | +4.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,082 | -€280 | -€1,361 | |
| Other operating charges | 640/8 | €1,862 | €1,661 | -€201 | -10.8% |
| Gross operating margin | 9900 | €118,179 | €128,135 | +€9,955 | +8.4% |
| Operating profit (loss) | 9901 | €52,453 | €68,768 | +€16,315 | +31.1% |
| Financial income | 75/76B | €28 | €186 | +€158 | +570% |
| Recurring financial income | 75 | €28 | €186 | +€158 | +570% |
| Financial charges | 65/66B | €10,359 | €10,340 | -€19 | -0.2% |
| Recurring financial charges | 65 | €10,359 | €10,340 | -€19 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €42,122 | €58,614 | +€16,492 | +39.2% |
| Income taxes | 67/77 | €3,168 | €14,471 | +€11,304 | +357% |
| Profit (loss) for the period | 9904 | €38,954 | €44,143 | +€5,189 | +13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €38,954 | €44,143 | +€5,189 | +13.3% |
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 18 October 2026 via checked.be.