Laurens Despeghel: 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.
Laurens Despeghel
Largest movements
- Tangible fixed assets +€54,926
up €54,926 (+3,128%), from €1,756 to €56,682
of which Plant, machinery and equipment: +€32,500
- Cash -€23,095
down €23,095 (-17.4%), from €132,899 to €109,803
mainly Investment in fixed assets (net) (-€65,510) and Receivables after one year (-€10,000)
- Receivables after one year +€10,000
up €10,000 (+15.2%), from €66,000 to €76,000
- Financial fixed assets +€6,400
new in 2025: €6,400
- Deferred charges and accrued income +€4,227
new in 2025: €4,227
- Reserves +€44,071
up €44,071 (+24.2%), from €182,139 to €226,209
- Accrued charges and deferred income +€13,780
up €13,780 (+2,756%), from €500 to €14,280
- Tax, wage and social debts -€5,642
down €5,642 (-35.1%), from €16,085 to €10,444
- Gross operating margin -€18,059
down €18,059 (-23.6%), from €76,552 to €58,493
- Taxes -€5,513
down €5,513 (-34.3%), from €16,085 to €10,572
- Depreciation +€3,488
up €3,488 (+502%), from €695 to €4,184
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 | €205,390 | €259,085 | +€53,695 | +26.1% |
| Fixed assets | 21/28 | €1,756 | €63,082 | +€61,326 | +3,493% |
| Tangible fixed assets | 22/27 | €1,756 | €56,682 | +€54,926 | +3,128% |
| Plant, machinery and equipment | 23 | €1,756 | €34,255 | +€32,500 | +1,851% |
| Furniture and vehicles | 24 | - | €2,203 | +€2,203 | |
| Other tangible fixed assets | 26 | - | €20,224 | +€20,224 | |
| Financial fixed assets | 28 | - | €6,400 | +€6,400 | |
| Current assets | 29/58 | €203,634 | €196,003 | -€7,631 | -3.7% |
| Amounts receivable after more than one year | 29 | €66,000 | €76,000 | +€10,000 | +15.2% |
| Trade receivables | 290 | €66,000 | €76,000 | +€10,000 | +15.2% |
| Amounts receivable within one year | 40/41 | €4,736 | €5,973 | +€1,237 | +26.1% |
| Trade receivables | 40 | €4,736 | €5,973 | +€1,237 | +26.1% |
| Cash at bank and in hand | 54/58 | €132,899 | €109,803 | -€23,095 | -17.4% |
| Deferred charges and accrued income | 490/1 | - | €4,227 | +€4,227 | |
| Total equity and liabilities | 10/49 | €205,390 | €259,085 | +€53,695 | +26.1% |
| Equity | 10/15 | €187,139 | €231,209 | +€44,071 | +23.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €182,139 | €226,209 | +€44,071 | +24.2% |
| Distributable reserves | 133 | €182,139 | €226,209 | +€44,071 | +24.2% |
| Amounts payable | 17/49 | €18,251 | €27,875 | +€9,624 | +52.7% |
| Amounts payable within one year | 42/48 | €17,751 | €13,595 | -€4,156 | -23.4% |
| Trade debts | 44 | - | €2,513 | +€2,513 | |
| Suppliers | 440/4 | - | €2,513 | +€2,513 | |
| Taxes, remuneration and social security | 45 | €16,085 | €10,444 | -€5,642 | -35.1% |
| Taxes | 450/3 | €16,085 | €10,444 | -€5,642 | -35.1% |
| Other amounts payable | 47/48 | €1,666 | €639 | -€1,027 | -61.7% |
| Accrued charges and deferred income | 492/3 | €500 | €14,280 | +€13,780 | +2,756% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €695 | €4,184 | +€3,488 | +502% |
| Other operating charges | 640/8 | €1,462 | €1,826 | +€364 | +24.9% |
| Gross operating margin | 9900 | €76,552 | €58,493 | -€18,059 | -23.6% |
| Operating profit (loss) | 9901 | €74,395 | €52,484 | -€21,911 | -29.5% |
| Financial income | 75/76B | €1,575 | €2,204 | +€629 | +40.0% |
| Recurring financial income | 75 | €1,575 | €2,204 | +€629 | +40.0% |
| Financial charges | 65/66B | €44 | €45 | +€2 | +3.5% |
| Recurring financial charges | 65 | €44 | €45 | +€2 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €75,926 | €54,643 | -€21,283 | -28.0% |
| Income taxes | 67/77 | €16,085 | €10,572 | -€5,513 | -34.3% |
| Profit (loss) for the period | 9904 | €59,841 | €44,071 | -€15,771 | -26.4% |
| Profit (loss) for the period to be appropriated | 9905 | €59,841 | €44,071 | -€15,771 | -26.4% |
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 28 October 2026 via checked.be.