LAURENT DENIS: 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.
LAURENT DENIS
Largest movements
- Receivables within one year +€75,174
up €75,174 (+138%), from €54,307 to €129,481
of which Other amounts receivable: +€69,733
- Cash +€18,137
up €18,137 (+8.1%), from €223,439 to €241,576
mainly Other debts (+€212,500) and Net result for the year (+€78,326)
- Tangible fixed assets -€12,978
down €12,978 (-32.1%), from €40,418 to €27,440
- Receivables after one year -€7,220
down €7,220 (-2.8%), from €261,062 to €253,842
- Other debts +€212,500
up €212,500 (+2,943%), from €7,220 to €219,720
- Reserves -€156,208
down €156,208 (-31.2%), from €500,072 to €343,864
of which Distributable reserves: -€156,208
- Tax, wage and social debts +€19,986
up €19,986 (+120%), from €16,630 to €36,616
- Gross operating margin -€12,239
down €12,239 (-9.1%), from €135,164 to €122,925
- Taxes -€4,214
down €4,214 (-11.0%), from €38,330 to €34,115
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 | €579,660 | €652,773 | +€73,114 | +12.6% |
| Fixed assets | 21/28 | €40,752 | €27,774 | -€12,978 | -31.8% |
| Tangible fixed assets | 22/27 | €40,418 | €27,440 | -€12,978 | -32.1% |
| Furniture and vehicles | 24 | €40,418 | €27,440 | -€12,978 | -32.1% |
| Financial fixed assets | 28 | €334 | €334 | = | 0.0% |
| Current assets | 29/58 | €538,908 | €624,999 | +€86,091 | +16.0% |
| Amounts receivable after more than one year | 29 | €261,062 | €253,842 | -€7,220 | -2.8% |
| Other amounts receivable | 291 | €261,062 | €253,842 | -€7,220 | -2.8% |
| Amounts receivable within one year | 40/41 | €54,307 | €129,481 | +€75,174 | +138% |
| Trade receivables | 40 | €21,668 | €27,109 | +€5,441 | +25.1% |
| Other amounts receivable | 41 | €32,639 | €102,372 | +€69,733 | +214% |
| Cash at bank and in hand | 54/58 | €223,439 | €241,576 | +€18,137 | +8.1% |
| Deferred charges and accrued income | 490/1 | €100 | €100 | = | 0.0% |
| Total equity and liabilities | 10/49 | €579,660 | €652,773 | +€73,114 | +12.6% |
| Equity | 10/15 | €506,272 | €350,064 | -€156,208 | -30.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €500,072 | €343,864 | -€156,208 | -31.2% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €481,322 | €325,114 | -€156,208 | -32.5% |
| Provisions and deferred taxes | 16 | €22,400 | €22,400 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €22,400 | €22,400 | = | 0.0% |
| Pensions and similar obligations | 160 | €22,400 | €22,400 | = | 0.0% |
| Amounts payable | 17/49 | €50,987 | €280,309 | +€229,322 | +450% |
| Amounts payable within one year | 42/48 | €50,987 | €280,309 | +€229,322 | +450% |
| Trade debts | 44 | €27,137 | €23,972 | -€3,165 | -11.7% |
| Suppliers | 440/4 | €27,137 | €23,972 | -€3,165 | -11.7% |
| Taxes, remuneration and social security | 45 | €16,630 | €36,616 | +€19,986 | +120% |
| Taxes | 450/3 | €16,630 | €36,616 | +€19,986 | +120% |
| Other amounts payable | 47/48 | €7,220 | €219,720 | +€212,500 | +2,943% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,754 | €16,025 | -€729 | -4.4% |
| Other operating charges | 640/8 | €474 | €693 | +€219 | +46.3% |
| Gross operating margin | 9900 | €135,164 | €122,925 | -€12,239 | -9.1% |
| Operating profit (loss) | 9901 | €117,936 | €106,207 | -€11,729 | -9.9% |
| Financial income | 75/76B | €7,846 | €6,823 | -€1,023 | -13.0% |
| Recurring financial income | 75 | €7,846 | €6,823 | -€1,023 | -13.0% |
| Financial charges | 65/66B | €596 | €588 | -€8 | -1.4% |
| Recurring financial charges | 65 | €596 | €588 | -€8 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | €125,186 | €112,441 | -€12,744 | -10.2% |
| Income taxes | 67/77 | €38,330 | €34,115 | -€4,214 | -11.0% |
| Profit (loss) for the period | 9904 | €86,856 | €78,326 | -€8,530 | -9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €86,856 | €78,326 | -€8,530 | -9.8% |
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 31 October 2026 via checked.be.