Laurent Donceel: 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 Donceel
Largest movements
- Cash +€120,810
up €120,810 (+159%), from €75,793 to €196,603
mainly Net result for the year (+€96,754) and Tax, wage and social debts (+€28,142)
- Receivables within one year +€6,591
up €6,591 (+265%), from €2,489 to €9,080
of which Other amounts receivable: +€8,939
- Reserves +€96,800
up €96,800 (+183%), from €53,000 to €149,800
- Tax, wage and social debts +€28,142
up €28,142 (+121%), from €23,222 to €51,365
- Trade debts +€2,380
up €2,380 (+738%), from €322 to €2,703
- Gross operating margin +€57,656
up €57,656 (+85.4%), from €67,484 to €125,140
- Taxes +€13,387
up €13,387 (+100%), from €13,350 to €26,737
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 | €79,688 | €206,965 | +€127,277 | +160% |
| Formation expenses | 20 | €1,407 | €0 | -€1,407 | -100% |
| Fixed assets | 21/28 | - | €1,283 | +€1,283 | |
| Tangible fixed assets | 22/27 | - | €1,283 | +€1,283 | |
| Furniture and vehicles | 24 | - | €1,283 | +€1,283 | |
| Current assets | 29/58 | €78,282 | €205,683 | +€127,401 | +163% |
| Amounts receivable within one year | 40/41 | €2,489 | €9,080 | +€6,591 | +265% |
| Trade receivables | 40 | €2,348 | €0 | -€2,348 | -100% |
| Other amounts receivable | 41 | €141 | €9,080 | +€8,939 | +6,358% |
| Cash at bank and in hand | 54/58 | €75,793 | €196,603 | +€120,810 | +159% |
| Total equity and liabilities | 10/49 | €79,688 | €206,965 | +€127,277 | +160% |
| Equity | 10/15 | €56,144 | €152,898 | +€96,754 | +172% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €53,000 | €149,800 | +€96,800 | +183% |
| Distributable reserves | 133 | €53,000 | €149,800 | +€96,800 | +183% |
| Profit (loss) carried forward | 14 | €144 | €98 | -€46 | -32.1% |
| Amounts payable | 17/49 | €23,545 | €54,068 | +€30,523 | +130% |
| Amounts payable within one year | 42/48 | €23,545 | €54,068 | +€30,523 | +130% |
| Trade debts | 44 | €322 | €2,703 | +€2,380 | +738% |
| Suppliers | 440/4 | €322 | €2,703 | +€2,380 | +738% |
| Taxes, remuneration and social security | 45 | €23,222 | €51,365 | +€28,142 | +121% |
| Taxes | 450/3 | €23,222 | €51,365 | +€28,142 | +121% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €909 | €1,574 | +€665 | +73.2% |
| Gross operating margin | 9900 | €67,484 | €125,140 | +€57,656 | +85.4% |
| Operating profit (loss) | 9901 | €66,575 | €123,565 | +€56,991 | +85.6% |
| Financial income | 75/76B | - | €129 | +€129 | |
| Recurring financial income | 75 | - | €129 | +€129 | |
| Financial charges | 65/66B | €81 | €204 | +€122 | +151% |
| Recurring financial charges | 65 | €81 | €204 | +€122 | +151% |
| Profit (loss) for the period before taxes | 9903 | €66,494 | €123,491 | +€56,997 | +85.7% |
| Income taxes | 67/77 | €13,350 | €26,737 | +€13,387 | +100% |
| Profit (loss) for the period | 9904 | €53,144 | €96,754 | +€43,610 | +82.1% |
| Profit (loss) for the period to be appropriated | 9905 | €53,144 | €96,754 | +€43,610 | +82.1% |
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 24 October 2026 via checked.be.