Laurent DUVIVIER: 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 DUVIVIER
Largest movements
- Receivables within one year +€25,995
up €25,995 (+290%), from €8,964 to €34,959
- Tangible fixed assets +€19,447
up €19,447 (+436%), from €4,461 to €23,908
- Cash -€16,584
down €16,584 (-34.1%), from €48,641 to €32,057
mainly Receivables within one year (-€25,995) and Investment in fixed assets (net) (-€25,000)
- Stocks and contracts -€6,072
down €6,072 (-5.0%), from €121,774 to €115,702
- Debts after one year +€23,958
new in 2025: €23,958
- Profit (loss) carried forward +€7,526
up €7,526, from -€3,200 to €4,325
- Tax, wage and social debts -€3,650
down €3,650 (-22.1%), from €16,495 to €12,844
of which Taxes: -€5,067
- Current portion of long-term debt -€3,278
no longer reported in 2025 (was €3,278)
- Gross operating margin +€19,930
up €19,930, from -€4,196 to €15,735
- Financial income -€905
down €905 (-41.4%), from €2,188 to €1,283
- Depreciation +€697
up €697 (+14.4%), from €4,856 to €5,553
- Taxes +€226
new in 2025: €226
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 | €184,965 | €208,077 | +€23,112 | +12.5% |
| Fixed assets | 21/28 | €4,461 | €23,908 | +€19,447 | +436% |
| Tangible fixed assets | 22/27 | €4,461 | €23,908 | +€19,447 | +436% |
| Furniture and vehicles | 24 | €4,461 | €23,908 | +€19,447 | +436% |
| Current assets | 29/58 | €180,504 | €184,169 | +€3,665 | +2.0% |
| Stocks and contracts in progress | 3 | €121,774 | €115,702 | -€6,072 | -5.0% |
| Stocks | 30/36 | €121,774 | €115,702 | -€6,072 | -5.0% |
| Amounts receivable within one year | 40/41 | €8,964 | €34,959 | +€25,995 | +290% |
| Trade receivables | 40 | €8,964 | €34,959 | +€25,995 | +290% |
| Cash at bank and in hand | 54/58 | €48,641 | €32,057 | -€16,584 | -34.1% |
| Deferred charges and accrued income | 490/1 | €1,125 | €1,450 | +€326 | +29.0% |
| Total equity and liabilities | 10/49 | €184,965 | €208,077 | +€23,112 | +12.5% |
| Equity | 10/15 | €157,260 | €164,785 | +€7,526 | +4.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €141,860 | €141,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €40,000 | €40,000 | = | 0.0% |
| Distributable reserves | 133 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,200 | €4,325 | +€7,526 | |
| Amounts payable | 17/49 | €27,705 | €43,292 | +€15,586 | +56.3% |
| Amounts payable after more than one year | 17 | - | €23,958 | +€23,958 | |
| Financial debts | 170/4 | - | €23,958 | +€23,958 | |
| Amounts payable within one year | 42/48 | €27,705 | €19,333 | -€8,372 | -30.2% |
| Current portion of amounts payable after more than one year | 42 | €3,278 | - | -€3,278 | |
| Trade debts | 44 | €7,252 | €6,331 | -€921 | -12.7% |
| Suppliers | 440/4 | €7,252 | €6,331 | -€921 | -12.7% |
| Taxes, remuneration and social security | 45 | €16,495 | €12,844 | -€3,650 | -22.1% |
| Taxes | 450/3 | €14,580 | €9,513 | -€5,067 | -34.8% |
| Remuneration and social security | 454/9 | €1,914 | €3,331 | +€1,417 | +74.0% |
| Other amounts payable | 47/48 | €681 | €158 | -€523 | -76.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,856 | €5,553 | +€697 | +14.4% |
| Other operating charges | 640/8 | €605 | €726 | +€121 | +19.9% |
| Non-recurring operating charges | 66A | €111 | - | -€111 | |
| Gross operating margin | 9900 | -€4,196 | €15,735 | +€19,930 | |
| Operating profit (loss) | 9901 | -€9,768 | €9,455 | +€19,224 | |
| Financial income | 75/76B | €2,188 | €1,283 | -€905 | -41.4% |
| Recurring financial income | 75 | €2,188 | €1,283 | -€905 | -41.4% |
| Financial charges | 65/66B | €2,832 | €2,986 | +€155 | +5.5% |
| Recurring financial charges | 65 | €2,832 | €2,986 | +€155 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | -€10,412 | €7,752 | +€18,164 | |
| Income taxes | 67/77 | - | €226 | +€226 | |
| Profit (loss) for the period | 9904 | -€10,412 | €7,526 | +€17,938 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,412 | €7,526 | +€17,938 |
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 25 October 2026 via checked.be.