Laurent Hubert: 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 Hubert
Largest movements
- Cash +€37,392
up €37,392 (+289%), from €12,926 to €50,318
mainly Depreciation (+€64,696) and Net result for the year (+€47,725)
- Receivables within one year -€34,458
down €34,458 (-86.1%), from €40,008 to €5,549
of which Trade receivables: -€37,424
- Tangible fixed assets -€33,844
down €33,844 (-11.0%), from €309,045 to €275,200
- Profit (loss) carried forward +€47,725
up €47,725 (+21,657%), from €220 to €47,946
- Debts after one year -€31,326
down €31,326 (-17.7%), from €177,237 to €145,911
- Other debts -€21,590
down €21,590 (-46.7%), from €46,241 to €24,651
- Current portion of long-term debt -€18,041
down €18,041 (-36.5%), from €49,367 to €31,326
- Tax, wage and social debts -€5,181
down €5,181 (-95.3%), from €5,434 to €254
of which Taxes: -€4,430
- Gross operating margin +€38,355
up €38,355 (+34.6%), from €110,856 to €149,212
- Taxes +€6,722
up €6,722 (+91.9%), from €7,312 to €14,033
- Depreciation +€6,527
up €6,527 (+11.2%), from €58,169 to €64,696
- Financial charges -€2,926
down €2,926 (-22.1%), from €13,211 to €10,286
- Staff costs -€2,649
down €2,649 (-22.9%), from €11,547 to €8,898
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 | €365,799 | €335,782 | -€30,017 | -8.2% |
| Fixed assets | 21/28 | €309,045 | €275,200 | -€33,844 | -11.0% |
| Tangible fixed assets | 22/27 | €309,045 | €275,200 | -€33,844 | -11.0% |
| Land and buildings | 22 | €129,881 | €124,505 | -€5,376 | -4.1% |
| Plant, machinery and equipment | 23 | €115,841 | €101,521 | -€14,319 | -12.4% |
| Furniture and vehicles | 24 | €56,963 | €49,174 | -€7,789 | -13.7% |
| Leasing and similar rights | 25 | €6,360 | - | -€6,360 | |
| Current assets | 29/58 | €56,754 | €60,582 | +€3,828 | +6.7% |
| Amounts receivable within one year | 40/41 | €40,008 | €5,549 | -€34,458 | -86.1% |
| Trade receivables | 40 | €40,008 | €2,584 | -€37,424 | -93.5% |
| Other amounts receivable | 41 | - | €2,966 | +€2,966 | |
| Cash at bank and in hand | 54/58 | €12,926 | €50,318 | +€37,392 | +289% |
| Deferred charges and accrued income | 490/1 | €3,820 | €4,714 | +€895 | +23.4% |
| Total equity and liabilities | 10/49 | €365,799 | €335,782 | -€30,017 | -8.2% |
| Equity | 10/15 | €82,980 | €130,705 | +€47,725 | +57.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €79,759 | €79,759 | = | 0.0% |
| Distributable reserves | 133 | €79,759 | €79,759 | = | 0.0% |
| Profit (loss) carried forward | 14 | €220 | €47,946 | +€47,725 | +21,657% |
| Amounts payable | 17/49 | €282,819 | €205,077 | -€77,742 | -27.5% |
| Amounts payable after more than one year | 17 | €177,237 | €145,911 | -€31,326 | -17.7% |
| Financial debts | 170/4 | €177,237 | €145,911 | -€31,326 | -17.7% |
| Amounts payable within one year | 42/48 | €101,710 | €58,081 | -€43,629 | -42.9% |
| Current portion of amounts payable after more than one year | 42 | €49,367 | €31,326 | -€18,041 | -36.5% |
| Trade debts | 44 | €668 | €1,851 | +€1,183 | +177% |
| Suppliers | 440/4 | €668 | €1,851 | +€1,183 | +177% |
| Taxes, remuneration and social security | 45 | €5,434 | €254 | -€5,181 | -95.3% |
| Taxes | 450/3 | €4,439 | €9 | -€4,430 | -99.8% |
| Remuneration and social security | 454/9 | €996 | €244 | -€751 | -75.5% |
| Other amounts payable | 47/48 | €46,241 | €24,651 | -€21,590 | -46.7% |
| Accrued charges and deferred income | 492/3 | €3,871 | €1,085 | -€2,787 | -72.0% |
| Remuneration, social security and pensions | 62 | €11,547 | €8,898 | -€2,649 | -22.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,169 | €64,696 | +€6,527 | +11.2% |
| Other operating charges | 640/8 | €2,893 | €3,599 | +€706 | +24.4% |
| Gross operating margin | 9900 | €110,856 | €149,212 | +€38,355 | +34.6% |
| Operating profit (loss) | 9901 | €38,248 | €72,019 | +€33,771 | +88.3% |
| Financial income | 75/76B | €35 | €25 | -€10 | -27.5% |
| Recurring financial income | 75 | €35 | €25 | -€10 | -27.5% |
| Financial charges | 65/66B | €13,211 | €10,286 | -€2,926 | -22.1% |
| Recurring financial charges | 65 | €13,211 | €10,286 | -€2,926 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €25,071 | €61,759 | +€36,687 | +146% |
| Income taxes | 67/77 | €7,312 | €14,033 | +€6,722 | +91.9% |
| Profit (loss) for the period | 9904 | €17,759 | €47,725 | +€29,966 | +169% |
| Profit (loss) for the period to be appropriated | 9905 | €17,759 | €47,725 | +€29,966 | +169% |
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 20 October 2026 via checked.be.