LAURENT LERUITTE: 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 LERUITTE
Largest movements
- Stocks and contracts +€19,700
up €19,700 (+143%), from €13,800 to €33,500
of which Contracts in progress: +€15,000
- Receivables within one year +€7,883
up €7,883 (+5.0%), from €158,957 to €166,840
of which Trade receivables: +€12,515
- Tangible fixed assets -€5,623
down €5,623 (-98.0%), from €5,740 to €116
- Deferred charges and accrued income -€2,112
no longer reported in 2025 (was €2,112)
- Profit (loss) carried forward +€13,059
up €13,059 (+80.1%), from €16,307 to €29,367
- Trade debts +€10,538
new in 2025: €10,538
- Tax, wage and social debts -€5,323
down €5,323 (-48.5%), from €10,977 to €5,655
of which Taxes: -€5,001
- Other debts +€4,645
new in 2025: €4,645
- Debts after one year -€3,124
down €3,124 (-24.5%), from €12,772 to €9,648
- Gross operating margin +€25,182
up €25,182 (+57.5%), from €43,833 to €69,015
- Staff costs +€19,862
up €19,862 (+130%), from €15,270 to €35,131
- Financial charges -€1,734
down €1,734 (-16.2%), from €10,725 to €8,991
- Taxes +€1,390
up €1,390 (+41.8%), from €3,327 to €4,717
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €183,949 | €203,797 | +€19,848 | +10.8% |
| Fixed assets | 21/28 | €9,080 | €3,457 | -€5,623 | -61.9% |
| Tangible fixed assets | 22/27 | €5,740 | €116 | -€5,623 | -98.0% |
| Furniture and vehicles | 24 | €5,740 | €116 | -€5,623 | -98.0% |
| Financial fixed assets | 28 | €3,341 | €3,341 | = | 0.0% |
| Current assets | 29/58 | €174,869 | €200,340 | +€25,471 | +14.6% |
| Stocks and contracts in progress | 3 | €13,800 | €33,500 | +€19,700 | +143% |
| Stocks | 30/36 | €13,800 | €18,500 | +€4,700 | +34.1% |
| Contracts in progress | 37 | - | €15,000 | +€15,000 | |
| Amounts receivable within one year | 40/41 | €158,957 | €166,840 | +€7,883 | +5.0% |
| Trade receivables | 40 | €132,842 | €145,357 | +€12,515 | +9.4% |
| Other amounts receivable | 41 | €26,114 | €21,483 | -€4,632 | -17.7% |
| Deferred charges and accrued income | 490/1 | €2,112 | - | -€2,112 | |
| Total equity and liabilities | 10/49 | €183,949 | €203,797 | +€19,848 | +10.8% |
| Equity | 10/15 | €45,567 | €58,627 | +€13,059 | +28.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €16,860 | €16,860 | = | 0.0% |
| Distributable reserves | 133 | €16,860 | €16,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,307 | €29,367 | +€13,059 | +80.1% |
| Amounts payable | 17/49 | €138,382 | €145,170 | +€6,788 | +4.9% |
| Amounts payable after more than one year | 17 | €12,772 | €9,648 | -€3,124 | -24.5% |
| Financial debts | 170/4 | €12,772 | €9,648 | -€3,124 | -24.5% |
| Amounts payable within one year | 42/48 | €125,610 | €135,522 | +€9,912 | +7.9% |
| Financial debts | 43 | €114,633 | €114,685 | +€52 | 0.0% |
| Other loans | 439 | €114,633 | €114,685 | +€52 | 0.0% |
| Trade debts | 44 | - | €10,538 | +€10,538 | |
| Suppliers | 440/4 | - | €10,538 | +€10,538 | |
| Taxes, remuneration and social security | 45 | €10,977 | €5,655 | -€5,323 | -48.5% |
| Taxes | 450/3 | €9,715 | €4,714 | -€5,001 | -51.5% |
| Remuneration and social security | 454/9 | €1,263 | €941 | -€321 | -25.5% |
| Other amounts payable | 47/48 | - | €4,645 | +€4,645 | |
| Remuneration, social security and pensions | 62 | €15,270 | €35,131 | +€19,862 | +130% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,623 | €5,623 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,212 | €1,624 | +€412 | +34.0% |
| Gross operating margin | 9900 | €43,833 | €69,015 | +€25,182 | +57.5% |
| Operating profit (loss) | 9901 | €21,728 | €26,637 | +€4,908 | +22.6% |
| Financial income | 75/76B | €22 | €131 | +€109 | +490% |
| Recurring financial income | 75 | €22 | €131 | +€109 | +490% |
| Financial charges | 65/66B | €10,725 | €8,991 | -€1,734 | -16.2% |
| Recurring financial charges | 65 | €10,725 | €8,991 | -€1,734 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | €11,026 | €17,776 | +€6,751 | +61.2% |
| Income taxes | 67/77 | €3,327 | €4,717 | +€1,390 | +41.8% |
| Profit (loss) for the period | 9904 | €7,698 | €13,059 | +€5,361 | +69.6% |
| Profit (loss) for the period to be appropriated | 9905 | €7,698 | €13,059 | +€5,361 | +69.6% |
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.