LE CANARD: 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.
LE CANARD
Largest movements
- Receivables within one year -€36,775
down €36,775 (-43.5%), from €84,512 to €47,737
of which Trade receivables: -€38,195
- Stocks and contracts +€6,103
up €6,103 (+8.7%), from €69,987 to €76,090
- Cash +€6,050
up €6,050 (+10.2%), from €59,421 to €65,471
mainly Receivables within one year (+€36,775) and Net result for the year (+€17,200)
- Trade debts -€45,638
down €45,638 (-40.2%), from €113,484 to €67,846
- Reserves +€17,190
up €17,190 (+145%), from €11,839 to €29,029
of which Distributable reserves: +€17,190
- Tax, wage and social debts +€3,503
up €3,503 (+207%), from €1,696 to €5,199
- Gross operating margin +€10,806
up €10,806 (+66.7%), from €16,198 to €27,004
- Taxes +€3,496
up €3,496 (+109%), from €3,203 to €6,699
- Financial charges -€665
down €665 (-20.9%), from €3,174 to €2,509
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 | €217,194 | €192,259 | -€24,935 | -11.5% |
| Fixed assets | 21/28 | €2,972 | €2,643 | -€329 | -11.1% |
| Tangible fixed assets | 22/27 | €2,935 | €2,604 | -€331 | -11.3% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €2,935 | €2,604 | -€331 | -11.3% |
| Financial fixed assets | 28 | €37 | €39 | +€2 | +5.4% |
| Current assets | 29/58 | €214,222 | €189,616 | -€24,606 | -11.5% |
| Stocks and contracts in progress | 3 | €69,987 | €76,090 | +€6,103 | +8.7% |
| Stocks | 30/36 | €69,987 | €76,090 | +€6,103 | +8.7% |
| Amounts receivable within one year | 40/41 | €84,512 | €47,737 | -€36,775 | -43.5% |
| Trade receivables | 40 | €84,512 | €46,317 | -€38,195 | -45.2% |
| Other amounts receivable | 41 | - | €1,420 | +€1,420 | |
| Cash at bank and in hand | 54/58 | €59,421 | €65,471 | +€6,050 | +10.2% |
| Deferred charges and accrued income | 490/1 | €302 | €318 | +€16 | +5.1% |
| Total equity and liabilities | 10/49 | €217,194 | €192,259 | -€24,935 | -11.5% |
| Equity | 10/15 | €102,014 | €119,214 | +€17,200 | +16.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €11,839 | €29,029 | +€17,190 | +145% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Distributable reserves | 133 | €8,740 | €25,930 | +€17,190 | +197% |
| Profit (loss) carried forward | 14 | €71,576 | €71,586 | +€10 | 0.0% |
| Amounts payable | 17/49 | €115,180 | €73,045 | -€42,135 | -36.6% |
| Amounts payable within one year | 42/48 | €115,180 | €73,045 | -€42,135 | -36.6% |
| Trade debts | 44 | €113,484 | €67,846 | -€45,638 | -40.2% |
| Suppliers | 440/4 | €113,484 | €67,846 | -€45,638 | -40.2% |
| Taxes, remuneration and social security | 45 | €1,696 | €5,199 | +€3,503 | +207% |
| Taxes | 450/3 | €1,696 | €5,199 | +€3,503 | +207% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €162 | €331 | +€169 | +104% |
| Other operating charges | 640/8 | €699 | €458 | -€241 | -34.4% |
| Non-recurring operating charges | 66A | €220 | €0 | -€220 | -100% |
| Gross operating margin | 9900 | €16,198 | €27,004 | +€10,806 | +66.7% |
| Operating profit (loss) | 9901 | €15,118 | €26,216 | +€11,098 | +73.4% |
| Financial income | 75/76B | €8 | €192 | +€184 | +2,275% |
| Recurring financial income | 75 | €8 | €192 | +€184 | +2,275% |
| Financial charges | 65/66B | €3,174 | €2,509 | -€665 | -20.9% |
| Recurring financial charges | 65 | €3,174 | €2,509 | -€665 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €11,953 | €23,899 | +€11,946 | +99.9% |
| Income taxes | 67/77 | €3,203 | €6,699 | +€3,496 | +109% |
| Profit (loss) for the period | 9904 | €8,749 | €17,200 | +€8,451 | +96.6% |
| Profit (loss) for the period to be appropriated | 9905 | €8,749 | €17,200 | +€8,451 | +96.6% |
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 19 October 2026 via checked.be.