LE CHIFFRE: 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 CHIFFRE
Largest movements
- Cash +€474,763
up €474,763 (+50.6%), from €938,883 to €1.4m
mainly Net result for the year (+€409,952) and Other debts (+€278,686)
- Current investments -€91,732
down €91,732 (-14.6%), from €627,951 to €536,218
- Tangible fixed assets -€33,994
down €33,994 (-7.1%), from €478,510 to €444,515
of which Leasing and similar rights: -€19,500
- Other debts +€278,686
up €278,686 (+137%), from €202,900 to €481,586
- Reserves +€109,952
up €109,952 (+6.4%), from €1.7m to €1.8m
of which Distributable reserves: +€111,196
- Debts after one year -€27,379
down €27,379 (-20.9%), from €131,279 to €103,900
- Financial income +€89,921
up €89,921 (+35.0%), from €256,586 to €346,507
- Gross operating margin +€15,039
up €15,039 (+11.3%), from €133,555 to €148,595
- Financial charges -€4,981
down €4,981 (-20.8%), from €24,003 to €19,021
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 | €2,120,300 | €2,482,563 | +€362,263 | +17.1% |
| Fixed assets | 21/28 | €510,946 | €476,952 | -€33,994 | -6.7% |
| Tangible fixed assets | 22/27 | €478,510 | €444,515 | -€33,994 | -7.1% |
| Land and buildings | 22 | €416,214 | €403,564 | -€12,651 | -3.0% |
| Furniture and vehicles | 24 | €3,582 | €1,738 | -€1,844 | -51.5% |
| Leasing and similar rights | 25 | €58,714 | €39,214 | -€19,500 | -33.2% |
| Financial fixed assets | 28 | €32,437 | €32,437 | = | 0.0% |
| Current assets | 29/58 | €1,609,354 | €2,005,611 | +€396,257 | +24.6% |
| Amounts receivable within one year | 40/41 | €36,371 | €52,296 | +€15,926 | +43.8% |
| Trade receivables | 40 | €14,292 | €9,263 | -€5,029 | -35.2% |
| Other amounts receivable | 41 | €22,079 | €43,033 | +€20,954 | +94.9% |
| Current investments | 50/53 | €627,951 | €536,218 | -€91,732 | -14.6% |
| Cash at bank and in hand | 54/58 | €938,883 | €1,413,646 | +€474,763 | +50.6% |
| Deferred charges and accrued income | 490/1 | €6,150 | €3,451 | -€2,700 | -43.9% |
| Total equity and liabilities | 10/49 | €2,120,300 | €2,482,563 | +€362,263 | +17.1% |
| Equity | 10/15 | €1,736,600 | €1,846,552 | +€109,952 | +6.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,718,000 | €1,827,952 | +€109,952 | +6.4% |
| Tax-exempt reserves | 132 | €52,271 | €51,027 | -€1,244 | -2.4% |
| Distributable reserves | 133 | €1,665,729 | €1,776,925 | +€111,196 | +6.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €11,174 | €10,759 | -€415 | -3.7% |
| Deferred taxes | 168 | €11,174 | €10,759 | -€415 | -3.7% |
| Amounts payable | 17/49 | €372,527 | €625,252 | +€252,725 | +67.8% |
| Amounts payable after more than one year | 17 | €131,279 | €103,900 | -€27,379 | -20.9% |
| Financial debts | 170/4 | €131,279 | €103,900 | -€27,379 | -20.9% |
| Amounts payable within one year | 42/48 | €237,267 | €517,457 | +€280,190 | +118% |
| Current portion of amounts payable after more than one year | 42 | €26,751 | €27,379 | +€628 | +2.3% |
| Trade debts | 44 | €2,088 | €3,127 | +€1,038 | +49.7% |
| Suppliers | 440/4 | €2,088 | €3,127 | +€1,038 | +49.7% |
| Taxes, remuneration and social security | 45 | €5,528 | €5,366 | -€162 | -2.9% |
| Taxes | 450/3 | €5,528 | €5,366 | -€162 | -2.9% |
| Other amounts payable | 47/48 | €202,900 | €481,586 | +€278,686 | +137% |
| Accrued charges and deferred income | 492/3 | €3,980 | €3,895 | -€85 | -2.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,901 | €45,271 | +€1,370 | +3.1% |
| Other operating charges | 640/8 | €3,545 | €3,484 | -€61 | -1.7% |
| Gross operating margin | 9900 | €133,555 | €148,595 | +€15,039 | +11.3% |
| Operating profit (loss) | 9901 | €86,109 | €99,839 | +€13,730 | +15.9% |
| Financial income | 75/76B | €256,586 | €346,507 | +€89,921 | +35.0% |
| Recurring financial income | 75 | €256,586 | €346,507 | +€89,921 | +35.0% |
| Financial charges | 65/66B | €24,003 | €19,021 | -€4,981 | -20.8% |
| Recurring financial charges | 65 | €24,003 | €19,021 | -€4,981 | -20.8% |
| Profit (loss) for the period before taxes | 9903 | €318,692 | €427,325 | +€108,633 | +34.1% |
| Transfer from deferred taxes | 780 | €415 | €415 | = | 0.0% |
| Income taxes | 67/77 | €18,698 | €17,788 | -€910 | -4.9% |
| Profit (loss) for the period | 9904 | €300,409 | €409,952 | +€109,543 | +36.5% |
| Transfer from tax-exempt reserves | 789 | €1,244 | €1,244 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €301,653 | €411,196 | +€109,543 | +36.3% |
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.