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
- Tangible fixed assets +€254,799
up €254,799 (+231%), from €110,444 to €365,243
of which Furniture and vehicles: +€201,131
- Cash +€52,214
up €52,214 (+109%), from €47,774 to €99,988
mainly Debts after one year (+€222,312) and Tax, wage and social debts (+€85,985)
- Intangible fixed assets -€50,090
down €50,090 (-10.1%), from €497,282 to €447,192
- Receivables within one year +€48,330
up €48,330 (+95.3%), from €50,736 to €99,066
of which Trade receivables: +€26,312
- Debts after one year +€222,312
up €222,312 (+66.0%), from €336,996 to €559,308
- Tax, wage and social debts +€85,985
up €85,985 (+163%), from €52,726 to €138,711
of which Taxes: +€48,515
- Trade debts -€73,165
down €73,165 (-30.2%), from €242,003 to €168,838
- Current portion of long-term debt +€53,478
up €53,478 (+102%), from €52,354 to €105,832
- Profit (loss) carried forward +€36,182
new in 2025: €36,182
- Gross operating margin +€259,453
up €259,453 (+94.1%), from €275,744 to €535,197
- Staff costs +€166,776
up €166,776 (+96.6%), from €172,616 to €339,392
- Depreciation +€22,821
up €22,821 (+45.8%), from €49,810 to €72,631
- Taxes +€14,526
up €14,526 (+90.5%), from €16,056 to €30,581
- Other operating charges +€12,274
up €12,274 (+416%), from €2,954 to €15,228
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 | €713,590 | €1,024,736 | +€311,146 | +43.6% |
| Fixed assets | 21/28 | €607,725 | €812,435 | +€204,710 | +33.7% |
| Intangible fixed assets | 21 | €497,282 | €447,192 | -€50,090 | -10.1% |
| Tangible fixed assets | 22/27 | €110,444 | €365,243 | +€254,799 | +231% |
| Land and buildings | 22 | €76,897 | €113,491 | +€36,594 | +47.6% |
| Plant, machinery and equipment | 23 | €8,175 | €7,891 | -€283 | -3.5% |
| Furniture and vehicles | 24 | €25,372 | €226,503 | +€201,131 | +793% |
| Other tangible fixed assets | 26 | - | €17,358 | +€17,358 | |
| Current assets | 29/58 | €105,864 | €212,301 | +€106,437 | +101% |
| Amounts receivable within one year | 40/41 | €50,736 | €99,066 | +€48,330 | +95.3% |
| Trade receivables | 40 | €49,436 | €75,749 | +€26,312 | +53.2% |
| Other amounts receivable | 41 | €1,300 | €23,318 | +€22,018 | +1,694% |
| Cash at bank and in hand | 54/58 | €47,774 | €99,988 | +€52,214 | +109% |
| Deferred charges and accrued income | 490/1 | €7,355 | €13,247 | +€5,892 | +80.1% |
| Total equity and liabilities | 10/49 | €713,590 | €1,024,736 | +€311,146 | +43.6% |
| Equity | 10/15 | €14,260 | €50,442 | +€36,182 | +254% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | - | €36,182 | +€36,182 | |
| Amounts payable | 17/49 | €699,330 | €974,294 | +€274,964 | +39.3% |
| Amounts payable after more than one year | 17 | €336,996 | €559,308 | +€222,312 | +66.0% |
| Financial debts | 170/4 | €336,996 | €559,308 | +€222,312 | +66.0% |
| Amounts payable within one year | 42/48 | €362,334 | €414,986 | +€52,652 | +14.5% |
| Current portion of amounts payable after more than one year | 42 | €52,354 | €105,832 | +€53,478 | +102% |
| Financial debts | 43 | €524 | €1,605 | +€1,082 | +207% |
| Credit institutions | 430/8 | €524 | €1,605 | +€1,082 | +207% |
| Trade debts | 44 | €242,003 | €168,838 | -€73,165 | -30.2% |
| Suppliers | 440/4 | €242,003 | €168,838 | -€73,165 | -30.2% |
| Taxes, remuneration and social security | 45 | €52,726 | €138,711 | +€85,985 | +163% |
| Taxes | 450/3 | €33,394 | €81,910 | +€48,515 | +145% |
| Remuneration and social security | 454/9 | €19,332 | €56,801 | +€37,469 | +194% |
| Other amounts payable | 47/48 | €14,728 | - | -€14,728 | |
| Non-recurring operating income | 76A | €78 | - | -€78 | |
| Remuneration, social security and pensions | 62 | €172,616 | €339,392 | +€166,776 | +96.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,810 | €72,631 | +€22,821 | +45.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€2,901 | -€2,901 | |
| Other operating charges | 640/8 | €2,954 | €15,228 | +€12,274 | +416% |
| Gross operating margin | 9900 | €275,744 | €535,197 | +€259,453 | +94.1% |
| Operating profit (loss) | 9901 | €50,365 | €110,847 | +€60,483 | +120% |
| Financial income | 75/76B | €11 | €487 | +€476 | +4,235% |
| Recurring financial income | 75 | €11 | €487 | +€476 | +4,235% |
| Financial charges | 65/66B | €26,886 | €33,492 | +€6,606 | +24.6% |
| Recurring financial charges | 65 | €26,886 | €33,492 | +€6,606 | +24.6% |
| Profit (loss) for the period before taxes | 9903 | €23,490 | €77,842 | +€54,352 | +231% |
| Income taxes | 67/77 | €16,056 | €30,581 | +€14,526 | +90.5% |
| Profit (loss) for the period | 9904 | €7,434 | €47,261 | +€39,826 | +536% |
| Profit (loss) for the period to be appropriated | 9905 | €7,434 | €47,261 | +€39,826 | +536% |
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 14 October 2026 via checked.be.