Le Neutral: 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 Neutral
Largest movements
- Receivables within one year +€53,385
up €53,385 (+215%), from €24,808 to €78,193
of which Other amounts receivable: +€59,480
- Cash +€28,669
up €28,669 (+32.6%), from €87,961 to €116,630
mainly Tax, wage and social debts (+€88,906) and Other debts (+€17,500)
- Deferred charges and accrued income -€8,092
down €8,092 (-86.1%), from €9,400 to €1,309
- Stocks and contracts +€3,680
up €3,680 (+196%), from €1,875 to €5,554
- Tax, wage and social debts +€88,906
up €88,906 (+123%), from €71,996 to €160,902
of which Remuneration and social security: +€47,917
- Profit (loss) carried forward -€27,602
down €27,602 (-98.5%), from €28,035 to €432
- Other debts +€17,500
new in 2025: €17,500
- Trade debts -€2,154
down €2,154 (-12.1%), from €17,829 to €15,675
- Staff costs +€231,501
up €231,501 (+62.7%), from €369,150 to €600,650
- Gross operating margin +€157,626
up €157,626 (+34.0%), from €464,018 to €621,644
- Taxes -€20,858
down €20,858 (-96.9%), from €21,534 to €675
- Financial charges +€8,861
up €8,861 (+188%), from €4,723 to €13,584
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 | €132,120 | €208,781 | +€76,662 | +58.0% |
| Fixed assets | 21/28 | €8,076 | €7,095 | -€981 | -12.1% |
| Tangible fixed assets | 22/27 | €7,826 | €6,845 | -€981 | -12.5% |
| Other tangible fixed assets | 26 | €7,826 | €6,845 | -€981 | -12.5% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €124,044 | €201,686 | +€77,642 | +62.6% |
| Stocks and contracts in progress | 3 | €1,875 | €5,554 | +€3,680 | +196% |
| Stocks | 30/36 | €1,875 | €5,554 | +€3,680 | +196% |
| Amounts receivable within one year | 40/41 | €24,808 | €78,193 | +€53,385 | +215% |
| Trade receivables | 40 | €6,095 | - | -€6,095 | |
| Other amounts receivable | 41 | €18,713 | €78,193 | +€59,480 | +318% |
| Cash at bank and in hand | 54/58 | €87,961 | €116,630 | +€28,669 | +32.6% |
| Deferred charges and accrued income | 490/1 | €9,400 | €1,309 | -€8,092 | -86.1% |
| Total equity and liabilities | 10/49 | €132,120 | €208,781 | +€76,662 | +58.0% |
| Equity | 10/15 | €42,295 | €14,692 | -€27,602 | -65.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Other | 1109/19 | €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 | €28,035 | €432 | -€27,602 | -98.5% |
| Amounts payable | 17/49 | €89,825 | €194,089 | +€104,264 | +116% |
| Amounts payable within one year | 42/48 | €89,825 | €194,089 | +€104,264 | +116% |
| Financial debts | 43 | - | €13 | +€13 | |
| Credit institutions | 430/8 | - | €13 | +€13 | |
| Trade debts | 44 | €17,829 | €15,675 | -€2,154 | -12.1% |
| Suppliers | 440/4 | €17,829 | €15,675 | -€2,154 | -12.1% |
| Taxes, remuneration and social security | 45 | €71,996 | €160,902 | +€88,906 | +123% |
| Taxes | 450/3 | €21,336 | €62,326 | +€40,989 | +192% |
| Remuneration and social security | 454/9 | €50,659 | €98,576 | +€47,917 | +94.6% |
| Other amounts payable | 47/48 | - | €17,500 | +€17,500 | |
| Remuneration, social security and pensions | 62 | €369,150 | €600,650 | +€231,501 | +62.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,822 | €3,207 | +€384 | +13.6% |
| Other operating charges | 640/8 | €11,404 | €6,130 | -€5,274 | -46.2% |
| Gross operating margin | 9900 | €464,018 | €621,644 | +€157,626 | +34.0% |
| Operating profit (loss) | 9901 | €80,642 | €11,657 | -€68,985 | -85.5% |
| Financial income | 75/76B | €0 | €0 | +€0 | +500% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +500% |
| Financial charges | 65/66B | €4,723 | €13,584 | +€8,861 | +188% |
| Recurring financial charges | 65 | €4,723 | €13,584 | +€8,861 | +188% |
| Profit (loss) for the period before taxes | 9903 | €75,919 | -€1,927 | -€77,846 | |
| Income taxes | 67/77 | €21,534 | €675 | -€20,858 | -96.9% |
| Profit (loss) for the period | 9904 | €54,385 | -€2,602 | -€56,988 | |
| Profit (loss) for the period to be appropriated | 9905 | €54,385 | -€2,602 | -€56,988 |
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 27 October 2026 via checked.be.