Le Système D: what changed
What changed
Le Système D
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€37,818
2024 · €35,407+€2,411
Equity
€183,561
2024 · €213,153-€29,592
Cash
€54,601
2024 · €39,458+€15,143
Balance sheet total
€241,960
2024 · €228,136+€13,824
Largest movements
Assets
- Cash +€15,143
up €15,143 (+38.4%), from €39,458 to €54,601
mainly Other debts (+€40,370) and Net result for the year (+€37,818)
- Deferred charges and accrued income -€4,871
down €4,871 (-66.1%), from €7,370 to €2,499
- Receivables within one year +€3,916
up €3,916 (+21.4%), from €18,307 to €22,224
of which Other amounts receivable: +€3,866
Equity and liabilities
- Other debts +€40,370
up €40,370 (+11,218%), from €360 to €40,729
- Reserves -€29,592
down €29,592 (-14.3%), from €206,953 to €177,361
of which Distributable reserves: -€27,307
Income statement
- Gross operating margin +€5,277
up €5,277 (+10.0%), from €52,759 to €58,035
- Taxes +€1,786
up €1,786 (+12.9%), from €13,851 to €15,637
- Other operating charges +€1,397
up €1,397 (+78.6%), from €1,777 to €3,174
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€35,407
Gross operating margin
+€5,277
Other operating charges
-€1,397
Financial income
-€2
Financial charges
+€319
Taxes
-€1,786
Result 2025
€37,818
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€82,756
Investment
€0
Financing
-€67,614
Cash 2024
€39,458
From operations (derived)
+€82,756
Net result for the year
+€37,818
Depreciation
+€364
Receivables within one year
-€3,916
Deferred charges and accrued income
+€4,871
Trade debts
+€1,085
Tax, wage and social debts
+€2,165
Other debts
+€40,370
Financing
-€67,614
Short-term financial debts
-€204
Contributions, distributions and other
-€67,410
Cash 2025
€54,601
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €228,136 | €241,960 | +€13,824 | +6.1% |
| Fixed assets | 21/28 | €3,001 | €2,637 | -€364 | -12.1% |
| Tangible fixed assets | 22/27 | €3,001 | €2,637 | -€364 | -12.1% |
| Land and buildings | 22 | €3,001 | €2,637 | -€364 | -12.1% |
| Current assets | 29/58 | €225,135 | €239,323 | +€14,188 | +6.3% |
| Amounts receivable after more than one year | 29 | €160,000 | €160,000 | = | 0.0% |
| Other amounts receivable | 291 | €160,000 | €160,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €18,307 | €22,224 | +€3,916 | +21.4% |
| Trade receivables | 40 | €18,307 | €18,357 | +€50 | +0.3% |
| Other amounts receivable | 41 | - | €3,866 | +€3,866 | |
| Cash at bank and in hand | 54/58 | €39,458 | €54,601 | +€15,143 | +38.4% |
| Deferred charges and accrued income | 490/1 | €7,370 | €2,499 | -€4,871 | -66.1% |
| Total equity and liabilities | 10/49 | €228,136 | €241,960 | +€13,824 | +6.1% |
| Equity | 10/15 | €213,153 | €183,561 | -€29,592 | -13.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €206,953 | €177,361 | -€29,592 | -14.3% |
| Non-distributable reserves | 130/1 | €2,285 | €0 | -€2,285 | -100% |
| Reserves not available under the articles | 1311 | €2,285 | €0 | -€2,285 | -100% |
| Distributable reserves | 133 | €204,668 | €177,361 | -€27,307 | -13.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €14,983 | €58,399 | +€43,416 | +290% |
| Amounts payable within one year | 42/48 | €14,783 | €58,199 | +€43,416 | +294% |
| Financial debts | 43 | €359 | €155 | -€204 | -56.8% |
| Credit institutions | 430/8 | €359 | €155 | -€204 | -56.8% |
| Trade debts | 44 | €2,111 | €3,196 | +€1,085 | +51.4% |
| Suppliers | 440/4 | €2,111 | €3,196 | +€1,085 | +51.4% |
| Taxes, remuneration and social security | 45 | €11,954 | €14,119 | +€2,165 | +18.1% |
| Taxes | 450/3 | €11,954 | €14,119 | +€2,165 | +18.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €360 | €40,729 | +€40,370 | +11,218% |
| Accrued charges and deferred income | 492/3 | €200 | €200 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €364 | €364 | = | 0.0% |
| Other operating charges | 640/8 | €1,777 | €3,174 | +€1,397 | +78.6% |
| Gross operating margin | 9900 | €52,759 | €58,035 | +€5,277 | +10.0% |
| Operating profit (loss) | 9901 | €50,618 | €54,498 | +€3,880 | +7.7% |
| Financial income | 75/76B | €2 | €0 | -€2 | -100% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -100% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €1,362 | €1,043 | -€319 | -23.4% |
| Recurring financial charges | 65 | €1,362 | €1,043 | -€319 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €49,258 | €53,455 | +€4,197 | +8.5% |
| Income taxes | 67/77 | €13,851 | €15,637 | +€1,786 | +12.9% |
| Profit (loss) for the period | 9904 | €35,407 | €37,818 | +€2,411 | +6.8% |
| Profit (loss) for the period to be appropriated | 9905 | €35,407 | €37,818 | +€2,411 | +6.8% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.