LEBECQUE MICHAEL: 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.
LEBECQUE MICHAEL
Largest movements
- Tangible fixed assets +€30,076
up €30,076 (+6.6%), from €455,387 to €485,463
of which Land and buildings: +€34,893
- Receivables within one year +€9,916
up €9,916 (+23.7%), from €41,811 to €51,726
of which Trade receivables: +€9,484
- Trade debts +€34,147
up €34,147 (+496%), from €6,886 to €41,032
- Profit (loss) carried forward -€28,523
down €28,523 (-17.4%), from €164,183 to €135,660
- Debts after one year +€25,468
up €25,468 (+28.1%), from €90,610 to €116,078
- Short-term financial debts +€8,514
up €8,514 (+34.7%), from €24,549 to €33,063
- Current portion of long-term debt -€6,859
down €6,859 (-14.1%), from €48,644 to €41,786
- Gross operating margin -€26,198
down €26,198 (-16.0%), from €163,426 to €137,228
- Staff costs +€13,934
up €13,934 (+24.5%), from €56,918 to €70,852
- Financial charges +€4,236
up €4,236 (+45.7%), from €9,263 to €13,499
of which Non-recurring financial charges: +€3,722
- Depreciation +€3,647
up €3,647 (+5.2%), from €70,467 to €74,114
- Other operating charges -€1,997
down €1,997 (-20.9%), from €9,538 to €7,540
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 | €547,951 | €581,331 | +€33,379 | +6.1% |
| Fixed assets | 21/28 | €455,462 | €485,538 | +€30,076 | +6.6% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €455,387 | €485,463 | +€30,076 | +6.6% |
| Land and buildings | 22 | €376,709 | €411,602 | +€34,893 | +9.3% |
| Plant, machinery and equipment | 23 | €33,982 | €27,264 | -€6,719 | -19.8% |
| Furniture and vehicles | 24 | €44,696 | €46,598 | +€1,902 | +4.3% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €92,489 | €95,792 | +€3,303 | +3.6% |
| Stocks and contracts in progress | 3 | €44,168 | €40,483 | -€3,685 | -8.3% |
| Stocks | 30/36 | €44,168 | €40,483 | -€3,685 | -8.3% |
| Amounts receivable within one year | 40/41 | €41,811 | €51,726 | +€9,916 | +23.7% |
| Trade receivables | 40 | €32,708 | €42,192 | +€9,484 | +29.0% |
| Other amounts receivable | 41 | €9,103 | €9,534 | +€431 | +4.7% |
| Cash at bank and in hand | 54/58 | €1,434 | €1,427 | -€7 | -0.5% |
| Deferred charges and accrued income | 490/1 | €5,077 | €2,156 | -€2,920 | -57.5% |
| Total equity and liabilities | 10/49 | €547,951 | €581,331 | +€33,379 | +6.1% |
| Equity | 10/15 | €362,427 | €333,784 | -€28,643 | -7.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €178,260 | €178,260 | = | 0.0% |
| Distributable reserves | 133 | €178,260 | €178,260 | = | 0.0% |
| Profit (loss) carried forward | 14 | €164,183 | €135,660 | -€28,523 | -17.4% |
| Investment grants | 15 | €1,384 | €1,264 | -€120 | -8.7% |
| Amounts payable | 17/49 | €185,525 | €247,547 | +€62,022 | +33.4% |
| Amounts payable after more than one year | 17 | €90,610 | €116,078 | +€25,468 | +28.1% |
| Financial debts | 170/4 | €90,610 | €116,078 | +€25,468 | +28.1% |
| Amounts payable within one year | 42/48 | €94,915 | €131,456 | +€36,541 | +38.5% |
| Current portion of amounts payable after more than one year | 42 | €48,644 | €41,786 | -€6,859 | -14.1% |
| Financial debts | 43 | €24,549 | €33,063 | +€8,514 | +34.7% |
| Credit institutions | 430/8 | €24,549 | €33,063 | +€8,514 | +34.7% |
| Trade debts | 44 | €6,886 | €41,032 | +€34,147 | +496% |
| Suppliers | 440/4 | €6,886 | €41,032 | +€34,147 | +496% |
| Taxes, remuneration and social security | 45 | €9,525 | €10,706 | +€1,181 | +12.4% |
| Taxes | 450/3 | €2,163 | €3,146 | +€983 | +45.5% |
| Remuneration and social security | 454/9 | €7,362 | €7,560 | +€198 | +2.7% |
| Other amounts payable | 47/48 | €5,310 | €4,868 | -€442 | -8.3% |
| Accrued charges and deferred income | 492/3 | - | €13 | +€13 | |
| Remuneration, social security and pensions | 62 | €56,918 | €70,852 | +€13,934 | +24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,467 | €74,114 | +€3,647 | +5.2% |
| Other operating charges | 640/8 | €9,538 | €7,540 | -€1,997 | -20.9% |
| Gross operating margin | 9900 | €163,426 | €137,228 | -€26,198 | -16.0% |
| Operating profit (loss) | 9901 | €26,503 | -€15,279 | -€41,782 | |
| Financial income | 75/76B | €1,066 | €727 | -€339 | -31.8% |
| Recurring financial income | 75 | €1,066 | €727 | -€339 | -31.8% |
| Financial charges | 65/66B | €9,263 | €13,499 | +€4,236 | +45.7% |
| Recurring financial charges | 65 | €8,985 | €9,499 | +€514 | +5.7% |
| Non-recurring financial charges | 66B | €278 | €4,000 | +€3,722 | +1,339% |
| Profit (loss) for the period before taxes | 9903 | €18,306 | -€28,051 | -€46,357 | |
| Income taxes | 67/77 | €1,900 | €472 | -€1,429 | -75.2% |
| Profit (loss) for the period | 9904 | €16,406 | -€28,523 | -€44,929 | |
| Profit (loss) for the period to be appropriated | 9905 | €16,406 | -€28,523 | -€44,929 |
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 30 October 2026 via checked.be.