LEBRUN 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.
LEBRUN MICHAEL
Largest movements
- Tangible fixed assets +€134,762
up €134,762 (+1,039%), from €12,964 to €147,726
of which Land and buildings: +€138,983
- Receivables within one year -€11,113
down €11,113 (-42.4%), from €26,223 to €15,110
of which Trade receivables: -€10,486
- Cash +€10,528
up €10,528 (+132%), from €7,947 to €18,475
mainly Debts after one year (+€127,743) and Receivables within one year (+€11,113)
- Debts after one year +€127,743
up €127,743 (+1,305%), from €9,788 to €137,531
- Current portion of long-term debt +€5,001
up €5,001 (+68.9%), from €7,255 to €12,257
- Profit (loss) carried forward +€4,996
up €4,996 (+33.3%), from €14,998 to €19,994
- Trade debts -€3,071
down €3,071 (-46.8%), from €6,562 to €3,491
- Turnover +€83,917
up €83,917 (+45.1%), from €186,265 to €270,182
- Other operating charges +€47,606
up €47,606 (+867%), from €5,489 to €53,095
- Purchases and services +€43,350
up €43,350 (+30.3%), from €143,178 to €186,528
- Gross operating margin +€36,712
up €36,712 (+74.1%), from €49,559 to €86,271
- Staff costs -€24,629
down €24,629 (-63.0%), from €39,078 to €14,449
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 | €51,855 | €187,007 | +€135,153 | +261% |
| Fixed assets | 21/28 | €13,434 | €148,196 | +€134,762 | +1,003% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €12,964 | €147,726 | +€134,762 | +1,039% |
| Land and buildings | 22 | €2,772 | €141,755 | +€138,983 | +5,013% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €10,192 | €5,971 | -€4,221 | -41.4% |
| Financial fixed assets | 28 | €470 | €470 | = | 0.0% |
| Current assets | 29/58 | €38,420 | €38,811 | +€391 | +1.0% |
| Stocks and contracts in progress | 3 | €4,250 | €5,225 | +€975 | +22.9% |
| Stocks | 30/36 | €4,250 | €5,225 | +€975 | +22.9% |
| Amounts receivable within one year | 40/41 | €26,223 | €15,110 | -€11,113 | -42.4% |
| Trade receivables | 40 | €10,486 | €0 | -€10,486 | -100% |
| Other amounts receivable | 41 | €15,737 | €15,110 | -€627 | -4.0% |
| Cash at bank and in hand | 54/58 | €7,947 | €18,475 | +€10,528 | +132% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €51,855 | €187,007 | +€135,153 | +261% |
| Equity | 10/15 | €23,058 | €28,054 | +€4,996 | +21.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 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 | €14,998 | €19,994 | +€4,996 | +33.3% |
| Amounts payable | 17/49 | €28,796 | €158,953 | +€130,156 | +452% |
| Amounts payable after more than one year | 17 | €9,788 | €137,531 | +€127,743 | +1,305% |
| Financial debts | 170/4 | €9,788 | €137,531 | +€127,743 | +1,305% |
| Amounts payable within one year | 42/48 | €19,009 | €21,422 | +€2,413 | +12.7% |
| Current portion of amounts payable after more than one year | 42 | €7,255 | €12,257 | +€5,001 | +68.9% |
| Trade debts | 44 | €6,562 | €3,491 | -€3,071 | -46.8% |
| Suppliers | 440/4 | €6,562 | €3,491 | -€3,071 | -46.8% |
| Taxes, remuneration and social security | 45 | €5,191 | €5,674 | +€483 | +9.3% |
| Taxes | 450/3 | €2,271 | €1,138 | -€1,133 | -49.9% |
| Remuneration and social security | 454/9 | €2,921 | €4,536 | +€1,616 | +55.3% |
| Turnover | 70 | €186,265 | €270,182 | +€83,917 | +45.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €143,178 | €186,528 | +€43,350 | +30.3% |
| Remuneration, social security and pensions | 62 | €39,078 | €14,449 | -€24,629 | -63.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,548 | €6,588 | +€2,040 | +44.8% |
| Other operating charges | 640/8 | €5,489 | €53,095 | +€47,606 | +867% |
| Gross operating margin | 9900 | €49,559 | €86,271 | +€36,712 | +74.1% |
| Operating profit (loss) | 9901 | €444 | €12,139 | +€11,695 | +2,636% |
| Financial income | 75/76B | €52 | €62 | +€10 | +18.6% |
| Recurring financial income | 75 | €52 | €62 | +€10 | +18.6% |
| Financial charges | 65/66B | €1,771 | €1,536 | -€235 | -13.3% |
| Recurring financial charges | 65 | €1,771 | €1,536 | -€235 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | -€1,275 | €10,665 | +€11,940 | |
| Income taxes | 67/77 | €498 | €5,668 | +€5,170 | +1,037% |
| Profit (loss) for the period | 9904 | -€1,774 | €4,996 | +€6,770 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,774 | €4,996 | +€6,770 |
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.