LEFEBRE: what changed
Two fiscal 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.
LEFEBRE
Largest movements
- Stocks and contracts +€40,959
up €40,959 (+4.0%), from €1.0m to €1.1m
- Cash +€40,632
up €40,632 (+67.6%), from €60,141 to €100,772
mainly Net result for the year (+€45,561) and Trade debts (+€24,817)
- Receivables within one year -€22,304
down €22,304 (-12.5%), from €178,798 to €156,494
of which Trade receivables: -€27,948
- Reserves +€39,161
up €39,161 (+3.4%), from €1.2m to €1.2m
of which Distributable reserves: +€39,161
- Trade debts +€24,817
up €24,817 (+22.7%), from €109,546 to €134,363
- Gross operating margin -€8,687
down €8,687 (-10.1%), from €86,094 to €77,406
- Other operating charges -€2,284
down €2,284 (-15.5%), from €14,709 to €12,424
- Financial charges -€1,845
down €1,845 (-30.1%), from €6,139 to €4,294
- Staff costs -€1,712
down €1,712 (-77.4%), from €2,212 to €500
- Write-downs +€1,428
up €1,428 (+98.0%), from -€1,457 to -€29
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.
Cash bridge derived
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 | €1,338,267 | €1,402,246 | +€63,978 | +4.8% |
| Fixed assets | 21/28 | €79,005 | €83,618 | +€4,613 | +5.8% |
| Tangible fixed assets | 22/27 | €76,493 | €81,107 | +€4,613 | +6.0% |
| Land and buildings | 22 | €70,586 | €69,842 | -€744 | -1.1% |
| Plant, machinery and equipment | 23 | €5,553 | €9,132 | +€3,579 | +64.4% |
| Furniture and vehicles | 24 | €354 | €2,132 | +€1,778 | +502.0% |
| Financial fixed assets | 28 | €2,512 | €2,512 | = | 0.0% |
| Current assets | 29/58 | €1,259,262 | €1,318,627 | +€59,365 | +4.7% |
| Stocks and contracts in progress | 3 | €1,018,318 | €1,059,277 | +€40,959 | +4.0% |
| Stocks | 30/36 | €1,018,318 | €1,059,277 | +€40,959 | +4.0% |
| Amounts receivable within one year | 40/41 | €178,798 | €156,494 | -€22,304 | -12.5% |
| Trade receivables | 40 | €171,965 | €144,017 | -€27,948 | -16.3% |
| Other amounts receivable | 41 | €6,834 | €12,477 | +€5,644 | +82.6% |
| Cash at bank and in hand | 54/58 | €60,141 | €100,772 | +€40,632 | +67.6% |
| Deferred charges and accrued income | 490/1 | €2,005 | €2,084 | +€79 | +3.9% |
| Total equity and liabilities | 10/49 | €1,338,267 | €1,402,246 | +€63,978 | +4.8% |
| Equity | 10/15 | €1,217,022 | €1,256,183 | +€39,161 | +3.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €1,161,945 | €1,201,107 | +€39,161 | +3.4% |
| Tax-exempt reserves | 132 | €7,624 | €7,624 | = | 0.0% |
| Distributable reserves | 133 | €1,154,322 | €1,193,483 | +€39,161 | +3.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €5,077 | €5,077 | = | 0.0% |
| Amounts payable | 17/49 | €121,246 | €146,063 | +€24,817 | +20.5% |
| Amounts payable within one year | 42/48 | €115,946 | €140,763 | +€24,817 | +21.4% |
| Trade debts | 44 | €109,546 | €134,363 | +€24,817 | +22.7% |
| Suppliers | 440/4 | €109,546 | €134,363 | +€24,817 | +22.7% |
| Taxes, remuneration and social security | 45 | €1,920 | €1,920 | = | 0.0% |
| Taxes | 450/3 | €1,920 | €1,920 | = | 0.0% |
| Other amounts payable | 47/48 | €4,480 | €4,480 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €5,300 | €5,300 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €2,212 | €500 | -€1,712 | -77.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,278 | €3,309 | +€1,031 | +45.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,457 | -€29 | +€1,428 | +98.0% |
| Other operating charges | 640/8 | €14,709 | €12,424 | -€2,284 | -15.5% |
| Gross operating margin | 9900 | €86,094 | €77,406 | -€8,687 | -10.1% |
| Operating profit (loss) | 9901 | €68,351 | €61,202 | -€7,149 | -10.5% |
| Financial income | 75/76B | €49 | €1 | -€48 | -97.4% |
| Recurring financial income | 75 | €49 | €1 | -€48 | -97.4% |
| Financial charges | 65/66B | €6,139 | €4,294 | -€1,845 | -30.1% |
| Recurring financial charges | 65 | €6,139 | €4,294 | -€1,845 | -30.1% |
| Profit (loss) for the period before taxes | 9903 | €62,262 | €56,910 | -€5,353 | -8.6% |
| Income taxes | 67/77 | €12,537 | €11,348 | -€1,189 | -9.5% |
| Profit (loss) for the period | 9904 | €49,725 | €45,561 | -€4,164 | -8.4% |
| Profit (loss) for the period to be appropriated | 9905 | €49,725 | €45,561 | -€4,164 | -8.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.