LEFEBVRE: 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.
LEFEBVRE
Largest movements
- Receivables within one year +€197,395
up €197,395 (+71.8%), from €274,953 to €472,348
of which Trade receivables: +€154,908
- Deferred charges and accrued income -€125,580
down €125,580 (-89.5%), from €140,363 to €14,783
- Cash +€67,526
up €67,526 (+238%), from €28,399 to €95,925
mainly Other debts (+€482,720) and Deferred charges and accrued income (+€125,580)
- Tangible fixed assets -€36,057
down €36,057 (-3.0%), from €1.2m to €1.2m
of which Land and buildings: -€32,997
- Other debts +€482,720
up €482,720 (+3,125%), from €15,445 to €498,165
- Trade debts -€247,345
down €247,345 (-68.5%), from €361,347 to €114,002
- Reserves -€65,997
down €65,997 (-6.3%), from €1.0m to €981,030
of which Distributable reserves: -€64,163
- Tax, wage and social debts -€42,195
down €42,195 (-56.1%), from €75,215 to €33,019
of which Taxes: -€31,936
- Short-term financial debts -€17,705
down €17,705 (-60.5%), from €29,244 to €11,539
- Gross operating margin -€261,784
down €261,784 (-63.2%), from €414,451 to €152,667
- Other operating charges -€67,958
down €67,958 (-95.2%), from €71,404 to €3,446
- Taxes -€63,973
down €63,973 (-89.0%), from €71,904 to €7,931
- Staff costs -€19,168
down €19,168 (-19.3%), from €99,486 to €80,318
- Financial income -€5,618
down €5,618 (-92.1%), from €6,100 to €482
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 | €1,646,494 | €1,749,778 | +€103,284 | +6.3% |
| Fixed assets | 21/28 | €1,202,778 | €1,166,722 | -€36,057 | -3.0% |
| Tangible fixed assets | 22/27 | €1,202,617 | €1,166,560 | -€36,057 | -3.0% |
| Land and buildings | 22 | €1,186,349 | €1,153,351 | -€32,997 | -2.8% |
| Plant, machinery and equipment | 23 | €2,579 | €1,038 | -€1,541 | -59.7% |
| Furniture and vehicles | 24 | €2,282 | €2,084 | -€198 | -8.7% |
| Other tangible fixed assets | 26 | €11,407 | €10,087 | -€1,321 | -11.6% |
| Financial fixed assets | 28 | €162 | €162 | = | 0.0% |
| Current assets | 29/58 | €443,716 | €583,057 | +€139,341 | +31.4% |
| Amounts receivable within one year | 40/41 | €274,953 | €472,348 | +€197,395 | +71.8% |
| Trade receivables | 40 | €273,212 | €428,119 | +€154,908 | +56.7% |
| Other amounts receivable | 41 | €1,741 | €44,229 | +€42,488 | +2,440% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €28,399 | €95,925 | +€67,526 | +238% |
| Deferred charges and accrued income | 490/1 | €140,363 | €14,783 | -€125,580 | -89.5% |
| Total equity and liabilities | 10/49 | €1,646,494 | €1,749,778 | +€103,284 | +6.3% |
| Equity | 10/15 | €1,065,627 | €999,630 | -€65,997 | -6.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,047,027 | €981,030 | -€65,997 | -6.3% |
| Tax-exempt reserves | 132 | €228,377 | €226,543 | -€1,834 | -0.8% |
| Distributable reserves | 133 | €818,650 | €754,487 | -€64,163 | -7.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €76,126 | €75,514 | -€611 | -0.8% |
| Deferred taxes | 168 | €76,126 | €75,514 | -€611 | -0.8% |
| Amounts payable | 17/49 | €504,742 | €674,634 | +€169,893 | +33.7% |
| Amounts payable after more than one year | 17 | €15,748 | €7,521 | -€8,227 | -52.2% |
| Financial debts | 170/4 | €6,048 | €4,121 | -€1,927 | -31.9% |
| Other amounts payable | 178/9 | €9,700 | €3,400 | -€6,300 | -64.9% |
| Amounts payable within one year | 42/48 | €483,094 | €658,652 | +€175,559 | +36.3% |
| Current portion of amounts payable after more than one year | 42 | €1,843 | €1,927 | +€84 | +4.5% |
| Financial debts | 43 | €29,244 | €11,539 | -€17,705 | -60.5% |
| Credit institutions | 430/8 | €29,244 | €11,539 | -€17,705 | -60.5% |
| Trade debts | 44 | €361,347 | €114,002 | -€247,345 | -68.5% |
| Suppliers | 440/4 | €361,347 | €114,002 | -€247,345 | -68.5% |
| Taxes, remuneration and social security | 45 | €75,215 | €33,019 | -€42,195 | -56.1% |
| Taxes | 450/3 | €54,085 | €22,149 | -€31,936 | -59.0% |
| Remuneration and social security | 454/9 | €21,130 | €10,871 | -€10,259 | -48.6% |
| Other amounts payable | 47/48 | €15,445 | €498,165 | +€482,720 | +3,125% |
| Accrued charges and deferred income | 492/3 | €5,900 | €8,461 | +€2,561 | +43.4% |
| Remuneration, social security and pensions | 62 | €99,486 | €80,318 | -€19,168 | -19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,170 | €36,057 | -€2,113 | -5.5% |
| Other operating charges | 640/8 | €71,404 | €3,446 | -€67,958 | -95.2% |
| Non-recurring operating charges | 66A | €18,327 | €0 | -€18,327 | -100% |
| Gross operating margin | 9900 | €414,451 | €152,667 | -€261,784 | -63.2% |
| Operating profit (loss) | 9901 | €187,065 | €32,846 | -€154,219 | -82.4% |
| Financial income | 75/76B | €6,100 | €482 | -€5,618 | -92.1% |
| Recurring financial income | 75 | €6,100 | €482 | -€5,618 | -92.1% |
| Financial charges | 65/66B | €3,066 | €4,975 | +€1,909 | +62.3% |
| Recurring financial charges | 65 | €3,066 | €4,975 | +€1,909 | +62.3% |
| Profit (loss) for the period before taxes | 9903 | €190,099 | €28,352 | -€161,746 | -85.1% |
| Transfer from deferred taxes | 780 | €616 | €611 | -€4 | -0.7% |
| Income taxes | 67/77 | €71,904 | €7,931 | -€63,973 | -89.0% |
| Profit (loss) for the period | 9904 | €118,811 | €21,033 | -€97,778 | -82.3% |
| Transfer from tax-exempt reserves | 789 | €1,847 | €1,834 | -€13 | -0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €120,658 | €22,867 | -€97,791 | -81.0% |
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 18 October 2026 via checked.be.