Lenn De Graef: 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.
Lenn De Graef
Largest movements
- Cash -€32,130
down €32,130 (-64.4%), from €49,887 to €17,756
mainly Contributions, distributions and other (-€60,000) and Current investments (-€10,000)
- Current investments +€10,000
new in 2025: €10,000
- Tangible fixed assets -€3,612
down €3,612 (-11.6%), from €31,012 to €27,400
- Profit (loss) carried forward -€16,500
down €16,500 (-18.4%), from €89,771 to €73,271
- Tax, wage and social debts -€8,345
down €8,345 (-48.3%), from €17,295 to €8,950
- Other debts +€1,260
up €1,260 (+147%), from €859 to €2,119
- Gross operating margin +€4,076
up €4,076 (+7.1%), from €57,279 to €61,354
- Depreciation +€2,148
up €2,148 (+48.4%), from €4,435 to €6,583
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 | €110,743 | €86,671 | -€24,073 | -21.7% |
| Fixed assets | 21/28 | €31,267 | €27,655 | -€3,612 | -11.6% |
| Tangible fixed assets | 22/27 | €31,012 | €27,400 | -€3,612 | -11.6% |
| Plant, machinery and equipment | 23 | €9,462 | €8,770 | -€691 | -7.3% |
| Furniture and vehicles | 24 | €13,698 | €12,275 | -€1,423 | -10.4% |
| Other tangible fixed assets | 26 | €7,852 | €6,354 | -€1,498 | -19.1% |
| Financial fixed assets | 28 | €255 | €255 | = | 0.0% |
| Current assets | 29/58 | €79,476 | €59,016 | -€20,460 | -25.7% |
| Amounts receivable within one year | 40/41 | €27,793 | €28,480 | +€687 | +2.5% |
| Trade receivables | 40 | €22,830 | €28,480 | +€5,650 | +24.7% |
| Other amounts receivable | 41 | €4,962 | €0 | -€4,962 | -100% |
| Current investments | 50/53 | - | €10,000 | +€10,000 | |
| Cash at bank and in hand | 54/58 | €49,887 | €17,756 | -€32,130 | -64.4% |
| Deferred charges and accrued income | 490/1 | €1,797 | €2,780 | +€983 | +54.7% |
| Total equity and liabilities | 10/49 | €110,743 | €86,671 | -€24,073 | -21.7% |
| Equity | 10/15 | €90,771 | €74,271 | -€16,500 | -18.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €89,771 | €73,271 | -€16,500 | -18.4% |
| Amounts payable | 17/49 | €19,972 | €12,400 | -€7,572 | -37.9% |
| Amounts payable within one year | 42/48 | €19,795 | €12,324 | -€7,471 | -37.7% |
| Financial debts | 43 | €46 | €147 | +€101 | +219% |
| Other loans | 439 | €46 | €147 | +€101 | +219% |
| Trade debts | 44 | €1,595 | €1,108 | -€487 | -30.5% |
| Suppliers | 440/4 | €1,595 | €1,108 | -€487 | -30.5% |
| Taxes, remuneration and social security | 45 | €17,295 | €8,950 | -€8,345 | -48.3% |
| Taxes | 450/3 | €17,295 | €8,950 | -€8,345 | -48.3% |
| Other amounts payable | 47/48 | €859 | €2,119 | +€1,260 | +147% |
| Accrued charges and deferred income | 492/3 | €177 | €76 | -€102 | -57.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,435 | €6,583 | +€2,148 | +48.4% |
| Non-recurring operating charges | 66A | €128 | €0 | -€128 | -100% |
| Gross operating margin | 9900 | €57,279 | €61,354 | +€4,076 | +7.1% |
| Operating profit (loss) | 9901 | €52,716 | €54,772 | +€2,055 | +3.9% |
| Financial income | 75/76B | €247 | €473 | +€226 | +91.6% |
| Recurring financial income | 75 | €247 | €473 | +€226 | +91.6% |
| Financial charges | 65/66B | €80 | €84 | +€4 | +4.9% |
| Recurring financial charges | 65 | €80 | €84 | +€4 | +4.9% |
| Profit (loss) for the period before taxes | 9903 | €52,883 | €55,161 | +€2,278 | +4.3% |
| Income taxes | 67/77 | €11,495 | €11,661 | +€166 | +1.4% |
| Profit (loss) for the period | 9904 | €41,388 | €43,500 | +€2,112 | +5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €41,388 | €43,500 | +€2,112 | +5.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.