LEPAGE: 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.
LEPAGE
Largest movements
- Receivables within one year +€44,575
up €44,575 (+104.8%), from €42,526 to €87,102
of which Trade receivables: +€37,711
- Tangible fixed assets -€27,000
down €27,000 (-24.6%), from €109,551 to €82,551
of which Furniture and vehicles: -€21,905
- Stocks and contracts -€8,476
down €8,476 (-20.6%), from €41,155 to €32,680
of which Contracts in progress: -€7,750
- Receivables after one year -€3,656
down €3,656 (-11.7%), from €31,121 to €27,465
- Cash -€2,752
down €2,752 (-98.3%), from €2,801 to €49
mainly Receivables within one year (-€44,575) and Debts after one year (-€19,413)
- Debts after one year -€19,413
down €19,413 (-37.8%), from €51,303 to €31,890
- Short-term financial debts +€18,035
up €18,035 (+181.6%), from €9,933 to €27,968
- Reserves +€6,000
up €6,000 (+6.6%), from €90,875 to €96,875
- Current portion of long-term debt +€5,611
up €5,611 (+29.7%), from €18,869 to €24,480
- Trade debts -€5,240
down €5,240 (-23.0%), from €22,768 to €17,529
- Gross operating margin +€38,936
up €38,936 (+34.1%), from €114,231 to €153,167
- Staff costs +€34,684
up €34,684 (+53.3%), from €65,117 to €99,801
- Financial charges +€5,255
up €5,255 (+127.1%), from €4,134 to €9,389
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 | €228,210 | €230,901 | +€2,691 | +1.2% |
| Fixed assets | 21/28 | €110,606 | €83,606 | -€27,000 | -24.4% |
| Tangible fixed assets | 22/27 | €109,551 | €82,551 | -€27,000 | -24.6% |
| Plant, machinery and equipment | 23 | €5,639 | €4,099 | -€1,539 | -27.3% |
| Furniture and vehicles | 24 | €75,479 | €53,574 | -€21,905 | -29.0% |
| Other tangible fixed assets | 26 | €28,434 | €24,878 | -€3,556 | -12.5% |
| Financial fixed assets | 28 | €1,055 | €1,055 | = | 0.0% |
| Current assets | 29/58 | €117,604 | €147,295 | +€29,691 | +25.2% |
| Amounts receivable after more than one year | 29 | €31,121 | €27,465 | -€3,656 | -11.7% |
| Other amounts receivable | 291 | €31,121 | €27,465 | -€3,656 | -11.7% |
| Stocks and contracts in progress | 3 | €41,155 | €32,680 | -€8,476 | -20.6% |
| Stocks | 30/36 | €14,655 | €13,930 | -€726 | -5.0% |
| Contracts in progress | 37 | €26,500 | €18,750 | -€7,750 | -29.2% |
| Amounts receivable within one year | 40/41 | €42,526 | €87,102 | +€44,575 | +104.8% |
| Trade receivables | 40 | €36,367 | €74,078 | +€37,711 | +103.7% |
| Other amounts receivable | 41 | €6,160 | €13,024 | +€6,864 | +111.4% |
| Cash at bank and in hand | 54/58 | €2,801 | €49 | -€2,752 | -98.3% |
| Total equity and liabilities | 10/49 | €228,210 | €230,901 | +€2,691 | +1.2% |
| Equity | 10/15 | €109,631 | €115,646 | +€6,015 | +5.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €90,875 | €96,875 | +€6,000 | +6.6% |
| Distributable reserves | 133 | €90,875 | €96,875 | +€6,000 | +6.6% |
| Profit (loss) carried forward | 14 | €164 | €179 | +€15 | +9.0% |
| Amounts payable | 17/49 | €118,579 | €115,255 | -€3,323 | -2.8% |
| Amounts payable after more than one year | 17 | €51,303 | €31,890 | -€19,413 | -37.8% |
| Financial debts | 170/4 | €51,303 | €31,890 | -€19,413 | -37.8% |
| Amounts payable within one year | 42/48 | €67,275 | €83,365 | +€16,090 | +23.9% |
| Current portion of amounts payable after more than one year | 42 | €18,869 | €24,480 | +€5,611 | +29.7% |
| Financial debts | 43 | €9,933 | €27,968 | +€18,035 | +181.6% |
| Credit institutions | 430/8 | €9,933 | €27,968 | +€18,035 | +181.6% |
| Trade debts | 44 | €22,768 | €17,529 | -€5,240 | -23.0% |
| Suppliers | 440/4 | €22,768 | €17,529 | -€5,240 | -23.0% |
| Taxes, remuneration and social security | 45 | €15,568 | €13,388 | -€2,179 | -14.0% |
| Taxes | 450/3 | €9,625 | €4,266 | -€5,359 | -55.7% |
| Remuneration and social security | 454/9 | €5,943 | €9,122 | +€3,180 | +53.5% |
| Other amounts payable | 47/48 | €138 | - | -€138 | |
| Remuneration, social security and pensions | 62 | €65,117 | €99,801 | +€34,684 | +53.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,215 | €27,000 | -€215 | -0.8% |
| Other operating charges | 640/8 | €7,165 | €6,282 | -€883 | -12.3% |
| Gross operating margin | 9900 | €114,231 | €153,167 | +€38,936 | +34.1% |
| Operating profit (loss) | 9901 | €14,735 | €20,084 | +€5,350 | +36.3% |
| Financial income | 75/76B | €641 | €828 | +€187 | +29.1% |
| Recurring financial income | 75 | €641 | €828 | +€187 | +29.1% |
| Financial charges | 65/66B | €4,134 | €9,389 | +€5,255 | +127.1% |
| Recurring financial charges | 65 | €4,134 | €9,389 | +€5,255 | +127.1% |
| Profit (loss) for the period before taxes | 9903 | €11,242 | €11,523 | +€281 | +2.5% |
| Income taxes | 67/77 | €6,229 | €5,508 | -€721 | -11.6% |
| Profit (loss) for the period | 9904 | €5,013 | €6,015 | +€1,002 | +20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €5,013 | €6,015 | +€1,002 | +20.0% |
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 1 October 2026 via checked.be.