LES CYGNES: 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.
LES CYGNES
Largest movements
- Stocks and contracts -€606,195
down €606,195 (-100%), from €606,195 to €0
- Cash +€521,015
up €521,015 (+644%), from €80,871 to €601,886
mainly Stocks and contracts (+€606,195) and Net result for the year (+€252,673)
- Tangible fixed assets -€413,226
down €413,226 (-17.8%), from €2.3m to €1.9m
of which Land and buildings: -€252,791
- Short-term financial debts -€295,000
down €295,000 (-32.8%), from €900,000 to €605,000
- Profit (loss) carried forward +€252,673
up €252,673 (+39.4%), from -€641,658 to -€388,985
- Debts after one year -€236,149
down €236,149 (-29.7%), from €796,341 to €560,193
- Trade debts -€200,465
down €200,465 (-96.4%), from €208,014 to €7,549
- Tax, wage and social debts -€57,533
down €57,533 (-77.7%), from €74,074 to €16,542
of which Remuneration and social security: -€45,437
- Gross operating margin +€271,864
up €271,864 (+54.2%), from €501,813 to €773,678
- Staff costs -€46,754
down €46,754 (-19.0%), from €246,448 to €199,694
- Financial charges -€41,139
down €41,139 (-47.9%), from €85,930 to €44,791
- Depreciation -€14,180
down €14,180 (-5.9%), from €240,348 to €226,168
- Other operating charges -€8,828
down €8,828 (-14.1%), from €62,691 to €53,863
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,033,845 | €2,523,782 | -€510,063 | -16.8% |
| Fixed assets | 21/28 | €2,327,562 | €1,914,336 | -€413,226 | -17.8% |
| Tangible fixed assets | 22/27 | €2,326,841 | €1,913,616 | -€413,226 | -17.8% |
| Land and buildings | 22 | €2,063,859 | €1,811,068 | -€252,791 | -12.2% |
| Plant, machinery and equipment | 23 | €227,123 | €77,936 | -€149,187 | -65.7% |
| Furniture and vehicles | 24 | €35,859 | €24,612 | -€11,248 | -31.4% |
| Financial fixed assets | 28 | €720 | €720 | = | 0.0% |
| Current assets | 29/58 | €706,283 | €609,446 | -€96,837 | -13.7% |
| Stocks and contracts in progress | 3 | €606,195 | €0 | -€606,195 | -100% |
| Stocks | 30/36 | €606,195 | €0 | -€606,195 | -100% |
| Amounts receivable within one year | 40/41 | €13,198 | €2,936 | -€10,262 | -77.8% |
| Trade receivables | 40 | €1,699 | €2,936 | +€1,237 | +72.8% |
| Other amounts receivable | 41 | €11,499 | €0 | -€11,499 | -100% |
| Cash at bank and in hand | 54/58 | €80,871 | €601,886 | +€521,015 | +644% |
| Deferred charges and accrued income | 490/1 | €6,019 | €4,624 | -€1,396 | -23.2% |
| Total equity and liabilities | 10/49 | €3,033,845 | €2,523,782 | -€510,063 | -16.8% |
| Equity | 10/15 | €403,115 | €655,788 | +€252,673 | +62.7% |
| Contributions | 10/11 | €537,200 | €537,200 | = | 0.0% |
| Capital | 10 | €537,200 | €537,200 | = | 0.0% |
| Issued capital | 100 | €537,200 | €537,200 | = | 0.0% |
| Reserves | 13 | €507,573 | €507,573 | = | 0.0% |
| Non-distributable reserves | 130/1 | €53,720 | €53,720 | = | 0.0% |
| Legal reserve | 130 | €53,720 | €53,720 | = | 0.0% |
| Distributable reserves | 133 | €453,853 | €453,853 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€641,658 | -€388,985 | +€252,673 | +39.4% |
| Amounts payable | 17/49 | €2,630,730 | €1,867,995 | -€762,736 | -29.0% |
| Amounts payable after more than one year | 17 | €796,341 | €560,193 | -€236,149 | -29.7% |
| Financial debts | 170/4 | €796,341 | €560,193 | -€236,149 | -29.7% |
| Amounts payable within one year | 42/48 | €1,834,389 | €1,306,517 | -€527,872 | -28.8% |
| Current portion of amounts payable after more than one year | 42 | €231,985 | €236,149 | +€4,164 | +1.8% |
| Financial debts | 43 | €900,000 | €605,000 | -€295,000 | -32.8% |
| Credit institutions | 430/8 | €900,000 | €605,000 | -€295,000 | -32.8% |
| Trade debts | 44 | €208,014 | €7,549 | -€200,465 | -96.4% |
| Suppliers | 440/4 | €208,014 | €7,549 | -€200,465 | -96.4% |
| Advances received on contracts in progress | 46 | €1,429 | €2,780 | +€1,352 | +94.6% |
| Taxes, remuneration and social security | 45 | €74,074 | €16,542 | -€57,533 | -77.7% |
| Taxes | 450/3 | €19,324 | €7,227 | -€12,096 | -62.6% |
| Remuneration and social security | 454/9 | €54,751 | €9,314 | -€45,437 | -83.0% |
| Other amounts payable | 47/48 | €418,888 | €438,497 | +€19,610 | +4.7% |
| Accrued charges and deferred income | 492/3 | - | €1,285 | +€1,285 | |
| Remuneration, social security and pensions | 62 | €246,448 | €199,694 | -€46,754 | -19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €240,348 | €226,168 | -€14,180 | -5.9% |
| Other operating charges | 640/8 | €62,691 | €53,863 | -€8,828 | -14.1% |
| Non-recurring operating charges | 66A | €2,832 | €802 | -€2,030 | -71.7% |
| Gross operating margin | 9900 | €501,813 | €773,678 | +€271,864 | +54.2% |
| Operating profit (loss) | 9901 | -€50,505 | €293,150 | +€343,655 | |
| Financial income | 75/76B | €6,233 | €4,313 | -€1,920 | -30.8% |
| Recurring financial income | 75 | €6,233 | €4,313 | -€1,920 | -30.8% |
| Financial charges | 65/66B | €85,930 | €44,791 | -€41,139 | -47.9% |
| Recurring financial charges | 65 | €85,930 | €44,791 | -€41,139 | -47.9% |
| Profit (loss) for the period before taxes | 9903 | -€130,202 | €252,673 | +€382,874 | |
| Profit (loss) for the period | 9904 | -€130,202 | €252,673 | +€382,874 | |
| Profit (loss) for the period to be appropriated | 9905 | -€130,202 | €252,673 | +€382,874 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.