LIESBETH ENGELEN: what changed
LIESBETH ENGELEN
Largest movements
- Receivables within one year +€49,570
up €49,570 (+95.5%), from €51,901 to €101,472
of which Other amounts receivable: +€53,105
- Cash -€42,465
down €42,465 (-62.3%), from €68,215 to €25,751
mainly Receivables within one year (-€49,570) and Tax, wage and social debts (-€4,015)
- Reserves +€12,182
up €12,182 (+12.8%), from €94,975 to €107,158
- Tax, wage and social debts -€4,015
down €4,015 (-18.0%), from €22,278 to €18,263
- Other debts -€1,436
down €1,436 (-15.8%), from €9,079 to €7,644
- Gross operating margin -€29,194
down €29,194 (-58.0%), from €50,337 to €21,142
- Taxes -€10,062
down €10,062 (-66.5%), from €15,128 to €5,067
- Depreciation +€832
up €832 (+36.1%), from €2,307 to €3,140
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €127,544 | €134,158 | +€6,615 | +5.2% |
| Fixed assets | 21/28 | €7,427 | €6,936 | -€491 | -6.6% |
| Tangible fixed assets | 22/27 | €7,427 | €6,936 | -€491 | -6.6% |
| Furniture and vehicles | 24 | €5,227 | €4,736 | -€491 | -9.4% |
| Other tangible fixed assets | 26 | €2,200 | €2,200 | = | 0.0% |
| Current assets | 29/58 | €120,117 | €127,223 | +€7,106 | +5.9% |
| Amounts receivable within one year | 40/41 | €51,901 | €101,472 | +€49,570 | +95.5% |
| Trade receivables | 40 | €7,528 | €3,993 | -€3,535 | -47.0% |
| Other amounts receivable | 41 | €44,373 | €97,479 | +€53,105 | +120% |
| Cash at bank and in hand | 54/58 | €68,215 | €25,751 | -€42,465 | -62.3% |
| Total equity and liabilities | 10/49 | €127,544 | €134,158 | +€6,615 | +5.2% |
| Equity | 10/15 | €95,975 | €108,158 | +€12,182 | +12.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €94,975 | €107,158 | +€12,182 | +12.8% |
| Distributable reserves | 133 | €94,975 | €107,158 | +€12,182 | +12.8% |
| Amounts payable | 17/49 | €31,568 | €26,001 | -€5,568 | -17.6% |
| Amounts payable within one year | 42/48 | €31,568 | €26,001 | -€5,568 | -17.6% |
| Trade debts | 44 | €211 | €94 | -€117 | -55.4% |
| Suppliers | 440/4 | €211 | €94 | -€117 | -55.4% |
| Taxes, remuneration and social security | 45 | €22,278 | €18,263 | -€4,015 | -18.0% |
| Taxes | 450/3 | €22,278 | €18,263 | -€4,015 | -18.0% |
| Other amounts payable | 47/48 | €9,079 | €7,644 | -€1,436 | -15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,307 | €3,140 | +€832 | +36.1% |
| Other operating charges | 640/8 | €599 | €615 | +€16 | +2.7% |
| Gross operating margin | 9900 | €50,337 | €21,142 | -€29,194 | -58.0% |
| Operating profit (loss) | 9901 | €47,430 | €17,387 | -€30,043 | -63.3% |
| Financial income | 75/76B | €5 | - | -€5 | |
| Recurring financial income | 75 | €5 | - | -€5 | |
| Financial charges | 65/66B | €138 | €138 | +€0 | +0.2% |
| Recurring financial charges | 65 | €138 | €138 | +€0 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €47,297 | €17,249 | -€30,048 | -63.5% |
| Income taxes | 67/77 | €15,128 | €5,067 | -€10,062 | -66.5% |
| Profit (loss) for the period | 9904 | €32,169 | €12,182 | -€19,986 | -62.1% |
| Profit (loss) for the period to be appropriated | 9905 | €32,169 | €12,182 | -€19,986 | -62.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.