LIETARD FRERES: 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.
LIETARD FRERES
Largest movements
- Tangible fixed assets -€70,874
down €70,874 (-35.6%), from €198,837 to €127,962
of which Furniture and vehicles: -€64,517
- Cash -€48,222
down €48,222 (-33.5%), from €144,006 to €95,784
mainly Debts after one year (-€50,699) and Net result for the year (-€37,210)
- Stocks and contracts +€6,075
up €6,075 (+39.0%), from €15,573 to €21,648
- Debts after one year -€50,699
down €50,699 (-54.9%), from €92,428 to €41,729
- Reserves -€37,000
down €37,000 (-30.1%), from €123,000 to €86,000
of which Distributable reserves: -€37,000
- Current portion of long-term debt -€19,921
down €19,921 (-27.3%), from €73,020 to €53,099
- Trade debts -€14,911
down €14,911 (-28.0%), from €53,214 to €38,303
- Other debts +€14,298
up €14,298 (+18.3%), from €78,343 to €92,642
- Gross operating margin -€82,616
down €82,616 (-25.6%), from €322,409 to €239,793
- Depreciation -€17,305
down €17,305 (-18.7%), from €92,612 to €75,306
- Staff costs -€9,124
down €9,124 (-6.6%), from €137,762 to €128,638
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 | €470,142 | €358,094 | -€112,049 | -23.8% |
| Fixed assets | 21/28 | €198,837 | €128,097 | -€70,739 | -35.6% |
| Tangible fixed assets | 22/27 | €198,837 | €127,962 | -€70,874 | -35.6% |
| Plant, machinery and equipment | 23 | €34,884 | €28,527 | -€6,357 | -18.2% |
| Furniture and vehicles | 24 | €163,953 | €99,436 | -€64,517 | -39.4% |
| Financial fixed assets | 28 | - | €135 | +€135 | |
| Current assets | 29/58 | €271,305 | €229,996 | -€41,309 | -15.2% |
| Stocks and contracts in progress | 3 | €15,573 | €21,648 | +€6,075 | +39.0% |
| Stocks | 30/36 | €15,573 | €21,648 | +€6,075 | +39.0% |
| Amounts receivable within one year | 40/41 | €63,068 | €66,175 | +€3,107 | +4.9% |
| Trade receivables | 40 | €60,690 | €65,910 | +€5,220 | +8.6% |
| Other amounts receivable | 41 | €2,378 | €265 | -€2,113 | -88.9% |
| Cash at bank and in hand | 54/58 | €144,006 | €95,784 | -€48,222 | -33.5% |
| Deferred charges and accrued income | 490/1 | €48,659 | €46,390 | -€2,269 | -4.7% |
| Total equity and liabilities | 10/49 | €470,142 | €358,094 | -€112,049 | -23.8% |
| Equity | 10/15 | €151,548 | €114,338 | -€37,210 | -24.6% |
| Contributions | 10/11 | €27,500 | €27,500 | = | 0.0% |
| Reserves | 13 | €123,000 | €86,000 | -€37,000 | -30.1% |
| Tax-exempt reserves | 132 | €72,000 | €72,000 | = | 0.0% |
| Distributable reserves | 133 | €51,000 | €14,000 | -€37,000 | -72.5% |
| Profit (loss) carried forward | 14 | €1,048 | €838 | -€210 | -20.1% |
| Amounts payable | 17/49 | €318,594 | €243,756 | -€74,838 | -23.5% |
| Amounts payable after more than one year | 17 | €92,428 | €41,729 | -€50,699 | -54.9% |
| Financial debts | 170/4 | €92,428 | €41,729 | -€50,699 | -54.9% |
| Amounts payable within one year | 42/48 | €226,166 | €202,027 | -€24,139 | -10.7% |
| Current portion of amounts payable after more than one year | 42 | €73,020 | €53,099 | -€19,921 | -27.3% |
| Trade debts | 44 | €53,214 | €38,303 | -€14,911 | -28.0% |
| Suppliers | 440/4 | €53,214 | €38,303 | -€14,911 | -28.0% |
| Taxes, remuneration and social security | 45 | €21,589 | €17,983 | -€3,605 | -16.7% |
| Taxes | 450/3 | €14,673 | €13,789 | -€884 | -6.0% |
| Remuneration and social security | 454/9 | €6,916 | €4,194 | -€2,722 | -39.4% |
| Other amounts payable | 47/48 | €78,343 | €92,642 | +€14,298 | +18.3% |
| Non-recurring operating income | 76A | €5,000 | €165 | -€4,835 | -96.7% |
| Remuneration, social security and pensions | 62 | €137,762 | €128,638 | -€9,124 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €92,612 | €75,306 | -€17,305 | -18.7% |
| Other operating charges | 640/8 | €61,206 | €63,113 | +€1,907 | +3.1% |
| Gross operating margin | 9900 | €322,409 | €239,793 | -€82,616 | -25.6% |
| Operating profit (loss) | 9901 | €30,829 | -€27,264 | -€58,094 | |
| Financial income | 75/76B | €0 | €14 | +€13 | +3,047% |
| Recurring financial income | 75 | €0 | €14 | +€13 | +3,047% |
| Financial charges | 65/66B | €7,020 | €9,648 | +€2,628 | +37.4% |
| Recurring financial charges | 65 | €7,020 | €9,648 | +€2,628 | +37.4% |
| Profit (loss) for the period before taxes | 9903 | €23,810 | -€36,899 | -€60,708 | |
| Income taxes | 67/77 | €323 | €312 | -€12 | -3.7% |
| Profit (loss) for the period | 9904 | €23,486 | -€37,210 | -€60,697 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,486 | -€37,210 | -€60,697 |
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 27 October 2026 via checked.be.