Lieve Blancquaert: 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.
Lieve Blancquaert
Largest movements
- Cash -€55,408
down €55,408 (-44.0%), from €125,904 to €70,496
mainly Contributions, distributions and other (-€132,830) and Investment in fixed assets (net) (-€13,507)
- Receivables within one year -€15,467
down €15,467 (-6.4%), from €243,461 to €227,995
of which Trade receivables: -€15,467
- Reserves -€81,390
down €81,390 (-25.0%), from €325,206 to €243,816
of which Distributable reserves: -€81,390
- Tax, wage and social debts +€8,968
up €8,968 (+50.8%), from €17,667 to €26,635
- Short-term financial debts +€5,502
up €5,502 (+161%), from €3,421 to €8,923
- Trade debts -€5,232
down €5,232 (-64.5%), from €8,117 to €2,885
- Gross operating margin +€21,610
up €21,610 (+31.1%), from €69,501 to €91,111
- Taxes +€8,582
up €8,582 (+52.7%), from €16,280 to €24,862
- Depreciation +€1,902
up €1,902 (+17.1%), from €11,124 to €13,027
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 | €392,255 | €321,861 | -€70,394 | -17.9% |
| Fixed assets | 21/28 | €22,890 | €23,370 | +€481 | +2.1% |
| Tangible fixed assets | 22/27 | €22,890 | €23,370 | +€481 | +2.1% |
| Plant, machinery and equipment | 23 | €5,294 | €12,383 | +€7,089 | +134% |
| Furniture and vehicles | 24 | €16,426 | €10,136 | -€6,290 | -38.3% |
| Other tangible fixed assets | 26 | €1,170 | €851 | -€319 | -27.3% |
| Current assets | 29/58 | €369,365 | €298,491 | -€70,875 | -19.2% |
| Amounts receivable within one year | 40/41 | €243,461 | €227,995 | -€15,467 | -6.4% |
| Trade receivables | 40 | €29,134 | €13,667 | -€15,467 | -53.1% |
| Other amounts receivable | 41 | €214,328 | €214,328 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €125,904 | €70,496 | -€55,408 | -44.0% |
| Total equity and liabilities | 10/49 | €392,255 | €321,861 | -€70,394 | -17.9% |
| Equity | 10/15 | €345,110 | €263,720 | -€81,390 | -23.6% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €325,206 | €243,816 | -€81,390 | -25.0% |
| Non-distributable reserves | 130/1 | €4,016 | €4,016 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,016 | €4,016 | = | 0.0% |
| Distributable reserves | 133 | €321,190 | €239,800 | -€81,390 | -25.3% |
| Profit (loss) carried forward | 14 | €13,707 | €13,707 | = | 0.0% |
| Amounts payable | 17/49 | €47,145 | €58,141 | +€10,996 | +23.3% |
| Amounts payable within one year | 42/48 | €47,026 | €58,141 | +€11,115 | +23.6% |
| Financial debts | 43 | €3,421 | €8,923 | +€5,502 | +161% |
| Credit institutions | 430/8 | €3,421 | €8,923 | +€5,502 | +161% |
| Trade debts | 44 | €8,117 | €2,885 | -€5,232 | -64.5% |
| Suppliers | 440/4 | €8,117 | €2,885 | -€5,232 | -64.5% |
| Taxes, remuneration and social security | 45 | €17,667 | €26,635 | +€8,968 | +50.8% |
| Taxes | 450/3 | €17,667 | €26,635 | +€8,968 | +50.8% |
| Other amounts payable | 47/48 | €17,822 | €19,698 | +€1,876 | +10.5% |
| Accrued charges and deferred income | 492/3 | €119 | - | -€119 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,124 | €13,027 | +€1,902 | +17.1% |
| Other operating charges | 640/8 | €1,279 | €1,124 | -€156 | -12.2% |
| Gross operating margin | 9900 | €69,501 | €91,111 | +€21,610 | +31.1% |
| Operating profit (loss) | 9901 | €57,097 | €76,960 | +€19,863 | +34.8% |
| Financial income | 75/76B | €0 | €119 | +€118 | +28,834% |
| Recurring financial income | 75 | €0 | €119 | +€118 | +28,834% |
| Financial charges | 65/66B | €408 | €777 | +€369 | +90.5% |
| Recurring financial charges | 65 | €408 | €777 | +€369 | +90.5% |
| Profit (loss) for the period before taxes | 9903 | €56,690 | €76,302 | +€19,612 | +34.6% |
| Income taxes | 67/77 | €16,280 | €24,862 | +€8,582 | +52.7% |
| Profit (loss) for the period | 9904 | €40,410 | €51,440 | +€11,030 | +27.3% |
| Profit (loss) for the period to be appropriated | 9905 | €40,410 | €51,440 | +€11,030 | +27.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.