Lieven Carlier: what changed
Lieven Carlier
Largest movements
- Tangible fixed assets +€54,958
up €54,958 (+137%), from €40,162 to €95,120
of which Leasing and similar rights: +€64,589
- Cash +€15,194
up €15,194 (+68.4%), from €22,220 to €37,414
mainly Other debts (+€97,354) and Debts after one year (+€50,922)
- Receivables within one year +€11,670
up €11,670 (+11.1%), from €104,888 to €116,558
of which Other amounts receivable: +€9,850
- Other debts +€97,354
new in 2025: €97,354
- Profit (loss) carried forward -€78,161
down €78,161 (-58.2%), from €134,297 to €56,136
- Debts after one year +€50,922
up €50,922, from €0 to €50,922
- Tax, wage and social debts +€7,339
up €7,339 (+42.2%), from €17,384 to €24,723
- Current portion of long-term debt +€5,379
up €5,379 (+71.1%), from €7,569 to €12,948
- Gross operating margin +€5,588
up €5,588 (+9.8%), from €57,251 to €62,839
- Staff costs -€2,208
down €2,208 (-100%), from €2,208 to €0
- Financial charges +€920
up €920 (+188%), from €490 to €1,410
- Other operating charges +€831
up €831 (+75.2%), from €1,104 to €1,935
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 | €168,210 | €249,907 | +€81,697 | +48.6% |
| Fixed assets | 21/28 | €40,162 | €95,120 | +€54,958 | +137% |
| Tangible fixed assets | 22/27 | €40,162 | €95,120 | +€54,958 | +137% |
| Land and buildings | 22 | €20,011 | €20,011 | = | 0.0% |
| Furniture and vehicles | 24 | €20,151 | €10,519 | -€9,631 | -47.8% |
| Leasing and similar rights | 25 | - | €64,589 | +€64,589 | |
| Current assets | 29/58 | €128,048 | €154,787 | +€26,739 | +20.9% |
| Amounts receivable within one year | 40/41 | €104,888 | €116,558 | +€11,670 | +11.1% |
| Trade receivables | 40 | €16,351 | €18,171 | +€1,820 | +11.1% |
| Other amounts receivable | 41 | €88,537 | €98,387 | +€9,850 | +11.1% |
| Cash at bank and in hand | 54/58 | €22,220 | €37,414 | +€15,194 | +68.4% |
| Deferred charges and accrued income | 490/1 | €941 | €815 | -€125 | -13.3% |
| Total equity and liabilities | 10/49 | €168,210 | €249,907 | +€81,697 | +48.6% |
| Equity | 10/15 | €139,297 | €61,136 | -€78,161 | -56.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €134,297 | €56,136 | -€78,161 | -58.2% |
| Amounts payable | 17/49 | €28,913 | €188,771 | +€159,858 | +553% |
| Amounts payable after more than one year | 17 | €0 | €50,922 | +€50,922 | |
| Financial debts | 170/4 | €0 | €50,922 | +€50,922 | |
| Amounts payable within one year | 42/48 | €28,913 | €137,849 | +€108,936 | +377% |
| Current portion of amounts payable after more than one year | 42 | €7,569 | €12,948 | +€5,379 | +71.1% |
| Financial debts | 43 | €0 | €1,198 | +€1,198 | |
| Credit institutions | 430/8 | €0 | €1,198 | +€1,198 | |
| Trade debts | 44 | €3,961 | €1,626 | -€2,334 | -58.9% |
| Suppliers | 440/4 | €3,961 | €1,626 | -€2,334 | -58.9% |
| Taxes, remuneration and social security | 45 | €17,384 | €24,723 | +€7,339 | +42.2% |
| Taxes | 450/3 | €17,384 | €24,723 | +€7,339 | +42.2% |
| Other amounts payable | 47/48 | - | €97,354 | +€97,354 | |
| Non-recurring operating income | 76A | - | €283 | +€283 | |
| Remuneration, social security and pensions | 62 | €2,208 | €0 | -€2,208 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,628 | €13,021 | +€393 | +3.1% |
| Other operating charges | 640/8 | €1,104 | €1,935 | +€831 | +75.2% |
| Gross operating margin | 9900 | €57,251 | €62,839 | +€5,588 | +9.8% |
| Operating profit (loss) | 9901 | €41,311 | €47,883 | +€6,572 | +15.9% |
| Financial income | 75/76B | €29 | €70 | +€41 | +145% |
| Recurring financial income | 75 | €29 | €70 | +€41 | +145% |
| Financial charges | 65/66B | €490 | €1,410 | +€920 | +188% |
| Recurring financial charges | 65 | €490 | €1,410 | +€920 | +188% |
| Profit (loss) for the period before taxes | 9903 | €40,849 | €46,543 | +€5,694 | +13.9% |
| Income taxes | 67/77 | €9,771 | €10,170 | +€400 | +4.1% |
| Profit (loss) for the period | 9904 | €31,079 | €36,373 | +€5,294 | +17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €31,079 | €36,373 | +€5,294 | +17.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.