Lieven Comeyne: 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.
Lieven Comeyne
Largest movements
- Receivables after one year +€458,500
up €458,500 (+280%), from €163,500 to €622,000
- Financial fixed assets -€363,600
no longer reported in 2025 (was €363,600)
- Current investments +€39,453
up €39,453 (+197%), from €20,000 to €59,453
- Tangible fixed assets +€22,876
up €22,876 (+13.0%), from €176,009 to €198,885
of which Other tangible fixed assets: +€23,716
- Receivables within one year +€17,286
up €17,286 (+207%), from €8,355 to €25,641
- Short-term financial debts +€116,060
up €116,060 (+20.4%), from €569,233 to €685,293
of which Credit institutions: +€66,060
- Profit (loss) carried forward +€39,219
up €39,219 (+115%), from €33,977 to €73,195
- Other debts +€35,000
up €35,000 (+53.8%), from €65,000 to €100,000
- Debts after one year +€33,613
up €33,613 (+173%), from €19,451 to €53,064
- Tax, wage and social debts -€19,589
down €19,589 (-95.9%), from €20,420 to €831
- Gross operating margin +€70,256
up €70,256 (+47.7%), from €147,312 to €217,567
- Taxes +€22,573
up €22,573 (+115%), from €19,645 to €42,217
- Depreciation +€10,155
up €10,155 (+137%), from €7,412 to €17,566
- Financial charges +€5,832
up €5,832 (+25.9%), from €22,524 to €28,357
- Financial income +€3,784
up €3,784 (+45.7%), from €8,282 to €12,066
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 | €773,641 | €963,683 | +€190,042 | +24.6% |
| Fixed assets | 21/28 | €539,609 | €198,885 | -€340,724 | -63.1% |
| Tangible fixed assets | 22/27 | €176,009 | €198,885 | +€22,876 | +13.0% |
| Land and buildings | 22 | €103,172 | €97,970 | -€5,202 | -5.0% |
| Plant, machinery and equipment | 23 | €1,915 | €1,408 | -€507 | -26.5% |
| Furniture and vehicles | 24 | €2,517 | €7,387 | +€4,870 | +193% |
| Other tangible fixed assets | 26 | €68,404 | €92,120 | +€23,716 | +34.7% |
| Financial fixed assets | 28 | €363,600 | - | -€363,600 | |
| Current assets | 29/58 | €234,032 | €764,798 | +€530,766 | +227% |
| Amounts receivable after more than one year | 29 | €163,500 | €622,000 | +€458,500 | +280% |
| Other amounts receivable | 291 | €163,500 | €622,000 | +€458,500 | +280% |
| Amounts receivable within one year | 40/41 | €8,355 | €25,641 | +€17,286 | +207% |
| Other amounts receivable | 41 | €8,355 | €25,641 | +€17,286 | +207% |
| Current investments | 50/53 | €20,000 | €59,453 | +€39,453 | +197% |
| Cash at bank and in hand | 54/58 | €34,489 | €47,677 | +€13,188 | +38.2% |
| Deferred charges and accrued income | 490/1 | €7,688 | €10,027 | +€2,339 | +30.4% |
| Total equity and liabilities | 10/49 | €773,641 | €963,683 | +€190,042 | +24.6% |
| Equity | 10/15 | €50,803 | €90,021 | +€39,219 | +77.2% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €1,826 | €1,826 | = | 0.0% |
| Distributable reserves | 133 | €1,826 | €1,826 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,977 | €73,195 | +€39,219 | +115% |
| Amounts payable | 17/49 | €722,838 | €873,662 | +€150,824 | +20.9% |
| Amounts payable after more than one year | 17 | €19,451 | €53,064 | +€33,613 | +173% |
| Financial debts | 170/4 | €19,451 | €53,064 | +€33,613 | +173% |
| Amounts payable within one year | 42/48 | €675,438 | €807,141 | +€131,703 | +19.5% |
| Current portion of amounts payable after more than one year | 42 | €6,191 | €6,285 | +€94 | +1.5% |
| Financial debts | 43 | €569,233 | €685,293 | +€116,060 | +20.4% |
| Credit institutions | 430/8 | €339,400 | €405,460 | +€66,060 | +19.5% |
| Other loans | 439 | €229,833 | €279,833 | +€50,000 | +21.8% |
| Trade debts | 44 | €14,594 | €14,732 | +€138 | +0.9% |
| Suppliers | 440/4 | €14,594 | €14,732 | +€138 | +0.9% |
| Taxes, remuneration and social security | 45 | €20,420 | €831 | -€19,589 | -95.9% |
| Taxes | 450/3 | €20,420 | €831 | -€19,589 | -95.9% |
| Other amounts payable | 47/48 | €65,000 | €100,000 | +€35,000 | +53.8% |
| Accrued charges and deferred income | 492/3 | €27,949 | €13,457 | -€14,492 | -51.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,412 | €17,566 | +€10,155 | +137% |
| Other operating charges | 640/8 | €5,002 | €2,275 | -€2,727 | -54.5% |
| Gross operating margin | 9900 | €147,312 | €217,567 | +€70,256 | +47.7% |
| Operating profit (loss) | 9901 | €134,898 | €197,726 | +€62,829 | +46.6% |
| Financial income | 75/76B | €8,282 | €12,066 | +€3,784 | +45.7% |
| Recurring financial income | 75 | €8,282 | €12,066 | +€3,784 | +45.7% |
| Financial charges | 65/66B | €22,524 | €28,357 | +€5,832 | +25.9% |
| Recurring financial charges | 65 | €22,524 | €28,357 | +€5,832 | +25.9% |
| Profit (loss) for the period before taxes | 9903 | €120,655 | €181,436 | +€60,781 | +50.4% |
| Income taxes | 67/77 | €19,645 | €42,217 | +€22,573 | +115% |
| Profit (loss) for the period | 9904 | €101,011 | €139,219 | +€38,208 | +37.8% |
| Profit (loss) for the period to be appropriated | 9905 | €101,011 | €139,219 | +€38,208 | +37.8% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.