Lieven Devos: 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 Devos
Largest movements
- Cash +€11,820
up €11,820 (+19.1%), from €61,980 to €73,800
mainly Net result for the year (+€11,444) and Depreciation (+€8,456)
- Tangible fixed assets -€8,456
down €8,456 (-54.8%), from €15,418 to €6,962
- Receivables within one year +€7,060
up €7,060 (+35.2%), from €20,042 to €27,102
of which Other amounts receivable: +€7,118
- Profit (loss) carried forward +€11,444
up €11,444 (+5.4%), from €210,136 to €221,580
- Financial income +€22,973
up €22,973 (+182.7%), from €12,577 to €35,550
- Gross operating margin -€12,135
down €12,135, from €4,893 to -€7,242
- Financial charges +€4,364
up €4,364 (+694.4%), from €628 to €4,993
- Taxes +€743
up €743 (+42.8%), from €1,737 to €2,480
- Depreciation -€165
down €165 (-1.9%), from €8,621 to €8,456
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.
Cash bridge derived
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 | €263,561 | €275,715 | +€12,154 | +4.6% |
| Fixed assets | 21/28 | €17,410 | €8,954 | -€8,456 | -48.6% |
| Tangible fixed assets | 22/27 | €15,418 | €6,962 | -€8,456 | -54.8% |
| Furniture and vehicles | 24 | €15,418 | €6,962 | -€8,456 | -54.8% |
| Financial fixed assets | 28 | €1,992 | €1,992 | = | 0.0% |
| Current assets | 29/58 | €246,151 | €266,761 | +€20,610 | +8.4% |
| Amounts receivable within one year | 40/41 | €20,042 | €27,102 | +€7,060 | +35.2% |
| Trade receivables | 40 | €58 | €0 | -€58 | -100.0% |
| Other amounts receivable | 41 | €19,984 | €27,102 | +€7,118 | +35.6% |
| Current investments | 50/53 | €162,563 | €164,620 | +€2,057 | +1.3% |
| Cash at bank and in hand | 54/58 | €61,980 | €73,800 | +€11,820 | +19.1% |
| Deferred charges and accrued income | 490/1 | €1,567 | €1,240 | -€327 | -20.8% |
| Total equity and liabilities | 10/49 | €263,561 | €275,715 | +€12,154 | +4.6% |
| Equity | 10/15 | €262,136 | €273,580 | +€11,444 | +4.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €50,000 | €50,000 | = | 0.0% |
| Distributable reserves | 133 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €210,136 | €221,580 | +€11,444 | +5.4% |
| Amounts payable | 17/49 | €1,425 | €2,136 | +€710 | +49.8% |
| Amounts payable within one year | 42/48 | €492 | €1,576 | +€1,084 | +220.5% |
| Trade debts | 44 | €240 | €709 | +€469 | +195.3% |
| Suppliers | 440/4 | €240 | €709 | +€469 | +195.3% |
| Taxes, remuneration and social security | 45 | €252 | €867 | +€616 | +244.6% |
| Taxes | 450/3 | €252 | €867 | +€616 | +244.6% |
| Accrued charges and deferred income | 492/3 | €934 | €560 | -€374 | -40.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,621 | €8,456 | -€165 | -1.9% |
| Other operating charges | 640/8 | €934 | €937 | +€3 | +0.3% |
| Gross operating margin | 9900 | €4,893 | -€7,242 | -€12,135 | |
| Operating profit (loss) | 9901 | -€4,662 | -€16,634 | -€11,972 | -256.8% |
| Financial income | 75/76B | €12,577 | €35,550 | +€22,973 | +182.7% |
| Recurring financial income | 75 | €12,577 | €35,550 | +€22,973 | +182.7% |
| Financial charges | 65/66B | €628 | €4,993 | +€4,364 | +694.4% |
| Recurring financial charges | 65 | €628 | €4,993 | +€4,364 | +694.4% |
| Profit (loss) for the period before taxes | 9903 | €7,287 | €13,924 | +€6,637 | +91.1% |
| Income taxes | 67/77 | €1,737 | €2,480 | +€743 | +42.8% |
| Profit (loss) for the period | 9904 | €5,550 | €11,444 | +€5,894 | +106.2% |
| Profit (loss) for the period to be appropriated | 9905 | €5,550 | €11,444 | +€5,894 | +106.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.