Lieven & Katrien: 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 & Katrien
Largest movements
- Cash +€84,191
up €84,191 (+96.9%), from €86,840 to €171,031
mainly Net result for the year (+€105,891) and Depreciation (+€100,820)
- Stocks and contracts +€18,854
up €18,854 (+34.7%), from €54,302 to €73,157
- Tangible fixed assets +€18,455
up €18,455 (+7.0%), from €264,864 to €283,318
of which Furniture and vehicles: +€57,451
- Current investments +€12,000
up €12,000 (+14.7%), from €81,542 to €93,542
- Receivables within one year -€10,989
down €10,989 (-53.7%), from €20,477 to €9,488
of which Trade receivables: -€6,962
- Reserves +€105,891
up €105,891 (+39.7%), from €266,461 to €372,352
of which Distributable reserves: +€105,891
- Tax, wage and social debts +€16,009
up €16,009 (+73.5%), from €21,778 to €37,787
of which Taxes: +€18,748
- Debts after one year +€11,491
up €11,491 (+15.5%), from €73,961 to €85,452
- Other debts -€8,110
down €8,110 (-16.7%), from €48,498 to €40,387
- Gross operating margin +€61,920
up €61,920 (+20.3%), from €305,356 to €367,276
- Staff costs -€29,032
down €29,032 (-21.5%), from €135,051 to €106,019
- Depreciation +€24,099
up €24,099 (+31.4%), from €76,721 to €100,820
- Taxes +€15,548
up €15,548 (+68.0%), from €22,861 to €38,410
- Financial charges +€11,409
up €11,409 (+221%), from €5,168 to €16,577
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €515,101 | €639,339 | +€124,237 | +24.1% |
| Fixed assets | 21/28 | €264,864 | €283,318 | +€18,455 | +7.0% |
| Tangible fixed assets | 22/27 | €264,864 | €283,318 | +€18,455 | +7.0% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €137,984 | €123,602 | -€14,382 | -10.4% |
| Furniture and vehicles | 24 | €44,076 | €101,528 | +€57,451 | +130% |
| Leasing and similar rights | 25 | €82,803 | €58,188 | -€24,615 | -29.7% |
| Current assets | 29/58 | €250,238 | €356,020 | +€105,782 | +42.3% |
| Stocks and contracts in progress | 3 | €54,302 | €73,157 | +€18,854 | +34.7% |
| Stocks | 30/36 | €54,302 | €73,157 | +€18,854 | +34.7% |
| Amounts receivable within one year | 40/41 | €20,477 | €9,488 | -€10,989 | -53.7% |
| Trade receivables | 40 | €14,356 | €7,394 | -€6,962 | -48.5% |
| Other amounts receivable | 41 | €6,121 | €2,093 | -€4,027 | -65.8% |
| Current investments | 50/53 | €81,542 | €93,542 | +€12,000 | +14.7% |
| Cash at bank and in hand | 54/58 | €86,840 | €171,031 | +€84,191 | +96.9% |
| Deferred charges and accrued income | 490/1 | €7,077 | €8,803 | +€1,726 | +24.4% |
| Total equity and liabilities | 10/49 | €515,101 | €639,339 | +€124,237 | +24.1% |
| Equity | 10/15 | €283,537 | €389,427 | +€105,891 | +37.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €266,461 | €372,352 | +€105,891 | +39.7% |
| Tax-exempt reserves | 132 | €3,744 | €3,744 | = | 0.0% |
| Distributable reserves | 133 | €262,717 | €368,608 | +€105,891 | +40.3% |
| Profit (loss) carried forward | 14 | €10,875 | €10,875 | = | 0.0% |
| Amounts payable | 17/49 | €231,565 | €249,911 | +€18,347 | +7.9% |
| Amounts payable after more than one year | 17 | €73,961 | €85,452 | +€11,491 | +15.5% |
| Financial debts | 170/4 | €73,961 | €85,452 | +€11,491 | +15.5% |
| Amounts payable within one year | 42/48 | €156,507 | €164,459 | +€7,952 | +5.1% |
| Current portion of amounts payable after more than one year | 42 | €43,024 | €48,463 | +€5,439 | +12.6% |
| Trade debts | 44 | €43,207 | €37,822 | -€5,385 | -12.5% |
| Suppliers | 440/4 | €43,207 | €37,822 | -€5,385 | -12.5% |
| Taxes, remuneration and social security | 45 | €21,778 | €37,787 | +€16,009 | +73.5% |
| Taxes | 450/3 | €2,042 | €20,790 | +€18,748 | +918% |
| Remuneration and social security | 454/9 | €19,736 | €16,997 | -€2,739 | -13.9% |
| Other amounts payable | 47/48 | €48,498 | €40,387 | -€8,110 | -16.7% |
| Accrued charges and deferred income | 492/3 | €1,097 | €0 | -€1,097 | -100% |
| Non-recurring operating income | 76A | - | €10,350 | +€10,350 | |
| Remuneration, social security and pensions | 62 | €135,051 | €106,019 | -€29,032 | -21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,721 | €100,820 | +€24,099 | +31.4% |
| Other operating charges | 640/8 | €2,270 | €2,592 | +€322 | +14.2% |
| Gross operating margin | 9900 | €305,356 | €367,276 | +€61,920 | +20.3% |
| Operating profit (loss) | 9901 | €91,314 | €157,844 | +€66,531 | +72.9% |
| Financial income | 75/76B | €1,297 | €3,033 | +€1,736 | +134% |
| Recurring financial income | 75 | €1,297 | €3,033 | +€1,736 | +134% |
| Financial charges | 65/66B | €5,168 | €16,577 | +€11,409 | +221% |
| Recurring financial charges | 65 | €5,168 | €16,577 | +€11,409 | +221% |
| Profit (loss) for the period before taxes | 9903 | €87,443 | €144,300 | +€56,858 | +65.0% |
| Income taxes | 67/77 | €22,861 | €38,410 | +€15,548 | +68.0% |
| Profit (loss) for the period | 9904 | €64,581 | €105,891 | +€41,309 | +64.0% |
| Profit (loss) for the period to be appropriated | 9905 | €64,581 | €105,891 | +€41,309 | +64.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.