Lore De Greef: 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.
Lore De Greef
Largest movements
- Cash -€179,236
down €179,236 (-57.0%), from €314,427 to €135,190
mainly Contributions, distributions and other (-€265,407) and Debts after one year (-€52,057)
- Tangible fixed assets -€36,237
down €36,237 (-7.8%), from €462,037 to €425,799
of which Land and buildings: -€23,342
- Intangible fixed assets -€20,000
down €20,000 (-23.0%), from €87,073 to €67,073
- Deferred charges and accrued income +€9,489
up €9,489 (+217%), from €4,372 to €13,861
- Reserves -€156,028
down €156,028 (-58.8%), from €265,407 to €109,379
- Debts after one year -€52,057
down €52,057 (-11.6%), from €450,625 to €398,567
- Gross operating margin -€5,377
down €5,377 (-2.0%), from €269,802 to €264,425
- Depreciation -€2,898
down €2,898 (-4.9%), from €59,136 to €56,237
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 | €869,249 | €642,075 | -€227,174 | -26.1% |
| Fixed assets | 21/28 | €549,110 | €492,872 | -€56,237 | -10.2% |
| Intangible fixed assets | 21 | €87,073 | €67,073 | -€20,000 | -23.0% |
| Tangible fixed assets | 22/27 | €462,037 | €425,799 | -€36,237 | -7.8% |
| Land and buildings | 22 | €415,690 | €392,348 | -€23,342 | -5.6% |
| Plant, machinery and equipment | 23 | €5,523 | €4,658 | -€865 | -15.7% |
| Furniture and vehicles | 24 | €40,824 | €28,794 | -€12,030 | -29.5% |
| Current assets | 29/58 | €320,140 | €149,203 | -€170,937 | -53.4% |
| Amounts receivable within one year | 40/41 | €1,341 | €151 | -€1,190 | -88.7% |
| Other amounts receivable | 41 | €1,341 | €151 | -€1,190 | -88.7% |
| Cash at bank and in hand | 54/58 | €314,427 | €135,190 | -€179,236 | -57.0% |
| Deferred charges and accrued income | 490/1 | €4,372 | €13,861 | +€9,489 | +217% |
| Total equity and liabilities | 10/49 | €869,249 | €642,075 | -€227,174 | -26.1% |
| Equity | 10/15 | €275,407 | €119,379 | -€156,028 | -56.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €265,407 | €109,379 | -€156,028 | -58.8% |
| Distributable reserves | 133 | €265,407 | €109,379 | -€156,028 | -58.8% |
| Amounts payable | 17/49 | €593,842 | €522,696 | -€71,146 | -12.0% |
| Amounts payable after more than one year | 17 | €450,625 | €398,567 | -€52,057 | -11.6% |
| Financial debts | 170/4 | €450,625 | €398,567 | -€52,057 | -11.6% |
| Amounts payable within one year | 42/48 | €101,394 | €88,333 | -€13,060 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €51,347 | €52,057 | +€710 | +1.4% |
| Trade debts | 44 | €6,714 | €5,624 | -€1,090 | -16.2% |
| Suppliers | 440/4 | €6,714 | €5,624 | -€1,090 | -16.2% |
| Taxes, remuneration and social security | 45 | €16,319 | €9,603 | -€6,716 | -41.2% |
| Taxes | 450/3 | €6,808 | €6,930 | +€122 | +1.8% |
| Remuneration and social security | 454/9 | €9,511 | €2,673 | -€6,839 | -71.9% |
| Other amounts payable | 47/48 | €27,014 | €21,049 | -€5,964 | -22.1% |
| Accrued charges and deferred income | 492/3 | €41,824 | €35,795 | -€6,029 | -14.4% |
| Remuneration, social security and pensions | 62 | €48,433 | €51,092 | +€2,659 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,136 | €56,237 | -€2,898 | -4.9% |
| Other operating charges | 640/8 | €2,873 | €2,365 | -€508 | -17.7% |
| Gross operating margin | 9900 | €269,802 | €264,425 | -€5,377 | -2.0% |
| Operating profit (loss) | 9901 | €159,360 | €154,730 | -€4,630 | -2.9% |
| Financial income | 75/76B | €110 | €104 | -€6 | -5.3% |
| Recurring financial income | 75 | €110 | €104 | -€6 | -5.3% |
| Financial charges | 65/66B | €9,389 | €8,606 | -€783 | -8.3% |
| Recurring financial charges | 65 | €9,389 | €8,606 | -€783 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €150,080 | €146,228 | -€3,852 | -2.6% |
| Income taxes | 67/77 | €37,016 | €36,849 | -€167 | -0.5% |
| Profit (loss) for the period | 9904 | €113,065 | €109,379 | -€3,685 | -3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €113,065 | €109,379 | -€3,685 | -3.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.