LUC BLYAERT: 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.
LUC BLYAERT
Largest movements
- Cash -€16,091
down €16,091 (-59.0%), from €27,256 to €11,165
mainly Net result for the year (-€19,878) and Tax, wage and social debts (-€1,960)
- Receivables within one year -€3,912
down €3,912 (-36.7%), from €10,655 to €6,743
of which Other amounts receivable: -€2,052
- Tangible fixed assets -€806
down €806 (-16.7%), from €4,828 to €4,022
of which Plant, machinery and equipment: -€1,818
- Reserves -€19,878
down €19,878 (-80.9%), from €24,561 to €4,683
- Tax, wage and social debts -€1,960
down €1,960 (-20.8%), from €9,444 to €7,484
of which Taxes: -€1,237
- Other debts +€599
new in 2025: €599
- Trade debts +€558
up €558 (+18.8%), from €2,962 to €3,520
- Gross operating margin -€43,259
down €43,259, from €28,348 to -€14,912
- Taxes -€1,720
down €1,720 (-93.0%), from €1,849 to €129
- Financial charges +€368
up €368 (+29.6%), from €1,243 to €1,610
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 | €43,301 | €22,919 | -€20,381 | -47.1% |
| Fixed assets | 21/28 | €4,828 | €4,022 | -€806 | -16.7% |
| Tangible fixed assets | 22/27 | €4,828 | €4,022 | -€806 | -16.7% |
| Plant, machinery and equipment | 23 | €4,107 | €2,289 | -€1,818 | -44.3% |
| Furniture and vehicles | 24 | €721 | €1,732 | +€1,011 | +140% |
| Current assets | 29/58 | €38,473 | €18,898 | -€19,575 | -50.9% |
| Amounts receivable within one year | 40/41 | €10,655 | €6,743 | -€3,912 | -36.7% |
| Trade receivables | 40 | €8,603 | €6,743 | -€1,860 | -21.6% |
| Other amounts receivable | 41 | €2,052 | €0 | -€2,052 | -100% |
| Cash at bank and in hand | 54/58 | €27,256 | €11,165 | -€16,091 | -59.0% |
| Deferred charges and accrued income | 490/1 | €562 | €990 | +€428 | +76.1% |
| Total equity and liabilities | 10/49 | €43,301 | €22,919 | -€20,381 | -47.1% |
| Equity | 10/15 | €30,895 | €11,016 | -€19,878 | -64.3% |
| Contributions | 10/11 | €6,333 | €6,333 | = | 0.0% |
| Reserves | 13 | €24,561 | €4,683 | -€19,878 | -80.9% |
| Distributable reserves | 133 | €24,561 | €4,683 | -€19,878 | -80.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €12,406 | €11,903 | -€503 | -4.1% |
| Amounts payable within one year | 42/48 | €12,406 | €11,603 | -€803 | -6.5% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €2,962 | €3,520 | +€558 | +18.8% |
| Suppliers | 440/4 | €2,962 | €3,520 | +€558 | +18.8% |
| Taxes, remuneration and social security | 45 | €9,444 | €7,484 | -€1,960 | -20.8% |
| Taxes | 450/3 | €8,721 | €7,484 | -€1,237 | -14.2% |
| Remuneration and social security | 454/9 | €724 | €0 | -€724 | -100% |
| Other amounts payable | 47/48 | - | €599 | +€599 | |
| Accrued charges and deferred income | 492/3 | - | €300 | +€300 | |
| Non-recurring operating income | 76A | €2,000 | €0 | -€2,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,116 | €2,170 | +€54 | +2.5% |
| Other operating charges | 640/8 | €1,092 | €1,091 | -€1 | -0.1% |
| Gross operating margin | 9900 | €28,348 | -€14,912 | -€43,259 | |
| Operating profit (loss) | 9901 | €25,139 | -€18,172 | -€43,312 | |
| Financial income | 75/76B | €131 | €33 | -€98 | -74.6% |
| Recurring financial income | 75 | €131 | €33 | -€98 | -74.6% |
| Financial charges | 65/66B | €1,243 | €1,610 | +€368 | +29.6% |
| Recurring financial charges | 65 | €1,243 | €1,610 | +€368 | +29.6% |
| Profit (loss) for the period before taxes | 9903 | €24,028 | -€19,749 | -€43,777 | |
| Income taxes | 67/77 | €1,849 | €129 | -€1,720 | -93.0% |
| Profit (loss) for the period | 9904 | €22,179 | -€19,878 | -€42,057 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,179 | -€19,878 | -€42,057 |
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 19 October 2026 via checked.be.