Luc Buyse: 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 Buyse
Largest movements
- Stocks and contracts -€122,775
no longer reported in 2025 (was €122,775)
- Receivables within one year +€107,574
up €107,574 (+569%), from €18,898 to €126,472
of which Trade receivables: +€109,300
- Current investments +€50,000
up €50,000 (+100%), from €50,000 to €100,000
- Cash -€29,064
down €29,064 (-18.4%), from €157,684 to €128,620
mainly Receivables within one year (-€107,574) and Current investments (-€50,000)
- Reserves +€16,414
up €16,414 (+13.3%), from €123,605 to €140,019
of which Distributable reserves: +€16,414
- Other debts -€12,834
down €12,834 (-14.3%), from €89,760 to €76,925
- Gross operating margin +€14,899
up €14,899 (+228%), from €6,530 to €21,429
- Taxes +€7,198
up €7,198 (+487%), from €1,479 to €8,677
- Financial income +€4,855
up €4,855 (+353%), from €1,377 to €6,233
- Write-downs -€1,404
no longer reported in 2025 (was €1,404)
- Other operating charges +€1,174
up €1,174 (+320%), from €366 to €1,540
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 | €351,924 | €358,237 | +€6,314 | +1.8% |
| Fixed assets | 21/28 | €2,161 | €2,715 | +€554 | +25.6% |
| Tangible fixed assets | 22/27 | €1,226 | €1,780 | +€554 | +45.2% |
| Plant, machinery and equipment | 23 | €913 | €627 | -€286 | -31.3% |
| Furniture and vehicles | 24 | €313 | €1,153 | +€840 | +268% |
| Financial fixed assets | 28 | €935 | €935 | = | 0.0% |
| Current assets | 29/58 | €349,763 | €355,523 | +€5,760 | +1.6% |
| Stocks and contracts in progress | 3 | €122,775 | - | -€122,775 | |
| Stocks | 30/36 | €122,775 | - | -€122,775 | |
| Amounts receivable within one year | 40/41 | €18,898 | €126,472 | +€107,574 | +569% |
| Trade receivables | 40 | €16,928 | €126,228 | +€109,300 | +646% |
| Other amounts receivable | 41 | €1,970 | €244 | -€1,726 | -87.6% |
| Current investments | 50/53 | €50,000 | €100,000 | +€50,000 | +100% |
| Cash at bank and in hand | 54/58 | €157,684 | €128,620 | -€29,064 | -18.4% |
| Deferred charges and accrued income | 490/1 | €406 | €431 | +€25 | +6.0% |
| Total equity and liabilities | 10/49 | €351,924 | €358,237 | +€6,314 | +1.8% |
| Equity | 10/15 | €253,105 | €269,519 | +€16,414 | +6.5% |
| Contributions | 10/11 | €129,500 | €129,500 | = | 0.0% |
| Capital | 10 | €129,500 | €129,500 | = | 0.0% |
| Issued capital | 100 | €129,500 | €129,500 | = | 0.0% |
| Reserves | 13 | €123,605 | €140,019 | +€16,414 | +13.3% |
| Non-distributable reserves | 130/1 | €12,950 | €12,950 | = | 0.0% |
| Legal reserve | 130 | €12,950 | €12,950 | = | 0.0% |
| Distributable reserves | 133 | €110,655 | €127,069 | +€16,414 | +14.8% |
| Amounts payable | 17/49 | €98,819 | €88,719 | -€10,100 | -10.2% |
| Amounts payable within one year | 42/48 | €98,819 | €88,719 | -€10,100 | -10.2% |
| Trade debts | 44 | €3,259 | €2,468 | -€790 | -24.2% |
| Suppliers | 440/4 | €3,259 | €2,468 | -€790 | -24.2% |
| Taxes, remuneration and social security | 45 | €5,801 | €9,325 | +€3,524 | +60.8% |
| Taxes | 450/3 | €5,801 | €9,325 | +€3,524 | +60.8% |
| Other amounts payable | 47/48 | €89,760 | €76,925 | -€12,834 | -14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €658 | €495 | -€162 | -24.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,404 | - | -€1,404 | |
| Other operating charges | 640/8 | €366 | €1,540 | +€1,174 | +320% |
| Gross operating margin | 9900 | €6,530 | €21,429 | +€14,899 | +228% |
| Operating profit (loss) | 9901 | €4,102 | €19,393 | +€15,291 | +373% |
| Financial income | 75/76B | €1,377 | €6,233 | +€4,855 | +353% |
| Recurring financial income | 75 | €1,377 | €6,233 | +€4,855 | +353% |
| Financial charges | 65/66B | €464 | €534 | +€71 | +15.3% |
| Recurring financial charges | 65 | €464 | €534 | +€71 | +15.3% |
| Profit (loss) for the period before taxes | 9903 | €5,016 | €25,091 | +€20,075 | +400% |
| Income taxes | 67/77 | €1,479 | €8,677 | +€7,198 | +487% |
| Profit (loss) for the period | 9904 | €3,537 | €16,414 | +€12,877 | +364% |
| Profit (loss) for the period to be appropriated | 9905 | €3,537 | €16,414 | +€12,877 | +364% |
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.