Luc Callaert: 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 Callaert
Largest movements
- Receivables within one year +€483,397
up €483,397 (+46.7%), from €1.0m to €1.5m
of which Other amounts receivable: +€492,676
- Current investments -€310,989
down €310,989 (-60.9%), from €510,989 to €200,000
- Cash +€152,531
up €152,531 (+56.6%), from €269,372 to €421,903
mainly Current investments (+€310,989) and Trade debts (+€211,727)
- Tangible fixed assets +€42,985
up €42,985 (+4.8%), from €897,658 to €940,643
of which Furniture and vehicles: +€74,063
- Trade debts +€211,727
up €211,727 (+93.0%), from €227,674 to €439,401
- Reserves +€164,662
up €164,662 (+8.2%), from €2.0m to €2.2m
- Accrued charges and deferred income -€61,232
down €61,232 (-58.7%), from €104,260 to €43,027
- Other debts +€37,215
up €37,215 (+15.6%), from €238,657 to €275,872
- Gross operating margin +€64,598
up €64,598 (+20.2%), from €319,688 to €384,286
- Taxes +€12,930
up €12,930 (+35.6%), from €36,286 to €49,217
- Financial income +€12,488
up €12,488 (+118%), from €10,549 to €23,038
- Depreciation +€5,074
up €5,074 (+12.3%), from €41,167 to €46,241
- Financial charges +€4,519
up €4,519 (+80.0%), from €5,651 to €10,170
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 | €2,712,426 | €3,085,299 | +€372,872 | +13.7% |
| Fixed assets | 21/28 | €897,658 | €940,643 | +€42,985 | +4.8% |
| Tangible fixed assets | 22/27 | €897,658 | €940,643 | +€42,985 | +4.8% |
| Land and buildings | 22 | €883,623 | €854,806 | -€28,817 | -3.3% |
| Plant, machinery and equipment | 23 | €5,628 | €3,367 | -€2,261 | -40.2% |
| Furniture and vehicles | 24 | €8,407 | €82,470 | +€74,063 | +881% |
| Current assets | 29/58 | €1,814,768 | €2,144,655 | +€329,887 | +18.2% |
| Amounts receivable within one year | 40/41 | €1,034,407 | €1,517,804 | +€483,397 | +46.7% |
| Trade receivables | 40 | €104,610 | €95,331 | -€9,279 | -8.9% |
| Other amounts receivable | 41 | €929,797 | €1,422,473 | +€492,676 | +53.0% |
| Current investments | 50/53 | €510,989 | €200,000 | -€310,989 | -60.9% |
| Cash at bank and in hand | 54/58 | €269,372 | €421,903 | +€152,531 | +56.6% |
| Deferred charges and accrued income | 490/1 | - | €4,948 | +€4,948 | |
| Total equity and liabilities | 10/49 | €2,712,426 | €3,085,299 | +€372,872 | +13.7% |
| Equity | 10/15 | €2,022,135 | €2,186,796 | +€164,662 | +8.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €2,003,543 | €2,168,204 | +€164,662 | +8.2% |
| Distributable reserves | 133 | €2,003,543 | €2,168,204 | +€164,662 | +8.2% |
| Amounts payable | 17/49 | €690,292 | €898,502 | +€208,211 | +30.2% |
| Amounts payable within one year | 42/48 | €586,032 | €855,475 | +€269,443 | +46.0% |
| Trade debts | 44 | €227,674 | €439,401 | +€211,727 | +93.0% |
| Suppliers | 440/4 | €227,674 | €439,401 | +€211,727 | +93.0% |
| Advances received on contracts in progress | 46 | €52,910 | €81,840 | +€28,930 | +54.7% |
| Taxes, remuneration and social security | 45 | €66,791 | €58,362 | -€8,429 | -12.6% |
| Taxes | 450/3 | €33,298 | €9,990 | -€23,307 | -70.0% |
| Remuneration and social security | 454/9 | €33,494 | €48,372 | +€14,878 | +44.4% |
| Other amounts payable | 47/48 | €238,657 | €275,872 | +€37,215 | +15.6% |
| Accrued charges and deferred income | 492/3 | €104,260 | €43,027 | -€61,232 | -58.7% |
| Non-recurring operating income | 76A | - | €24,793 | +€24,793 | |
| Remuneration, social security and pensions | 62 | €125,754 | €129,851 | +€4,096 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,167 | €46,241 | +€5,074 | +12.3% |
| Other operating charges | 640/8 | €7,084 | €5,285 | -€1,799 | -25.4% |
| Non-recurring operating charges | 66A | - | €1,041 | +€1,041 | |
| Gross operating margin | 9900 | €319,688 | €384,286 | +€64,598 | +20.2% |
| Operating profit (loss) | 9901 | €145,683 | €201,869 | +€56,186 | +38.6% |
| Financial income | 75/76B | €10,549 | €23,038 | +€12,488 | +118% |
| Recurring financial income | 75 | €10,549 | €23,038 | +€12,488 | +118% |
| Financial charges | 65/66B | €5,651 | €10,170 | +€4,519 | +80.0% |
| Recurring financial charges | 65 | €5,651 | €10,170 | +€4,519 | +80.0% |
| Profit (loss) for the period before taxes | 9903 | €150,581 | €214,737 | +€64,156 | +42.6% |
| Income taxes | 67/77 | €36,286 | €49,217 | +€12,930 | +35.6% |
| Profit (loss) for the period | 9904 | €114,295 | €165,521 | +€51,225 | +44.8% |
| Profit (loss) for the period to be appropriated | 9905 | €114,295 | €165,521 | +€51,225 | +44.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.