Luc Celens: 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 Celens
Largest movements
- Tangible fixed assets -€10,965
down €10,965 (-14.9%), from €73,372 to €62,408
of which Land and buildings: -€7,342
- Stocks and contracts -€8,409
down €8,409 (-80.3%), from €10,468 to €2,059
- Reserves +€50,400
up €50,400 (+11.2%), from €449,600 to €500,000
of which Distributable reserves: +€50,400
- Tax, wage and social debts -€40,525
down €40,525 (-69.9%), from €57,934 to €17,409
of which Taxes: -€30,687
- Trade debts -€37,201
down €37,201 (-78.6%), from €47,303 to €10,102
- Profit (loss) carried forward +€15,769
up €15,769 (+202.8%), from €7,774 to €23,543
- Other debts -€7,293
down €7,293 (-24.4%), from €29,880 to €22,587
- Gross operating margin -€116,407
down €116,407 (-30.3%), from €384,434 to €268,028
- Taxes -€29,164
down €29,164 (-48.3%), from €60,350 to €31,186
- Staff costs -€26,320
down €26,320 (-15.2%), from €172,594 to €146,274
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.
Cash bridge derived
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 | €604,892 | €586,041 | -€18,851 | -3.1% |
| Fixed assets | 21/28 | €78,790 | €67,826 | -€10,965 | -13.9% |
| Tangible fixed assets | 22/27 | €73,372 | €62,408 | -€10,965 | -14.9% |
| Land and buildings | 22 | €37,889 | €30,547 | -€7,342 | -19.4% |
| Plant, machinery and equipment | 23 | €35,019 | €31,755 | -€3,265 | -9.3% |
| Furniture and vehicles | 24 | €464 | €106 | -€358 | -77.2% |
| Financial fixed assets | 28 | €5,418 | €5,418 | = | 0.0% |
| Current assets | 29/58 | €526,101 | €518,216 | -€7,886 | -1.5% |
| Stocks and contracts in progress | 3 | €10,468 | €2,059 | -€8,409 | -80.3% |
| Stocks | 30/36 | €10,468 | €2,059 | -€8,409 | -80.3% |
| Amounts receivable within one year | 40/41 | €28,307 | €33,513 | +€5,206 | +18.4% |
| Trade receivables | 40 | €28,307 | €14,307 | -€14,000 | -49.5% |
| Other amounts receivable | 41 | - | €19,207 | +€19,207 | |
| Cash at bank and in hand | 54/58 | €487,326 | €481,458 | -€5,868 | -1.2% |
| Deferred charges and accrued income | 490/1 | - | €1,186 | +€1,186 | |
| Total equity and liabilities | 10/49 | €604,892 | €586,041 | -€18,851 | -3.1% |
| Equity | 10/15 | €469,774 | €535,943 | +€66,169 | +14.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Other | 1109/19 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €449,600 | €500,000 | +€50,400 | +11.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €447,740 | €498,140 | +€50,400 | +11.3% |
| Profit (loss) carried forward | 14 | €7,774 | €23,543 | +€15,769 | +202.8% |
| Amounts payable | 17/49 | €135,118 | €50,098 | -€85,019 | -62.9% |
| Amounts payable within one year | 42/48 | €135,118 | €50,098 | -€85,019 | -62.9% |
| Trade debts | 44 | €47,303 | €10,102 | -€37,201 | -78.6% |
| Suppliers | 440/4 | €47,303 | €10,102 | -€37,201 | -78.6% |
| Taxes, remuneration and social security | 45 | €57,934 | €17,409 | -€40,525 | -69.9% |
| Taxes | 450/3 | €43,295 | €12,609 | -€30,687 | -70.9% |
| Remuneration and social security | 454/9 | €14,639 | €4,801 | -€9,838 | -67.2% |
| Other amounts payable | 47/48 | €29,880 | €22,587 | -€7,293 | -24.4% |
| Remuneration, social security and pensions | 62 | €172,594 | €146,274 | -€26,320 | -15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,412 | €25,249 | +€837 | +3.4% |
| Other operating charges | 640/8 | €4,567 | €1,610 | -€2,957 | -64.7% |
| Gross operating margin | 9900 | €384,434 | €268,028 | -€116,407 | -30.3% |
| Operating profit (loss) | 9901 | €182,862 | €94,895 | -€87,966 | -48.1% |
| Financial income | 75/76B | €1,979 | €2,611 | +€632 | +32.0% |
| Recurring financial income | 75 | €1,979 | €2,611 | +€632 | +32.0% |
| Financial charges | 65/66B | €68 | €152 | +€84 | +124.4% |
| Recurring financial charges | 65 | €68 | €152 | +€84 | +124.4% |
| Profit (loss) for the period before taxes | 9903 | €184,773 | €97,354 | -€87,418 | -47.3% |
| Income taxes | 67/77 | €60,350 | €31,186 | -€29,164 | -48.3% |
| Profit (loss) for the period | 9904 | €124,422 | €66,169 | -€58,254 | -46.8% |
| Profit (loss) for the period to be appropriated | 9905 | €124,422 | €66,169 | -€58,254 | -46.8% |
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 12 October 2026 via checked.be.