Luc Daenens: 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 Daenens
Largest movements
- Current investments +€78,175
up €78,175 (+16.0%), from €488,010 to €566,185
- Cash -€22,973
down €22,973 (-9.0%), from €256,481 to €233,508
mainly Current investments (-€78,175) and Contributions, distributions and other (-€10,000)
- Deferred charges and accrued income -€13,358
down €13,358 (-69.3%), from €19,263 to €5,905
- Reserves +€51,478
up €51,478 (+9.7%), from €530,754 to €582,232
of which Distributable reserves: +€51,478
- Trade debts -€8,384
down €8,384 (-37.4%), from €22,410 to €14,026
- Gross operating margin -€24,435
down €24,435 (-23.3%), from €104,737 to €80,302
- Taxes -€13,839
down €13,839 (-36.9%), from €37,490 to €23,650
- Other operating charges +€9,337
up €9,337 (+676%), from €1,381 to €10,718
- Financial income +€3,928
up €3,928 (+20.1%), from €19,510 to €23,438
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 | €792,890 | €831,579 | +€38,688 | +4.9% |
| Fixed assets | 21/28 | €7,406 | €4,162 | -€3,243 | -43.8% |
| Tangible fixed assets | 22/27 | €7,406 | €4,162 | -€3,243 | -43.8% |
| Plant, machinery and equipment | 23 | €6,998 | €3,942 | -€3,056 | -43.7% |
| Furniture and vehicles | 24 | €407 | €220 | -€187 | -45.9% |
| Current assets | 29/58 | €785,485 | €827,417 | +€41,932 | +5.3% |
| Amounts receivable within one year | 40/41 | €21,731 | €21,819 | +€88 | +0.4% |
| Trade receivables | 40 | €15,015 | €7,934 | -€7,081 | -47.2% |
| Other amounts receivable | 41 | €6,716 | €13,885 | +€7,169 | +107% |
| Current investments | 50/53 | €488,010 | €566,185 | +€78,175 | +16.0% |
| Cash at bank and in hand | 54/58 | €256,481 | €233,508 | -€22,973 | -9.0% |
| Deferred charges and accrued income | 490/1 | €19,263 | €5,905 | -€13,358 | -69.3% |
| Total equity and liabilities | 10/49 | €792,890 | €831,579 | +€38,688 | +4.9% |
| Equity | 10/15 | €753,954 | €805,432 | +€51,478 | +6.8% |
| Contributions | 10/11 | €223,200 | €223,200 | = | 0.0% |
| Reserves | 13 | €530,754 | €582,232 | +€51,478 | +9.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €530,754 | €582,232 | +€51,478 | +9.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €38,936 | €26,147 | -€12,789 | -32.8% |
| Amounts payable within one year | 42/48 | €36,031 | €24,926 | -€11,105 | -30.8% |
| Trade debts | 44 | €22,410 | €14,026 | -€8,384 | -37.4% |
| Suppliers | 440/4 | €22,410 | €14,026 | -€8,384 | -37.4% |
| Taxes, remuneration and social security | 45 | €3,621 | €900 | -€2,721 | -75.1% |
| Taxes | 450/3 | €3,621 | €900 | -€2,721 | -75.1% |
| Other amounts payable | 47/48 | €10,000 | €10,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,904 | €1,220 | -€1,684 | -58.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,751 | €4,203 | +€453 | +12.1% |
| Other operating charges | 640/8 | €1,381 | €10,718 | +€9,337 | +676% |
| Gross operating margin | 9900 | €104,737 | €80,302 | -€24,435 | -23.3% |
| Operating profit (loss) | 9901 | €99,605 | €65,380 | -€34,225 | -34.4% |
| Financial income | 75/76B | €19,510 | €23,438 | +€3,928 | +20.1% |
| Recurring financial income | 75 | €19,510 | €23,438 | +€3,928 | +20.1% |
| Financial charges | 65/66B | €3,407 | €3,690 | +€283 | +8.3% |
| Recurring financial charges | 65 | €3,407 | €3,690 | +€283 | +8.3% |
| Profit (loss) for the period before taxes | 9903 | €115,708 | €85,128 | -€30,580 | -26.4% |
| Income taxes | 67/77 | €37,490 | €23,650 | -€13,839 | -36.9% |
| Profit (loss) for the period | 9904 | €78,219 | €61,478 | -€16,741 | -21.4% |
| Profit (loss) for the period to be appropriated | 9905 | €78,219 | €61,478 | -€16,741 | -21.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.