Luc Desnyder: 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 Desnyder
Largest movements
- Current investments +€150,000
new in 2025: €150,000
- Cash +€78,427
up €78,427 (+24.6%), from €318,935 to €397,362
mainly Net result for the year (+€308,986) and Trade debts (+€10,342)
- Tangible fixed assets +€70,950
new in 2025: €70,950
of which Furniture and vehicles: +€67,549
- Receivables within one year +€11,540
up €11,540 (+1495.7%), from €772 to €12,312
of which Other amounts receivable: +€12,312
- Deferred charges and accrued income +€7,596
up €7,596 (+11086.9%), from €69 to €7,664
- Reserves +€308,986
up €308,986 (+127.8%), from €241,774 to €550,760
- Trade debts +€10,342
new in 2025: €10,342
- Gross operating margin +€99,321
up €99,321 (+31.3%), from €317,514 to €416,835
- Taxes +€23,837
up €23,837 (+32.1%), from €74,186 to €98,024
- Depreciation +€8,649
up €8,649 (+594.2%), from €1,456 to €10,104
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 | €319,775 | €638,288 | +€318,513 | +99.6% |
| Fixed assets | 21/28 | - | €70,950 | +€70,950 | |
| Tangible fixed assets | 22/27 | - | €70,950 | +€70,950 | |
| Plant, machinery and equipment | 23 | - | €3,401 | +€3,401 | |
| Furniture and vehicles | 24 | - | €67,549 | +€67,549 | |
| Current assets | 29/58 | €319,775 | €567,337 | +€247,563 | +77.4% |
| Amounts receivable within one year | 40/41 | €772 | €12,312 | +€11,540 | +1495.7% |
| Trade receivables | 40 | €772 | - | -€772 | |
| Other amounts receivable | 41 | - | €12,312 | +€12,312 | |
| Current investments | 50/53 | - | €150,000 | +€150,000 | |
| Cash at bank and in hand | 54/58 | €318,935 | €397,362 | +€78,427 | +24.6% |
| Deferred charges and accrued income | 490/1 | €69 | €7,664 | +€7,596 | +11086.9% |
| Total equity and liabilities | 10/49 | €319,775 | €638,288 | +€318,513 | +99.6% |
| Equity | 10/15 | €244,774 | €553,760 | +€308,986 | +126.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €241,774 | €550,760 | +€308,986 | +127.8% |
| Distributable reserves | 133 | €241,774 | €550,760 | +€308,986 | +127.8% |
| Amounts payable | 17/49 | €75,001 | €84,528 | +€9,527 | +12.7% |
| Amounts payable within one year | 42/48 | €75,001 | €84,528 | +€9,527 | +12.7% |
| Trade debts | 44 | - | €10,342 | +€10,342 | |
| Suppliers | 440/4 | - | €10,342 | +€10,342 | |
| Taxes, remuneration and social security | 45 | €74,186 | €74,186 | = | 0.0% |
| Taxes | 450/3 | €74,186 | €74,186 | = | 0.0% |
| Other amounts payable | 47/48 | €815 | - | -€815 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,456 | €10,104 | +€8,649 | +594.2% |
| Other operating charges | 640/8 | €38 | €426 | +€388 | +1026.4% |
| Gross operating margin | 9900 | €317,514 | €416,835 | +€99,321 | +31.3% |
| Operating profit (loss) | 9901 | €316,021 | €406,305 | +€90,284 | +28.6% |
| Financial income | 75/76B | - | €824 | +€824 | |
| Recurring financial income | 75 | - | €824 | +€824 | |
| Financial charges | 65/66B | €61 | €119 | +€58 | +96.2% |
| Recurring financial charges | 65 | €61 | €119 | +€58 | +96.2% |
| Profit (loss) for the period before taxes | 9903 | €315,960 | €407,010 | +€91,050 | +28.8% |
| Income taxes | 67/77 | €74,186 | €98,024 | +€23,837 | +32.1% |
| Profit (loss) for the period | 9904 | €241,774 | €308,986 | +€67,212 | +27.8% |
| Profit (loss) for the period to be appropriated | 9905 | €241,774 | €308,986 | +€67,212 | +27.8% |
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 11 October 2026 via checked.be.