LUC SCHEERS: what changed
Two fiscal 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 SCHEERS
Largest movements
- Tangible fixed assets +€80,982
up €80,982 (+41.0%), from €197,511 to €278,492
of which Furniture and vehicles: +€94,735
- Cash +€52,483
up €52,483 (+57.4%), from €91,488 to €143,971
mainly Depreciation (+€96,185) and Net result for the year (+€67,837)
- Receivables within one year -€36,756
down €36,756 (-67.9%), from €54,135 to €17,379
of which Trade receivables: -€36,423
- Reserves +€67,837
up €67,837 (+23.5%), from €289,087 to €356,924
of which Tax-exempt reserves: +€41,107
- Debts after one year +€40,074
up €40,074 (+39.9%), from €100,498 to €140,573
- Trade debts -€31,445
down €31,445 (-69.5%), from €45,259 to €13,815
- Provisions +€13,702
new in 2025: €13,702
- Current portion of long-term debt +€10,024
up €10,024 (+37.2%), from €26,966 to €36,990
- Gross operating margin +€73,098
up €73,098 (+66.0%), from €110,776 to €183,875
- Depreciation +€6,552
up €6,552 (+7.3%), from €89,633 to €96,185
- Other operating charges -€1,929
down €1,929 (-51.2%), from €3,770 to €1,841
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 | €496,122 | €592,211 | +€96,090 | +19.4% |
| Fixed assets | 21/28 | €197,646 | €278,627 | +€80,982 | +41.0% |
| Tangible fixed assets | 22/27 | €197,511 | €278,492 | +€80,982 | +41.0% |
| Land and buildings | 22 | €8,633 | €8,959 | +€327 | +3.8% |
| Plant, machinery and equipment | 23 | €73,446 | €59,366 | -€14,080 | -19.2% |
| Furniture and vehicles | 24 | €115,432 | €210,167 | +€94,735 | +82.1% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €298,476 | €313,584 | +€15,108 | +5.1% |
| Amounts receivable within one year | 40/41 | €54,135 | €17,379 | -€36,756 | -67.9% |
| Trade receivables | 40 | €52,520 | €16,098 | -€36,423 | -69.3% |
| Other amounts receivable | 41 | €1,615 | €1,282 | -€333 | -20.6% |
| Current investments | 50/53 | €150,000 | €150,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €91,488 | €143,971 | +€52,483 | +57.4% |
| Deferred charges and accrued income | 490/1 | €2,853 | €2,234 | -€619 | -21.7% |
| Total equity and liabilities | 10/49 | €496,122 | €592,211 | +€96,090 | +19.4% |
| Equity | 10/15 | €307,687 | €375,524 | +€67,837 | +22.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €289,087 | €356,924 | +€67,837 | +23.5% |
| Tax-exempt reserves | 132 | - | €41,107 | +€41,107 | |
| Distributable reserves | 133 | €289,087 | €315,817 | +€26,730 | +9.2% |
| Provisions and deferred taxes | 16 | - | €13,702 | +€13,702 | |
| Deferred taxes | 168 | - | €13,702 | +€13,702 | |
| Amounts payable | 17/49 | €188,435 | €202,985 | +€14,550 | +7.7% |
| Amounts payable after more than one year | 17 | €100,498 | €140,573 | +€40,074 | +39.9% |
| Financial debts | 170/4 | €100,498 | €140,573 | +€40,074 | +39.9% |
| Amounts payable within one year | 42/48 | €79,251 | €57,570 | -€21,682 | -27.4% |
| Current portion of amounts payable after more than one year | 42 | €26,966 | €36,990 | +€10,024 | +37.2% |
| Trade debts | 44 | €45,259 | €13,815 | -€31,445 | -69.5% |
| Suppliers | 440/4 | €45,259 | €13,815 | -€31,445 | -69.5% |
| Taxes, remuneration and social security | 45 | €3,822 | €3,912 | +€89 | +2.3% |
| Taxes | 450/3 | €3,822 | €2,432 | -€1,391 | -36.4% |
| Remuneration and social security | 454/9 | - | €1,480 | +€1,480 | |
| Other amounts payable | 47/48 | €3,204 | €2,854 | -€350 | -10.9% |
| Accrued charges and deferred income | 492/3 | €8,685 | €4,843 | -€3,843 | -44.2% |
| Non-recurring operating income | 76A | - | €68,512 | +€68,512 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,633 | €96,185 | +€6,552 | +7.3% |
| Other operating charges | 640/8 | €3,770 | €1,841 | -€1,929 | -51.2% |
| Gross operating margin | 9900 | €110,776 | €183,875 | +€73,098 | +66.0% |
| Operating profit (loss) | 9901 | €17,373 | €85,849 | +€68,476 | +394.1% |
| Financial income | 75/76B | €8,315 | €7,135 | -€1,181 | -14.2% |
| Recurring financial income | 75 | €3,818 | €2,527 | -€1,291 | -33.8% |
| Non-recurring financial income | 76B | €4,497 | €4,607 | +€110 | +2.4% |
| Financial charges | 65/66B | €5,133 | €5,967 | +€834 | +16.2% |
| Recurring financial charges | 65 | €5,133 | €5,967 | +€834 | +16.2% |
| Profit (loss) for the period before taxes | 9903 | €20,555 | €87,016 | +€66,461 | +323.3% |
| Transfer from deferred taxes | 780 | - | €3,426 | +€3,426 | |
| Transfer to deferred taxes | 680 | - | €17,128 | +€17,128 | |
| Income taxes | 67/77 | €5,531 | €5,477 | -€54 | -1.0% |
| Profit (loss) for the period | 9904 | €15,025 | €67,837 | +€52,812 | +351.5% |
| Transfer from tax-exempt reserves | 789 | - | €10,277 | +€10,277 | |
| Transfer to tax-exempt reserves | 689 | - | €51,384 | +€51,384 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,025 | €26,730 | +€11,705 | +77.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.