Luc Tonneau: 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 Tonneau
Largest movements
- Financial fixed assets +€143,565
up €143,565 (+103%), from €139,860 to €283,424
- Cash -€73,232
down €73,232 (-71.6%), from €102,273 to €29,041
mainly Investment in fixed assets (net) (-€144,943) and Debts after one year (-€14,808)
- Receivables within one year -€33,641
down €33,641 (-50.4%), from €66,771 to €33,130
of which Trade receivables: -€29,172
- Current investments +€7,237
new in 2025: €7,237
- Tangible fixed assets -€5,739
down €5,739 (-3.5%), from €162,491 to €156,752
of which Land and buildings: -€5,222
- Other debts +€42,000
up €42,000 (+601%), from €6,993 to €48,993
- Reserves +€16,369
up €16,369 (+4.9%), from €337,173 to €353,541
of which Distributable reserves: +€16,369
- Debts after one year -€14,808
down €14,808 (-15.5%), from €95,378 to €80,569
- Gross operating margin -€25,098
down €25,098 (-49.0%), from €51,173 to €26,075
- Financial income +€6,484
up €6,484 (+1,789%), from €362 to €6,847
- Depreciation -€2,145
down €2,145 (-23.2%), from €9,263 to €7,118
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 | €471,395 | €513,585 | +€42,190 | +9.0% |
| Fixed assets | 21/28 | €302,351 | €440,176 | +€137,825 | +45.6% |
| Tangible fixed assets | 22/27 | €162,491 | €156,752 | -€5,739 | -3.5% |
| Land and buildings | 22 | €144,738 | €139,516 | -€5,222 | -3.6% |
| Plant, machinery and equipment | 23 | €15,901 | €15,082 | -€819 | -5.1% |
| Furniture and vehicles | 24 | €925 | €1,691 | +€766 | +82.7% |
| Other tangible fixed assets | 26 | €927 | €463 | -€463 | -50.0% |
| Financial fixed assets | 28 | €139,860 | €283,424 | +€143,565 | +103% |
| Current assets | 29/58 | €169,044 | €73,409 | -€95,636 | -56.6% |
| Amounts receivable after more than one year | 29 | - | €4,000 | +€4,000 | |
| Other amounts receivable | 291 | - | €4,000 | +€4,000 | |
| Amounts receivable within one year | 40/41 | €66,771 | €33,130 | -€33,641 | -50.4% |
| Trade receivables | 40 | €34,302 | €5,130 | -€29,172 | -85.0% |
| Other amounts receivable | 41 | €32,469 | €28,000 | -€4,469 | -13.8% |
| Current investments | 50/53 | - | €7,237 | +€7,237 | |
| Cash at bank and in hand | 54/58 | €102,273 | €29,041 | -€73,232 | -71.6% |
| Total equity and liabilities | 10/49 | €471,395 | €513,585 | +€42,190 | +9.0% |
| Equity | 10/15 | €349,573 | €365,941 | +€16,369 | +4.7% |
| 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 | €337,173 | €353,541 | +€16,369 | +4.9% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,500 | €12,500 | = | 0.0% |
| Distributable reserves | 133 | €322,818 | €339,186 | +€16,369 | +5.1% |
| Amounts payable | 17/49 | €121,822 | €147,643 | +€25,821 | +21.2% |
| Amounts payable after more than one year | 17 | €95,378 | €80,569 | -€14,808 | -15.5% |
| Financial debts | 170/4 | €95,378 | €80,569 | -€14,808 | -15.5% |
| Amounts payable within one year | 42/48 | €26,445 | €66,783 | +€40,338 | +153% |
| Current portion of amounts payable after more than one year | 42 | €14,564 | €14,808 | +€245 | +1.7% |
| Trade debts | 44 | €11 | €688 | +€677 | +6,180% |
| Suppliers | 440/4 | €11 | €688 | +€677 | +6,180% |
| Taxes, remuneration and social security | 45 | €4,877 | €2,294 | -€2,584 | -53.0% |
| Taxes | 450/3 | €4,877 | €2,294 | -€2,584 | -53.0% |
| Other amounts payable | 47/48 | €6,993 | €48,993 | +€42,000 | +601% |
| Accrued charges and deferred income | 492/3 | - | €291 | +€291 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,263 | €7,118 | -€2,145 | -23.2% |
| Other operating charges | 640/8 | €1,899 | €1,888 | -€11 | -0.6% |
| Gross operating margin | 9900 | €51,173 | €26,075 | -€25,098 | -49.0% |
| Operating profit (loss) | 9901 | €40,012 | €17,070 | -€22,942 | -57.3% |
| Financial income | 75/76B | €362 | €6,847 | +€6,484 | +1,789% |
| Recurring financial income | 75 | €362 | €6,847 | +€6,484 | +1,789% |
| Financial charges | 65/66B | €2,009 | €2,232 | +€222 | +11.1% |
| Recurring financial charges | 65 | €2,009 | €2,232 | +€222 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €38,365 | €21,685 | -€16,680 | -43.5% |
| Income taxes | 67/77 | €5,356 | €5,316 | -€40 | -0.8% |
| Profit (loss) for the period | 9904 | €33,009 | €16,369 | -€16,640 | -50.4% |
| Profit (loss) for the period to be appropriated | 9905 | €33,009 | €16,369 | -€16,640 | -50.4% |
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 27 October 2026 via checked.be.