LUCIEN GHISLAIN: 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.
LUCIEN GHISLAIN
Largest movements
- Tangible fixed assets -€963
down €963 (-79.4%), from €1,213 to €250
of which Plant, machinery and equipment: -€590
- Receivables within one year +€198
up €198 (+9.5%), from €2,078 to €2,276
of which Trade receivables: +€376
- Cash -€160
down €160 (-13.2%), from €1,212 to €1,052
mainly Net result for the year (-€812) and Trade debts (-€807)
- Profit (loss) carried forward -€812
down €812 (-2.7%), from -€30,619 to -€31,431
- Trade debts -€807
down €807 (-41.7%), from €1,935 to €1,128
- Other debts +€694
up €694 (+7.0%), from €9,853 to €10,547
- Gross operating margin +€1,571
up €1,571, from -€845 to €726
- Depreciation -€89
down €89 (-8.5%), from €1,052 to €963
- Financial charges -€21
down €21 (-10.7%), from €196 to €175
- Other operating charges +€13
up €13 (+3.4%), from €387 to €400
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 | €4,719 | €3,794 | -€925 | -19.6% |
| Fixed assets | 21/28 | €1,429 | €466 | -€963 | -67.4% |
| Tangible fixed assets | 22/27 | €1,213 | €250 | -€963 | -79.4% |
| Plant, machinery and equipment | 23 | €840 | €250 | -€590 | -70.2% |
| Furniture and vehicles | 24 | €373 | - | -€373 | |
| Financial fixed assets | 28 | €216 | €216 | = | 0.0% |
| Current assets | 29/58 | €3,290 | €3,328 | +€38 | +1.2% |
| Amounts receivable within one year | 40/41 | €2,078 | €2,276 | +€198 | +9.5% |
| Trade receivables | 40 | - | €376 | +€376 | |
| Other amounts receivable | 41 | €2,078 | €1,900 | -€178 | -8.6% |
| Cash at bank and in hand | 54/58 | €1,212 | €1,052 | -€160 | -13.2% |
| Total equity and liabilities | 10/49 | €4,719 | €3,794 | -€925 | -19.6% |
| Equity | 10/15 | -€7,069 | -€7,881 | -€812 | -11.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €4,958 | €4,958 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,958 | €4,958 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,958 | €4,958 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,619 | -€31,431 | -€812 | -2.7% |
| Amounts payable | 17/49 | €11,788 | €11,675 | -€113 | -1.0% |
| Amounts payable within one year | 42/48 | €11,788 | €11,675 | -€113 | -1.0% |
| Trade debts | 44 | €1,935 | €1,128 | -€807 | -41.7% |
| Suppliers | 440/4 | €1,935 | €1,128 | -€807 | -41.7% |
| Other amounts payable | 47/48 | €9,853 | €10,547 | +€694 | +7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,052 | €963 | -€89 | -8.5% |
| Other operating charges | 640/8 | €387 | €400 | +€13 | +3.4% |
| Gross operating margin | 9900 | -€845 | €726 | +€1,571 | |
| Operating profit (loss) | 9901 | -€2,284 | -€637 | +€1,647 | +72.1% |
| Financial charges | 65/66B | €196 | €175 | -€21 | -10.7% |
| Recurring financial charges | 65 | €196 | €175 | -€21 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | -€2,480 | -€812 | +€1,668 | +67.3% |
| Profit (loss) for the period | 9904 | -€2,480 | -€812 | +€1,668 | +67.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,480 | -€812 | +€1,668 | +67.3% |
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 30 October 2026 via checked.be.