Ludovic Deprez: 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.
What changed
Ludovic Deprez
NACE 69.203, Activities of company auditors
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€52,540
2024 · €59,047-€6,507
Equity
€153,399
2024 · €100,859+€52,540
Cash
€48,160
2024 · €40,865+€7,295
Balance sheet total
€933,671
2024 · €936,561-€2,890
Largest movements
Assets
- Tangible fixed assets -€39,540
down €39,540 (-4.7%), from €837,634 to €798,094
of which Furniture and vehicles: -€24,756
- Receivables after one year +€31,000
up €31,000 (+107%), from €29,000 to €60,000
Equity and liabilities
- Debts after one year -€53,292
down €53,292 (-7.7%), from €689,474 to €636,181
- Reserves +€52,500
up €52,500 (+63.9%), from €82,100 to €134,600
Income statement
- Financial charges +€3,631
up €3,631 (+19.1%), from €19,015 to €22,645
- Gross operating margin -€3,218
down €3,218 (-2.1%), from €153,922 to €150,704
- Depreciation -€2,180
down €2,180 (-4.4%), from €49,751 to €47,572
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.
Result 2024
€59,047
Gross operating margin
-€3,218
Depreciation
+€2,180
Other operating charges
-€200
Other operating items
-€2,689
Financial income
+€1,205
Financial charges
-€3,631
Taxes
-€153
Result 2025
€52,540
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€67,060
Investment
-€8,032
Financing
-€51,733
Cash 2024
€40,865
From operations (derived)
+€67,060
Net result for the year
+€52,540
Depreciation
+€47,572
Receivables after one year
-€31,000
Receivables within one year
+€3,169
Deferred charges and accrued income
-€1,524
Trade debts
-€7,363
Tax, wage and social debts
+€216
Other debts
-€1,613
Accrued charges and deferred income
+€5,063
Investment (derived)
-€8,032
Investment in fixed assets (net)
-€8,032
Financing
-€51,733
Debts after one year
-€53,292
Current portion of long-term debt
+€1,560
Cash 2025
€48,160
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €936,561 | €933,671 | -€2,890 | -0.3% |
| Fixed assets | 21/28 | €840,134 | €800,594 | -€39,540 | -4.7% |
| Tangible fixed assets | 22/27 | €837,634 | €798,094 | -€39,540 | -4.7% |
| Land and buildings | 22 | €728,944 | €708,540 | -€20,404 | -2.8% |
| Furniture and vehicles | 24 | €99,199 | €74,443 | -€24,756 | -25.0% |
| Other tangible fixed assets | 26 | €9,491 | €15,111 | +€5,620 | +59.2% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €96,427 | €133,077 | +€36,650 | +38.0% |
| Amounts receivable after more than one year | 29 | €29,000 | €60,000 | +€31,000 | +107% |
| Other amounts receivable | 291 | €29,000 | €60,000 | +€31,000 | +107% |
| Amounts receivable within one year | 40/41 | €5,697 | €2,528 | -€3,169 | -55.6% |
| Trade receivables | 40 | €5,697 | €2,528 | -€3,169 | -55.6% |
| Cash at bank and in hand | 54/58 | €40,865 | €48,160 | +€7,295 | +17.9% |
| Deferred charges and accrued income | 490/1 | €20,865 | €22,388 | +€1,524 | +7.3% |
| Total equity and liabilities | 10/49 | €936,561 | €933,671 | -€2,890 | -0.3% |
| Equity | 10/15 | €100,859 | €153,399 | +€52,540 | +52.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €82,100 | €134,600 | +€52,500 | +63.9% |
| Distributable reserves | 133 | €82,100 | €134,600 | +€52,500 | +63.9% |
| Profit (loss) carried forward | 14 | €159 | €199 | +€40 | +25.4% |
| Amounts payable | 17/49 | €835,702 | €780,272 | -€55,430 | -6.6% |
| Amounts payable after more than one year | 17 | €689,474 | €636,181 | -€53,292 | -7.7% |
| Financial debts | 170/4 | €689,474 | €636,181 | -€53,292 | -7.7% |
| Amounts payable within one year | 42/48 | €143,114 | €135,914 | -€7,200 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €51,733 | €53,292 | +€1,560 | +3.0% |
| Trade debts | 44 | €13,016 | €5,653 | -€7,363 | -56.6% |
| Suppliers | 440/4 | €13,016 | €5,653 | -€7,363 | -56.6% |
| Taxes, remuneration and social security | 45 | €13,834 | €14,049 | +€216 | +1.6% |
| Taxes | 450/3 | €13,834 | €14,049 | +€216 | +1.6% |
| Other amounts payable | 47/48 | €64,533 | €62,920 | -€1,613 | -2.5% |
| Accrued charges and deferred income | 492/3 | €3,114 | €8,177 | +€5,063 | +163% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,751 | €47,572 | -€2,180 | -4.4% |
| Other operating charges | 640/8 | €1,128 | €1,327 | +€200 | +17.7% |
| Non-recurring operating charges | 66A | - | €2,689 | +€2,689 | |
| Gross operating margin | 9900 | €153,922 | €150,704 | -€3,218 | -2.1% |
| Operating profit (loss) | 9901 | €103,043 | €99,115 | -€3,928 | -3.8% |
| Financial income | 75/76B | €117 | €1,321 | +€1,205 | +1,033% |
| Recurring financial income | 75 | €117 | €1,321 | +€1,205 | +1,033% |
| Financial charges | 65/66B | €19,015 | €22,645 | +€3,631 | +19.1% |
| Recurring financial charges | 65 | €19,015 | €22,645 | +€3,631 | +19.1% |
| Profit (loss) for the period before taxes | 9903 | €84,145 | €77,791 | -€6,354 | -7.6% |
| Income taxes | 67/77 | €25,097 | €25,251 | +€153 | +0.6% |
| Profit (loss) for the period | 9904 | €59,047 | €52,540 | -€6,507 | -11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €59,047 | €52,540 | -€6,507 | -11.0% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.