Ludovic Navet: 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.
Ludovic Navet
Largest movements
- Deferred charges and accrued income -€57,731
down €57,731 (-96.7%), from €59,710 to €1,979
- Cash -€16,369
down €16,369 (-62.5%), from €26,190 to €9,822
mainly Current portion of long-term debt (-€40,470) and Accrued charges and deferred income (-€35,951)
- Tangible fixed assets +€9,586
up €9,586 (+24.7%), from €38,742 to €48,328
of which Furniture and vehicles: +€10,004
- Intangible fixed assets -€6,700
down €6,700 (-11.4%), from €58,705 to €52,005
- Receivables within one year -€4,618
down €4,618 (-80.9%), from €5,706 to €1,088
of which Other amounts receivable: -€3,635
- Current portion of long-term debt -€40,470
down €40,470 (-75.8%), from €53,365 to €12,895
- Accrued charges and deferred income -€35,951
no longer reported in 2025 (was €35,951)
- Other debts -€23,598
down €23,598 (-92.2%), from €25,599 to €2,001
- Profit (loss) carried forward +€14,232
up €14,232 (+89.8%), from €15,851 to €30,083
- Debts after one year +€6,460
up €6,460 (+22.8%), from €28,384 to €34,844
- Staff costs +€36,315
up €36,315 (+1,395%), from €2,604 to €38,918
- Gross operating margin +€15,318
up €15,318 (+22.6%), from €67,632 to €82,950
- Other operating charges -€12,789
down €12,789 (-96.3%), from €13,277 to €488
- Depreciation +€8,201
up €8,201 (+66.1%), from €12,413 to €20,614
- Taxes -€4,357
down €4,357 (-44.9%), from €9,698 to €5,341
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 | €189,054 | €113,222 | -€75,832 | -40.1% |
| Fixed assets | 21/28 | €97,447 | €100,333 | +€2,886 | +3.0% |
| Intangible fixed assets | 21 | €58,705 | €52,005 | -€6,700 | -11.4% |
| Tangible fixed assets | 22/27 | €38,742 | €48,328 | +€9,586 | +24.7% |
| Plant, machinery and equipment | 23 | €926 | €507 | -€419 | -45.2% |
| Furniture and vehicles | 24 | €37,816 | €47,821 | +€10,004 | +26.5% |
| Current assets | 29/58 | €91,606 | €12,889 | -€78,718 | -85.9% |
| Amounts receivable within one year | 40/41 | €5,706 | €1,088 | -€4,618 | -80.9% |
| Trade receivables | 40 | €2,066 | €1,083 | -€984 | -47.6% |
| Other amounts receivable | 41 | €3,640 | €5 | -€3,635 | -99.9% |
| Cash at bank and in hand | 54/58 | €26,190 | €9,822 | -€16,369 | -62.5% |
| Deferred charges and accrued income | 490/1 | €59,710 | €1,979 | -€57,731 | -96.7% |
| Total equity and liabilities | 10/49 | €189,054 | €113,222 | -€75,832 | -40.1% |
| Equity | 10/15 | €16,351 | €30,583 | +€14,232 | +87.0% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,851 | €30,083 | +€14,232 | +89.8% |
| Amounts payable | 17/49 | €172,703 | €82,639 | -€90,064 | -52.1% |
| Amounts payable after more than one year | 17 | €28,384 | €34,844 | +€6,460 | +22.8% |
| Financial debts | 170/4 | €28,384 | €34,844 | +€6,460 | +22.8% |
| Amounts payable within one year | 42/48 | €108,369 | €47,795 | -€60,574 | -55.9% |
| Current portion of amounts payable after more than one year | 42 | €53,365 | €12,895 | -€40,470 | -75.8% |
| Trade debts | 44 | €1,356 | €1,082 | -€274 | -20.2% |
| Suppliers | 440/4 | €1,356 | €1,082 | -€274 | -20.2% |
| Taxes, remuneration and social security | 45 | €28,049 | €31,817 | +€3,768 | +13.4% |
| Taxes | 450/3 | €16,019 | €20,517 | +€4,498 | +28.1% |
| Remuneration and social security | 454/9 | €12,030 | €11,300 | -€730 | -6.1% |
| Other amounts payable | 47/48 | €25,599 | €2,001 | -€23,598 | -92.2% |
| Accrued charges and deferred income | 492/3 | €35,951 | - | -€35,951 | |
| Remuneration, social security and pensions | 62 | €2,604 | €38,918 | +€36,315 | +1,395% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,413 | €20,614 | +€8,201 | +66.1% |
| Other operating charges | 640/8 | €13,277 | €488 | -€12,789 | -96.3% |
| Gross operating margin | 9900 | €67,632 | €82,950 | +€15,318 | +22.6% |
| Operating profit (loss) | 9901 | €39,339 | €22,930 | -€16,409 | -41.7% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €3,930 | €3,356 | -€574 | -14.6% |
| Recurring financial charges | 65 | €3,930 | €3,356 | -€574 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | €35,408 | €19,574 | -€15,835 | -44.7% |
| Income taxes | 67/77 | €9,698 | €5,341 | -€4,357 | -44.9% |
| Profit (loss) for the period | 9904 | €25,710 | €14,232 | -€11,478 | -44.6% |
| Profit (loss) for the period to be appropriated | 9905 | €25,710 | €14,232 | -€11,478 | -44.6% |
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 25 October 2026 via checked.be.