M. LAMBRECHT: 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.
M. LAMBRECHT
Largest movements
- Cash +€26,944
up €26,944 (+9.1%), from €296,555 to €323,499
mainly Net result for the year (+€23,895) and Receivables within one year (+€8,087)
- Receivables within one year -€8,087
down €8,087 (-7.8%), from €103,637 to €95,551
of which Trade receivables: -€6,453
- Tangible fixed assets -€5,321
down €5,321 (-14.8%), from €35,909 to €30,589
of which Land and buildings: -€6,952
- Reserves +€23,895
up €23,895 (+6.0%), from €395,044 to €418,939
- Trade debts -€13,667
down €13,667 (-22.1%), from €61,724 to €48,057
- Gross operating margin -€16,228
down €16,228 (-20.7%), from €78,538 to €62,310
- Staff costs -€4,867
down €4,867 (-18.2%), from €26,715 to €21,847
- Financial income -€3,060
down €3,060 (-88.7%), from €3,449 to €389
- Taxes -€2,942
down €2,942 (-31.5%), from €9,331 to €6,390
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 | €507,688 | €516,536 | +€8,847 | +1.7% |
| Fixed assets | 21/28 | €35,909 | €30,589 | -€5,321 | -14.8% |
| Tangible fixed assets | 22/27 | €35,909 | €30,589 | -€5,321 | -14.8% |
| Land and buildings | 22 | €33,525 | €26,573 | -€6,952 | -20.7% |
| Plant, machinery and equipment | 23 | €528 | €402 | -€126 | -23.9% |
| Furniture and vehicles | 24 | €1,856 | €3,614 | +€1,758 | +94.7% |
| Current assets | 29/58 | €471,779 | €485,947 | +€14,168 | +3.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €69,047 | €64,498 | -€4,550 | -6.6% |
| Stocks | 30/36 | €69,047 | €64,498 | -€4,550 | -6.6% |
| Amounts receivable within one year | 40/41 | €103,637 | €95,551 | -€8,087 | -7.8% |
| Trade receivables | 40 | €75,358 | €68,905 | -€6,453 | -8.6% |
| Other amounts receivable | 41 | €28,280 | €26,646 | -€1,634 | -5.8% |
| Cash at bank and in hand | 54/58 | €296,555 | €323,499 | +€26,944 | +9.1% |
| Deferred charges and accrued income | 490/1 | €2,539 | €2,400 | -€139 | -5.5% |
| Total equity and liabilities | 10/49 | €507,688 | €516,536 | +€8,847 | +1.7% |
| Equity | 10/15 | €438,562 | €462,458 | +€23,895 | +5.4% |
| Contributions | 10/11 | €43,518 | €43,518 | = | 0.0% |
| Reserves | 13 | €395,044 | €418,939 | +€23,895 | +6.0% |
| Distributable reserves | 133 | €395,044 | €418,939 | +€23,895 | +6.0% |
| Amounts payable | 17/49 | €69,126 | €54,078 | -€15,048 | -21.8% |
| Amounts payable within one year | 42/48 | €68,737 | €53,778 | -€14,958 | -21.8% |
| Trade debts | 44 | €61,724 | €48,057 | -€13,667 | -22.1% |
| Suppliers | 440/4 | €61,724 | €48,057 | -€13,667 | -22.1% |
| Taxes, remuneration and social security | 45 | €6,903 | €5,611 | -€1,292 | -18.7% |
| Taxes | 450/3 | €2,881 | €3,512 | +€631 | +21.9% |
| Remuneration and social security | 454/9 | €4,022 | €2,099 | -€1,923 | -47.8% |
| Other amounts payable | 47/48 | €110 | €110 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €390 | €300 | -€90 | -23.0% |
| Remuneration, social security and pensions | 62 | €26,715 | €21,847 | -€4,867 | -18.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,687 | €7,812 | +€125 | +1.6% |
| Other operating charges | 640/8 | €2,200 | €2,260 | +€60 | +2.7% |
| Non-recurring operating charges | 66A | €53 | €0 | -€53 | -100.0% |
| Gross operating margin | 9900 | €78,538 | €62,310 | -€16,228 | -20.7% |
| Operating profit (loss) | 9901 | €41,883 | €30,391 | -€11,493 | -27.4% |
| Financial income | 75/76B | €3,449 | €389 | -€3,060 | -88.7% |
| Recurring financial income | 75 | €3,449 | €389 | -€3,060 | -88.7% |
| Financial charges | 65/66B | €362 | €494 | +€133 | +36.8% |
| Recurring financial charges | 65 | €362 | €494 | +€133 | +36.8% |
| Profit (loss) for the period before taxes | 9903 | €44,971 | €30,285 | -€14,686 | -32.7% |
| Income taxes | 67/77 | €9,331 | €6,390 | -€2,942 | -31.5% |
| Profit (loss) for the period | 9904 | €35,640 | €23,895 | -€11,744 | -33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €35,640 | €23,895 | -€11,744 | -33.0% |
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 4 October 2026 via checked.be.