Martin LECOQUE: 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.
Martin LECOQUE
Largest movements
- Cash +€260,721
up €260,721 (+286%), from €91,137 to €351,858
mainly Net result for the year (+€159,235) and Tax, wage and social debts (+€37,968)
- Stocks and contracts -€32,310
down €32,310 (-21.8%), from €147,926 to €115,616
of which Contracts in progress: -€55,000
- Tangible fixed assets -€28,385
down €28,385 (-28.7%), from €98,795 to €70,410
of which Plant, machinery and equipment: -€26,091
- Reserves +€158,250
up €158,250 (+33.2%), from €476,067 to €634,317
of which Distributable reserves: +€158,470
- Tax, wage and social debts +€37,968
up €37,968 (+513%), from €7,396 to €45,364
of which Taxes: +€38,506
- Gross operating margin +€179,777
up €179,777 (+108%), from €165,855 to €345,632
- Taxes +€60,399
up €60,399 (+347%), from €17,395 to €77,794
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 | €513,690 | €713,239 | +€199,550 | +38.8% |
| Fixed assets | 21/28 | €99,045 | €70,660 | -€28,385 | -28.7% |
| Tangible fixed assets | 22/27 | €98,795 | €70,410 | -€28,385 | -28.7% |
| Land and buildings | 22 | €13,247 | €13,193 | -€54 | -0.4% |
| Plant, machinery and equipment | 23 | €83,307 | €57,217 | -€26,091 | -31.3% |
| Furniture and vehicles | 24 | €2,240 | €0 | -€2,240 | -100% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €414,645 | €642,580 | +€227,935 | +55.0% |
| Stocks and contracts in progress | 3 | €147,926 | €115,616 | -€32,310 | -21.8% |
| Stocks | 30/36 | €72,926 | €95,616 | +€22,690 | +31.1% |
| Contracts in progress | 37 | €75,000 | €20,000 | -€55,000 | -73.3% |
| Amounts receivable within one year | 40/41 | €171,355 | €166,909 | -€4,446 | -2.6% |
| Trade receivables | 40 | €162,051 | €164,263 | +€2,212 | +1.4% |
| Other amounts receivable | 41 | €9,304 | €2,645 | -€6,658 | -71.6% |
| Cash at bank and in hand | 54/58 | €91,137 | €351,858 | +€260,721 | +286% |
| Deferred charges and accrued income | 490/1 | €4,227 | €8,197 | +€3,970 | +93.9% |
| Total equity and liabilities | 10/49 | €513,690 | €713,239 | +€199,550 | +38.8% |
| Equity | 10/15 | €493,674 | €652,909 | +€159,235 | +32.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €476,067 | €634,317 | +€158,250 | +33.2% |
| Tax-exempt reserves | 132 | €396 | €176 | -€220 | -55.6% |
| Distributable reserves | 133 | €475,671 | €634,141 | +€158,470 | +33.3% |
| Profit (loss) carried forward | 14 | -€985 | €0 | +€985 | |
| Amounts payable | 17/49 | €20,016 | €60,331 | +€40,315 | +201% |
| Amounts payable within one year | 42/48 | €19,944 | €60,226 | +€40,282 | +202% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €12,548 | €14,145 | +€1,597 | +12.7% |
| Suppliers | 440/4 | €12,548 | €14,145 | +€1,597 | +12.7% |
| Taxes, remuneration and social security | 45 | €7,396 | €45,364 | +€37,968 | +513% |
| Taxes | 450/3 | €4,289 | €42,794 | +€38,506 | +898% |
| Remuneration and social security | 454/9 | €3,108 | €2,569 | -€538 | -17.3% |
| Other amounts payable | 47/48 | - | €718 | +€718 | |
| Accrued charges and deferred income | 492/3 | €72 | €105 | +€33 | +46.2% |
| Remuneration, social security and pensions | 62 | €73,596 | €76,860 | +€3,263 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,098 | €28,385 | -€1,713 | -5.7% |
| Other operating charges | 640/8 | €3,413 | €3,215 | -€198 | -5.8% |
| Gross operating margin | 9900 | €165,855 | €345,632 | +€179,777 | +108% |
| Operating profit (loss) | 9901 | €58,748 | €237,173 | +€178,425 | +304% |
| Financial income | 75/76B | €32 | €44 | +€12 | +36.8% |
| Recurring financial income | 75 | €32 | €44 | +€12 | +36.8% |
| Financial charges | 65/66B | €170 | €187 | +€17 | +10.1% |
| Recurring financial charges | 65 | €170 | €187 | +€17 | +10.1% |
| Profit (loss) for the period before taxes | 9903 | €58,610 | €237,029 | +€178,420 | +304% |
| Income taxes | 67/77 | €17,395 | €77,794 | +€60,399 | +347% |
| Profit (loss) for the period | 9904 | €41,215 | €159,235 | +€118,020 | +286% |
| Transfer from tax-exempt reserves | 789 | €220 | €220 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €41,435 | €159,455 | +€118,020 | +285% |
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.