MARTINE LEEMAN: 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.
MARTINE LEEMAN
Largest movements
- Cash +€27,377
up €27,377 (+68.9%), from €39,747 to €67,124
mainly Net result for the year (+€39,101) and Trade debts (+€7,719)
- Deferred charges and accrued income +€24,549
up €24,549 (+3,653%), from €672 to €25,221
- Tangible fixed assets +€3,066
up €3,066 (+26.2%), from €11,722 to €14,788
of which Plant, machinery and equipment: +€5,583
- Reserves +€39,101
up €39,101 (+107%), from €36,390 to €75,491
- Trade debts +€7,719
up €7,719 (+877%), from €880 to €8,599
- Tax, wage and social debts +€7,462
up €7,462 (+70.2%), from €10,629 to €18,091
- Gross operating margin +€5,163
up €5,163 (+9.5%), from €54,353 to €59,517
- Taxes +€1,833
up €1,833 (+17.2%), from €10,629 to €12,462
- Depreciation +€1,670
up €1,670 (+35.9%), from €4,656 to €6,326
- Other operating charges -€1,067
down €1,067 (-40.3%), from €2,649 to €1,581
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 | €53,168 | €107,133 | +€53,965 | +101% |
| Formation expenses | 20 | €1,027 | €0 | -€1,027 | -100% |
| Fixed assets | 21/28 | €11,722 | €14,788 | +€3,066 | +26.2% |
| Tangible fixed assets | 22/27 | €11,722 | €14,788 | +€3,066 | +26.2% |
| Plant, machinery and equipment | 23 | €2,197 | €7,780 | +€5,583 | +254% |
| Furniture and vehicles | 24 | €9,525 | €7,009 | -€2,516 | -26.4% |
| Current assets | 29/58 | €40,419 | €92,345 | +€51,927 | +128% |
| Cash at bank and in hand | 54/58 | €39,747 | €67,124 | +€27,377 | +68.9% |
| Deferred charges and accrued income | 490/1 | €672 | €25,221 | +€24,549 | +3,653% |
| Total equity and liabilities | 10/49 | €53,168 | €107,133 | +€53,965 | +101% |
| Equity | 10/15 | €40,390 | €79,491 | +€39,101 | +96.8% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €36,390 | €75,491 | +€39,101 | +107% |
| Distributable reserves | 133 | €36,390 | €75,491 | +€39,101 | +107% |
| Amounts payable | 17/49 | €12,778 | €27,642 | +€14,864 | +116% |
| Amounts payable within one year | 42/48 | €12,778 | €27,642 | +€14,864 | +116% |
| Trade debts | 44 | €880 | €8,599 | +€7,719 | +877% |
| Suppliers | 440/4 | €880 | €8,599 | +€7,719 | +877% |
| Taxes, remuneration and social security | 45 | €10,629 | €18,091 | +€7,462 | +70.2% |
| Taxes | 450/3 | €10,629 | €18,091 | +€7,462 | +70.2% |
| Other amounts payable | 47/48 | €1,269 | €952 | -€317 | -25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,656 | €6,326 | +€1,670 | +35.9% |
| Other operating charges | 640/8 | €2,649 | €1,581 | -€1,067 | -40.3% |
| Gross operating margin | 9900 | €54,353 | €59,517 | +€5,163 | +9.5% |
| Operating profit (loss) | 9901 | €47,049 | €51,610 | +€4,561 | +9.7% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €30 | €47 | +€17 | +56.5% |
| Recurring financial charges | 65 | €30 | €47 | +€17 | +56.5% |
| Profit (loss) for the period before taxes | 9903 | €47,019 | €51,563 | +€4,544 | +9.7% |
| Income taxes | 67/77 | €10,629 | €12,462 | +€1,833 | +17.2% |
| Profit (loss) for the period | 9904 | €36,390 | €39,101 | +€2,711 | +7.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,390 | €39,101 | +€2,711 | +7.5% |
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 22 October 2026 via checked.be.