MATHIEU LEFEVRE: 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.
MATHIEU LEFEVRE
Largest movements
- Tangible fixed assets -€258,767
down €258,767 (-98.1%), from €263,707 to €4,940
of which Land and buildings: -€258,397
- Current investments -€50,000
no longer reported in 2025 (was €50,000)
- Cash -€35,233
down €35,233 (-22.7%), from €155,076 to €119,842
mainly Debts after one year (-€185,131) and Other debts (-€83,259)
- Receivables within one year +€25,803
up €25,803 (+33.7%), from €76,513 to €102,316
of which Other amounts receivable: +€43,205
- Debts after one year -€185,131
no longer reported in 2025 (was €185,131)
- Other debts -€83,259
down €83,259 (-69.2%), from €120,289 to €37,030
- Reserves -€32,610
down €32,610 (-17.3%), from €188,311 to €155,701
of which Distributable reserves: -€32,610
- Current portion of long-term debt -€15,580
down €15,580 (-84.5%), from €18,448 to €2,868
- Other operating charges +€30,474
up €30,474 (+1288.4%), from €2,365 to €32,840
- Gross operating margin -€22,276
down €22,276 (-33.1%), from €67,387 to €45,111
- Depreciation -€13,093
down €13,093 (-80.5%), from €16,275 to €3,182
- Taxes -€9,004
down €9,004 (-68.7%), from €13,108 to €4,104
- Financial charges +€2,574
up €2,574 (+63.0%), from €4,087 to €6,661
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 | €546,570 | €229,908 | -€316,662 | -57.9% |
| Fixed assets | 21/28 | €264,163 | €5,140 | -€259,023 | -98.1% |
| Intangible fixed assets | 21 | €256 | - | -€256 | |
| Tangible fixed assets | 22/27 | €263,707 | €4,940 | -€258,767 | -98.1% |
| Land and buildings | 22 | €258,397 | - | -€258,397 | |
| Furniture and vehicles | 24 | €5,310 | €4,940 | -€370 | -7.0% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €282,407 | €224,768 | -€57,638 | -20.4% |
| Amounts receivable within one year | 40/41 | €76,513 | €102,316 | +€25,803 | +33.7% |
| Trade receivables | 40 | €71,466 | €54,064 | -€17,402 | -24.4% |
| Other amounts receivable | 41 | €5,047 | €48,252 | +€43,205 | +856.0% |
| Current investments | 50/53 | €50,000 | - | -€50,000 | |
| Cash at bank and in hand | 54/58 | €155,076 | €119,842 | -€35,233 | -22.7% |
| Deferred charges and accrued income | 490/1 | €817 | €2,609 | +€1,792 | +219.3% |
| Total equity and liabilities | 10/49 | €546,570 | €229,908 | -€316,662 | -57.9% |
| Equity | 10/15 | €206,911 | €174,301 | -€32,610 | -15.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €188,311 | €155,701 | -€32,610 | -17.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,350 | €1,350 | = | 0.0% |
| Distributable reserves | 133 | €185,101 | €152,491 | -€32,610 | -17.6% |
| Amounts payable | 17/49 | €339,658 | €55,607 | -€284,051 | -83.6% |
| Amounts payable after more than one year | 17 | €185,131 | - | -€185,131 | |
| Financial debts | 170/4 | €185,131 | - | -€185,131 | |
| Amounts payable within one year | 42/48 | €154,528 | €55,607 | -€98,921 | -64.0% |
| Current portion of amounts payable after more than one year | 42 | €18,448 | €2,868 | -€15,580 | -84.5% |
| Trade debts | 44 | €8,939 | €12,193 | +€3,255 | +36.4% |
| Suppliers | 440/4 | €8,939 | €12,193 | +€3,255 | +36.4% |
| Taxes, remuneration and social security | 45 | €6,852 | €3,516 | -€3,336 | -48.7% |
| Taxes | 450/3 | €6,852 | €3,516 | -€3,336 | -48.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €120,289 | €37,030 | -€83,259 | -69.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,275 | €3,182 | -€13,093 | -80.5% |
| Other operating charges | 640/8 | €2,365 | €32,840 | +€30,474 | +1288.4% |
| Gross operating margin | 9900 | €67,387 | €45,111 | -€22,276 | -33.1% |
| Operating profit (loss) | 9901 | €48,747 | €9,089 | -€39,657 | -81.4% |
| Financial income | 75/76B | - | €2,069 | +€2,069 | |
| Recurring financial income | 75 | - | €2,069 | +€2,069 | |
| Financial charges | 65/66B | €4,087 | €6,661 | +€2,574 | +63.0% |
| Recurring financial charges | 65 | €4,087 | €6,661 | +€2,574 | +63.0% |
| Profit (loss) for the period before taxes | 9903 | €44,660 | €4,498 | -€40,163 | -89.9% |
| Income taxes | 67/77 | €13,108 | €4,104 | -€9,004 | -68.7% |
| Profit (loss) for the period | 9904 | €31,552 | €393 | -€31,159 | -98.8% |
| Profit (loss) for the period to be appropriated | 9905 | €31,552 | €393 | -€31,159 | -98.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.