MICHAEL LESTRADE: 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.
MICHAEL LESTRADE
Largest movements
- Receivables within one year -€109,205
down €109,205 (-55.7%), from €196,143 to €86,938
of which Trade receivables: -€95,528
- Stocks and contracts -€55,200
down €55,200 (-33.0%), from €167,489 to €112,288
- Cash +€45,807
up €45,807 (+48.1%), from €95,313 to €141,120
mainly Receivables within one year (+€109,205) and Stocks and contracts (+€55,200)
- Tangible fixed assets -€14,586
down €14,586 (-34.3%), from €42,561 to €27,975
of which Furniture and vehicles: -€11,532
- Trade debts -€126,089
down €126,089 (-79.7%), from €158,266 to €32,177
- Advances received -€68,000
down €68,000 (-100%), from €68,000 to €0
- Reserves +€53,240
up €53,240 (+82.4%), from €64,640 to €117,880
- Debts after one year +€39,805
up €39,805 (+42.6%), from €93,502 to €133,307
of which Other amounts payable: +€48,307
- Other debts -€37,753
down €37,753 (-100%), from €37,753 to €0
- Staff costs +€110,473
up €110,473 (+85.0%), from €129,945 to €240,418
- Gross operating margin +€99,908
up €99,908 (+41.9%), from €238,290 to €338,198
- Write-downs -€8,663
down €8,663 (-100%), from €8,663 to €0
- Taxes -€7,261
down €7,261 (-56.2%), from €12,913 to €5,652
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 | €505,807 | €371,717 | -€134,089 | -26.5% |
| Fixed assets | 21/28 | €45,021 | €29,454 | -€15,567 | -34.6% |
| Intangible fixed assets | 21 | €1,959 | €1,479 | -€480 | -24.5% |
| Tangible fixed assets | 22/27 | €42,561 | €27,975 | -€14,586 | -34.3% |
| Plant, machinery and equipment | 23 | €18,548 | €15,494 | -€3,053 | -16.5% |
| Furniture and vehicles | 24 | €24,013 | €12,481 | -€11,532 | -48.0% |
| Financial fixed assets | 28 | €501 | €0 | -€501 | -100% |
| Current assets | 29/58 | €460,786 | €342,263 | -€118,523 | -25.7% |
| Stocks and contracts in progress | 3 | €167,489 | €112,288 | -€55,200 | -33.0% |
| Stocks | 30/36 | €167,489 | €112,288 | -€55,200 | -33.0% |
| Amounts receivable within one year | 40/41 | €196,143 | €86,938 | -€109,205 | -55.7% |
| Trade receivables | 40 | €165,992 | €70,464 | -€95,528 | -57.6% |
| Other amounts receivable | 41 | €30,151 | €16,475 | -€13,677 | -45.4% |
| Cash at bank and in hand | 54/58 | €95,313 | €141,120 | +€45,807 | +48.1% |
| Deferred charges and accrued income | 490/1 | €1,841 | €1,917 | +€76 | +4.1% |
| Total equity and liabilities | 10/49 | €505,807 | €371,717 | -€134,089 | -26.5% |
| Equity | 10/15 | €89,640 | €142,880 | +€53,240 | +59.4% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €64,640 | €117,880 | +€53,240 | +82.4% |
| Distributable reserves | 133 | €64,640 | €117,880 | +€53,240 | +82.4% |
| Amounts payable | 17/49 | €416,167 | €228,837 | -€187,329 | -45.0% |
| Amounts payable after more than one year | 17 | €93,502 | €133,307 | +€39,805 | +42.6% |
| Financial debts | 170/4 | €93,502 | €85,000 | -€8,502 | -9.1% |
| Other amounts payable | 178/9 | - | €48,307 | +€48,307 | |
| Amounts payable within one year | 42/48 | €322,273 | €95,530 | -€226,743 | -70.4% |
| Current portion of amounts payable after more than one year | 42 | €13,570 | €8,502 | -€5,068 | -37.3% |
| Financial debts | 43 | €3,963 | €11,293 | +€7,331 | +185% |
| Credit institutions | 430/8 | €3,963 | €11,293 | +€7,331 | +185% |
| Trade debts | 44 | €158,266 | €32,177 | -€126,089 | -79.7% |
| Suppliers | 440/4 | €158,266 | €32,177 | -€126,089 | -79.7% |
| Advances received on contracts in progress | 46 | €68,000 | €0 | -€68,000 | -100% |
| Taxes, remuneration and social security | 45 | €40,722 | €43,558 | +€2,836 | +7.0% |
| Taxes | 450/3 | €15,637 | €15,863 | +€226 | +1.4% |
| Remuneration and social security | 454/9 | €25,085 | €27,695 | +€2,610 | +10.4% |
| Other amounts payable | 47/48 | €37,753 | €0 | -€37,753 | -100% |
| Accrued charges and deferred income | 492/3 | €391 | €0 | -€391 | -100% |
| Remuneration, social security and pensions | 62 | €129,945 | €240,418 | +€110,473 | +85.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,480 | €16,954 | +€1,474 | +9.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,663 | €0 | -€8,663 | -100% |
| Other operating charges | 640/8 | €1,275 | €2,077 | +€803 | +63.0% |
| Non-recurring operating charges | 66A | - | €12,935 | +€12,935 | |
| Gross operating margin | 9900 | €238,290 | €338,198 | +€99,908 | +41.9% |
| Operating profit (loss) | 9901 | €82,928 | €65,814 | -€17,115 | -20.6% |
| Financial income | 75/76B | €6 | €17 | +€11 | +180% |
| Recurring financial income | 75 | €6 | €17 | +€11 | +180% |
| Financial charges | 65/66B | €5,381 | €6,940 | +€1,558 | +29.0% |
| Recurring financial charges | 65 | €5,381 | €6,940 | +€1,558 | +29.0% |
| Profit (loss) for the period before taxes | 9903 | €77,553 | €58,892 | -€18,662 | -24.1% |
| Income taxes | 67/77 | €12,913 | €5,652 | -€7,261 | -56.2% |
| Profit (loss) for the period | 9904 | €64,640 | €53,240 | -€11,400 | -17.6% |
| Profit (loss) for the period to be appropriated | 9905 | €64,640 | €53,240 | -€11,400 | -17.6% |
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 14 October 2026 via checked.be.