MICHEL LAMBERT: 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.
MICHEL LAMBERT
Largest movements
- Receivables within one year -€16,800
down €16,800 (-43.9%), from €38,310 to €21,510
of which Trade receivables: -€18,565
- Tangible fixed assets -€13,806
down €13,806 (-21.4%), from €64,456 to €50,651
- Stocks and contracts -€6,350
no longer reported in 2025 (was €6,350)
- Cash +€3,584
up €3,584 (+7.6%), from €47,394 to €50,978
mainly Net result for the year (+€25,180) and Depreciation (+€18,445)
- Debts after one year -€35,447
down €35,447 (-54.7%), from €64,801 to €29,353
of which Other amounts payable: -€25,000
- Reserves +€15,254
up €15,254 (+48.5%), from €31,453 to €46,707
- Trade debts -€13,711
down €13,711 (-68.4%), from €20,056 to €6,345
- Profit (loss) carried forward +€9,926
no longer reported in 2025 (was -€9,926)
- Other debts -€8,930
down €8,930 (-38.9%), from €22,949 to €14,019
- Staff costs -€30,902
no longer reported in 2025 (was €30,902)
- Gross operating margin -€12,628
down €12,628 (-20.3%), from €62,194 to €49,565
- Taxes +€5,035
new in 2025: €5,035
- Depreciation -€2,812
down €2,812 (-13.2%), from €21,256 to €18,445
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 | €157,816 | €124,420 | -€33,396 | -21.2% |
| Fixed assets | 21/28 | €64,901 | €51,095 | -€13,806 | -21.3% |
| Tangible fixed assets | 22/27 | €64,456 | €50,651 | -€13,806 | -21.4% |
| Land and buildings | 22 | €49,014 | €44,461 | -€4,553 | -9.3% |
| Plant, machinery and equipment | 23 | €10,375 | €5,678 | -€4,697 | -45.3% |
| Furniture and vehicles | 24 | €5,068 | €512 | -€4,555 | -89.9% |
| Financial fixed assets | 28 | €445 | €445 | = | 0.0% |
| Current assets | 29/58 | €92,915 | €73,325 | -€19,591 | -21.1% |
| Stocks and contracts in progress | 3 | €6,350 | - | -€6,350 | |
| Stocks | 30/36 | €6,350 | - | -€6,350 | |
| Amounts receivable within one year | 40/41 | €38,310 | €21,510 | -€16,800 | -43.9% |
| Trade receivables | 40 | €35,090 | €16,525 | -€18,565 | -52.9% |
| Other amounts receivable | 41 | €3,220 | €4,986 | +€1,766 | +54.8% |
| Cash at bank and in hand | 54/58 | €47,394 | €50,978 | +€3,584 | +7.6% |
| Deferred charges and accrued income | 490/1 | €861 | €836 | -€25 | -2.9% |
| Total equity and liabilities | 10/49 | €157,816 | €124,420 | -€33,396 | -21.2% |
| Equity | 10/15 | €31,527 | €56,707 | +€25,180 | +79.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €31,453 | €46,707 | +€15,254 | +48.5% |
| Distributable reserves | 133 | €31,453 | €46,707 | +€15,254 | +48.5% |
| Profit (loss) carried forward | 14 | -€9,926 | - | +€9,926 | |
| Amounts payable | 17/49 | €126,290 | €67,713 | -€58,576 | -46.4% |
| Amounts payable after more than one year | 17 | €64,801 | €29,353 | -€35,447 | -54.7% |
| Financial debts | 170/4 | €14,801 | €4,353 | -€10,447 | -70.6% |
| Other amounts payable | 178/9 | €50,000 | €25,000 | -€25,000 | -50.0% |
| Amounts payable within one year | 42/48 | €61,222 | €38,360 | -€22,862 | -37.3% |
| Current portion of amounts payable after more than one year | 42 | €10,447 | €10,447 | = | 0.0% |
| Trade debts | 44 | €20,056 | €6,345 | -€13,711 | -68.4% |
| Suppliers | 440/4 | €20,056 | €6,345 | -€13,711 | -68.4% |
| Taxes, remuneration and social security | 45 | €7,770 | €7,548 | -€221 | -2.9% |
| Taxes | 450/3 | €4,486 | €5,035 | +€549 | +12.2% |
| Remuneration and social security | 454/9 | €3,284 | €2,513 | -€771 | -23.5% |
| Other amounts payable | 47/48 | €22,949 | €14,019 | -€8,930 | -38.9% |
| Accrued charges and deferred income | 492/3 | €267 | - | -€267 | |
| Remuneration, social security and pensions | 62 | €30,902 | - | -€30,902 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,256 | €18,445 | -€2,812 | -13.2% |
| Other operating charges | 640/8 | €226 | €535 | +€310 | +137% |
| Gross operating margin | 9900 | €62,194 | €49,565 | -€12,628 | -20.3% |
| Operating profit (loss) | 9901 | €9,810 | €30,586 | +€20,776 | +212% |
| Financial income | 75/76B | €210 | €37 | -€173 | -82.5% |
| Recurring financial income | 75 | €210 | €37 | -€173 | -82.5% |
| Financial charges | 65/66B | €581 | €407 | -€175 | -30.0% |
| Recurring financial charges | 65 | €581 | €407 | -€175 | -30.0% |
| Profit (loss) for the period before taxes | 9903 | €9,438 | €30,216 | +€20,777 | +220% |
| Income taxes | 67/77 | - | €5,035 | +€5,035 | |
| Profit (loss) for the period | 9904 | €9,438 | €25,180 | +€15,742 | +167% |
| Profit (loss) for the period to be appropriated | 9905 | €9,438 | €25,180 | +€15,742 | +167% |
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 13 October 2026 via checked.be.