Michel LIGOT: 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 LIGOT
Largest movements
- Cash +€152,824
up €152,824 (+79.4%), from €192,476 to €345,300
mainly Net result for the year (+€109,769) and Receivables within one year (+€77,871)
- Receivables within one year -€77,871
down €77,871 (-56.8%), from €137,041 to €59,170
of which Trade receivables: -€72,311
- Tangible fixed assets -€66,220
down €66,220 (-39.2%), from €168,720 to €102,501
of which Land and buildings: -€55,448
- Stocks and contracts +€5,309
up €5,309 (+80.9%), from €6,565 to €11,874
- Profit (loss) carried forward +€109,769
up €109,769 (+70.2%), from €156,295 to €266,063
- Other debts -€75,774
down €75,774 (-41.7%), from €181,899 to €106,125
- Debts after one year -€8,974
no longer reported in 2025 (was €8,974)
- Current portion of long-term debt -€5,483
down €5,483 (-25.4%), from €21,557 to €16,074
- Gross operating margin +€63,910
up €63,910 (+54.4%), from €117,438 to €181,348
- Taxes +€18,433
up €18,433 (+104%), from €17,755 to €36,187
- Depreciation -€7,588
down €7,588 (-19.6%), from €38,746 to €31,158
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 | €510,755 | €524,737 | +€13,982 | +2.7% |
| Fixed assets | 21/28 | €168,893 | €102,673 | -€66,220 | -39.2% |
| Tangible fixed assets | 22/27 | €168,720 | €102,501 | -€66,220 | -39.2% |
| Land and buildings | 22 | €58,464 | €3,016 | -€55,448 | -94.8% |
| Plant, machinery and equipment | 23 | €53,382 | €59,311 | +€5,929 | +11.1% |
| Furniture and vehicles | 24 | €56,874 | €40,174 | -€16,700 | -29.4% |
| Financial fixed assets | 28 | €172 | €172 | = | 0.0% |
| Current assets | 29/58 | €341,862 | €422,064 | +€80,202 | +23.5% |
| Stocks and contracts in progress | 3 | €6,565 | €11,874 | +€5,309 | +80.9% |
| Stocks | 30/36 | €6,565 | €11,874 | +€5,309 | +80.9% |
| Amounts receivable within one year | 40/41 | €137,041 | €59,170 | -€77,871 | -56.8% |
| Trade receivables | 40 | €122,747 | €50,436 | -€72,311 | -58.9% |
| Other amounts receivable | 41 | €14,294 | €8,734 | -€5,560 | -38.9% |
| Cash at bank and in hand | 54/58 | €192,476 | €345,300 | +€152,824 | +79.4% |
| Deferred charges and accrued income | 490/1 | €5,780 | €5,720 | -€60 | -1.0% |
| Total equity and liabilities | 10/49 | €510,755 | €524,737 | +€13,982 | +2.7% |
| Equity | 10/15 | €227,068 | €336,837 | +€109,769 | +48.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €52,182 | €52,182 | = | 0.0% |
| Distributable reserves | 133 | €52,182 | €52,182 | = | 0.0% |
| Profit (loss) carried forward | 14 | €156,295 | €266,063 | +€109,769 | +70.2% |
| Provisions and deferred taxes | 16 | €59,852 | €59,852 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €59,852 | €59,852 | = | 0.0% |
| Pensions and similar obligations | 160 | €59,852 | €59,852 | = | 0.0% |
| Amounts payable | 17/49 | €223,834 | €128,048 | -€95,786 | -42.8% |
| Amounts payable after more than one year | 17 | €8,974 | - | -€8,974 | |
| Financial debts | 170/4 | €8,974 | - | -€8,974 | |
| Amounts payable within one year | 42/48 | €214,467 | €127,723 | -€86,744 | -40.4% |
| Current portion of amounts payable after more than one year | 42 | €21,557 | €16,074 | -€5,483 | -25.4% |
| Trade debts | 44 | €9,144 | €5,524 | -€3,620 | -39.6% |
| Suppliers | 440/4 | €9,144 | €5,524 | -€3,620 | -39.6% |
| Taxes, remuneration and social security | 45 | €1,867 | - | -€1,867 | |
| Taxes | 450/3 | €1,867 | - | -€1,867 | |
| Other amounts payable | 47/48 | €181,899 | €106,125 | -€75,774 | -41.7% |
| Accrued charges and deferred income | 492/3 | €393 | €324 | -€68 | -17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,746 | €31,158 | -€7,588 | -19.6% |
| Other operating charges | 640/8 | €2,492 | €2,073 | -€419 | -16.8% |
| Non-recurring operating charges | 66A | - | €397 | +€397 | |
| Gross operating margin | 9900 | €117,438 | €181,348 | +€63,910 | +54.4% |
| Operating profit (loss) | 9901 | €76,200 | €147,719 | +€71,519 | +93.9% |
| Financial income | 75/76B | €1 | €6 | +€6 | +790% |
| Recurring financial income | 75 | €1 | €6 | +€6 | +790% |
| Financial charges | 65/66B | €1,859 | €1,770 | -€89 | -4.8% |
| Recurring financial charges | 65 | €1,859 | €1,770 | -€89 | -4.8% |
| Profit (loss) for the period before taxes | 9903 | €74,342 | €145,956 | +€71,614 | +96.3% |
| Income taxes | 67/77 | €17,755 | €36,187 | +€18,433 | +104% |
| Profit (loss) for the period | 9904 | €56,587 | €109,769 | +€53,181 | +94.0% |
| Profit (loss) for the period to be appropriated | 9905 | €56,587 | €109,769 | +€53,181 | +94.0% |
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 29 October 2026 via checked.be.