NATHALIE LABEEUW: what changed
NATHALIE LABEEUW
Largest movements
- Current investments +€516,529
up €516,529 (+44.9%), from €1.1m to €1.7m
- Tangible fixed assets -€66,824
down €66,824 (-26.8%), from €249,475 to €182,651
of which Land and buildings: -€47,821
- Cash -€36,547
down €36,547 (-74.7%), from €48,936 to €12,389
mainly Current investments (-€516,529) and Other debts (-€57,480)
- Reserves +€381,778
up €381,778 (+24.9%), from €1.5m to €1.9m
of which Distributable reserves: +€381,778
- Tax, wage and social debts +€129,607
up €129,607 (+260%), from €49,904 to €179,511
- Other debts -€57,480
down €57,480 (-88.1%), from €65,217 to €7,736
- Gross operating margin +€176,189
up €176,189 (+35.2%), from €500,589 to €676,778
- Taxes +€72,322
up €72,322 (+55.8%), from €129,641 to €201,963
- Financial income +€14,821
up €14,821 (+453%), from €3,269 to €18,090
- Financial charges -€8,332
down €8,332 (-56.8%), from €14,673 to €6,341
- Depreciation -€8,117
down €8,117 (-13.6%), from €59,574 to €51,457
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,740,515 | €2,160,935 | +€420,420 | +24.2% |
| Fixed assets | 21/28 | €254,785 | €187,961 | -€66,824 | -26.2% |
| Tangible fixed assets | 22/27 | €249,475 | €182,651 | -€66,824 | -26.8% |
| Land and buildings | 22 | €201,314 | €153,493 | -€47,821 | -23.8% |
| Plant, machinery and equipment | 23 | €80 | €0 | -€80 | -100% |
| Furniture and vehicles | 24 | €48,080 | €29,159 | -€18,922 | -39.4% |
| Financial fixed assets | 28 | €5,310 | €5,310 | = | 0.0% |
| Current assets | 29/58 | €1,485,730 | €1,972,974 | +€487,244 | +32.8% |
| Amounts receivable within one year | 40/41 | €274,501 | €293,920 | +€19,419 | +7.1% |
| Trade receivables | 40 | €242,000 | €293,920 | +€51,920 | +21.5% |
| Other amounts receivable | 41 | €32,501 | €0 | -€32,501 | -100% |
| Current investments | 50/53 | €1,149,444 | €1,665,974 | +€516,529 | +44.9% |
| Cash at bank and in hand | 54/58 | €48,936 | €12,389 | -€36,547 | -74.7% |
| Deferred charges and accrued income | 490/1 | €12,849 | €692 | -€12,157 | -94.6% |
| Total equity and liabilities | 10/49 | €1,740,515 | €2,160,935 | +€420,420 | +24.2% |
| Equity | 10/15 | €1,547,665 | €1,929,443 | +€381,778 | +24.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,535,265 | €1,917,043 | +€381,778 | +24.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €15,295 | €15,295 | = | 0.0% |
| Distributable reserves | 133 | €1,519,970 | €1,901,748 | +€381,778 | +25.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €192,850 | €231,492 | +€38,642 | +20.0% |
| Amounts payable after more than one year | 17 | €23,232 | €6,306 | -€16,925 | -72.9% |
| Financial debts | 170/4 | €23,232 | €6,306 | -€16,925 | -72.9% |
| Amounts payable within one year | 42/48 | €141,791 | €208,095 | +€66,304 | +46.8% |
| Current portion of amounts payable after more than one year | 42 | €16,780 | €16,925 | +€145 | +0.9% |
| Financial debts | 43 | €3,083 | €0 | -€3,083 | -100% |
| Credit institutions | 430/8 | €3,083 | €0 | -€3,083 | -100% |
| Trade debts | 44 | €6,807 | €3,922 | -€2,885 | -42.4% |
| Suppliers | 440/4 | €6,807 | €3,922 | -€2,885 | -42.4% |
| Taxes, remuneration and social security | 45 | €49,904 | €179,511 | +€129,607 | +260% |
| Taxes | 450/3 | €49,904 | €179,511 | +€129,607 | +260% |
| Other amounts payable | 47/48 | €65,217 | €7,736 | -€57,480 | -88.1% |
| Accrued charges and deferred income | 492/3 | €27,827 | €17,091 | -€10,737 | -38.6% |
| Non-recurring operating income | 76A | - | €93 | +€93 | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,574 | €51,457 | -€8,117 | -13.6% |
| Other operating charges | 640/8 | €3,878 | €4,141 | +€263 | +6.8% |
| Gross operating margin | 9900 | €500,589 | €676,778 | +€176,189 | +35.2% |
| Operating profit (loss) | 9901 | €437,138 | €621,180 | +€184,042 | +42.1% |
| Financial income | 75/76B | €3,269 | €18,090 | +€14,821 | +453% |
| Recurring financial income | 75 | €3,269 | €18,090 | +€14,821 | +453% |
| Financial charges | 65/66B | €14,673 | €6,341 | -€8,332 | -56.8% |
| Recurring financial charges | 65 | €14,673 | €6,341 | -€8,332 | -56.8% |
| Profit (loss) for the period before taxes | 9903 | €425,734 | €632,929 | +€207,195 | +48.7% |
| Income taxes | 67/77 | €129,641 | €201,963 | +€72,322 | +55.8% |
| Profit (loss) for the period | 9904 | €296,094 | €430,966 | +€134,873 | +45.6% |
| Profit (loss) for the period to be appropriated | 9905 | €296,094 | €430,966 | +€134,873 | +45.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.