P. Lehoucq: 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.
P. Lehoucq
Largest movements
- Cash +€5,458
up €5,458 (+68.2%), from €8,002 to €13,460
mainly Net result for the year (+€22,708) and Tax, wage and social debts (+€8,696)
- Receivables within one year +€1,126
up €1,126 (+2.5%), from €44,655 to €45,781
of which Trade receivables: +€9,112
- Other debts -€24,857
down €24,857 (-100%), from €24,857 to €0
- Reserves +€22,708
up €22,708 (+88.4%), from €25,678 to €48,387
- Tax, wage and social debts +€8,696
up €8,696 (+675%), from €1,287 to €9,983
- Taxes +€2,322
up €2,322 (+35.2%), from €6,600 to €8,922
- Financial income +€512
up €512 (+19.7%), from €2,606 to €3,118
- Gross operating margin -€433
down €433 (-1.4%), from €31,566 to €31,133
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 | €55,266 | €61,505 | +€6,239 | +11.3% |
| Fixed assets | 21/28 | €577 | €149 | -€428 | -74.2% |
| Tangible fixed assets | 22/27 | €577 | €149 | -€428 | -74.2% |
| Furniture and vehicles | 24 | €577 | €149 | -€428 | -74.2% |
| Current assets | 29/58 | €54,689 | €61,356 | +€6,667 | +12.2% |
| Stocks and contracts in progress | 3 | €1,000 | €1,000 | = | 0.0% |
| Stocks | 30/36 | €1,000 | €1,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €44,655 | €45,781 | +€1,126 | +2.5% |
| Trade receivables | 40 | €229 | €9,341 | +€9,112 | +3,980% |
| Other amounts receivable | 41 | €44,426 | €36,440 | -€7,987 | -18.0% |
| Cash at bank and in hand | 54/58 | €8,002 | €13,460 | +€5,458 | +68.2% |
| Deferred charges and accrued income | 490/1 | €1,032 | €1,115 | +€83 | +8.1% |
| Total equity and liabilities | 10/49 | €55,266 | €61,505 | +€6,239 | +11.3% |
| Equity | 10/15 | €26,178 | €48,887 | +€22,708 | +86.7% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €25,678 | €48,387 | +€22,708 | +88.4% |
| Distributable reserves | 133 | €25,678 | €48,387 | +€22,708 | +88.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €29,088 | €12,618 | -€16,470 | -56.6% |
| Amounts payable within one year | 42/48 | €29,088 | €12,618 | -€16,470 | -56.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €2,943 | €2,635 | -€309 | -10.5% |
| Suppliers | 440/4 | €2,943 | €2,635 | -€309 | -10.5% |
| Taxes, remuneration and social security | 45 | €1,287 | €9,983 | +€8,696 | +675% |
| Taxes | 450/3 | €1,287 | €9,983 | +€8,696 | +675% |
| Other amounts payable | 47/48 | €24,857 | €0 | -€24,857 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €516 | €428 | -€88 | -17.0% |
| Other operating charges | 640/8 | €2,075 | €2,078 | +€3 | +0.1% |
| Gross operating margin | 9900 | €31,566 | €31,133 | -€433 | -1.4% |
| Operating profit (loss) | 9901 | €28,975 | €28,628 | -€348 | -1.2% |
| Financial income | 75/76B | €2,606 | €3,118 | +€512 | +19.7% |
| Recurring financial income | 75 | €2,606 | €3,118 | +€512 | +19.7% |
| Financial charges | 65/66B | €124 | €115 | -€9 | -7.0% |
| Recurring financial charges | 65 | €124 | €115 | -€9 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €31,457 | €31,630 | +€173 | +0.6% |
| Income taxes | 67/77 | €6,600 | €8,922 | +€2,322 | +35.2% |
| Profit (loss) for the period | 9904 | €24,857 | €22,708 | -€2,149 | -8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €24,857 | €22,708 | -€2,149 | -8.6% |
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 29 October 2026 via checked.be.