P. LELIEVRE: 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. LELIEVRE
Largest movements
- Stocks and contracts -€30,559
down €30,559 (-15.2%), from €200,865 to €170,306
- Tangible fixed assets -€10,509
down €10,509 (-4.8%), from €216,726 to €206,218
- Receivables within one year +€4,224
up €4,224 (+133%), from €3,173 to €7,397
- Profit (loss) carried forward -€39,962
down €39,962 (-754%), from -€5,300 to -€45,262
- Other debts +€21,610
up €21,610 (+26.6%), from €81,152 to €102,762
- Trade debts -€15,182
down €15,182 (-43.7%), from €34,751 to €19,569
- Gross operating margin -€36,463
down €36,463 (-89.3%), from €40,822 to €4,359
- Depreciation -€2,098
down €2,098 (-16.2%), from €12,959 to €10,861
- Taxes -€1,098
down €1,098 (-78.9%), from €1,392 to €294
- Staff costs +€1,056
up €1,056 (+4.0%), from €26,147 to €27,203
- Financial charges +€525
up €525 (+12.8%), from €4,092 to €4,617
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €421,490 | €384,383 | -€37,108 | -8.8% |
| Fixed assets | 21/28 | €217,078 | €206,218 | -€10,861 | -5.0% |
| Intangible fixed assets | 21 | €352 | €0 | -€352 | -100% |
| Tangible fixed assets | 22/27 | €216,726 | €206,218 | -€10,509 | -4.8% |
| Land and buildings | 22 | €199,572 | €194,482 | -€5,090 | -2.6% |
| Furniture and vehicles | 24 | €4,712 | €1,349 | -€3,363 | -71.4% |
| Other tangible fixed assets | 26 | €12,442 | €10,387 | -€2,055 | -16.5% |
| Current assets | 29/58 | €204,412 | €178,165 | -€26,247 | -12.8% |
| Stocks and contracts in progress | 3 | €200,865 | €170,306 | -€30,559 | -15.2% |
| Stocks | 30/36 | €200,865 | €170,306 | -€30,559 | -15.2% |
| Amounts receivable within one year | 40/41 | €3,173 | €7,397 | +€4,224 | +133% |
| Trade receivables | 40 | €3,173 | €7,397 | +€4,224 | +133% |
| Cash at bank and in hand | 54/58 | €247 | €358 | +€111 | +44.8% |
| Deferred charges and accrued income | 490/1 | €127 | €105 | -€23 | -18.0% |
| Total equity and liabilities | 10/49 | €421,490 | €384,383 | -€37,108 | -8.8% |
| Equity | 10/15 | €153,096 | €113,134 | -€39,962 | -26.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €139,805 | €139,805 | = | 0.0% |
| Distributable reserves | 133 | €139,805 | €139,805 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,300 | -€45,262 | -€39,962 | -754% |
| Amounts payable | 17/49 | €268,394 | €271,248 | +€2,854 | +1.1% |
| Amounts payable after more than one year | 17 | €125,000 | €125,000 | = | 0.0% |
| Financial debts | 170/4 | €125,000 | €125,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €143,394 | €146,248 | +€2,854 | +2.0% |
| Financial debts | 43 | €19,408 | €16,114 | -€3,294 | -17.0% |
| Credit institutions | 430/8 | €19,408 | €16,114 | -€3,294 | -17.0% |
| Trade debts | 44 | €34,751 | €19,569 | -€15,182 | -43.7% |
| Suppliers | 440/4 | €34,751 | €19,569 | -€15,182 | -43.7% |
| Taxes, remuneration and social security | 45 | €8,084 | €7,804 | -€280 | -3.5% |
| Taxes | 450/3 | €3,028 | €2,774 | -€255 | -8.4% |
| Remuneration and social security | 454/9 | €5,055 | €5,030 | -€25 | -0.5% |
| Other amounts payable | 47/48 | €81,152 | €102,762 | +€21,610 | +26.6% |
| Remuneration, social security and pensions | 62 | €26,147 | €27,203 | +€1,056 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,959 | €10,861 | -€2,098 | -16.2% |
| Other operating charges | 640/8 | €1,533 | €1,450 | -€82 | -5.4% |
| Gross operating margin | 9900 | €40,822 | €4,359 | -€36,463 | -89.3% |
| Operating profit (loss) | 9901 | €184 | -€35,155 | -€35,339 | |
| Financial income | 75/76B | - | €104 | +€104 | |
| Recurring financial income | 75 | - | €104 | +€104 | |
| Financial charges | 65/66B | €4,092 | €4,617 | +€525 | +12.8% |
| Recurring financial charges | 65 | €4,092 | €4,617 | +€525 | +12.8% |
| Profit (loss) for the period before taxes | 9903 | -€3,908 | -€39,668 | -€35,759 | -915% |
| Income taxes | 67/77 | €1,392 | €294 | -€1,098 | -78.9% |
| Profit (loss) for the period | 9904 | -€5,300 | -€39,962 | -€34,661 | -654% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,300 | -€39,962 | -€34,661 | -654% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.