Pauline LEFEBVRE: 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.
Pauline LEFEBVRE
Largest movements
- Cash +€14,300
up €14,300 (+235%), from €6,073 to €20,373
mainly Depreciation (+€22,136) and Trade debts (+€18,392)
- Tangible fixed assets +€6,825
up €6,825 (+6.2%), from €110,021 to €116,846
of which Land and buildings: +€18,220
- Deferred charges and accrued income -€6,773
down €6,773 (-33.2%), from €20,397 to €13,624
- Receivables within one year +€6,231
up €6,231 (+49.0%), from €12,707 to €18,938
of which Other amounts receivable: +€6,231
- Trade debts +€18,392
up €18,392 (+3,840%), from €479 to €18,871
- Current portion of long-term debt +€16,766
up €16,766 (+115%), from €14,538 to €31,304
- Debts after one year -€15,486
down €15,486 (-17.6%), from €87,805 to €72,319
- Other debts -€4,016
no longer reported in 2025 (was €4,016)
- Tax, wage and social debts +€3,000
new in 2025: €3,000
- Gross operating margin +€12,879
up €12,879 (+64.4%), from €20,004 to €32,883
- Depreciation +€3,382
up €3,382 (+18.0%), from €18,755 to €22,136
- Financial charges +€3,101
up €3,101 (+56.3%), from €5,511 to €8,611
- Taxes +€1,164
up €1,164 (+391%), from €297 to €1,462
- Other operating charges -€647
down €647 (-44.5%), from €1,453 to €806
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 | €149,498 | €170,081 | +€20,583 | +13.8% |
| Fixed assets | 21/28 | €110,321 | €117,146 | +€6,825 | +6.2% |
| Tangible fixed assets | 22/27 | €110,021 | €116,846 | +€6,825 | +6.2% |
| Land and buildings | 22 | €19,170 | €37,390 | +€18,220 | +95.0% |
| Plant, machinery and equipment | 23 | €35,676 | €39,170 | +€3,495 | +9.8% |
| Furniture and vehicles | 24 | €55,175 | €40,286 | -€14,889 | -27.0% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €39,177 | €52,935 | +€13,758 | +35.1% |
| Amounts receivable within one year | 40/41 | €12,707 | €18,938 | +€6,231 | +49.0% |
| Trade receivables | 40 | €8,057 | €8,057 | = | 0.0% |
| Other amounts receivable | 41 | €4,650 | €10,881 | +€6,231 | +134% |
| Cash at bank and in hand | 54/58 | €6,073 | €20,373 | +€14,300 | +235% |
| Deferred charges and accrued income | 490/1 | €20,397 | €13,624 | -€6,773 | -33.2% |
| Total equity and liabilities | 10/49 | €149,498 | €170,081 | +€20,583 | +13.8% |
| Equity | 10/15 | €42,660 | €42,532 | -€128 | -0.3% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €23,500 | €23,500 | = | 0.0% |
| Distributable reserves | 133 | €23,500 | €23,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,159 | €19,031 | -€128 | -0.7% |
| Amounts payable | 17/49 | €106,838 | €127,549 | +€20,711 | +19.4% |
| Amounts payable after more than one year | 17 | €87,805 | €72,319 | -€15,486 | -17.6% |
| Financial debts | 170/4 | €87,805 | €72,319 | -€15,486 | -17.6% |
| Amounts payable within one year | 42/48 | €19,033 | €53,175 | +€34,142 | +179% |
| Current portion of amounts payable after more than one year | 42 | €14,538 | €31,304 | +€16,766 | +115% |
| Trade debts | 44 | €479 | €18,871 | +€18,392 | +3,840% |
| Suppliers | 440/4 | €479 | €18,871 | +€18,392 | +3,840% |
| Taxes, remuneration and social security | 45 | - | €3,000 | +€3,000 | |
| Taxes | 450/3 | - | €3,000 | +€3,000 | |
| Other amounts payable | 47/48 | €4,016 | - | -€4,016 | |
| Accrued charges and deferred income | 492/3 | - | €2,054 | +€2,054 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,755 | €22,136 | +€3,382 | +18.0% |
| Other operating charges | 640/8 | €1,453 | €806 | -€647 | -44.5% |
| Gross operating margin | 9900 | €20,004 | €32,883 | +€12,879 | +64.4% |
| Operating profit (loss) | 9901 | -€203 | €9,941 | +€10,144 | |
| Financial income | 75/76B | €67 | €3 | -€63 | -95.2% |
| Recurring financial income | 75 | €67 | €3 | -€63 | -95.2% |
| Financial charges | 65/66B | €5,511 | €8,611 | +€3,101 | +56.3% |
| Recurring financial charges | 65 | €5,511 | €8,611 | +€3,101 | +56.3% |
| Profit (loss) for the period before taxes | 9903 | -€5,647 | €1,333 | +€6,980 | |
| Income taxes | 67/77 | €297 | €1,462 | +€1,164 | +391% |
| Profit (loss) for the period | 9904 | -€5,944 | -€128 | +€5,816 | +97.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,944 | -€128 | +€5,816 | +97.8% |
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 23 October 2026 via checked.be.