Peter Lauwers: 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.
Peter Lauwers
Largest movements
- Cash +€64,082
up €64,082 (+26.0%), from €246,819 to €310,900
mainly Other debts (+€56,079) and Stocks and contracts (+€52,000)
- Stocks and contracts -€52,000
down €52,000 (-46.0%), from €113,106 to €61,106
- Receivables within one year +€33,547
up €33,547 (+216%), from €15,542 to €49,089
of which Trade receivables: +€29,065
- Tangible fixed assets -€18,217
down €18,217 (-24.6%), from €74,170 to €55,953
of which Furniture and vehicles: -€16,113
- Other debts +€56,079
up €56,079 (+80.4%), from €69,736 to €125,815
- Trade debts -€32,378
down €32,378 (-32.1%), from €100,952 to €68,574
- Reserves +€23,073
up €23,073 (+4.6%), from €504,617 to €527,689
- Current portion of long-term debt -€16,024
down €16,024 (-59.3%), from €27,004 to €10,980
- Debts after one year -€10,963
down €10,963 (-62.3%), from €17,584 to €6,621
- Gross operating margin +€40,941
up €40,941 (+51.0%), from €80,220 to €121,161
- Staff costs +€35,318
up €35,318 (+105%), from €33,719 to €69,037
- Write-downs -€29,254
down €29,254 (-100%), from €29,254 to €0
- Taxes +€6,366
up €6,366 (+350%), from €1,818 to €8,183
- Financial income -€5,307
down €5,307 (-52.5%), from €10,101 to €4,794
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 | €751,490 | €782,659 | +€31,170 | +4.1% |
| Fixed assets | 21/28 | €74,620 | €56,403 | -€18,217 | -24.4% |
| Tangible fixed assets | 22/27 | €74,170 | €55,953 | -€18,217 | -24.6% |
| Plant, machinery and equipment | 23 | €5,989 | €4,285 | -€1,704 | -28.5% |
| Furniture and vehicles | 24 | €63,184 | €47,071 | -€16,113 | -25.5% |
| Other tangible fixed assets | 26 | €4,997 | €4,597 | -€400 | -8.0% |
| Financial fixed assets | 28 | €450 | €450 | = | 0.0% |
| Current assets | 29/58 | €676,870 | €726,256 | +€49,387 | +7.3% |
| Stocks and contracts in progress | 3 | €113,106 | €61,106 | -€52,000 | -46.0% |
| Stocks | 30/36 | €113,106 | €61,106 | -€52,000 | -46.0% |
| Amounts receivable within one year | 40/41 | €15,542 | €49,089 | +€33,547 | +216% |
| Trade receivables | 40 | €4,678 | €33,742 | +€29,065 | +621% |
| Other amounts receivable | 41 | €10,864 | €15,346 | +€4,482 | +41.3% |
| Current investments | 50/53 | €301,403 | €305,161 | +€3,758 | +1.2% |
| Cash at bank and in hand | 54/58 | €246,819 | €310,900 | +€64,082 | +26.0% |
| Total equity and liabilities | 10/49 | €751,490 | €782,659 | +€31,170 | +4.1% |
| Equity | 10/15 | €529,406 | €552,479 | +€23,073 | +4.4% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €504,617 | €527,689 | +€23,073 | +4.6% |
| Distributable reserves | 133 | €504,617 | €527,689 | +€23,073 | +4.6% |
| Amounts payable | 17/49 | €222,084 | €230,181 | +€8,097 | +3.6% |
| Amounts payable after more than one year | 17 | €17,584 | €6,621 | -€10,963 | -62.3% |
| Financial debts | 170/4 | €17,584 | €6,621 | -€10,963 | -62.3% |
| Amounts payable within one year | 42/48 | €204,499 | €223,559 | +€19,060 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €27,004 | €10,980 | -€16,024 | -59.3% |
| Trade debts | 44 | €100,952 | €68,574 | -€32,378 | -32.1% |
| Suppliers | 440/4 | €100,952 | €68,574 | -€32,378 | -32.1% |
| Advances received on contracts in progress | 46 | - | €7,841 | +€7,841 | |
| Taxes, remuneration and social security | 45 | €6,807 | €10,349 | +€3,542 | +52.0% |
| Taxes | 450/3 | €1,819 | €8,199 | +€6,380 | +351% |
| Remuneration and social security | 454/9 | €4,988 | €2,150 | -€2,838 | -56.9% |
| Other amounts payable | 47/48 | €69,736 | €125,815 | +€56,079 | +80.4% |
| Remuneration, social security and pensions | 62 | €33,719 | €69,037 | +€35,318 | +105% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,546 | €18,217 | +€671 | +3.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €29,254 | €0 | -€29,254 | -100% |
| Other operating charges | 640/8 | €3,956 | €5,352 | +€1,396 | +35.3% |
| Gross operating margin | 9900 | €80,220 | €121,161 | +€40,941 | +51.0% |
| Operating profit (loss) | 9901 | -€4,255 | €28,555 | +€32,810 | |
| Financial income | 75/76B | €10,101 | €4,794 | -€5,307 | -52.5% |
| Recurring financial income | 75 | €10,101 | €4,794 | -€5,307 | -52.5% |
| Financial charges | 65/66B | €2,543 | €2,093 | -€450 | -17.7% |
| Recurring financial charges | 65 | €2,543 | €2,093 | -€450 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | €3,303 | €31,256 | +€27,953 | +846% |
| Income taxes | 67/77 | €1,818 | €8,183 | +€6,366 | +350% |
| Profit (loss) for the period | 9904 | €1,486 | €23,073 | +€21,587 | +1,453% |
| Profit (loss) for the period to be appropriated | 9905 | €1,486 | €23,073 | +€21,587 | +1,453% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.