Philippe LEQUEU: what changed
Two fiscal 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.
Philippe LEQUEU
Largest movements
- Cash -€92,231
down €92,231 (-38.4%), from €240,374 to €148,143
mainly Net result for the year (-€46,708) and Other debts (-€44,920)
- Intangible fixed assets -€30,596
down €30,596 (-33.3%), from €91,788 to €61,192
- Reserves -€65,000
down €65,000 (-44.3%), from €146,860 to €81,860
- Other debts -€44,920
down €44,920 (-25.1%), from €178,942 to €134,022
- Profit (loss) carried forward -€6,708
down €6,708 (-69.8%), from €9,617 to €2,909
- Turnover -€149,051
down €149,051 (-95.0%), from €156,852 to €7,801
- Gross operating margin -€132,015
down €132,015, from €115,992 to -€16,023
- Taxes -€28,698
down €28,698, from €28,698 to -€0
- Purchases and services -€17,036
down €17,036 (-41.7%), from €40,860 to €23,824
- Financial charges -€7,004
down €7,004 (-85.5%), from €8,196 to €1,192
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.
Cash bridge derived
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 | €392,194 | €271,724 | -€120,470 | -30.7% |
| Fixed assets | 21/28 | €91,820 | €61,224 | -€30,596 | -33.3% |
| Intangible fixed assets | 21 | €91,788 | €61,192 | -€30,596 | -33.3% |
| Financial fixed assets | 28 | €33 | €33 | = | 0.0% |
| Current assets | 29/58 | €300,374 | €210,500 | -€89,874 | -29.9% |
| Amounts receivable within one year | 40/41 | €60,000 | €60,556 | +€556 | +0.9% |
| Other amounts receivable | 41 | €60,000 | €60,556 | +€556 | +0.9% |
| Cash at bank and in hand | 54/58 | €240,374 | €148,143 | -€92,231 | -38.4% |
| Deferred charges and accrued income | 490/1 | - | €1,800 | +€1,800 | |
| Total equity and liabilities | 10/49 | €392,194 | €271,724 | -€120,470 | -30.7% |
| Equity | 10/15 | €175,077 | €103,369 | -€71,708 | -41.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €146,860 | €81,860 | -€65,000 | -44.3% |
| Distributable reserves | 133 | €146,860 | €81,860 | -€65,000 | -44.3% |
| Profit (loss) carried forward | 14 | €9,617 | €2,909 | -€6,708 | -69.8% |
| Amounts payable | 17/49 | €217,118 | €168,355 | -€48,763 | -22.5% |
| Amounts payable within one year | 42/48 | €217,118 | €168,355 | -€48,763 | -22.5% |
| Financial debts | 43 | €13 | - | -€13 | |
| Credit institutions | 430/8 | €13 | - | -€13 | |
| Trade debts | 44 | €8,992 | €5,657 | -€3,335 | -37.1% |
| Suppliers | 440/4 | €8,992 | €5,657 | -€3,335 | -37.1% |
| Taxes, remuneration and social security | 45 | €29,171 | €28,677 | -€494 | -1.7% |
| Taxes | 450/3 | €29,171 | €28,677 | -€494 | -1.7% |
| Other amounts payable | 47/48 | €178,942 | €134,022 | -€44,920 | -25.1% |
| Turnover | 70 | €156,852 | €7,801 | -€149,051 | -95.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €40,860 | €23,824 | -€17,036 | -41.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,596 | €30,596 | = | 0.0% |
| Other operating charges | 640/8 | €3,371 | €751 | -€2,620 | -77.7% |
| Gross operating margin | 9900 | €115,992 | -€16,023 | -€132,015 | |
| Operating profit (loss) | 9901 | €82,025 | -€47,370 | -€129,395 | |
| Financial income | 75/76B | €71 | €1,855 | +€1,784 | +2524.6% |
| Recurring financial income | 75 | €71 | €1,855 | +€1,784 | +2524.6% |
| Financial charges | 65/66B | €8,196 | €1,192 | -€7,004 | -85.5% |
| Recurring financial charges | 65 | €8,196 | €1,192 | -€7,004 | -85.5% |
| Profit (loss) for the period before taxes | 9903 | €73,900 | -€46,708 | -€120,607 | |
| Income taxes | 67/77 | €28,698 | -€0 | -€28,698 | |
| Profit (loss) for the period | 9904 | €45,201 | -€46,708 | -€91,909 | |
| Profit (loss) for the period to be appropriated | 9905 | €45,201 | -€46,708 | -€91,909 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.