PHILIPPE LESCRENIER: 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.
PHILIPPE LESCRENIER
Largest movements
- Cash +€138,639
up €138,639 (+56.8%), from €244,067 to €382,706
mainly Net result for the year (+€109,448) and Depreciation (+€48,373)
- Tangible fixed assets -€45,401
down €45,401 (-4.6%), from €989,307 to €943,906
of which Land and buildings: -€28,794
- Reserves +€109,448
up €109,448 (+9.2%), from €1.2m to €1.3m
of which Distributable reserves: +€127,665
- Advances received +€17,121
new in 2025: €17,121
- Tax, wage and social debts -€15,529
no longer reported in 2025 (was €15,529)
- Write-downs -€36,260
new in 2025: -€36,260
- Other operating charges -€18,018
down €18,018 (-86.3%), from €20,886 to €2,868
- Taxes -€11,124
down €11,124 (-69.3%), from €16,059 to €4,936
- Gross operating margin +€10,065
up €10,065 (+8.8%), from €113,902 to €123,968
- Financial income +€4,322
up €4,322 (+459,737%), from €1 to €4,322
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 | €1,423,841 | €1,519,667 | +€95,827 | +6.7% |
| Fixed assets | 21/28 | €989,515 | €944,114 | -€45,401 | -4.6% |
| Tangible fixed assets | 22/27 | €989,307 | €943,906 | -€45,401 | -4.6% |
| Land and buildings | 22 | €878,771 | €849,977 | -€28,794 | -3.3% |
| Furniture and vehicles | 24 | €15,784 | €8,484 | -€7,299 | -46.2% |
| Other tangible fixed assets | 26 | €94,752 | €85,445 | -€9,307 | -9.8% |
| Financial fixed assets | 28 | €208 | €208 | = | 0.0% |
| Current assets | 29/58 | €434,326 | €575,553 | +€141,227 | +32.5% |
| Amounts receivable within one year | 40/41 | €130,540 | €134,138 | +€3,598 | +2.8% |
| Trade receivables | 40 | €8,402 | - | -€8,402 | |
| Other amounts receivable | 41 | €122,138 | €134,138 | +€12,000 | +9.8% |
| Current investments | 50/53 | €56,343 | €56,343 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €244,067 | €382,706 | +€138,639 | +56.8% |
| Deferred charges and accrued income | 490/1 | €3,377 | €2,367 | -€1,010 | -29.9% |
| Total equity and liabilities | 10/49 | €1,423,841 | €1,519,667 | +€95,827 | +6.7% |
| Equity | 10/15 | €1,240,063 | €1,349,511 | +€109,448 | +8.8% |
| Contributions | 10/11 | €22,500 | €22,500 | = | 0.0% |
| Contributions outside capital | 11 | €22,500 | €22,500 | = | 0.0% |
| Other | 1109/19 | €22,500 | €22,500 | = | 0.0% |
| Reserves | 13 | €1,185,074 | €1,294,522 | +€109,448 | +9.2% |
| Non-distributable reserves | 130/1 | €2,250 | €2,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,250 | €2,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €374,974 | €356,756 | -€18,218 | -4.9% |
| Distributable reserves | 133 | €807,850 | €935,516 | +€127,665 | +15.8% |
| Profit (loss) carried forward | 14 | €32,489 | €32,489 | = | 0.0% |
| Provisions and deferred taxes | 16 | €129,220 | €124,666 | -€4,554 | -3.5% |
| Deferred taxes | 168 | €129,220 | €124,666 | -€4,554 | -3.5% |
| Amounts payable | 17/49 | €54,557 | €45,490 | -€9,067 | -16.6% |
| Amounts payable within one year | 42/48 | €54,557 | €45,490 | -€9,067 | -16.6% |
| Trade debts | 44 | €39,028 | €28,369 | -€10,659 | -27.3% |
| Suppliers | 440/4 | €39,028 | €28,369 | -€10,659 | -27.3% |
| Advances received on contracts in progress | 46 | - | €17,121 | +€17,121 | |
| Taxes, remuneration and social security | 45 | €15,529 | - | -€15,529 | |
| Taxes | 450/3 | €15,529 | - | -€15,529 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,427 | €48,373 | -€55 | -0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€36,260 | -€36,260 | |
| Other operating charges | 640/8 | €20,886 | €2,868 | -€18,018 | -86.3% |
| Gross operating margin | 9900 | €113,902 | €123,968 | +€10,065 | +8.8% |
| Operating profit (loss) | 9901 | €44,590 | €108,987 | +€64,398 | +144% |
| Financial income | 75/76B | €1 | €4,322 | +€4,322 | +459,737% |
| Recurring financial income | 75 | €1 | €4,322 | +€4,322 | +459,737% |
| Financial charges | 65/66B | €57 | €3,481 | +€3,424 | +6,032% |
| Recurring financial charges | 65 | €57 | €104 | +€47 | +83.2% |
| Non-recurring financial charges | 66B | - | €3,377 | +€3,377 | |
| Profit (loss) for the period before taxes | 9903 | €44,534 | €109,829 | +€65,295 | +147% |
| Transfer from deferred taxes | 780 | €4,554 | €4,554 | = | 0.0% |
| Income taxes | 67/77 | €16,059 | €4,936 | -€11,124 | -69.3% |
| Profit (loss) for the period | 9904 | €33,029 | €109,448 | +€76,419 | +231% |
| Transfer from tax-exempt reserves | 789 | €18,218 | €18,218 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,247 | €127,665 | +€76,419 | +149% |
Source: filed annual accounts (NBB), financial years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.