PHILIPPE LEUNE: 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 LEUNE
Largest movements
- Cash +€22,554
up €22,554 (+97.8%), from €23,054 to €45,609
mainly Net result for the year (+€152,939) and Depreciation (+€11,184)
- Tangible fixed assets -€11,184
down €11,184 (-6.9%), from €163,132 to €151,948
of which Land and buildings: -€7,650
- Receivables within one year -€6,494
down €6,494 (-84.5%), from €7,687 to €1,193
- Reserves +€152,939
up €152,939, from €0 to €152,939
- Other debts -€138,522
down €138,522 (-99.5%), from €139,204 to €683
- Debts after one year -€5,521
down €5,521 (-3.8%), from €145,951 to €140,430
- Gross operating margin +€32,333
up €32,333 (+17.9%), from €180,392 to €212,725
- Taxes +€9,231
up €9,231 (+25.3%), from €36,536 to €45,767
- Depreciation +€4,439
up €4,439 (+65.8%), from €6,744 to €11,184
- Financial charges +€2,457
up €2,457 (+157.8%), from €1,557 to €4,014
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 | €296,796 | €304,623 | +€7,827 | +2.6% |
| Fixed assets | 21/28 | €163,132 | €151,948 | -€11,184 | -6.9% |
| Tangible fixed assets | 22/27 | €163,132 | €151,948 | -€11,184 | -6.9% |
| Land and buildings | 22 | €149,835 | €142,185 | -€7,650 | -5.1% |
| Furniture and vehicles | 24 | €2,109 | €1,074 | -€1,035 | -49.1% |
| Other tangible fixed assets | 26 | €11,188 | €8,689 | -€2,499 | -22.3% |
| Current assets | 29/58 | €133,665 | €152,675 | +€19,010 | +14.2% |
| Amounts receivable after more than one year | 29 | €56,400 | €56,400 | = | 0.0% |
| Other amounts receivable | 291 | €56,400 | €56,400 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €7,687 | €1,193 | -€6,494 | -84.5% |
| Other amounts receivable | 41 | €7,687 | €1,193 | -€6,494 | -84.5% |
| Current investments | 50/53 | €15,646 | €18,448 | +€2,802 | +17.9% |
| Cash at bank and in hand | 54/58 | €23,054 | €45,609 | +€22,554 | +97.8% |
| Deferred charges and accrued income | 490/1 | €30,877 | €31,025 | +€148 | +0.5% |
| Total equity and liabilities | 10/49 | €296,796 | €304,623 | +€7,827 | +2.6% |
| Equity | 10/15 | €2,500 | €155,439 | +€152,939 | +6117.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €0 | €152,939 | +€152,939 | |
| Distributable reserves | 133 | €0 | €152,939 | +€152,939 | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €294,296 | €149,184 | -€145,113 | -49.3% |
| Amounts payable after more than one year | 17 | €145,951 | €140,430 | -€5,521 | -3.8% |
| Financial debts | 170/4 | €145,951 | €140,430 | -€5,521 | -3.8% |
| Amounts payable within one year | 42/48 | €148,346 | €8,754 | -€139,592 | -94.1% |
| Current portion of amounts payable after more than one year | 42 | €5,320 | €5,521 | +€201 | +3.8% |
| Financial debts | 43 | €739 | €0 | -€739 | -100.0% |
| Credit institutions | 430/8 | €739 | €0 | -€739 | -100.0% |
| Trade debts | 44 | €1,482 | €750 | -€732 | -49.4% |
| Suppliers | 440/4 | €1,482 | €750 | -€732 | -49.4% |
| Taxes, remuneration and social security | 45 | €1,601 | €1,800 | +€200 | +12.5% |
| Taxes | 450/3 | €1,601 | €1,800 | +€200 | +12.5% |
| Other amounts payable | 47/48 | €139,204 | €683 | -€138,522 | -99.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,744 | €11,184 | +€4,439 | +65.8% |
| Other operating charges | 640/8 | €1,375 | €912 | -€463 | -33.7% |
| Gross operating margin | 9900 | €180,392 | €212,725 | +€32,333 | +17.9% |
| Operating profit (loss) | 9901 | €172,273 | €200,629 | +€28,356 | +16.5% |
| Financial income | 75/76B | €2,408 | €2,091 | -€317 | -13.2% |
| Recurring financial income | 75 | €2,408 | €2,091 | -€317 | -13.2% |
| Financial charges | 65/66B | €1,557 | €4,014 | +€2,457 | +157.8% |
| Recurring financial charges | 65 | €1,557 | €4,014 | +€2,457 | +157.8% |
| Profit (loss) for the period before taxes | 9903 | €173,124 | €198,707 | +€25,583 | +14.8% |
| Income taxes | 67/77 | €36,536 | €45,767 | +€9,231 | +25.3% |
| Profit (loss) for the period | 9904 | €136,587 | €152,939 | +€16,352 | +12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €136,587 | €152,939 | +€16,352 | +12.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.