PIERRE LERUTH: 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.
PIERRE LERUTH
Largest movements
- Cash -€57,936
down €57,936 (-40.5%), from €142,913 to €84,977
mainly Investment in fixed assets (net) (-€50,677) and Other debts (-€28,256)
- Tangible fixed assets +€42,037
new in 2025: €42,037
of which Furniture and vehicles: +€34,311
- Receivables within one year +€26,863
new in 2025: €26,863
- Deferred charges and accrued income -€6,124
down €6,124 (-18.7%), from €32,770 to €26,646
- Reserves +€34,897
up €34,897 (+35.4%), from €98,696 to €133,593
- Other debts -€28,256
down €28,256 (-69.4%), from €40,743 to €12,487
- Tax, wage and social debts -€5,495
down €5,495 (-21.3%), from €25,847 to €20,352
- Trade debts +€3,695
up €3,695 (+2,349%), from €157 to €3,852
- Gross operating margin +€9,994
up €9,994 (+15.4%), from €64,786 to €74,780
- Depreciation +€8,515
up €8,515 (+6,830%), from €125 to €8,640
- Financial charges -€2,141
down €2,141 (-95.1%), from €2,252 to €111
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 | €177,843 | €182,684 | +€4,841 | +2.7% |
| Fixed assets | 21/28 | €2,160 | €44,197 | +€42,037 | +1,946% |
| Tangible fixed assets | 22/27 | - | €42,037 | +€42,037 | |
| Furniture and vehicles | 24 | - | €34,311 | +€34,311 | |
| Other tangible fixed assets | 26 | - | €7,726 | +€7,726 | |
| Financial fixed assets | 28 | €2,160 | €2,160 | = | 0.0% |
| Current assets | 29/58 | €175,683 | €138,487 | -€37,196 | -21.2% |
| Amounts receivable within one year | 40/41 | - | €26,863 | +€26,863 | |
| Other amounts receivable | 41 | - | €26,863 | +€26,863 | |
| Cash at bank and in hand | 54/58 | €142,913 | €84,977 | -€57,936 | -40.5% |
| Deferred charges and accrued income | 490/1 | €32,770 | €26,646 | -€6,124 | -18.7% |
| Total equity and liabilities | 10/49 | €177,843 | €182,684 | +€4,841 | +2.7% |
| Equity | 10/15 | €111,096 | €145,993 | +€34,897 | +31.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €98,696 | €133,593 | +€34,897 | +35.4% |
| Distributable reserves | 133 | €98,696 | €133,593 | +€34,897 | +35.4% |
| Amounts payable | 17/49 | €66,747 | €36,691 | -€30,057 | -45.0% |
| Amounts payable within one year | 42/48 | €66,747 | €36,691 | -€30,057 | -45.0% |
| Trade debts | 44 | €157 | €3,852 | +€3,695 | +2,349% |
| Suppliers | 440/4 | €157 | €3,852 | +€3,695 | +2,349% |
| Taxes, remuneration and social security | 45 | €25,847 | €20,352 | -€5,495 | -21.3% |
| Taxes | 450/3 | €25,847 | €20,352 | -€5,495 | -21.3% |
| Other amounts payable | 47/48 | €40,743 | €12,487 | -€28,256 | -69.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125 | €8,640 | +€8,515 | +6,830% |
| Other operating charges | 640/8 | €64 | - | -€64 | |
| Gross operating margin | 9900 | €64,786 | €74,780 | +€9,994 | +15.4% |
| Operating profit (loss) | 9901 | €64,597 | €66,140 | +€1,542 | +2.4% |
| Financial income | 75/76B | €0 | €141 | +€141 | +1,405,500% |
| Recurring financial income | 75 | €0 | €141 | +€141 | +1,405,500% |
| Financial charges | 65/66B | €2,252 | €111 | -€2,141 | -95.1% |
| Recurring financial charges | 65 | €2,252 | €111 | -€2,141 | -95.1% |
| Profit (loss) for the period before taxes | 9903 | €62,345 | €66,169 | +€3,824 | +6.1% |
| Income taxes | 67/77 | €19,032 | €18,785 | -€247 | -1.3% |
| Profit (loss) for the period | 9904 | €43,314 | €47,384 | +€4,071 | +9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €43,314 | €47,384 | +€4,071 | +9.4% |
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 14 October 2026 via checked.be.