RAPHAËL LEBRUN: 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.
RAPHAËL LEBRUN
Largest movements
- Cash -€49,420
down €49,420 (-82.9%), from €59,593 to €10,173
mainly Investment in fixed assets (net) (-€51,766) and Net result for the year (-€18,908)
- Receivables within one year +€14,226
up €14,226 (+18.0%), from €78,893 to €93,119
of which Other amounts receivable: +€27,658
- Reserves -€18,383
down €18,383 (-22.5%), from €81,522 to €63,139
of which Distributable reserves: -€18,383
- Other debts -€8,520
down €8,520 (-89.7%), from €9,497 to €978
- Current portion of long-term debt +€7,931
up €7,931 (+22.6%), from €35,136 to €43,067
- Debts after one year -€6,382
down €6,382 (-1.9%), from €342,719 to €336,336
- Gross operating margin -€61,226
down €61,226 (-51.4%), from €119,198 to €57,972
- Taxes -€9,165
down €9,165 (-97.5%), from €9,402 to €238
- Write-downs -€7,782
down €7,782, from €4,130 to -€3,653
- Depreciation +€1,711
up €1,711 (+3.6%), from €46,955 to €48,666
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 | €499,876 | €471,629 | -€28,248 | -5.7% |
| Fixed assets | 21/28 | €357,834 | €360,933 | +€3,099 | +0.9% |
| Tangible fixed assets | 22/27 | €357,834 | €360,933 | +€3,099 | +0.9% |
| Land and buildings | 22 | €299,906 | €274,240 | -€25,666 | -8.6% |
| Plant, machinery and equipment | 23 | €2,103 | €1,620 | -€483 | -23.0% |
| Furniture and vehicles | 24 | €50,894 | €82,171 | +€31,277 | +61.5% |
| Other tangible fixed assets | 26 | €4,931 | €2,902 | -€2,029 | -41.1% |
| Current assets | 29/58 | €142,043 | €110,696 | -€31,347 | -22.1% |
| Amounts receivable within one year | 40/41 | €78,893 | €93,119 | +€14,226 | +18.0% |
| Trade receivables | 40 | €31,941 | €18,509 | -€13,432 | -42.1% |
| Other amounts receivable | 41 | €46,952 | €74,610 | +€27,658 | +58.9% |
| Cash at bank and in hand | 54/58 | €59,593 | €10,173 | -€49,420 | -82.9% |
| Deferred charges and accrued income | 490/1 | €3,557 | €7,404 | +€3,847 | +108.2% |
| Total equity and liabilities | 10/49 | €499,876 | €471,629 | -€28,248 | -5.7% |
| Equity | 10/15 | €100,647 | €81,739 | -€18,908 | -18.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €81,522 | €63,139 | -€18,383 | -22.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €151 | €151 | = | 0.0% |
| Distributable reserves | 133 | €79,512 | €61,129 | -€18,383 | -23.1% |
| Profit (loss) carried forward | 14 | €525 | - | -€525 | |
| Amounts payable | 17/49 | €399,229 | €389,889 | -€9,340 | -2.3% |
| Amounts payable after more than one year | 17 | €342,719 | €336,336 | -€6,382 | -1.9% |
| Financial debts | 170/4 | €342,719 | €336,336 | -€6,382 | -1.9% |
| Amounts payable within one year | 42/48 | €54,899 | €51,169 | -€3,730 | -6.8% |
| Current portion of amounts payable after more than one year | 42 | €35,136 | €43,067 | +€7,931 | +22.6% |
| Trade debts | 44 | €3,368 | €3,816 | +€448 | +13.3% |
| Suppliers | 440/4 | €3,368 | €3,816 | +€448 | +13.3% |
| Taxes, remuneration and social security | 45 | €6,898 | €3,309 | -€3,589 | -52.0% |
| Taxes | 450/3 | €4,697 | €1,809 | -€2,888 | -61.5% |
| Remuneration and social security | 454/9 | €2,201 | €1,500 | -€701 | -31.8% |
| Other amounts payable | 47/48 | €9,497 | €978 | -€8,520 | -89.7% |
| Accrued charges and deferred income | 492/3 | €1,611 | €2,383 | +€772 | +47.9% |
| Remuneration, social security and pensions | 62 | €18,249 | €17,243 | -€1,006 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,955 | €48,666 | +€1,711 | +3.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,130 | -€3,653 | -€7,782 | |
| Other operating charges | 640/8 | €7,074 | €6,640 | -€434 | -6.1% |
| Gross operating margin | 9900 | €119,198 | €57,972 | -€61,226 | -51.4% |
| Operating profit (loss) | 9901 | €42,790 | -€10,925 | -€53,715 | |
| Financial income | 75/76B | €837 | €928 | +€91 | +10.9% |
| Recurring financial income | 75 | €837 | €928 | +€91 | +10.9% |
| Financial charges | 65/66B | €9,042 | €8,673 | -€369 | -4.1% |
| Recurring financial charges | 65 | €9,042 | €8,673 | -€369 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €34,584 | -€18,670 | -€53,254 | |
| Income taxes | 67/77 | €9,402 | €238 | -€9,165 | -97.5% |
| Profit (loss) for the period | 9904 | €25,182 | -€18,908 | -€44,089 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,182 | -€18,908 | -€44,089 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.