Roger LENAERTS: 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.
Roger LENAERTS
Largest movements
- Cash -€115,829
down €115,829 (-41.0%), from €282,799 to €166,970
mainly Contributions, distributions and other (-€165,000) and Net result for the year (-€74,909)
- Receivables within one year +€53,160
up €53,160 (+44.8%), from €118,706 to €171,866
of which Other amounts receivable: +€33,542
- Tangible fixed assets -€44,862
down €44,862 (-7.3%), from €616,470 to €571,609
of which Furniture and vehicles: -€23,104
- Deferred charges and accrued income -€12,020
down €12,020 (-87.1%), from €13,801 to €1,782
- Reserves -€165,000
down €165,000 (-48.3%), from €341,860 to €176,860
of which Distributable reserves: -€165,000
- Other debts +€113,369
up €113,369 (+271%), from €41,881 to €155,250
- Profit (loss) carried forward -€74,909
down €74,909 (-12.0%), from €625,713 to €550,804
- Staff costs -€54,035
no longer reported in 2025 (was €54,035)
- Financial income -€17,045
no longer reported in 2025 (was €17,045)
- Depreciation +€11,806
up €11,806 (+39.9%), from €29,565 to €41,370
- Other operating charges -€8,158
down €8,158 (-67.2%), from €12,132 to €3,974
- Gross operating margin -€1,869
down €1,869 (-7.9%), from -€23,518 to -€25,387
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 | €1,031,777 | €912,226 | -€119,551 | -11.6% |
| Fixed assets | 21/28 | €616,470 | €571,609 | -€44,862 | -7.3% |
| Tangible fixed assets | 22/27 | €616,470 | €571,609 | -€44,862 | -7.3% |
| Land and buildings | 22 | €515,816 | €494,058 | -€21,757 | -4.2% |
| Furniture and vehicles | 24 | €100,655 | €77,550 | -€23,104 | -23.0% |
| Current assets | 29/58 | €415,307 | €340,618 | -€74,689 | -18.0% |
| Amounts receivable within one year | 40/41 | €118,706 | €171,866 | +€53,160 | +44.8% |
| Trade receivables | 40 | - | €19,618 | +€19,618 | |
| Other amounts receivable | 41 | €118,706 | €152,247 | +€33,542 | +28.3% |
| Cash at bank and in hand | 54/58 | €282,799 | €166,970 | -€115,829 | -41.0% |
| Deferred charges and accrued income | 490/1 | €13,801 | €1,782 | -€12,020 | -87.1% |
| Total equity and liabilities | 10/49 | €1,031,777 | €912,226 | -€119,551 | -11.6% |
| Equity | 10/15 | €986,173 | €746,264 | -€239,909 | -24.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Share premium | 1100/10 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €341,860 | €176,860 | -€165,000 | -48.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €340,000 | €175,000 | -€165,000 | -48.5% |
| Profit (loss) carried forward | 14 | €625,713 | €550,804 | -€74,909 | -12.0% |
| Amounts payable | 17/49 | €45,604 | €165,962 | +€120,358 | +264% |
| Amounts payable within one year | 42/48 | €43,354 | €156,212 | +€112,858 | +260% |
| Trade debts | 44 | €1,473 | €498 | -€975 | -66.2% |
| Suppliers | 440/4 | €1,473 | €498 | -€975 | -66.2% |
| Taxes, remuneration and social security | 45 | - | €464 | +€464 | |
| Taxes | 450/3 | - | €464 | +€464 | |
| Other amounts payable | 47/48 | €41,881 | €155,250 | +€113,369 | +271% |
| Accrued charges and deferred income | 492/3 | €2,250 | €9,750 | +€7,500 | +333% |
| Remuneration, social security and pensions | 62 | €54,035 | - | -€54,035 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,565 | €41,370 | +€11,806 | +39.9% |
| Other operating charges | 640/8 | €12,132 | €3,974 | -€8,158 | -67.2% |
| Non-recurring operating charges | 66A | - | €3,491 | +€3,491 | |
| Gross operating margin | 9900 | -€23,518 | -€25,387 | -€1,869 | -7.9% |
| Operating profit (loss) | 9901 | -€119,249 | -€74,223 | +€45,027 | +37.8% |
| Financial income | 75/76B | €17,045 | - | -€17,045 | |
| Recurring financial income | 75 | €17,045 | - | -€17,045 | |
| Financial charges | 65/66B | €141 | €222 | +€81 | +57.5% |
| Recurring financial charges | 65 | €141 | €222 | +€81 | +57.5% |
| Profit (loss) for the period before taxes | 9903 | -€102,345 | -€74,445 | +€27,901 | +27.3% |
| Income taxes | 67/77 | €382 | €464 | +€82 | +21.4% |
| Profit (loss) for the period | 9904 | -€102,727 | -€74,909 | +€27,819 | +27.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€102,727 | -€74,909 | +€27,819 | +27.1% |
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 29 October 2026 via checked.be.