RUDY LEFEVRE: 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.
RUDY LEFEVRE
Largest movements
- Receivables within one year +€76,460
up €76,460 (+81.2%), from €94,149 to €170,608
of which Other amounts receivable: +€58,682
- Cash -€54,314
down €54,314 (-90.4%), from €60,089 to €5,775
mainly Receivables within one year (-€76,460) and Investment in fixed assets (net) (-€52,152)
- Financial fixed assets +€50,000
up €50,000 (+15.9%), from €314,732 to €364,732
- Reserves +€49,785
up €49,785 (+2,677%), from €1,860 to €51,645
- Accrued charges and deferred income +€28,312
up €28,312 (+10,725%), from €264 to €28,575
- Debts after one year -€15,740
down €15,740 (-3.6%), from €433,280 to €417,541
of which Financial debts: -€15,740
- Tax, wage and social debts +€7,132
up €7,132 (+16.2%), from €44,075 to €51,207
of which Taxes: +€7,832
- Taxes +€4,877
up €4,877 (+22.2%), from €22,002 to €26,880
- Gross operating margin +€1,571
up €1,571 (+2.0%), from €78,068 to €79,639
- Financial charges -€1,530
down €1,530 (-30.9%), from €4,958 to €3,428
- Depreciation +€1,527
up €1,527 (+48.1%), from €3,173 to €4,701
- Financial income -€1,475
down €1,475 (-19.1%), from €7,725 to €6,250
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 | €560,360 | €629,552 | +€69,192 | +12.3% |
| Fixed assets | 21/28 | €321,244 | €368,695 | +€47,451 | +14.8% |
| Tangible fixed assets | 22/27 | €6,512 | €3,963 | -€2,549 | -39.1% |
| Furniture and vehicles | 24 | €6,512 | €3,963 | -€2,549 | -39.1% |
| Financial fixed assets | 28 | €314,732 | €364,732 | +€50,000 | +15.9% |
| Current assets | 29/58 | €239,116 | €260,857 | +€21,741 | +9.1% |
| Amounts receivable after more than one year | 29 | €80,000 | €80,000 | = | 0.0% |
| Other amounts receivable | 291 | €80,000 | €80,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €94,149 | €170,608 | +€76,460 | +81.2% |
| Trade receivables | 40 | €11,021 | €28,799 | +€17,778 | +161% |
| Other amounts receivable | 41 | €83,127 | €141,809 | +€58,682 | +70.6% |
| Current investments | 50/53 | €43 | €43 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €60,089 | €5,775 | -€54,314 | -90.4% |
| Deferred charges and accrued income | 490/1 | €4,835 | €4,431 | -€405 | -8.4% |
| Total equity and liabilities | 10/49 | €560,360 | €629,552 | +€69,192 | +12.3% |
| Equity | 10/15 | €66,091 | €115,642 | +€49,551 | +75.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €51,645 | +€49,785 | +2,677% |
| Distributable reserves | 133 | €1,860 | €51,645 | +€49,785 | +2,677% |
| Profit (loss) carried forward | 14 | €45,631 | €45,396 | -€234 | -0.5% |
| Amounts payable | 17/49 | €494,269 | €513,910 | +€19,641 | +4.0% |
| Amounts payable after more than one year | 17 | €433,280 | €417,541 | -€15,740 | -3.6% |
| Financial debts | 170/4 | €270,983 | €255,244 | -€15,740 | -5.8% |
| Other amounts payable | 178/9 | €162,297 | €162,297 | = | 0.0% |
| Amounts payable within one year | 42/48 | €60,725 | €67,794 | +€7,069 | +11.6% |
| Current portion of amounts payable after more than one year | 42 | €15,069 | €15,740 | +€670 | +4.4% |
| Financial debts | 43 | €194 | €40 | -€154 | -79.5% |
| Credit institutions | 430/8 | €194 | €40 | -€154 | -79.5% |
| Trade debts | 44 | €1,387 | €807 | -€579 | -41.8% |
| Suppliers | 440/4 | €1,387 | €807 | -€579 | -41.8% |
| Taxes, remuneration and social security | 45 | €44,075 | €51,207 | +€7,132 | +16.2% |
| Taxes | 450/3 | €43,375 | €51,207 | +€7,832 | +18.1% |
| Remuneration and social security | 454/9 | €700 | €0 | -€700 | -100% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €264 | €28,575 | +€28,312 | +10,725% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,173 | €4,701 | +€1,527 | +48.1% |
| Other operating charges | 640/8 | €1,347 | €1,330 | -€18 | -1.3% |
| Non-recurring operating charges | 66A | €119 | €0 | -€119 | -100% |
| Gross operating margin | 9900 | €78,068 | €79,639 | +€1,571 | +2.0% |
| Operating profit (loss) | 9901 | €73,428 | €73,608 | +€180 | +0.2% |
| Financial income | 75/76B | €7,725 | €6,250 | -€1,475 | -19.1% |
| Recurring financial income | 75 | €7,725 | €6,250 | -€1,475 | -19.1% |
| Financial charges | 65/66B | €4,958 | €3,428 | -€1,530 | -30.9% |
| Recurring financial charges | 65 | €4,958 | €3,428 | -€1,530 | -30.9% |
| Profit (loss) for the period before taxes | 9903 | €76,194 | €76,431 | +€236 | +0.3% |
| Income taxes | 67/77 | €22,002 | €26,880 | +€4,877 | +22.2% |
| Profit (loss) for the period | 9904 | €54,192 | €49,551 | -€4,641 | -8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €54,192 | €49,551 | -€4,641 | -8.6% |
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 25 October 2026 via checked.be.