Sara Lecoutere: 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.
Sara Lecoutere
Largest movements
- Tangible fixed assets -€13,480
down €13,480 (-9.8%), from €137,342 to €123,862
of which Land and buildings: -€12,443
- Deferred charges and accrued income +€8,167
up €8,167 (+11.1%), from €73,362 to €81,529
- Cash -€5,252
down €5,252 (-69.1%), from €7,600 to €2,348
mainly Contributions, distributions and other (-€95,188) and Debts after one year (-€14,351)
- Reserves -€24,389
down €24,389 (-25.6%), from €95,188 to €70,800
- Other debts +€22,802
up €22,802 (+9,172%), from €249 to €23,050
- Debts after one year -€14,351
down €14,351 (-15.6%), from €91,883 to €77,532
- Trade debts +€13,687
up €13,687 (+293%), from €4,670 to €18,357
- Current portion of long-term debt -€7,294
down €7,294 (-33.7%), from €21,645 to €14,351
- Gross operating margin -€44,406
down €44,406 (-29.3%), from €151,386 to €106,981
- Taxes -€22,085
down €22,085 (-54.4%), from €40,615 to €18,530
- Financial charges +€1,607
up €1,607 (+78.9%), from €2,037 to €3,644
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 | €218,304 | €207,739 | -€10,565 | -4.8% |
| Fixed assets | 21/28 | €137,342 | €123,862 | -€13,480 | -9.8% |
| Tangible fixed assets | 22/27 | €137,342 | €123,862 | -€13,480 | -9.8% |
| Land and buildings | 22 | €133,762 | €121,319 | -€12,443 | -9.3% |
| Furniture and vehicles | 24 | €3,580 | €2,543 | -€1,037 | -29.0% |
| Current assets | 29/58 | €80,962 | €83,877 | +€2,915 | +3.6% |
| Cash at bank and in hand | 54/58 | €7,600 | €2,348 | -€5,252 | -69.1% |
| Deferred charges and accrued income | 490/1 | €73,362 | €81,529 | +€8,167 | +11.1% |
| Total equity and liabilities | 10/49 | €218,304 | €207,739 | -€10,565 | -4.8% |
| Equity | 10/15 | €95,288 | €70,900 | -€24,389 | -25.6% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €95,188 | €70,800 | -€24,389 | -25.6% |
| Distributable reserves | 133 | €95,188 | €70,800 | -€24,389 | -25.6% |
| Amounts payable | 17/49 | €123,016 | €136,839 | +€13,823 | +11.2% |
| Amounts payable after more than one year | 17 | €91,883 | €77,532 | -€14,351 | -15.6% |
| Financial debts | 170/4 | €91,883 | €77,532 | -€14,351 | -15.6% |
| Amounts payable within one year | 42/48 | €29,583 | €59,307 | +€29,725 | +100% |
| Current portion of amounts payable after more than one year | 42 | €21,645 | €14,351 | -€7,294 | -33.7% |
| Trade debts | 44 | €4,670 | €18,357 | +€13,687 | +293% |
| Suppliers | 440/4 | €4,670 | €18,357 | +€13,687 | +293% |
| Taxes, remuneration and social security | 45 | €3,019 | €3,549 | +€530 | +17.6% |
| Taxes | 450/3 | €1,019 | €1,549 | +€530 | +52.0% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €249 | €23,050 | +€22,802 | +9,172% |
| Accrued charges and deferred income | 492/3 | €1,551 | - | -€1,551 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,033 | €13,480 | +€447 | +3.4% |
| Other operating charges | 640/8 | €513 | €527 | +€14 | +2.8% |
| Gross operating margin | 9900 | €151,386 | €106,981 | -€44,406 | -29.3% |
| Operating profit (loss) | 9901 | €137,840 | €92,973 | -€44,867 | -32.5% |
| Financial charges | 65/66B | €2,037 | €3,644 | +€1,607 | +78.9% |
| Recurring financial charges | 65 | €2,037 | €3,644 | +€1,607 | +78.9% |
| Profit (loss) for the period before taxes | 9903 | €135,803 | €89,330 | -€46,474 | -34.2% |
| Income taxes | 67/77 | €40,615 | €18,530 | -€22,085 | -54.4% |
| Profit (loss) for the period | 9904 | €95,188 | €70,800 | -€24,389 | -25.6% |
| Profit (loss) for the period to be appropriated | 9905 | €95,188 | €70,800 | -€24,389 | -25.6% |
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 29 October 2026 via checked.be.