Terry LAURENT: 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.
Terry LAURENT
Largest movements
- Cash +€270,102
up €270,102 (+327%), from €82,543 to €352,645
mainly Net result for the year (+€321,255) and Other debts (+€290,328)
- Deferred charges and accrued income +€103,251
up €103,251 (+67.4%), from €153,238 to €256,489
- Tangible fixed assets -€12,042
down €12,042 (-44.9%), from €26,793 to €14,751
- Other debts +€290,328
up €290,328 (+129%), from €225,728 to €516,056
- Short-term financial debts +€81,873
new in 2025: €81,873
- Debts after one year -€10,558
down €10,558 (-85.6%), from €12,331 to €1,774
- Gross operating margin +€157,545
up €157,545 (+56.4%), from €279,432 to €436,977
- Taxes +€39,228
up €39,228 (+63.0%), from €62,259 to €101,487
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 | €270,316 | €637,399 | +€367,083 | +136% |
| Fixed assets | 21/28 | €26,793 | €14,751 | -€12,042 | -44.9% |
| Tangible fixed assets | 22/27 | €26,793 | €14,751 | -€12,042 | -44.9% |
| Furniture and vehicles | 24 | €26,793 | €14,751 | -€12,042 | -44.9% |
| Current assets | 29/58 | €243,522 | €622,647 | +€379,125 | +156% |
| Amounts receivable within one year | 40/41 | €7,741 | €13,513 | +€5,772 | +74.6% |
| Other amounts receivable | 41 | €7,741 | €13,513 | +€5,772 | +74.6% |
| Cash at bank and in hand | 54/58 | €82,543 | €352,645 | +€270,102 | +327% |
| Deferred charges and accrued income | 490/1 | €153,238 | €256,489 | +€103,251 | +67.4% |
| Total equity and liabilities | 10/49 | €270,316 | €637,399 | +€367,083 | +136% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Amounts payable | 17/49 | €251,716 | €618,799 | +€367,083 | +146% |
| Amounts payable after more than one year | 17 | €12,331 | €1,774 | -€10,558 | -85.6% |
| Financial debts | 170/4 | €12,331 | €1,774 | -€10,558 | -85.6% |
| Amounts payable within one year | 42/48 | €239,384 | €617,025 | +€377,641 | +158% |
| Current portion of amounts payable after more than one year | 42 | €10,415 | €10,558 | +€142 | +1.4% |
| Financial debts | 43 | - | €81,873 | +€81,873 | |
| Credit institutions | 430/8 | - | €81,873 | +€81,873 | |
| Trade debts | 44 | €771 | €6,068 | +€5,297 | +687% |
| Suppliers | 440/4 | €771 | €6,068 | +€5,297 | +687% |
| Taxes, remuneration and social security | 45 | €2,470 | €2,470 | = | 0.0% |
| Taxes | 450/3 | €2,470 | €2,470 | = | 0.0% |
| Other amounts payable | 47/48 | €225,728 | €516,056 | +€290,328 | +129% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,042 | €12,042 | = | 0.0% |
| Other operating charges | 640/8 | €583 | €602 | +€19 | +3.2% |
| Gross operating margin | 9900 | €279,432 | €436,977 | +€157,545 | +56.4% |
| Operating profit (loss) | 9901 | €266,807 | €424,333 | +€157,526 | +59.0% |
| Financial income | 75/76B | - | €20 | +€20 | |
| Recurring financial income | 75 | - | €20 | +€20 | |
| Financial charges | 65/66B | €578 | €1,610 | +€1,032 | +178% |
| Recurring financial charges | 65 | €578 | €1,610 | +€1,032 | +178% |
| Profit (loss) for the period before taxes | 9903 | €266,228 | €422,743 | +€156,514 | +58.8% |
| Income taxes | 67/77 | €62,259 | €101,487 | +€39,228 | +63.0% |
| Profit (loss) for the period | 9904 | €203,969 | €321,255 | +€117,286 | +57.5% |
| Profit (loss) for the period to be appropriated | 9905 | €203,969 | €321,255 | +€117,286 | +57.5% |
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 24 October 2026 via checked.be.