THIERRY LUROT: what changed
THIERRY LUROT
Largest movements
- Tangible fixed assets +€214,731
up €214,731 (+28.4%), from €757,212 to €971,943
of which Furniture and vehicles: +€185,082
- Receivables within one year +€142,688
up €142,688 (+103%), from €138,327 to €281,015
of which Trade receivables: +€108,065
- Cash +€90,373
up €90,373 (+163%), from €55,516 to €145,889
mainly Depreciation (+€243,623) and Net result for the year (+€137,081)
- Financial fixed assets -€17,638
no longer reported in 2025 (was €17,638)
- Reserves +€310,000
up €310,000 (+827%), from €37,500 to €347,500
of which Distributable reserves: +€310,000
- Profit (loss) carried forward -€172,919
down €172,919 (-93.6%), from €184,819 to €11,900
- Trade debts +€129,402
up €129,402 (+150%), from €86,310 to €215,712
- Current portion of long-term debt +€78,520
up €78,520 (+43.6%), from €180,147 to €258,667
- Debts after one year +€62,379
up €62,379 (+17.5%), from €357,353 to €419,732
- Gross operating margin +€314,459
up €314,459 (+91.3%), from €344,349 to €658,808
- Staff costs +€90,391
up €90,391 (+136%), from €66,228 to €156,619
- Depreciation +€55,351
up €55,351 (+29.4%), from €188,271 to €243,623
- Taxes +€28,195
up €28,195 (+509%), from €5,544 to €33,739
- Financial charges +€20,065
up €20,065 (+37.9%), from €52,952 to €73,017
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €977,446 | €1,409,723 | +€432,277 | +44.2% |
| Fixed assets | 21/28 | €774,850 | €971,943 | +€197,093 | +25.4% |
| Tangible fixed assets | 22/27 | €757,212 | €971,943 | +€214,731 | +28.4% |
| Plant, machinery and equipment | 23 | €110,674 | €231,364 | +€120,690 | +109% |
| Furniture and vehicles | 24 | €197,250 | €382,332 | +€185,082 | +93.8% |
| Leasing and similar rights | 25 | €449,288 | €358,248 | -€91,041 | -20.3% |
| Financial fixed assets | 28 | €17,638 | - | -€17,638 | |
| Current assets | 29/58 | €202,596 | €437,780 | +€235,184 | +116% |
| Amounts receivable within one year | 40/41 | €138,327 | €281,015 | +€142,688 | +103% |
| Trade receivables | 40 | €84,347 | €192,412 | +€108,065 | +128% |
| Other amounts receivable | 41 | €53,980 | €88,603 | +€34,624 | +64.1% |
| Current investments | 50/53 | €6,035 | €1,058 | -€4,977 | -82.5% |
| Cash at bank and in hand | 54/58 | €55,516 | €145,889 | +€90,373 | +163% |
| Deferred charges and accrued income | 490/1 | €2,718 | €9,817 | +€7,100 | +261% |
| Total equity and liabilities | 10/49 | €977,446 | €1,409,723 | +€432,277 | +44.2% |
| Equity | 10/15 | €340,919 | €478,000 | +€137,081 | +40.2% |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Contributions outside capital | 11 | €118,600 | - | -€118,600 | |
| Other | 1109/19 | €118,600 | - | -€118,600 | |
| Reserves | 13 | €37,500 | €347,500 | +€310,000 | +827% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | - | €310,000 | +€310,000 | |
| Profit (loss) carried forward | 14 | €184,819 | €11,900 | -€172,919 | -93.6% |
| Amounts payable | 17/49 | €636,528 | €931,723 | +€295,195 | +46.4% |
| Amounts payable after more than one year | 17 | €357,353 | €419,732 | +€62,379 | +17.5% |
| Financial debts | 170/4 | €357,353 | €419,732 | +€62,379 | +17.5% |
| Amounts payable within one year | 42/48 | €278,207 | €511,990 | +€233,783 | +84.0% |
| Current portion of amounts payable after more than one year | 42 | €180,147 | €258,667 | +€78,520 | +43.6% |
| Trade debts | 44 | €86,310 | €215,712 | +€129,402 | +150% |
| Suppliers | 440/4 | €86,310 | €215,712 | +€129,402 | +150% |
| Taxes, remuneration and social security | 45 | €10,443 | €28,947 | +€18,504 | +177% |
| Taxes | 450/3 | €1,850 | €5,956 | +€4,106 | +222% |
| Remuneration and social security | 454/9 | €8,593 | €22,991 | +€14,399 | +168% |
| Other amounts payable | 47/48 | €1,307 | €8,664 | +€7,357 | +563% |
| Accrued charges and deferred income | 492/3 | €968 | - | -€968 | |
| Non-recurring operating income | 76A | €214 | - | -€214 | |
| Remuneration, social security and pensions | 62 | €66,228 | €156,619 | +€90,391 | +136% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €188,271 | €243,623 | +€55,351 | +29.4% |
| Other operating charges | 640/8 | €9,617 | €14,564 | +€4,947 | +51.4% |
| Non-recurring operating charges | 66A | €3,033 | €530 | -€2,503 | -82.5% |
| Gross operating margin | 9900 | €344,349 | €658,808 | +€314,459 | +91.3% |
| Operating profit (loss) | 9901 | €77,199 | €243,473 | +€166,274 | +215% |
| Financial income | 75/76B | €16 | €365 | +€349 | +2,145% |
| Recurring financial income | 75 | €16 | €365 | +€349 | +2,145% |
| Financial charges | 65/66B | €52,952 | €73,017 | +€20,065 | +37.9% |
| Recurring financial charges | 65 | €52,952 | €73,017 | +€20,065 | +37.9% |
| Profit (loss) for the period before taxes | 9903 | €24,263 | €170,821 | +€146,558 | +604% |
| Income taxes | 67/77 | €5,544 | €33,739 | +€28,195 | +509% |
| Profit (loss) for the period | 9904 | €18,719 | €137,081 | +€118,362 | +632% |
| Profit (loss) for the period to be appropriated | 9905 | €18,719 | €137,081 | +€118,362 | +632% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.