THOMAS LIENARD: what changed
Two fiscal 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.
THOMAS LIENARD
Largest movements
- Cash -€44,762
down €44,762 (-37.5%), from €119,223 to €74,461
mainly Contributions, distributions and other (-€188,500) and Tax, wage and social debts (-€36,126)
- Tangible fixed assets +€13,948
up €13,948 (+188.3%), from €7,408 to €21,356
of which Furniture and vehicles: +€12,925
- Receivables within one year -€11,271
down €11,271 (-9.5%), from €118,232 to €106,961
of which Other amounts receivable: -€26,097
- Tax, wage and social debts -€36,126
down €36,126 (-67.5%), from €53,524 to €17,398
- Other debts -€5,000
down €5,000 (-2.9%), from €171,000 to €166,000
- Gross operating margin +€24,105
up €24,105 (+10.7%), from €224,853 to €248,959
- Taxes +€5,859
up €5,859 (+11.3%), from €51,981 to €57,840
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.
Cash bridge derived
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 | €246,288 | €204,294 | -€41,994 | -17.1% |
| Fixed assets | 21/28 | €7,408 | €21,356 | +€13,948 | +188.3% |
| Tangible fixed assets | 22/27 | €7,408 | €21,356 | +€13,948 | +188.3% |
| Furniture and vehicles | 24 | €7,408 | €20,333 | +€12,925 | +174.5% |
| Other tangible fixed assets | 26 | - | €1,023 | +€1,023 | |
| Current assets | 29/58 | €238,879 | €182,937 | -€55,942 | -23.4% |
| Amounts receivable within one year | 40/41 | €118,232 | €106,961 | -€11,271 | -9.5% |
| Trade receivables | 40 | €92,135 | €106,961 | +€14,825 | +16.1% |
| Other amounts receivable | 41 | €26,097 | €0 | -€26,097 | -100.0% |
| Cash at bank and in hand | 54/58 | €119,223 | €74,461 | -€44,762 | -37.5% |
| Deferred charges and accrued income | 490/1 | €1,425 | €1,516 | +€91 | +6.4% |
| Total equity and liabilities | 10/49 | €246,288 | €204,294 | -€41,994 | -17.1% |
| Equity | 10/15 | €21,489 | €20,790 | -€700 | -3.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,029 | €330 | -€700 | -68.0% |
| Amounts payable | 17/49 | €224,798 | €183,504 | -€41,294 | -18.4% |
| Amounts payable within one year | 42/48 | €224,798 | €183,504 | -€41,294 | -18.4% |
| Trade debts | 44 | €274 | €106 | -€168 | -61.3% |
| Suppliers | 440/4 | €274 | €106 | -€168 | -61.3% |
| Taxes, remuneration and social security | 45 | €53,524 | €17,398 | -€36,126 | -67.5% |
| Taxes | 450/3 | €53,524 | €17,398 | -€36,126 | -67.5% |
| Other amounts payable | 47/48 | €171,000 | €166,000 | -€5,000 | -2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €545 | €2,120 | +€1,575 | +289.0% |
| Other operating charges | 640/8 | €847 | €1,143 | +€297 | +35.0% |
| Gross operating margin | 9900 | €224,853 | €248,959 | +€24,105 | +10.7% |
| Operating profit (loss) | 9901 | €223,462 | €245,696 | +€22,234 | +9.9% |
| Financial income | 75/76B | €551 | €313 | -€238 | -43.2% |
| Recurring financial income | 75 | €551 | €313 | -€238 | -43.2% |
| Financial charges | 65/66B | €116 | €368 | +€253 | +219.0% |
| Recurring financial charges | 65 | €116 | €368 | +€253 | +219.0% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €223,897 | €245,640 | +€21,743 | +9.7% |
| Income taxes | 67/77 | €51,981 | €57,840 | +€5,859 | +11.3% |
| Profit (loss) for the period | 9904 | €171,917 | €187,800 | +€15,884 | +9.2% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €171,917 | €187,800 | +€15,884 | +9.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.