WARD LEFEBVRE: 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.
WARD LEFEBVRE
Largest movements
- Cash +€65,493
up €65,493 (+82.8%), from €79,144 to €144,636
mainly Current investments (+€60,000) and Depreciation (+€13,239)
- Current investments -€60,000
down €60,000 (-49.7%), from €120,776 to €60,776
- Tangible fixed assets -€13,239
down €13,239 (-32.5%), from €40,736 to €27,498
of which Leasing and similar rights: -€11,557
- Receivables within one year +€3,179
new in 2025: €3,179
- Deferred charges and accrued income -€2,591
down €2,591 (-17.8%), from €14,542 to €11,951
- Reserves +€10,312
up €10,312 (+5.2%), from €197,517 to €207,829
- Tax, wage and social debts -€8,412
down €8,412 (-73.9%), from €11,383 to €2,971
of which Taxes: -€5,812
- Debts after one year -€7,527
down €7,527 (-44.9%), from €16,763 to €9,236
- Gross operating margin -€16,150
down €16,150 (-34.9%), from €46,212 to €30,061
- Taxes -€5,796
down €5,796 (-46.2%), from €12,558 to €6,762
- Financial income +€1,269
up €1,269 (+55.6%), from €2,282 to €3,551
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 | €255,250 | €248,092 | -€7,158 | -2.8% |
| Fixed assets | 21/28 | €40,788 | €27,550 | -€13,239 | -32.5% |
| Tangible fixed assets | 22/27 | €40,736 | €27,498 | -€13,239 | -32.5% |
| Furniture and vehicles | 24 | €3,012 | €1,556 | -€1,455 | -48.3% |
| Leasing and similar rights | 25 | €37,045 | €25,488 | -€11,557 | -31.2% |
| Other tangible fixed assets | 26 | €680 | €453 | -€227 | -33.3% |
| Financial fixed assets | 28 | €52 | €52 | = | 0.0% |
| Current assets | 29/58 | €214,461 | €220,542 | +€6,081 | +2.8% |
| Amounts receivable within one year | 40/41 | - | €3,179 | +€3,179 | |
| Other amounts receivable | 41 | - | €3,179 | +€3,179 | |
| Current investments | 50/53 | €120,776 | €60,776 | -€60,000 | -49.7% |
| Cash at bank and in hand | 54/58 | €79,144 | €144,636 | +€65,493 | +82.8% |
| Deferred charges and accrued income | 490/1 | €14,542 | €11,951 | -€2,591 | -17.8% |
| Total equity and liabilities | 10/49 | €255,250 | €248,092 | -€7,158 | -2.8% |
| Equity | 10/15 | €216,067 | €226,379 | +€10,312 | +4.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €197,517 | €207,829 | +€10,312 | +5.2% |
| Distributable reserves | 133 | €197,517 | €207,829 | +€10,312 | +5.2% |
| Amounts payable | 17/49 | €39,183 | €21,713 | -€17,470 | -44.6% |
| Amounts payable after more than one year | 17 | €16,763 | €9,236 | -€7,527 | -44.9% |
| Financial debts | 170/4 | €16,763 | €9,236 | -€7,527 | -44.9% |
| Amounts payable within one year | 42/48 | €21,284 | €11,556 | -€9,727 | -45.7% |
| Current portion of amounts payable after more than one year | 42 | €7,184 | €7,527 | +€343 | +4.8% |
| Trade debts | 44 | €1,762 | €104 | -€1,658 | -94.1% |
| Suppliers | 440/4 | €1,762 | €104 | -€1,658 | -94.1% |
| Taxes, remuneration and social security | 45 | €11,383 | €2,971 | -€8,412 | -73.9% |
| Taxes | 450/3 | €8,783 | €2,971 | -€5,812 | -66.2% |
| Remuneration and social security | 454/9 | €2,600 | - | -€2,600 | |
| Other amounts payable | 47/48 | €955 | €955 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,136 | €920 | -€216 | -19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,522 | €13,239 | -€283 | -2.1% |
| Other operating charges | 640/8 | €974 | €947 | -€27 | -2.8% |
| Non-recurring operating charges | 66A | €513 | - | -€513 | |
| Gross operating margin | 9900 | €46,212 | €30,061 | -€16,150 | -34.9% |
| Operating profit (loss) | 9901 | €31,204 | €15,876 | -€15,328 | -49.1% |
| Financial income | 75/76B | €2,282 | €3,551 | +€1,269 | +55.6% |
| Recurring financial income | 75 | €2,282 | €3,551 | +€1,269 | +55.6% |
| Financial charges | 65/66B | €1,846 | €1,519 | -€327 | -17.7% |
| Recurring financial charges | 65 | €1,846 | €1,519 | -€327 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | €31,640 | €17,907 | -€13,732 | -43.4% |
| Income taxes | 67/77 | €12,558 | €6,762 | -€5,796 | -46.2% |
| Profit (loss) for the period | 9904 | €19,082 | €11,145 | -€7,936 | -41.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,082 | €11,145 | -€7,936 | -41.6% |
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 7 October 2026 via checked.be.