B&L: 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.
B&L
Largest movements
- Receivables within one year +€328,938
up €328,938 (+67.7%), from €485,908 to €814,845
of which Trade receivables: +€337,702
- Tangible fixed assets -€234,693
down €234,693 (-16.0%), from €1.5m to €1.2m
of which Leasing and similar rights: -€187,626
- Stocks and contracts +€115,471
up €115,471 (+47.7%), from €242,131 to €357,602
- Cash -€39,462
down €39,462 (-3.4%), from €1.1m to €1.1m
mainly Receivables within one year (-€328,938) and Debts after one year (-€200,589)
- Trade debts +€209,869
up €209,869 (+83.2%), from €252,204 to €462,073
- Debts after one year -€200,589
down €200,589 (-15.7%), from €1.3m to €1.1m
- Reserves +€140,000
up €140,000 (+8.1%), from €1.7m to €1.9m
of which Distributable reserves: +€140,000
- Tax, wage and social debts +€41,324
up €41,324 (+57.2%), from €72,252 to €113,576
of which Taxes: +€46,782
- Staff costs +€28,316
up €28,316 (+4.4%), from €646,293 to €674,609
- Gross operating margin -€23,277
down €23,277 (-1.9%), from €1.2m to €1.2m
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 | €3,593,098 | €3,785,397 | +€192,298 | +5.4% |
| Fixed assets | 21/28 | €1,468,818 | €1,234,125 | -€234,693 | -16.0% |
| Tangible fixed assets | 22/27 | €1,468,818 | €1,234,125 | -€234,693 | -16.0% |
| Land and buildings | 22 | €41,280 | €27,520 | -€13,760 | -33.3% |
| Plant, machinery and equipment | 23 | €136,250 | €101,731 | -€34,520 | -25.3% |
| Furniture and vehicles | 24 | €136,173 | €137,386 | +€1,213 | +0.9% |
| Leasing and similar rights | 25 | €1,155,115 | €967,489 | -€187,626 | -16.2% |
| Current assets | 29/58 | €2,124,280 | €2,551,271 | +€426,991 | +20.1% |
| Stocks and contracts in progress | 3 | €242,131 | €357,602 | +€115,471 | +47.7% |
| Stocks | 30/36 | €242,131 | €357,602 | +€115,471 | +47.7% |
| Amounts receivable within one year | 40/41 | €485,908 | €814,845 | +€328,938 | +67.7% |
| Trade receivables | 40 | €477,144 | €814,845 | +€337,702 | +70.8% |
| Other amounts receivable | 41 | €8,764 | - | -€8,764 | |
| Current investments | 50/53 | €250,000 | €252,970 | +€2,970 | +1.2% |
| Cash at bank and in hand | 54/58 | €1,146,242 | €1,106,780 | -€39,462 | -3.4% |
| Deferred charges and accrued income | 490/1 | - | €19,074 | +€19,074 | |
| Total equity and liabilities | 10/49 | €3,593,098 | €3,785,397 | +€192,298 | +5.4% |
| Equity | 10/15 | €1,798,976 | €1,938,274 | +€139,298 | +7.7% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €1,735,500 | €1,875,500 | +€140,000 | +8.1% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Distributable reserves | 133 | €1,723,000 | €1,863,000 | +€140,000 | +8.1% |
| Profit (loss) carried forward | 14 | €976 | €274 | -€702 | -71.9% |
| Amounts payable | 17/49 | €1,794,122 | €1,847,123 | +€53,000 | +3.0% |
| Amounts payable after more than one year | 17 | €1,274,114 | €1,073,525 | -€200,589 | -15.7% |
| Financial debts | 170/4 | €1,274,114 | €1,073,525 | -€200,589 | -15.7% |
| Amounts payable within one year | 42/48 | €520,008 | €773,598 | +€253,590 | +48.8% |
| Current portion of amounts payable after more than one year | 42 | €194,232 | €197,707 | +€3,476 | +1.8% |
| Trade debts | 44 | €252,204 | €462,073 | +€209,869 | +83.2% |
| Suppliers | 440/4 | €252,204 | €462,073 | +€209,869 | +83.2% |
| Taxes, remuneration and social security | 45 | €72,252 | €113,576 | +€41,324 | +57.2% |
| Taxes | 450/3 | €1,213 | €47,994 | +€46,782 | +3,858% |
| Remuneration and social security | 454/9 | €71,039 | €65,582 | -€5,458 | -7.7% |
| Other amounts payable | 47/48 | €1,320 | €242 | -€1,079 | -81.7% |
| Non-recurring operating income | 76A | €4,500 | €19,000 | +€14,500 | +322% |
| Remuneration, social security and pensions | 62 | €646,293 | €674,609 | +€28,316 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €268,198 | €276,953 | +€8,754 | +3.3% |
| Other operating charges | 640/8 | €10,452 | €13,301 | +€2,850 | +27.3% |
| Gross operating margin | 9900 | €1,209,139 | €1,185,862 | -€23,277 | -1.9% |
| Operating profit (loss) | 9901 | €284,196 | €221,000 | -€63,197 | -22.2% |
| Financial income | 75/76B | €2,013 | €3,557 | +€1,544 | +76.7% |
| Recurring financial income | 75 | €2,013 | €3,557 | +€1,544 | +76.7% |
| Financial charges | 65/66B | €38,063 | €34,294 | -€3,769 | -9.9% |
| Recurring financial charges | 65 | €38,063 | €34,294 | -€3,769 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €248,146 | €190,263 | -€57,883 | -23.3% |
| Income taxes | 67/77 | €48,603 | €50,965 | +€2,363 | +4.9% |
| Profit (loss) for the period | 9904 | €199,544 | €139,298 | -€60,246 | -30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €199,544 | €139,298 | -€60,246 | -30.2% |
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 14 October 2026 via checked.be.