BRUSSEL LLOYD GEORGE: 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.
BRUSSEL LLOYD GEORGE
Largest movements
- Tangible fixed assets -€9.6m
down €9.6m (-27.4%), from €35.1m to €25.5m
- Stocks and contracts +€1.8m
new in 2025: €1.8m
- Cash +€767,150
up €767,150 (+7,937%), from €9,666 to €776,816
mainly Contributions, distributions and other (+€9.3m) and Investment in fixed assets (net) (+€8.0m)
- Profit (loss) carried forward -€10.6m
down €10.6m (-73.2%), from -€14.5m to -€25.1m
- Contributions +€9.3m
up €9.3m (+111%), from €8.4m to €17.7m
- Debts after one year -€6.5m
no longer reported in 2025 (was €6.5m)
- Short-term financial debts +€5.1m
up €5.1m (+16.9%), from €30.3m to €35.4m
of which Other loans: +€35.4m
- Tax, wage and social debts -€2.7m
no longer reported in 2025 (was €2.7m)
- Financial charges -€935,470
down €935,470 (-37.6%), from €2.5m to €1.6m
- Depreciation +€881,432
up €881,432 (+128%), from €688,753 to €1.6m
- Other operating charges -€406,463
down €406,463 (-28.8%), from €1.4m to €1.0m
- Purchases and services +€220,314
new in 2025: €220,314
- Gross operating margin -€86,897
down €86,897 (-78.6%), from -€110,564 to -€197,461
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €35,158,536 | €28,054,619 | -€7.1m | -20.2% |
| Fixed assets | 21/28 | €35,107,210 | €25,488,139 | -€9.6m | -27.4% |
| Tangible fixed assets | 22/27 | €35,107,210 | €25,488,139 | -€9.6m | -27.4% |
| Land and buildings | 22 | €35,107,210 | €25,488,139 | -€9.6m | -27.4% |
| Current assets | 29/58 | €51,326 | €2,566,480 | +€2.5m | +4,900% |
| Stocks and contracts in progress | 3 | - | €1,756,112 | +€1.8m | |
| Stocks | 30/36 | - | €1,756,112 | +€1.8m | |
| Amounts receivable within one year | 40/41 | €25,407 | - | -€25,407 | |
| Trade receivables | 40 | €25,006 | - | -€25,006 | |
| Other amounts receivable | 41 | €401 | - | -€401 | |
| Cash at bank and in hand | 54/58 | €9,666 | €776,816 | +€767,150 | +7,937% |
| Deferred charges and accrued income | 490/1 | €16,253 | €33,552 | +€17,299 | +106% |
| Total equity and liabilities | 10/49 | €35,158,536 | €28,054,619 | -€7.1m | -20.2% |
| Equity | 10/15 | -€6,128,509 | -€7,424,678 | -€1.3m | -21.1% |
| Contributions | 10/11 | €8,372,500 | €17,692,000 | +€9.3m | +111% |
| Reserves | 13 | €1,250 | €1,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,250 | €1,250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,250 | €1,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,502,259 | -€25,117,928 | -€10.6m | -73.2% |
| Amounts payable | 17/49 | €41,287,045 | €35,479,296 | -€5.8m | -14.1% |
| Amounts payable after more than one year | 17 | €6,486,229 | - | -€6.5m | |
| Other amounts payable | 178/9 | €6,486,229 | - | -€6.5m | |
| Amounts payable within one year | 42/48 | €34,795,470 | €35,479,296 | +€683,826 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €1,710,822 | - | -€1.7m | |
| Financial debts | 43 | €30,250,000 | €35,370,814 | +€5.1m | +16.9% |
| Credit institutions | 430/8 | €30,250,000 | - | -€30.3m | |
| Other loans | 439 | - | €35,370,814 | +€35.4m | |
| Trade debts | 44 | €144,929 | €108,482 | -€36,447 | -25.1% |
| Suppliers | 440/4 | €144,929 | €108,482 | -€36,447 | -25.1% |
| Taxes, remuneration and social security | 45 | €2,689,719 | - | -€2.7m | |
| Taxes | 450/3 | €2,689,719 | - | -€2.7m | |
| Accrued charges and deferred income | 492/3 | €5,347 | - | -€5,347 | |
| Turnover | 70 | - | €19,895 | +€19,895 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €220,314 | +€220,314 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €688,753 | €1,570,185 | +€881,432 | +128% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,204 | - | -€12,204 | |
| Other operating charges | 640/8 | €1,410,497 | €1,004,034 | -€406,463 | -28.8% |
| Non-recurring operating charges | 66A | - | €6,292,774 | +€6.3m | |
| Gross operating margin | 9900 | -€110,564 | -€197,461 | -€86,897 | -78.6% |
| Operating profit (loss) | 9901 | -€2,222,018 | -€9,064,454 | -€6.8m | -308% |
| Financial income | 75/76B | €7,500 | €151 | -€7,349 | -98.0% |
| Recurring financial income | 75 | €7,500 | €151 | -€7,349 | -98.0% |
| Non-recurring financial income | 76B | €7,500 | - | -€7,500 | |
| Financial charges | 65/66B | €2,486,434 | €1,550,964 | -€935,470 | -37.6% |
| Recurring financial charges | 65 | €2,486,434 | €1,550,964 | -€935,470 | -37.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,700,952 | -€10,615,267 | -€5.9m | -126% |
| Income taxes | 67/77 | - | €401 | +€401 | |
| Profit (loss) for the period | 9904 | -€4,700,952 | -€10,615,668 | -€5.9m | -126% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,700,952 | -€10,615,668 | -€5.9m | -126% |
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 29 October 2026 via checked.be.