FRAMED BY L&E: 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.
FRAMED BY L&E
Largest movements
- Receivables within one year +€15,972
up €15,972 (+100.0%), from €15,972 to €31,944
- Tangible fixed assets -€12,349
down €12,349 (-65.0%), from €18,998 to €6,649
of which Furniture and vehicles: -€11,054
- Cash +€9,373
up €9,373 (+13.2%), from €71,209 to €80,582
mainly Depreciation (+€13,521) and Net result for the year (+€13,188)
- Reserves +€13,188
up €13,188 (+27.7%), from €47,645 to €60,833
- Other debts +€5,011
up €5,011 (+34.0%), from €14,741 to €19,752
- Current portion of long-term debt -€3,787
no longer reported in 2025 (was €3,787)
- Tax, wage and social debts -€2,683
down €2,683 (-15.7%), from €17,078 to €14,395
of which Taxes: -€2,689
- Accrued charges and deferred income +€1,221
up €1,221 (+183.9%), from €664 to €1,885
- Gross operating margin +€12,900
up €12,900 (+57.4%), from €22,468 to €35,368
- Taxes +€2,982
up €2,982 (+75.7%), from €3,940 to €6,922
- Financial charges +€528
up €528 (+67.2%), from €786 to €1,315
- Depreciation +€452
up €452 (+3.5%), from €13,069 to €13,521
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 | €107,589 | €120,424 | +€12,835 | +11.9% |
| Fixed assets | 21/28 | €18,998 | €6,649 | -€12,349 | -65.0% |
| Tangible fixed assets | 22/27 | €18,998 | €6,649 | -€12,349 | -65.0% |
| Furniture and vehicles | 24 | €15,673 | €4,619 | -€11,054 | -70.5% |
| Other tangible fixed assets | 26 | €3,324 | €2,030 | -€1,294 | -38.9% |
| Current assets | 29/58 | €88,591 | €113,775 | +€25,184 | +28.4% |
| Amounts receivable within one year | 40/41 | €15,972 | €31,944 | +€15,972 | +100.0% |
| Trade receivables | 40 | €15,972 | €31,944 | +€15,972 | +100.0% |
| Cash at bank and in hand | 54/58 | €71,209 | €80,582 | +€9,373 | +13.2% |
| Deferred charges and accrued income | 490/1 | €1,410 | €1,249 | -€161 | -11.4% |
| Total equity and liabilities | 10/49 | €107,589 | €120,424 | +€12,835 | +11.9% |
| Equity | 10/15 | €66,245 | €79,433 | +€13,188 | +19.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €47,645 | €60,833 | +€13,188 | +27.7% |
| Distributable reserves | 133 | €47,645 | €60,833 | +€13,188 | +27.7% |
| Amounts payable | 17/49 | €41,343 | €40,990 | -€353 | -0.9% |
| Amounts payable within one year | 42/48 | €40,680 | €39,106 | -€1,574 | -3.9% |
| Current portion of amounts payable after more than one year | 42 | €3,787 | - | -€3,787 | |
| Trade debts | 44 | €5,074 | €4,959 | -€115 | -2.3% |
| Suppliers | 440/4 | €5,074 | €4,959 | -€115 | -2.3% |
| Taxes, remuneration and social security | 45 | €17,078 | €14,395 | -€2,683 | -15.7% |
| Taxes | 450/3 | €12,063 | €9,373 | -€2,689 | -22.3% |
| Remuneration and social security | 454/9 | €5,015 | €5,022 | +€7 | +0.1% |
| Other amounts payable | 47/48 | €14,741 | €19,752 | +€5,011 | +34.0% |
| Accrued charges and deferred income | 492/3 | €664 | €1,885 | +€1,221 | +183.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,069 | €13,521 | +€452 | +3.5% |
| Other operating charges | 640/8 | €1,034 | €1,067 | +€33 | +3.2% |
| Gross operating margin | 9900 | €22,468 | €35,368 | +€12,900 | +57.4% |
| Operating profit (loss) | 9901 | €8,365 | €20,780 | +€12,415 | +148.4% |
| Financial income | 75/76B | €416 | €645 | +€229 | +55.1% |
| Recurring financial income | 75 | €416 | €645 | +€229 | +55.1% |
| Financial charges | 65/66B | €786 | €1,315 | +€528 | +67.2% |
| Recurring financial charges | 65 | €786 | €1,315 | +€528 | +67.2% |
| Profit (loss) for the period before taxes | 9903 | €7,995 | €20,110 | +€12,115 | +151.5% |
| Income taxes | 67/77 | €3,940 | €6,922 | +€2,982 | +75.7% |
| Profit (loss) for the period | 9904 | €4,054 | €13,188 | +€9,134 | +225.3% |
| Profit (loss) for the period to be appropriated | 9905 | €4,054 | €13,188 | +€9,134 | +225.3% |
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 6 October 2026 via checked.be.