HET LAER: 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.
HET LAER
Largest movements
- Tangible fixed assets +€1.6m
up €1.6m (+39.0%), from €4.0m to €5.5m
of which Land and buildings: +€1.6m
- Revaluation surpluses +€1.7m
new in 2025: €1.7m
- Debts after one year -€139,187
down €139,187 (-4.0%), from €3.5m to €3.4m
of which Financial debts: -€139,187
- Gross operating margin -€27,506
down €27,506 (-9.2%), from €298,680 to €271,174
- Financial charges -€16,210
down €16,210 (-17.5%), from €92,428 to €76,218
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 | €4,106,740 | €5,653,479 | +€1.5m | +37.7% |
| Fixed assets | 21/28 | €3,988,559 | €5,542,190 | +€1.6m | +39.0% |
| Tangible fixed assets | 22/27 | €3,988,559 | €5,542,190 | +€1.6m | +39.0% |
| Land and buildings | 22 | €3,988,559 | €5,541,750 | +€1.6m | +38.9% |
| Plant, machinery and equipment | 23 | - | €440 | +€440 | |
| Current assets | 29/58 | €118,181 | €111,289 | -€6,892 | -5.8% |
| Amounts receivable within one year | 40/41 | €1,687 | €1,592 | -€95 | -5.6% |
| Trade receivables | 40 | €1,687 | €1,592 | -€95 | -5.6% |
| Cash at bank and in hand | 54/58 | €114,390 | €107,684 | -€6,706 | -5.9% |
| Deferred charges and accrued income | 490/1 | €2,104 | €2,013 | -€91 | -4.3% |
| Total equity and liabilities | 10/49 | €4,106,740 | €5,653,479 | +€1.5m | +37.7% |
| Equity | 10/15 | €298,985 | €2,046,082 | +€1.7m | +584.3% |
| Contributions | 10/11 | €670,500 | €670,500 | = | 0.0% |
| Revaluation surpluses | 12 | - | €1,700,000 | +€1.7m | |
| Profit (loss) carried forward | 14 | -€371,515 | -€324,418 | +€47,097 | +12.7% |
| Amounts payable | 17/49 | €3,807,755 | €3,607,397 | -€200,358 | -5.3% |
| Amounts payable after more than one year | 17 | €3,517,440 | €3,378,253 | -€139,187 | -4.0% |
| Financial debts | 170/4 | €2,901,141 | €2,761,954 | -€139,187 | -4.8% |
| Other amounts payable | 178/9 | €616,299 | €616,299 | = | 0.0% |
| Amounts payable within one year | 42/48 | €269,946 | €210,709 | -€59,237 | -21.9% |
| Current portion of amounts payable after more than one year | 42 | €224,627 | €202,012 | -€22,615 | -10.1% |
| Trade debts | 44 | €18,062 | €501 | -€17,561 | -97.2% |
| Suppliers | 440/4 | €18,062 | €501 | -€17,561 | -97.2% |
| Other amounts payable | 47/48 | €27,256 | €8,196 | -€19,061 | -69.9% |
| Accrued charges and deferred income | 492/3 | €20,369 | €18,435 | -€1,933 | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,809 | €146,936 | +€128 | +0.1% |
| Other operating charges | 640/8 | €1,710 | €1,740 | +€31 | +1.8% |
| Gross operating margin | 9900 | €298,680 | €271,174 | -€27,506 | -9.2% |
| Operating profit (loss) | 9901 | €150,162 | €122,498 | -€27,665 | -18.4% |
| Financial income | 75/76B | €106 | €818 | +€712 | +673.1% |
| Recurring financial income | 75 | €106 | €818 | +€712 | +673.1% |
| Financial charges | 65/66B | €92,428 | €76,218 | -€16,210 | -17.5% |
| Recurring financial charges | 65 | €92,428 | €76,218 | -€16,210 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | €57,839 | €47,097 | -€10,742 | -18.6% |
| Profit (loss) for the period | 9904 | €57,839 | €47,097 | -€10,742 | -18.6% |
| Profit (loss) for the period to be appropriated | 9905 | €57,839 | €47,097 | -€10,742 | -18.6% |
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 11 October 2026 via checked.be.