J. Lisabeth: 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.
J. Lisabeth
Largest movements
- Current investments +€1.0m
new in 2025: €1.0m
- Receivables within one year +€621,645
up €621,645 (+37.0%), from €1.7m to €2.3m
of which Trade receivables: +€622,621
- Stocks and contracts -€226,529
down €226,529 (-32.6%), from €694,281 to €467,751
- Tangible fixed assets -€195,797
down €195,797 (-11.1%), from €1.8m to €1.6m
of which Land and buildings: -€122,260
- Reserves +€944,416
up €944,416 (+68.7%), from €1.4m to €2.3m
of which Distributable reserves: +€944,416
- Trade debts +€307,331
up €307,331 (+53.3%), from €576,088 to €883,419
- Debts after one year -€233,334
down €233,334 (-31.0%), from €753,124 to €519,790
- Tax, wage and social debts +€142,595
up €142,595 (+227.2%), from €62,758 to €205,353
of which Taxes: +€137,205
- Gross operating margin +€555,157
up €555,157 (+35.5%), from €1.6m to €2.1m
- Taxes +€362,798
up €362,798 (+485.6%), from €74,716 to €437,514
- Financial charges -€63,242
down €63,242 (-77.1%), from €82,078 to €18,836
of which Non-recurring financial charges: -€49,968
- Staff costs +€41,964
up €41,964 (+11.9%), from €352,396 to €394,359
- Depreciation -€31,313
down €31,313 (-9.5%), from €328,589 to €297,276
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 | €4,341,522 | €5,517,131 | +€1.2m | +27.1% |
| Fixed assets | 21/28 | €1,774,677 | €1,574,881 | -€199,797 | -11.3% |
| Intangible fixed assets | 21 | €16,000 | €12,000 | -€4,000 | -25.0% |
| Tangible fixed assets | 22/27 | €1,756,625 | €1,560,828 | -€195,797 | -11.1% |
| Land and buildings | 22 | €1,565,755 | €1,443,495 | -€122,260 | -7.8% |
| Plant, machinery and equipment | 23 | €153,756 | €93,856 | -€59,899 | -39.0% |
| Furniture and vehicles | 24 | €35,794 | €23,052 | -€12,742 | -35.6% |
| Other tangible fixed assets | 26 | €1,320 | €424 | -€895 | -67.8% |
| Financial fixed assets | 28 | €2,053 | €2,053 | = | 0.0% |
| Current assets | 29/58 | €2,566,844 | €3,942,251 | +€1.4m | +53.6% |
| Stocks and contracts in progress | 3 | €694,281 | €467,751 | -€226,529 | -32.6% |
| Stocks | 30/36 | €694,281 | €467,751 | -€226,529 | -32.6% |
| Amounts receivable within one year | 40/41 | €1,677,856 | €2,299,501 | +€621,645 | +37.0% |
| Trade receivables | 40 | €1,664,221 | €2,286,842 | +€622,621 | +37.4% |
| Other amounts receivable | 41 | €13,635 | €12,659 | -€975 | -7.2% |
| Current investments | 50/53 | - | €1,000,000 | +€1.0m | |
| Cash at bank and in hand | 54/58 | €162,728 | €143,728 | -€19,000 | -11.7% |
| Deferred charges and accrued income | 490/1 | €31,980 | €31,270 | -€710 | -2.2% |
| Total equity and liabilities | 10/49 | €4,341,522 | €5,517,131 | +€1.2m | +27.1% |
| Equity | 10/15 | €2,711,193 | €3,655,609 | +€944,416 | +34.8% |
| Contributions | 10/11 | €1,336,000 | €1,336,000 | = | 0.0% |
| Capital | 10 | €1,336,000 | €1,336,000 | = | 0.0% |
| Issued capital | 100 | €1,336,000 | €1,336,000 | = | 0.0% |
| Reserves | 13 | €1,375,193 | €2,319,609 | +€944,416 | +68.7% |
| Non-distributable reserves | 130/1 | €133,600 | €133,600 | = | 0.0% |
| Legal reserve | 130 | €133,600 | €133,600 | = | 0.0% |
| Distributable reserves | 133 | €1,241,593 | €2,186,009 | +€944,416 | +76.1% |
| Amounts payable | 17/49 | €1,630,329 | €1,861,523 | +€231,194 | +14.2% |
| Amounts payable after more than one year | 17 | €753,124 | €519,790 | -€233,334 | -31.0% |
| Financial debts | 170/4 | €753,124 | €519,790 | -€233,334 | -31.0% |
| Amounts payable within one year | 42/48 | €872,179 | €1,322,106 | +€449,927 | +51.6% |
| Current portion of amounts payable after more than one year | 42 | €233,334 | €233,334 | +€1 | 0.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €576,088 | €883,419 | +€307,331 | +53.3% |
| Suppliers | 440/4 | €576,088 | €883,419 | +€307,331 | +53.3% |
| Taxes, remuneration and social security | 45 | €62,758 | €205,353 | +€142,595 | +227.2% |
| Taxes | 450/3 | €10,118 | €147,323 | +€137,205 | +1356.0% |
| Remuneration and social security | 454/9 | €52,640 | €58,030 | +€5,390 | +10.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €5,025 | €19,627 | +€14,601 | +290.6% |
| Remuneration, social security and pensions | 62 | €352,396 | €394,359 | +€41,964 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €328,589 | €297,276 | -€31,313 | -9.5% |
| Other operating charges | 640/8 | €28,487 | €30,599 | +€2,112 | +7.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,564,838 | €2,119,994 | +€555,157 | +35.5% |
| Operating profit (loss) | 9901 | €855,367 | €1,397,761 | +€542,394 | +63.4% |
| Financial income | 75/76B | €5,567 | €3,005 | -€2,562 | -46.0% |
| Recurring financial income | 75 | €5,567 | €3,005 | -€2,562 | -46.0% |
| Financial charges | 65/66B | €82,078 | €18,836 | -€63,242 | -77.1% |
| Recurring financial charges | 65 | €32,110 | €18,836 | -€13,275 | -41.3% |
| Non-recurring financial charges | 66B | €49,968 | €0 | -€49,968 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €778,855 | €1,381,930 | +€603,075 | +77.4% |
| Income taxes | 67/77 | €74,716 | €437,514 | +€362,798 | +485.6% |
| Profit (loss) for the period | 9904 | €704,139 | €944,416 | +€240,277 | +34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €704,139 | €944,416 | +€240,277 | +34.1% |
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 10 October 2026 via checked.be.