L. A.: 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.
L. A.
Largest movements
- Tangible fixed assets +€83,252
up €83,252 (+9.5%), from €879,386 to €962,638
of which Land and buildings: +€85,804
- Cash -€78,475
down €78,475 (-53.9%), from €145,541 to €67,066
mainly Investment in fixed assets (net) (-€126,037) and Debts after one year (-€46,180)
- Other debts +€52,760
up €52,760 (+472.2%), from €11,174 to €63,934
- Reserves +€48,141
up €48,141 (+9.9%), from €487,614 to €535,755
of which Distributable reserves: +€50,000
- Debts after one year -€46,180
down €46,180 (-14.8%), from €311,846 to €265,666
- Trade debts -€32,048
down €32,048 (-90.0%), from €35,623 to €3,574
- Tax, wage and social debts -€10,971
down €10,971 (-20.9%), from €52,401 to €41,430
of which Remuneration and social security: -€19,086
- Gross operating margin -€86,644
down €86,644 (-22.1%), from €392,361 to €305,716
- Taxes +€43,286
up €43,286 (+184.2%), from €23,500 to €66,786
- Depreciation -€16,278
down €16,278 (-27.6%), from €59,063 to €42,785
- Staff costs -€12,336
down €12,336 (-8.3%), from €147,770 to €135,434
- Financial income +€4,046
up €4,046 (+153.4%), from €2,638 to €6,684
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 | €1,037,578 | €1,050,992 | +€13,414 | +1.3% |
| Fixed assets | 21/28 | €879,461 | €962,713 | +€83,252 | +9.5% |
| Tangible fixed assets | 22/27 | €879,386 | €962,638 | +€83,252 | +9.5% |
| Land and buildings | 22 | €874,476 | €960,280 | +€85,804 | +9.8% |
| Plant, machinery and equipment | 23 | €3,290 | €2,125 | -€1,164 | -35.4% |
| Furniture and vehicles | 24 | €1,621 | €233 | -€1,388 | -85.6% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €158,117 | €88,278 | -€69,838 | -44.2% |
| Stocks and contracts in progress | 3 | €4,515 | €4,000 | -€515 | -11.4% |
| Stocks | 30/36 | €4,515 | €4,000 | -€515 | -11.4% |
| Amounts receivable within one year | 40/41 | €6,868 | €16,745 | +€9,877 | +143.8% |
| Trade receivables | 40 | - | €15,592 | +€15,592 | |
| Other amounts receivable | 41 | €6,868 | €1,153 | -€5,715 | -83.2% |
| Cash at bank and in hand | 54/58 | €145,541 | €67,066 | -€78,475 | -53.9% |
| Deferred charges and accrued income | 490/1 | €1,192 | €467 | -€725 | -60.8% |
| Total equity and liabilities | 10/49 | €1,037,578 | €1,050,992 | +€13,414 | +1.3% |
| Equity | 10/15 | €581,197 | €629,686 | +€48,489 | +8.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Uncalled capital | 101 | €12,392 | €12,392 | = | 0.0% |
| Reserves | 13 | €487,614 | €535,755 | +€48,141 | +9.9% |
| Non-distributable reserves | 130/1 | €1,859 | - | -€1,859 | |
| Legal reserve | 130 | €1,859 | - | -€1,859 | |
| Tax-exempt reserves | 132 | €5,755 | €5,755 | = | 0.0% |
| Distributable reserves | 133 | €480,000 | €530,000 | +€50,000 | +10.4% |
| Profit (loss) carried forward | 14 | €87,383 | €87,731 | +€348 | +0.4% |
| Amounts payable | 17/49 | €456,382 | €421,306 | -€35,075 | -7.7% |
| Amounts payable after more than one year | 17 | €311,846 | €265,666 | -€46,180 | -14.8% |
| Financial debts | 170/4 | €311,846 | €265,666 | -€46,180 | -14.8% |
| Amounts payable within one year | 42/48 | €144,068 | €155,640 | +€11,572 | +8.0% |
| Current portion of amounts payable after more than one year | 42 | €44,871 | €46,702 | +€1,831 | +4.1% |
| Trade debts | 44 | €35,623 | €3,574 | -€32,048 | -90.0% |
| Suppliers | 440/4 | €35,623 | €3,574 | -€32,048 | -90.0% |
| Taxes, remuneration and social security | 45 | €52,401 | €41,430 | -€10,971 | -20.9% |
| Taxes | 450/3 | €15,842 | €23,957 | +€8,115 | +51.2% |
| Remuneration and social security | 454/9 | €36,559 | €17,473 | -€19,086 | -52.2% |
| Other amounts payable | 47/48 | €11,174 | €63,934 | +€52,760 | +472.2% |
| Accrued charges and deferred income | 492/3 | €467 | - | -€467 | |
| Non-recurring operating income | 76A | €10,920 | - | -€10,920 | |
| Remuneration, social security and pensions | 62 | €147,770 | €135,434 | -€12,336 | -8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,063 | €42,785 | -€16,278 | -27.6% |
| Other operating charges | 640/8 | €2,421 | €2,498 | +€78 | +3.2% |
| Gross operating margin | 9900 | €392,361 | €305,716 | -€86,644 | -22.1% |
| Operating profit (loss) | 9901 | €183,107 | €124,999 | -€58,108 | -31.7% |
| Financial income | 75/76B | €2,638 | €6,684 | +€4,046 | +153.4% |
| Recurring financial income | 75 | €2,638 | €6,684 | +€4,046 | +153.4% |
| Financial charges | 65/66B | €15,130 | €14,548 | -€582 | -3.8% |
| Recurring financial charges | 65 | €15,130 | €14,548 | -€582 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €170,615 | €117,134 | -€53,480 | -31.3% |
| Income taxes | 67/77 | €23,500 | €66,786 | +€43,286 | +184.2% |
| Profit (loss) for the period | 9904 | €147,115 | €50,348 | -€96,766 | -65.8% |
| Profit (loss) for the period to be appropriated | 9905 | €147,115 | €50,348 | -€96,766 | -65.8% |
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 4 October 2026 via checked.be.