L.A.W.S.: 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.
L.A.W.S.
Largest movements
- Receivables within one year +€1.9m
up €1.9m (+654%), from €288,164 to €2.2m
of which Other amounts receivable: +€1.9m
- Receivables after one year -€1.5m
down €1.5m (-100%), from €1.5m to €0
of which Other amounts receivable: -€1.5m
- Tangible fixed assets -€750,286
down €750,286 (-30.8%), from €2.4m to €1.7m
of which Land and buildings: -€664,223
- Stocks and contracts -€574,247
down €574,247 (-100%), from €574,247 to €0
- Current investments +€123,104
up €123,104 (+6.2%), from €2.0m to €2.1m
- Debts after one year -€518,219
down €518,219 (-50.4%), from €1.0m to €510,472
- Current portion of long-term debt -€464,593
down €464,593 (-37.9%), from €1.2m to €760,015
- Tax, wage and social debts +€115,102
up €115,102 (+1,577%), from €7,297 to €122,399
- Reserves +€112,822
up €112,822 (+2.1%), from €5.3m to €5.5m
of which Distributable reserves: +€112,822
- Gross operating margin +€262,833
up €262,833, from -€11,647 to €251,185
- Taxes +€230,315
up €230,315 (+2,453%), from €9,390 to €239,705
- Financial charges -€137,079
down €137,079 (-66.6%), from €205,832 to €68,754
- Financial income +€61,460
up €61,460 (+32.1%), from €191,351 to €252,811
of which Non-recurring financial income: +€80,722
- Other operating charges +€29,942
up €29,942 (+321%), from €9,333 to €39,275
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.
Derived cash bridge
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 | €8,279,491 | €7,510,172 | -€769,319 | -9.3% |
| Fixed assets | 21/28 | €3,614,861 | €2,876,065 | -€738,795 | -20.4% |
| Tangible fixed assets | 22/27 | €2,433,697 | €1,683,411 | -€750,286 | -30.8% |
| Land and buildings | 22 | €2,232,089 | €1,567,866 | -€664,223 | -29.8% |
| Plant, machinery and equipment | 23 | €38,481 | €40,411 | +€1,930 | +5.0% |
| Furniture and vehicles | 24 | €58,441 | €56,515 | -€1,927 | -3.3% |
| Other tangible fixed assets | 26 | €104,687 | €18,620 | -€86,067 | -82.2% |
| Financial fixed assets | 28 | €1,181,164 | €1,192,654 | +€11,490 | +1.0% |
| Current assets | 29/58 | €4,664,630 | €4,634,107 | -€30,524 | -0.7% |
| Amounts receivable after more than one year | 29 | €1,520,000 | €0 | -€1.5m | -100% |
| Trade receivables | 290 | - | €0 | = | |
| Other amounts receivable | 291 | €1,520,000 | - | -€1.5m | |
| Stocks and contracts in progress | 3 | €574,247 | €0 | -€574,247 | -100% |
| Stocks | 30/36 | €574,247 | €0 | -€574,247 | -100% |
| Amounts receivable within one year | 40/41 | €288,164 | €2,173,975 | +€1.9m | +654% |
| Trade receivables | 40 | €20,256 | €54,781 | +€34,525 | +170% |
| Other amounts receivable | 41 | €267,908 | €2,119,194 | +€1.9m | +691% |
| Current investments | 50/53 | €1,989,230 | €2,112,334 | +€123,104 | +6.2% |
| Cash at bank and in hand | 54/58 | €272,789 | €288,520 | +€15,731 | +5.8% |
| Deferred charges and accrued income | 490/1 | €20,200 | €59,277 | +€39,077 | +193% |
| Total equity and liabilities | 10/49 | €8,279,491 | €7,510,172 | -€769,319 | -9.3% |
| Equity | 10/15 | €5,975,592 | €6,093,113 | +€117,520 | +2.0% |
| Contributions | 10/11 | €635,894 | €635,894 | = | 0.0% |
| Reserves | 13 | €5,344,397 | €5,457,219 | +€112,822 | +2.1% |
| Tax-exempt reserves | 132 | €187 | €187 | = | 0.0% |
| Distributable reserves | 133 | €5,344,209 | €5,457,032 | +€112,822 | +2.1% |
| Profit (loss) carried forward | 14 | -€4,698 | €0 | +€4,698 | |
| Amounts payable | 17/49 | €2,303,899 | €1,417,059 | -€886,839 | -38.5% |
| Amounts payable after more than one year | 17 | €1,028,691 | €510,472 | -€518,219 | -50.4% |
| Financial debts | 170/4 | €1,028,691 | €510,472 | -€518,219 | -50.4% |
| Amounts payable within one year | 42/48 | €1,274,107 | €906,587 | -€367,520 | -28.8% |
| Current portion of amounts payable after more than one year | 42 | €1,224,608 | €760,015 | -€464,593 | -37.9% |
| Financial debts | 43 | - | €1,343 | +€1,343 | |
| Other loans | 439 | - | €1,343 | +€1,343 | |
| Trade debts | 44 | €5,568 | €22,830 | +€17,262 | +310% |
| Suppliers | 440/4 | €5,568 | €22,830 | +€17,262 | +310% |
| Taxes, remuneration and social security | 45 | €7,297 | €122,399 | +€115,102 | +1,577% |
| Taxes | 450/3 | €7,297 | €122,399 | +€115,102 | +1,577% |
| Other amounts payable | 47/48 | €36,634 | €0 | -€36,634 | -100% |
| Accrued charges and deferred income | 492/3 | €1,101 | €0 | -€1,101 | -100% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Remuneration, social security and pensions | 62 | - | €906 | +€906 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,717 | €37,837 | -€4,881 | -11.4% |
| Other operating charges | 640/8 | €9,333 | €39,275 | +€29,942 | +321% |
| Gross operating margin | 9900 | -€11,647 | €251,185 | +€262,833 | |
| Operating profit (loss) | 9901 | -€63,698 | €173,168 | +€236,866 | |
| Financial income | 75/76B | €191,351 | €252,811 | +€61,460 | +32.1% |
| Recurring financial income | 75 | €191,351 | €172,089 | -€19,262 | -10.1% |
| Non-recurring financial income | 76B | - | €80,722 | +€80,722 | |
| Financial charges | 65/66B | €205,832 | €68,754 | -€137,079 | -66.6% |
| Recurring financial charges | 65 | €205,832 | €68,754 | -€137,079 | -66.6% |
| Profit (loss) for the period before taxes | 9903 | -€78,179 | €357,225 | +€435,404 | |
| Income taxes | 67/77 | €9,390 | €239,705 | +€230,315 | +2,453% |
| Profit (loss) for the period | 9904 | -€87,569 | €117,520 | +€205,089 | |
| Profit (loss) for the period to be appropriated | 9905 | -€87,569 | €117,520 | +€205,089 |
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 30 October 2026 via checked.be.