L Advisory: 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 Advisory
Largest movements
- Financial fixed assets +€11.0m
up €11.0m (+423%), from €2.6m to €13.6m
- Receivables after one year +€2.3m
up €2.3m (+58.4%), from €4.0m to €6.3m
- Cash -€1.8m
down €1.8m (-67.7%), from €2.6m to €839,870
mainly Investment in fixed assets (net) (-€11.0m) and Receivables after one year (-€2.3m)
- Receivables within one year +€346,383
up €346,383 (+25.0%), from €1.4m to €1.7m
of which Other amounts receivable: +€338,518
- Current investments +€290,564
new in 2025: €290,564
- Profit (loss) carried forward +€12.2m
up €12.2m (+116%), from €10.5m to €22.8m
- Financial income +€6.8m
up €6.8m (+121%), from €5.6m to €12.4m
- Gross operating margin -€68,505
down €68,505 (-70.1%), from -€97,701 to -€166,206
- Financial charges +€13,730
up €13,730 (+3,652%), from €376 to €14,106
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 | €10,556,007 | €22,784,631 | +€12.2m | +116% |
| Fixed assets | 21/28 | €2,606,655 | €13,643,062 | +€11.0m | +423% |
| Financial fixed assets | 28 | €2,606,655 | €13,643,062 | +€11.0m | +423% |
| Current assets | 29/58 | €7,949,352 | €9,141,568 | +€1.2m | +15.0% |
| Amounts receivable after more than one year | 29 | €3,962,807 | €6,277,683 | +€2.3m | +58.4% |
| Other amounts receivable | 291 | €3,962,807 | €6,277,683 | +€2.3m | +58.4% |
| Amounts receivable within one year | 40/41 | €1,386,693 | €1,733,077 | +€346,383 | +25.0% |
| Trade receivables | 40 | - | €7,865 | +€7,865 | |
| Other amounts receivable | 41 | €1,386,693 | €1,725,212 | +€338,518 | +24.4% |
| Current investments | 50/53 | - | €290,564 | +€290,564 | |
| Cash at bank and in hand | 54/58 | €2,599,852 | €839,870 | -€1.8m | -67.7% |
| Deferred charges and accrued income | 490/1 | - | €375 | +€375 | |
| Total equity and liabilities | 10/49 | €10,556,007 | €22,784,631 | +€12.2m | +116% |
| Equity | 10/15 | €10,530,344 | €22,778,605 | +€12.2m | +116% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,529,344 | €22,777,605 | +€12.2m | +116% |
| Amounts payable | 17/49 | €25,664 | €6,026 | -€19,638 | -76.5% |
| Amounts payable within one year | 42/48 | €24,997 | €4,627 | -€20,371 | -81.5% |
| Trade debts | 44 | €1,536 | €918 | -€619 | -40.3% |
| Suppliers | 440/4 | €1,536 | €918 | -€619 | -40.3% |
| Taxes, remuneration and social security | 45 | €23,461 | €3,709 | -€19,752 | -84.2% |
| Taxes | 450/3 | €5,461 | €3,709 | -€1,752 | -32.1% |
| Remuneration and social security | 454/9 | €18,000 | - | -€18,000 | |
| Accrued charges and deferred income | 492/3 | €666 | €1,399 | +€733 | +110% |
| Other operating charges | 640/8 | €387 | €1,921 | +€1,534 | +396% |
| Gross operating margin | 9900 | -€97,701 | -€166,206 | -€68,505 | -70.1% |
| Operating profit (loss) | 9901 | -€98,088 | -€168,128 | -€70,039 | -71.4% |
| Financial income | 75/76B | €5,619,281 | €12,430,494 | +€6.8m | +121% |
| Recurring financial income | 75 | €5,619,281 | €12,430,494 | +€6.8m | +121% |
| Financial charges | 65/66B | €376 | €14,106 | +€13,730 | +3,652% |
| Recurring financial charges | 65 | €376 | €14,106 | +€13,730 | +3,652% |
| Profit (loss) for the period before taxes | 9903 | €5,520,817 | €12,248,261 | +€6.7m | +122% |
| Profit (loss) for the period | 9904 | €5,520,817 | €12,248,261 | +€6.7m | +122% |
| Profit (loss) for the period to be appropriated | 9905 | €5,520,817 | €12,248,261 | +€6.7m | +122% |
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 20 October 2026 via checked.be.