L-BIANCO: 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-BIANCO
Largest movements
- Cash -€237,608
down €237,608 (-73.7%), from €322,596 to €84,988
mainly Other debts (-€480,441) and Investment in fixed assets (net) (-€167,987)
- Receivables within one year -€59,703
down €59,703 (-16.3%), from €366,582 to €306,880
of which Other amounts receivable: -€40,464
- Other debts -€480,441
down €480,441 (-99.8%), from €481,274 to €833
- Reserves +€85,666
up €85,666 (+5.2%), from €1.7m to €1.7m
of which Distributable reserves: +€88,941
- Debts after one year +€69,671
up €69,671 (+3.8%), from €1.8m to €1.9m
- Gross operating margin -€280,344
down €280,344 (-46.5%), from €602,296 to €321,952
- Taxes -€93,753
down €93,753 (-72.8%), from €128,763 to €35,011
- Staff costs -€24,218
down €24,218 (-46.5%), from €52,111 to €27,893
- Financial charges +€16,353
up €16,353 (+65.4%), from €25,012 to €41,364
- Depreciation +€13,152
up €13,152 (+11.6%), from €113,561 to €126,713
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 | €4,220,552 | €3,965,542 | -€255,010 | -6.0% |
| Fixed assets | 21/28 | €3,529,486 | €3,570,760 | +€41,274 | +1.2% |
| Tangible fixed assets | 22/27 | €2,244,900 | €2,286,174 | +€41,274 | +1.8% |
| Land and buildings | 22 | €2,144,757 | €2,193,076 | +€48,319 | +2.3% |
| Plant, machinery and equipment | 23 | €28,135 | €38,518 | +€10,383 | +36.9% |
| Furniture and vehicles | 24 | €72,008 | €54,580 | -€17,428 | -24.2% |
| Financial fixed assets | 28 | €1,284,586 | €1,284,586 | = | 0.0% |
| Current assets | 29/58 | €691,066 | €394,781 | -€296,284 | -42.9% |
| Amounts receivable within one year | 40/41 | €366,582 | €306,880 | -€59,703 | -16.3% |
| Trade receivables | 40 | €19,239 | €0 | -€19,239 | -100.0% |
| Other amounts receivable | 41 | €347,343 | €306,880 | -€40,464 | -11.6% |
| Current investments | 50/53 | - | €1,000 | +€1,000 | |
| Cash at bank and in hand | 54/58 | €322,596 | €84,988 | -€237,608 | -73.7% |
| Deferred charges and accrued income | 490/1 | €1,887 | €1,914 | +€26 | +1.4% |
| Total equity and liabilities | 10/49 | €4,220,552 | €3,965,542 | -€255,010 | -6.0% |
| Equity | 10/15 | €1,659,727 | €1,745,393 | +€85,666 | +5.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,653,527 | €1,739,193 | +€85,666 | +5.2% |
| Tax-exempt reserves | 132 | €59,853 | €56,578 | -€3,275 | -5.5% |
| Distributable reserves | 133 | €1,593,674 | €1,682,615 | +€88,941 | +5.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €14,963 | €14,145 | -€819 | -5.5% |
| Deferred taxes | 168 | €14,963 | €14,145 | -€819 | -5.5% |
| Amounts payable | 17/49 | €2,545,862 | €2,206,005 | -€339,857 | -13.3% |
| Amounts payable after more than one year | 17 | €1,846,746 | €1,916,417 | +€69,671 | +3.8% |
| Financial debts | 170/4 | €1,846,746 | €1,916,417 | +€69,671 | +3.8% |
| Amounts payable within one year | 42/48 | €696,865 | €277,091 | -€419,774 | -60.2% |
| Current portion of amounts payable after more than one year | 42 | €121,304 | €156,189 | +€34,885 | +28.8% |
| Trade debts | 44 | €29,582 | €63,810 | +€34,229 | +115.7% |
| Suppliers | 440/4 | €29,582 | €63,810 | +€34,229 | +115.7% |
| Taxes, remuneration and social security | 45 | €64,705 | €56,259 | -€8,446 | -13.1% |
| Taxes | 450/3 | €62,705 | €38,664 | -€24,041 | -38.3% |
| Remuneration and social security | 454/9 | €2,000 | €17,595 | +€15,595 | +779.7% |
| Other amounts payable | 47/48 | €481,274 | €833 | -€480,441 | -99.8% |
| Accrued charges and deferred income | 492/3 | €2,251 | €12,497 | +€10,246 | +455.2% |
| Non-recurring operating income | 76A | €7,360 | €0 | -€7,360 | -100.0% |
| Remuneration, social security and pensions | 62 | €52,111 | €27,893 | -€24,218 | -46.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,561 | €126,713 | +€13,152 | +11.6% |
| Other operating charges | 640/8 | €2,334 | €12,667 | +€10,333 | +442.7% |
| Gross operating margin | 9900 | €602,296 | €321,952 | -€280,344 | -46.5% |
| Operating profit (loss) | 9901 | €434,290 | €154,680 | -€279,610 | -64.4% |
| Financial income | 75/76B | €5,879 | €7,375 | +€1,496 | +25.5% |
| Recurring financial income | 75 | €5,879 | €7,375 | +€1,496 | +25.5% |
| Financial charges | 65/66B | €25,012 | €41,364 | +€16,353 | +65.4% |
| Recurring financial charges | 65 | €25,012 | €41,364 | +€16,353 | +65.4% |
| Profit (loss) for the period before taxes | 9903 | €415,157 | €120,690 | -€294,467 | -70.9% |
| Transfer from deferred taxes | 780 | €819 | €819 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €128,763 | €35,011 | -€93,753 | -72.8% |
| Profit (loss) for the period | 9904 | €287,213 | €86,499 | -€200,714 | -69.9% |
| Transfer from tax-exempt reserves | 789 | €3,275 | €3,275 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €290,488 | €89,774 | -€200,714 | -69.1% |
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 9 October 2026 via checked.be.