L & C: 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 & C
Largest movements
- Receivables within one year +€31,509
up €31,509 (+137%), from €23,011 to €54,520
of which Trade receivables: +€17,346
- Reserves +€39,819
up €39,819 (+9.5%), from €417,488 to €457,307
of which Distributable reserves: +€39,819
- Other debts +€28,109
new in 2025: €28,109
- Debts after one year -€27,558
down €27,558 (-29.6%), from €93,086 to €65,529
- Current portion of long-term debt -€16,988
down €16,988 (-100%), from €16,988 to €0
- Short-term financial debts +€10,000
up €10,000 (+40.0%), from €25,000 to €35,000
- Gross operating margin -€4,423
down €4,423 (-6.0%), from €73,284 to €68,861
- Taxes -€825
down €825 (-3.8%), from €21,819 to €20,994
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 | €594,812 | €630,242 | +€35,429 | +6.0% |
| Fixed assets | 21/28 | €565,192 | €565,002 | -€191 | 0.0% |
| Tangible fixed assets | 22/27 | €2,692 | €2,502 | -€191 | -7.1% |
| Plant, machinery and equipment | 23 | €740 | €446 | -€294 | -39.8% |
| Furniture and vehicles | 24 | €1,953 | €2,056 | +€103 | +5.3% |
| Financial fixed assets | 28 | €562,500 | €562,500 | = | 0.0% |
| Current assets | 29/58 | €29,620 | €65,240 | +€35,620 | +120% |
| Amounts receivable within one year | 40/41 | €23,011 | €54,520 | +€31,509 | +137% |
| Trade receivables | 40 | €0 | €17,346 | +€17,346 | |
| Other amounts receivable | 41 | €23,011 | €37,174 | +€14,163 | +61.5% |
| Cash at bank and in hand | 54/58 | €2,993 | €6,522 | +€3,529 | +118% |
| Deferred charges and accrued income | 490/1 | €3,615 | €4,198 | +€583 | +16.1% |
| Total equity and liabilities | 10/49 | €594,812 | €630,242 | +€35,429 | +6.0% |
| Equity | 10/15 | €433,034 | €472,854 | +€39,819 | +9.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €417,488 | €457,307 | +€39,819 | +9.5% |
| Tax-exempt reserves | 132 | €8,998 | €8,998 | = | 0.0% |
| Distributable reserves | 133 | €408,489 | €448,308 | +€39,819 | +9.7% |
| Profit (loss) carried forward | 14 | €3,147 | €3,147 | = | 0.0% |
| Amounts payable | 17/49 | €161,778 | €157,388 | -€4,390 | -2.7% |
| Amounts payable after more than one year | 17 | €93,086 | €65,529 | -€27,558 | -29.6% |
| Financial debts | 170/4 | €93,086 | €65,529 | -€27,558 | -29.6% |
| Amounts payable within one year | 42/48 | €64,817 | €86,905 | +€22,088 | +34.1% |
| Current portion of amounts payable after more than one year | 42 | €16,988 | €0 | -€16,988 | -100% |
| Financial debts | 43 | €25,000 | €35,000 | +€10,000 | +40.0% |
| Credit institutions | 430/8 | €25,000 | €35,000 | +€10,000 | +40.0% |
| Trade debts | 44 | €703 | €1,027 | +€324 | +46.1% |
| Suppliers | 440/4 | €703 | €1,027 | +€324 | +46.1% |
| Advances received on contracts in progress | 46 | €5,000 | €0 | -€5,000 | -100% |
| Taxes, remuneration and social security | 45 | €17,126 | €22,769 | +€5,643 | +33.0% |
| Taxes | 450/3 | €17,126 | €22,769 | +€5,643 | +33.0% |
| Other amounts payable | 47/48 | - | €28,109 | +€28,109 | |
| Accrued charges and deferred income | 492/3 | €3,875 | €4,955 | +€1,080 | +27.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,103 | €1,446 | +€343 | +31.1% |
| Other operating charges | 640/8 | €1,304 | €1,187 | -€117 | -8.9% |
| Gross operating margin | 9900 | €73,284 | €68,861 | -€4,423 | -6.0% |
| Operating profit (loss) | 9901 | €70,878 | €66,228 | -€4,649 | -6.6% |
| Financial income | 75/76B | €1,057 | €1,692 | +€635 | +60.1% |
| Recurring financial income | 75 | €1,057 | €1,692 | +€635 | +60.1% |
| Financial charges | 65/66B | €7,765 | €7,107 | -€659 | -8.5% |
| Recurring financial charges | 65 | €7,765 | €7,107 | -€659 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €64,169 | €60,814 | -€3,355 | -5.2% |
| Income taxes | 67/77 | €21,819 | €20,994 | -€825 | -3.8% |
| Profit (loss) for the period | 9904 | €42,350 | €39,819 | -€2,531 | -6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €42,350 | €39,819 | -€2,531 | -6.0% |
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 13 October 2026 via checked.be.