L & D: what changed
L & D
Largest movements
- Tangible fixed assets +€399,009
up €399,009 (+241%), from €165,891 to €564,900
- Cash -€158,491
down €158,491 (-90.8%), from €174,567 to €16,076
mainly Investment in fixed assets (net) (-€424,014) and Net result for the year (-€43,140)
- Receivables within one year -€9,310
down €9,310 (-73.4%), from €12,689 to €3,379
of which Trade receivables: -€10,285
- Other debts +€262,858
up €262,858 (+112%), from €235,210 to €498,068
- Profit (loss) carried forward -€40,282
new in 2025: -€40,282
- Trade debts +€17,152
up €17,152 (+591%), from €2,900 to €20,052
- Gross operating margin -€45,520
down €45,520, from €30,923 to -€14,597
- Depreciation +€21,910
up €21,910 (+708%), from €3,095 to €25,005
- Financial charges -€7,844
down €7,844 (-98.9%), from €7,930 to €87
- Taxes -€5,096
down €5,096 (-100%), from €5,096 to €0
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €353,147 | €584,614 | +€231,466 | +65.5% |
| Fixed assets | 21/28 | €165,891 | €564,900 | +€399,009 | +241% |
| Tangible fixed assets | 22/27 | €165,891 | €564,900 | +€399,009 | +241% |
| Land and buildings | 22 | €165,891 | €564,900 | +€399,009 | +241% |
| Current assets | 29/58 | €187,256 | €19,713 | -€167,543 | -89.5% |
| Amounts receivable within one year | 40/41 | €12,689 | €3,379 | -€9,310 | -73.4% |
| Trade receivables | 40 | €10,285 | €0 | -€10,285 | -100% |
| Other amounts receivable | 41 | €2,404 | €3,379 | +€975 | +40.6% |
| Cash at bank and in hand | 54/58 | €174,567 | €16,076 | -€158,491 | -90.8% |
| Deferred charges and accrued income | 490/1 | - | €258 | +€258 | |
| Total equity and liabilities | 10/49 | €353,147 | €584,614 | +€231,466 | +65.5% |
| Equity | 10/15 | €109,365 | €66,225 | -€43,140 | -39.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €47,365 | €44,507 | -€2,858 | -6.0% |
| Distributable reserves | 133 | €47,365 | €44,507 | -€2,858 | -6.0% |
| Profit (loss) carried forward | 14 | - | -€40,282 | -€40,282 | |
| Amounts payable | 17/49 | €243,782 | €518,388 | +€274,606 | +113% |
| Amounts payable within one year | 42/48 | €243,782 | €518,388 | +€274,606 | +113% |
| Trade debts | 44 | €2,900 | €20,052 | +€17,152 | +591% |
| Suppliers | 440/4 | €2,900 | €20,052 | +€17,152 | +591% |
| Taxes, remuneration and social security | 45 | €5,672 | €269 | -€5,403 | -95.3% |
| Taxes | 450/3 | €5,672 | €269 | -€5,403 | -95.3% |
| Other amounts payable | 47/48 | €235,210 | €498,068 | +€262,858 | +112% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,095 | €25,005 | +€21,910 | +708% |
| Other operating charges | 640/8 | €3,881 | €3,661 | -€220 | -5.7% |
| Gross operating margin | 9900 | €30,923 | -€14,597 | -€45,520 | |
| Operating profit (loss) | 9901 | €23,947 | -€43,263 | -€67,210 | |
| Financial income | 75/76B | - | €210 | +€210 | |
| Recurring financial income | 75 | - | €210 | +€210 | |
| Financial charges | 65/66B | €7,930 | €87 | -€7,844 | -98.9% |
| Recurring financial charges | 65 | €7,930 | €87 | -€7,844 | -98.9% |
| Profit (loss) for the period before taxes | 9903 | €16,016 | -€43,140 | -€59,156 | |
| Income taxes | 67/77 | €5,096 | €0 | -€5,096 | -100% |
| Profit (loss) for the period | 9904 | €10,920 | -€43,140 | -€54,060 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,920 | -€43,140 | -€54,060 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.