L & D: 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 & D
Largest movements
- Cash -€245,716
down €245,716 (-61.8%), from €397,654 to €151,938
mainly Current investments (-€190,000) and Debts after one year (-€29,050)
- Current investments +€190,000
new in 2025: €190,000
- Tangible fixed assets -€10,808
down €10,808 (-24.8%), from €43,649 to €32,842
- Debts after one year -€29,050
down €29,050 (-57.8%), from €50,278 to €21,228
- Tax, wage and social debts -€25,255
no longer reported in 2025 (was €25,255)
- Trade debts +€21,127
up €21,127 (+487.7%), from €4,332 to €25,459
- Other debts -€17,137
down €17,137 (-93.5%), from €18,320 to €1,184
- Current portion of long-term debt -€10,615
down €10,615 (-53.4%), from €19,875 to €9,260
- Gross operating margin -€173,163
down €173,163 (-98.7%), from €175,462 to €2,299
- Taxes -€41,729
down €41,729 (-99.6%), from €41,912 to €183
- Staff costs -€35,503
no longer reported in 2025 (was €35,503)
- Financial income -€2,569
down €2,569 (-42.6%), from €6,035 to €3,466
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 | €607,150 | €535,692 | -€71,457 | -11.8% |
| Fixed assets | 21/28 | €44,931 | €34,123 | -€10,808 | -24.1% |
| Tangible fixed assets | 22/27 | €43,649 | €32,842 | -€10,808 | -24.8% |
| Furniture and vehicles | 24 | €43,649 | €32,842 | -€10,808 | -24.8% |
| Financial fixed assets | 28 | €1,281 | €1,281 | = | 0.0% |
| Current assets | 29/58 | €562,219 | €501,570 | -€60,650 | -10.8% |
| Amounts receivable after more than one year | 29 | €65,028 | €59,149 | -€5,879 | -9.0% |
| Other amounts receivable | 291 | €65,028 | €59,149 | -€5,879 | -9.0% |
| Amounts receivable within one year | 40/41 | €96,455 | €99,784 | +€3,328 | +3.5% |
| Trade receivables | 40 | - | €3,000 | +€3,000 | |
| Other amounts receivable | 41 | €96,455 | €96,784 | +€328 | +0.3% |
| Current investments | 50/53 | - | €190,000 | +€190,000 | |
| Cash at bank and in hand | 54/58 | €397,654 | €151,938 | -€245,716 | -61.8% |
| Deferred charges and accrued income | 490/1 | €3,082 | €699 | -€2,383 | -77.3% |
| Total equity and liabilities | 10/49 | €607,150 | €535,692 | -€71,457 | -11.8% |
| Equity | 10/15 | €487,643 | €477,850 | -€9,793 | -2.0% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €481,446 | €481,446 | = | 0.0% |
| Distributable reserves | 133 | €481,446 | €481,446 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€9,793 | -€9,793 | |
| Amounts payable | 17/49 | €119,507 | €57,843 | -€61,664 | -51.6% |
| Amounts payable after more than one year | 17 | €50,278 | €21,228 | -€29,050 | -57.8% |
| Financial debts | 170/4 | €50,278 | €21,228 | -€29,050 | -57.8% |
| Amounts payable within one year | 42/48 | €67,782 | €35,902 | -€31,880 | -47.0% |
| Current portion of amounts payable after more than one year | 42 | €19,875 | €9,260 | -€10,615 | -53.4% |
| Trade debts | 44 | €4,332 | €25,459 | +€21,127 | +487.7% |
| Suppliers | 440/4 | €4,332 | €25,459 | +€21,127 | +487.7% |
| Taxes, remuneration and social security | 45 | €25,255 | - | -€25,255 | |
| Taxes | 450/3 | €25,255 | - | -€25,255 | |
| Other amounts payable | 47/48 | €18,320 | €1,184 | -€17,137 | -93.5% |
| Accrued charges and deferred income | 492/3 | €1,446 | €712 | -€734 | -50.7% |
| Non-recurring operating income | 76A | €55,330 | €7,609 | -€47,721 | -86.2% |
| Remuneration, social security and pensions | 62 | €35,503 | - | -€35,503 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,765 | €10,808 | +€1,043 | +10.7% |
| Other operating charges | 640/8 | €2,880 | €1,707 | -€1,173 | -40.7% |
| Non-recurring operating charges | 66A | €4,492 | - | -€4,492 | |
| Gross operating margin | 9900 | €175,462 | €2,299 | -€173,163 | -98.7% |
| Operating profit (loss) | 9901 | €122,821 | -€10,216 | -€133,037 | |
| Financial income | 75/76B | €6,035 | €3,466 | -€2,569 | -42.6% |
| Recurring financial income | 75 | €6,035 | €3,466 | -€2,569 | -42.6% |
| Financial charges | 65/66B | €4,232 | €2,860 | -€1,372 | -32.4% |
| Recurring financial charges | 65 | €4,232 | €2,860 | -€1,372 | -32.4% |
| Profit (loss) for the period before taxes | 9903 | €124,625 | -€9,610 | -€134,235 | |
| Income taxes | 67/77 | €41,912 | €183 | -€41,729 | -99.6% |
| Profit (loss) for the period | 9904 | €82,712 | -€9,793 | -€92,506 | |
| Profit (loss) for the period to be appropriated | 9905 | €82,712 | -€9,793 | -€92,506 |
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 12 October 2026 via checked.be.