L & D FINANCE: 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 FINANCE
Largest movements
- Financial fixed assets -€340,158
no longer reported in 2025 (was €340,158)
- Cash +€125,193
up €125,193 (+313%), from €40,014 to €165,207
mainly Investment in fixed assets (net) (+€340,158) and Depreciation (+€20,943)
- Tangible fixed assets -€20,943
down €20,943 (-5.4%), from €385,377 to €364,434
of which Land and buildings: -€18,822
- Debts after one year -€196,148
down €196,148 (-51.5%), from €381,037 to €184,889
- Current portion of long-term debt -€45,109
down €45,109 (-79.4%), from €56,799 to €11,689
- Reserves +€16,245
up €16,245 (+3.0%), from €532,667 to €548,913
- Gross operating margin -€586,194
down €586,194 (-92.2%), from €635,517 to €49,323
- Taxes -€180,928
down €180,928 (-96.2%), from €188,063 to €7,135
- Staff costs -€12,273
down €12,273, from €12,169 to -€104
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 | €1,021,019 | €793,812 | -€227,207 | -22.3% |
| Fixed assets | 21/28 | €725,535 | €364,434 | -€361,101 | -49.8% |
| Tangible fixed assets | 22/27 | €385,377 | €364,434 | -€20,943 | -5.4% |
| Land and buildings | 22 | €375,950 | €357,128 | -€18,822 | -5.0% |
| Furniture and vehicles | 24 | €9,427 | €7,306 | -€2,121 | -22.5% |
| Financial fixed assets | 28 | €340,158 | - | -€340,158 | |
| Current assets | 29/58 | €295,483 | €429,378 | +€133,895 | +45.3% |
| Amounts receivable after more than one year | 29 | €229,641 | €237,066 | +€7,425 | +3.2% |
| Other amounts receivable | 291 | €229,641 | €237,066 | +€7,425 | +3.2% |
| Amounts receivable within one year | 40/41 | €22,444 | €26,369 | +€3,925 | +17.5% |
| Trade receivables | 40 | €16,872 | €3,306 | -€13,566 | -80.4% |
| Other amounts receivable | 41 | €5,572 | €23,063 | +€17,491 | +314% |
| Cash at bank and in hand | 54/58 | €40,014 | €165,207 | +€125,193 | +313% |
| Deferred charges and accrued income | 490/1 | €3,385 | €736 | -€2,648 | -78.2% |
| Total equity and liabilities | 10/49 | €1,021,019 | €793,812 | -€227,207 | -22.3% |
| Equity | 10/15 | €571,267 | €587,513 | +€16,245 | +2.8% |
| Contributions | 10/11 | €38,600 | €38,600 | = | 0.0% |
| Reserves | 13 | €532,667 | €548,913 | +€16,245 | +3.0% |
| Distributable reserves | 133 | €532,667 | €548,913 | +€16,245 | +3.0% |
| Amounts payable | 17/49 | €449,751 | €206,299 | -€243,452 | -54.1% |
| Amounts payable after more than one year | 17 | €381,037 | €184,889 | -€196,148 | -51.5% |
| Financial debts | 170/4 | €381,037 | €184,889 | -€196,148 | -51.5% |
| Amounts payable within one year | 42/48 | €68,649 | €21,411 | -€47,238 | -68.8% |
| Current portion of amounts payable after more than one year | 42 | €56,799 | €11,689 | -€45,109 | -79.4% |
| Financial debts | 43 | €494 | - | -€494 | |
| Credit institutions | 430/8 | €494 | - | -€494 | |
| Trade debts | 44 | €6,105 | €1,761 | -€4,344 | -71.2% |
| Suppliers | 440/4 | €6,105 | €1,761 | -€4,344 | -71.2% |
| Taxes, remuneration and social security | 45 | €4,174 | €6,884 | +€2,710 | +64.9% |
| Taxes | 450/3 | €4,174 | €6,884 | +€2,710 | +64.9% |
| Other amounts payable | 47/48 | €1,076 | €1,076 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €66 | - | -€66 | |
| Non-recurring operating income | 76A | €536,980 | - | -€536,980 | |
| Remuneration, social security and pensions | 62 | €12,169 | -€104 | -€12,273 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,085 | €20,943 | -€6,141 | -22.7% |
| Other operating charges | 640/8 | €4,575 | €3,045 | -€1,530 | -33.4% |
| Gross operating margin | 9900 | €635,517 | €49,323 | -€586,194 | -92.2% |
| Operating profit (loss) | 9901 | €591,688 | €25,438 | -€566,249 | -95.7% |
| Financial income | 75/76B | €5,445 | €10,456 | +€5,012 | +92.1% |
| Recurring financial income | 75 | €5,445 | €10,456 | +€5,012 | +92.1% |
| Financial charges | 65/66B | €8,352 | €12,514 | +€4,163 | +49.8% |
| Recurring financial charges | 65 | €8,352 | €12,514 | +€4,163 | +49.8% |
| Profit (loss) for the period before taxes | 9903 | €588,781 | €23,381 | -€565,400 | -96.0% |
| Income taxes | 67/77 | €188,063 | €7,135 | -€180,928 | -96.2% |
| Profit (loss) for the period | 9904 | €400,717 | €16,245 | -€384,472 | -95.9% |
| Profit (loss) for the period to be appropriated | 9905 | €400,717 | €16,245 | -€384,472 | -95.9% |
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 29 October 2026 via checked.be.