L&D Group: 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 Group
Largest movements
- Tangible fixed assets +€146,252
up €146,252 (+43.6%), from €335,109 to €481,361
of which Land and buildings: +€159,031
- Cash +€78,236
up €78,236 (+65.2%), from €119,925 to €198,162
mainly Debts after one year (+€143,159) and Net result for the year (+€126,402)
- Stocks and contracts +€63,821
up €63,821 (+23.2%), from €274,656 to €338,477
- Debts after one year +€143,159
up €143,159 (+68.6%), from €208,831 to €351,990
- Reserves +€93,072
up €93,072 (+25.7%), from €361,736 to €454,808
of which Distributable reserves: +€93,072
- Trade debts +€24,743
up €24,743 (+27.0%), from €91,490 to €116,233
- Tax, wage and social debts +€13,021
up €13,021 (+25.8%), from €50,375 to €63,396
of which Taxes: +€12,179
- Current portion of long-term debt +€12,881
up €12,881 (+51.8%), from €24,849 to €37,730
- Gross operating margin +€62,533
up €62,533 (+24.3%), from €257,401 to €319,934
- Depreciation +€28,989
up €28,989 (+74.8%), from €38,772 to €67,761
- Staff costs +€19,651
up €19,651 (+43.4%), from €45,250 to €64,901
- Financial income +€3,296
up €3,296 (+164.0%), from €2,010 to €5,306
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 | €806,484 | €1,102,885 | +€296,401 | +36.8% |
| Fixed assets | 21/28 | €335,109 | €481,361 | +€146,252 | +43.6% |
| Tangible fixed assets | 22/27 | €335,109 | €481,361 | +€146,252 | +43.6% |
| Land and buildings | 22 | €263,697 | €422,727 | +€159,031 | +60.3% |
| Plant, machinery and equipment | 23 | €11,347 | €10,273 | -€1,074 | -9.5% |
| Furniture and vehicles | 24 | €58,440 | €47,972 | -€10,468 | -17.9% |
| Other tangible fixed assets | 26 | €1,625 | €388 | -€1,236 | -76.1% |
| Current assets | 29/58 | €471,375 | €621,524 | +€150,149 | +31.9% |
| Stocks and contracts in progress | 3 | €274,656 | €338,477 | +€63,821 | +23.2% |
| Stocks | 30/36 | €274,656 | €338,477 | +€63,821 | +23.2% |
| Amounts receivable within one year | 40/41 | €70,688 | €81,474 | +€10,785 | +15.3% |
| Trade receivables | 40 | €69,256 | €81,430 | +€12,173 | +17.6% |
| Other amounts receivable | 41 | €1,432 | €44 | -€1,388 | -96.9% |
| Cash at bank and in hand | 54/58 | €119,925 | €198,162 | +€78,236 | +65.2% |
| Deferred charges and accrued income | 490/1 | €6,106 | €3,412 | -€2,694 | -44.1% |
| Total equity and liabilities | 10/49 | €806,484 | €1,102,885 | +€296,401 | +36.8% |
| Equity | 10/15 | €367,936 | €461,008 | +€93,072 | +25.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €361,736 | €454,808 | +€93,072 | +25.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €359,876 | €452,948 | +€93,072 | +25.9% |
| Amounts payable | 17/49 | €438,548 | €641,877 | +€203,329 | +46.4% |
| Amounts payable after more than one year | 17 | €208,831 | €351,990 | +€143,159 | +68.6% |
| Financial debts | 170/4 | €208,831 | €351,990 | +€143,159 | +68.6% |
| Amounts payable within one year | 42/48 | €226,421 | €286,539 | +€60,119 | +26.6% |
| Current portion of amounts payable after more than one year | 42 | €24,849 | €37,730 | +€12,881 | +51.8% |
| Financial debts | 43 | €28,287 | €26,756 | -€1,531 | -5.4% |
| Credit institutions | 430/8 | €28,287 | €26,756 | -€1,531 | -5.4% |
| Trade debts | 44 | €91,490 | €116,233 | +€24,743 | +27.0% |
| Suppliers | 440/4 | €91,490 | €116,233 | +€24,743 | +27.0% |
| Advances received on contracts in progress | 46 | €3,302 | €7,550 | +€4,249 | +128.7% |
| Taxes, remuneration and social security | 45 | €50,375 | €63,396 | +€13,021 | +25.8% |
| Taxes | 450/3 | €43,953 | €56,132 | +€12,179 | +27.7% |
| Remuneration and social security | 454/9 | €6,422 | €7,264 | +€841 | +13.1% |
| Other amounts payable | 47/48 | €28,118 | €34,874 | +€6,756 | +24.0% |
| Accrued charges and deferred income | 492/3 | €3,296 | €3,347 | +€51 | +1.6% |
| Non-recurring operating income | 76A | - | €296 | +€296 | |
| Remuneration, social security and pensions | 62 | €45,250 | €64,901 | +€19,651 | +43.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,772 | €67,761 | +€28,989 | +74.8% |
| Other operating charges | 640/8 | €6,023 | €6,137 | +€114 | +1.9% |
| Gross operating margin | 9900 | €257,401 | €319,934 | +€62,533 | +24.3% |
| Operating profit (loss) | 9901 | €167,357 | €181,135 | +€13,779 | +8.2% |
| Financial income | 75/76B | €2,010 | €5,306 | +€3,296 | +164.0% |
| Recurring financial income | 75 | €2,010 | €5,306 | +€3,296 | +164.0% |
| Financial charges | 65/66B | €8,339 | €10,407 | +€2,068 | +24.8% |
| Recurring financial charges | 65 | €8,339 | €10,407 | +€2,068 | +24.8% |
| Profit (loss) for the period before taxes | 9903 | €161,028 | €176,034 | +€15,006 | +9.3% |
| Income taxes | 67/77 | €48,803 | €49,632 | +€830 | +1.7% |
| Profit (loss) for the period | 9904 | €112,225 | €126,402 | +€14,177 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €112,225 | €126,402 | +€14,177 | +12.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.