L & D MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets -€1.6m
down €1.6m (-73.2%), from €2.2m to €595,178
- Revaluation surpluses -€1.4m
down €1.4m (-100%), from €1.4m to €0
- Provisions -€193,936
down €193,936 (-100%), from €193,936 to €0
- Other debts +€124,241
up €124,241 (+52.7%), from €235,928 to €360,169
- Profit (loss) carried forward -€102,858
down €102,858 (-19.6%), from -€525,439 to -€628,297
- Debts after one year -€90,000
down €90,000 (-10.7%), from €840,000 to €750,000
- Gross operating margin +€32,346
up €32,346, from -€21,083 to €11,263
- Financial charges +€13,436
up €13,436 (+43.2%), from €31,090 to €44,526
- Financial income -€7,820
down €7,820 (-100%), from €7,820 to €0
- Other operating charges +€1,315
up €1,315 (+15.7%), from €8,362 to €9,677
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 | €2,424,418 | €801,175 | -€1.6m | -67.0% |
| Formation expenses | 20 | €62,564 | €62,564 | = | 0.0% |
| Fixed assets | 21/28 | €2,221,079 | €595,178 | -€1.6m | -73.2% |
| Tangible fixed assets | 22/27 | €2,221,079 | €595,178 | -€1.6m | -73.2% |
| Land and buildings | 22 | €2,221,079 | €595,178 | -€1.6m | -73.2% |
| Current assets | 29/58 | €140,776 | €143,433 | +€2,658 | +1.9% |
| Amounts receivable within one year | 40/41 | €140,746 | €138,510 | -€2,235 | -1.6% |
| Trade receivables | 40 | €8,470 | €6,235 | -€2,235 | -26.4% |
| Other amounts receivable | 41 | €132,276 | €132,276 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €30 | €4,923 | +€4,893 | +16,327% |
| Total equity and liabilities | 10/49 | €2,424,418 | €801,175 | -€1.6m | -67.0% |
| Equity | 10/15 | €1,015,678 | -€459,227 | -€1.5m | |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,357,551 | €0 | -€1.4m | -100% |
| Reserves | 13 | €33,566 | €19,070 | -€14,495 | -43.2% |
| Non-distributable reserves | 130/1 | €19,070 | €8,915 | -€10,156 | -53.3% |
| Reserves not available under the articles | 1311 | €19,070 | €8,915 | -€10,156 | -53.3% |
| Distributable reserves | 133 | €14,495 | €10,156 | -€4,340 | -29.9% |
| Profit (loss) carried forward | 14 | -€525,439 | -€628,297 | -€102,858 | -19.6% |
| Provisions and deferred taxes | 16 | €193,936 | €0 | -€193,936 | -100% |
| Deferred taxes | 168 | €193,936 | €0 | -€193,936 | -100% |
| Amounts payable | 17/49 | €1,214,804 | €1,260,402 | +€45,598 | +3.8% |
| Amounts payable after more than one year | 17 | €840,000 | €750,000 | -€90,000 | -10.7% |
| Financial debts | 170/4 | €840,000 | €750,000 | -€90,000 | -10.7% |
| Amounts payable within one year | 42/48 | €374,804 | €510,402 | +€135,598 | +36.2% |
| Current portion of amounts payable after more than one year | 42 | €97,500 | €90,000 | -€7,500 | -7.7% |
| Trade debts | 44 | €41,376 | €55,468 | +€14,093 | +34.1% |
| Suppliers | 440/4 | €41,376 | €55,468 | +€14,093 | +34.1% |
| Taxes, remuneration and social security | 45 | - | €4,764 | +€4,764 | |
| Taxes | 450/3 | - | €4,764 | +€4,764 | |
| Other amounts payable | 47/48 | €235,928 | €360,169 | +€124,241 | +52.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,414 | €74,414 | -€0 | 0.0% |
| Other operating charges | 640/8 | €8,362 | €9,677 | +€1,315 | +15.7% |
| Gross operating margin | 9900 | -€21,083 | €11,263 | +€32,346 | |
| Operating profit (loss) | 9901 | -€103,858 | -€72,828 | +€31,031 | +29.9% |
| Financial income | 75/76B | €7,820 | €0 | -€7,820 | -100% |
| Recurring financial income | 75 | €7,820 | €0 | -€7,820 | -100% |
| Financial charges | 65/66B | €31,090 | €44,526 | +€13,436 | +43.2% |
| Recurring financial charges | 65 | €31,090 | €44,526 | +€13,436 | +43.2% |
| Profit (loss) for the period before taxes | 9903 | -€127,129 | -€117,354 | +€9,775 | +7.7% |
| Profit (loss) for the period | 9904 | -€127,129 | -€117,354 | +€9,775 | +7.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€127,129 | -€117,354 | +€9,775 | +7.7% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.