L & D PROJECTS: what changed
Two fiscal 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 PROJECTS
Largest movements
- Receivables within one year +€412,399
up €412,399 (+94.5%), from €436,549 to €848,948
of which Other amounts receivable: +€403,399
- Stocks and contracts -€98,092
down €98,092 (-4.0%), from €2.5m to €2.4m
- Cash -€63,666
down €63,666 (-74.6%), from €85,351 to €21,686
mainly Receivables within one year (-€412,399) and Contributions, distributions and other (-€75,000)
- Short-term financial debts +€334,369
up €334,369 (+20.2%), from €1.7m to €2.0m
- Reserves -€101,677
down €101,677 (-4.9%), from €2.1m to €2.0m
of which Distributable reserves: -€101,677
- Debts after one year +€55,627
up €55,627 (+7.1%), from €783,254 to €838,881
- Tax, wage and social debts -€53,488
down €53,488 (-89.5%), from €59,771 to €6,283
- Turnover -€330,000
down €330,000 (-74.8%), from €441,000 to €111,000
- Purchases and services -€281,734
down €281,734 (-73.3%), from €384,378 to €102,644
- Gross operating margin -€48,806
down €48,806 (-47.3%), from €103,222 to €54,417
- Financial charges -€24,193
down €24,193 (-18.3%), from €132,445 to €108,251
- Financial income -€7,064
down €7,064 (-13.7%), from €51,387 to €44,323
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 | €4,775,088 | €5,013,025 | +€237,938 | +5.0% |
| Fixed assets | 21/28 | €971,815 | €959,111 | -€12,704 | -1.3% |
| Tangible fixed assets | 22/27 | €359,070 | €346,366 | -€12,704 | -3.5% |
| Land and buildings | 22 | €359,070 | €346,366 | -€12,704 | -3.5% |
| Financial fixed assets | 28 | €612,745 | €612,745 | = | 0.0% |
| Current assets | 29/58 | €3,803,273 | €4,053,914 | +€250,641 | +6.6% |
| Amounts receivable after more than one year | 29 | €822,275 | €822,275 | = | 0.0% |
| Other amounts receivable | 291 | €822,275 | €822,275 | = | 0.0% |
| Stocks and contracts in progress | 3 | €2,459,097 | €2,361,006 | -€98,092 | -4.0% |
| Stocks | 30/36 | €2,459,097 | €2,361,006 | -€98,092 | -4.0% |
| Amounts receivable within one year | 40/41 | €436,549 | €848,948 | +€412,399 | +94.5% |
| Trade receivables | 40 | - | €9,000 | +€9,000 | |
| Other amounts receivable | 41 | €436,549 | €839,948 | +€403,399 | +92.4% |
| Cash at bank and in hand | 54/58 | €85,351 | €21,686 | -€63,666 | -74.6% |
| Total equity and liabilities | 10/49 | €4,775,088 | €5,013,025 | +€237,938 | +5.0% |
| Equity | 10/15 | €2,161,137 | €2,059,459 | -€101,677 | -4.7% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €2,086,137 | €1,984,459 | -€101,677 | -4.9% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €2,078,637 | €1,976,959 | -€101,677 | -4.9% |
| Amounts payable | 17/49 | €2,613,951 | €2,953,566 | +€339,615 | +13.0% |
| Amounts payable after more than one year | 17 | €783,254 | €838,881 | +€55,627 | +7.1% |
| Financial debts | 170/4 | €783,254 | €838,881 | +€55,627 | +7.1% |
| Amounts payable within one year | 42/48 | €1,830,697 | €2,114,685 | +€283,988 | +15.5% |
| Current portion of amounts payable after more than one year | 42 | €43,313 | €44,373 | +€1,060 | +2.4% |
| Financial debts | 43 | €1,652,613 | €1,986,982 | +€334,369 | +20.2% |
| Credit institutions | 430/8 | €1,652,613 | €1,986,982 | +€334,369 | +20.2% |
| Trade debts | 44 | - | €73 | +€73 | |
| Suppliers | 440/4 | - | €73 | +€73 | |
| Taxes, remuneration and social security | 45 | €59,771 | €6,283 | -€53,488 | -89.5% |
| Taxes | 450/3 | €59,771 | €6,283 | -€53,488 | -89.5% |
| Other amounts payable | 47/48 | €75,000 | €76,974 | +€1,974 | +2.6% |
| Turnover | 70 | €441,000 | €111,000 | -€330,000 | -74.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €384,378 | €102,644 | -€281,734 | -73.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,704 | €12,704 | = | 0.0% |
| Other operating charges | 640/8 | €2,921 | €4,462 | +€1,541 | +52.7% |
| Gross operating margin | 9900 | €103,222 | €54,417 | -€48,806 | -47.3% |
| Operating profit (loss) | 9901 | €87,597 | €37,251 | -€50,346 | -57.5% |
| Financial income | 75/76B | €51,387 | €44,323 | -€7,064 | -13.7% |
| Recurring financial income | 75 | €51,387 | €44,323 | -€7,064 | -13.7% |
| Financial charges | 65/66B | €132,445 | €108,251 | -€24,193 | -18.3% |
| Recurring financial charges | 65 | €132,445 | €108,251 | -€24,193 | -18.3% |
| Profit (loss) for the period before taxes | 9903 | €6,539 | -€26,677 | -€33,216 | |
| Income taxes | 67/77 | €1,782 | - | -€1,782 | |
| Profit (loss) for the period | 9904 | €4,757 | -€26,677 | -€31,434 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,757 | -€26,677 | -€31,434 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.