L.E.: 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.E.
Largest movements
- Tangible fixed assets -€75,929
down €75,929 (-5.3%), from €1.4m to €1.4m
of which Land and buildings: -€72,713
- Cash +€25,838
up €25,838 (+34.3%), from €75,290 to €101,128
mainly Depreciation (+€78,957) and Net result for the year (+€48,286)
- Debts after one year -€107,185
down €107,185 (-14.5%), from €739,509 to €632,324
- Reserves +€48,286
up €48,286 (+11.9%), from €405,417 to €453,704
of which Distributable reserves: +€68,159
- Accrued charges and deferred income +€29,388
up €29,388 (+229.3%), from €12,818 to €42,205
- Other operating charges -€29,777
down €29,777 (-62.8%), from €47,403 to €17,626
- Taxes +€19,202
up €19,202 (+110.3%), from €17,416 to €36,619
- Financial charges -€17,494
down €17,494 (-29.7%), from €58,825 to €41,331
- Depreciation +€4,623
up €4,623 (+6.2%), from €74,334 to €78,957
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 | €2,390,935 | €2,343,222 | -€47,713 | -2.0% |
| Fixed assets | 21/28 | €1,773,293 | €1,697,365 | -€75,929 | -4.3% |
| Tangible fixed assets | 22/27 | €1,433,716 | €1,357,788 | -€75,929 | -5.3% |
| Land and buildings | 22 | €1,416,942 | €1,344,229 | -€72,713 | -5.1% |
| Furniture and vehicles | 24 | €16,775 | €13,559 | -€3,216 | -19.2% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €339,577 | €339,577 | = | 0.0% |
| Current assets | 29/58 | €617,642 | €645,857 | +€28,215 | +4.6% |
| Amounts receivable after more than one year | 29 | €450,150 | €450,150 | = | 0.0% |
| Other amounts receivable | 291 | €450,150 | €450,150 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €92,202 | €94,579 | +€2,377 | +2.6% |
| Trade receivables | 40 | €0 | €5,481 | +€5,481 | |
| Other amounts receivable | 41 | €92,202 | €89,098 | -€3,104 | -3.4% |
| Cash at bank and in hand | 54/58 | €75,290 | €101,128 | +€25,838 | +34.3% |
| Total equity and liabilities | 10/49 | €2,390,935 | €2,343,222 | -€47,713 | -2.0% |
| Equity | 10/15 | €1,439,979 | €1,488,265 | +€48,286 | +3.4% |
| Contributions | 10/11 | €820,000 | €820,000 | = | 0.0% |
| Capital | 10 | €820,000 | €820,000 | = | 0.0% |
| Issued capital | 100 | €820,000 | €820,000 | = | 0.0% |
| Reserves | 13 | €405,417 | €453,704 | +€48,286 | +11.9% |
| Non-distributable reserves | 130/1 | €82,000 | €82,000 | = | 0.0% |
| Legal reserve | 130 | €82,000 | €82,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €287,058 | €267,185 | -€19,873 | -6.9% |
| Distributable reserves | 133 | €36,359 | €104,518 | +€68,159 | +187.5% |
| Profit (loss) carried forward | 14 | €214,562 | €214,562 | = | 0.0% |
| Provisions and deferred taxes | 16 | €129,635 | €120,153 | -€9,482 | -7.3% |
| Deferred taxes | 168 | €129,635 | €120,153 | -€9,482 | -7.3% |
| Amounts payable | 17/49 | €821,321 | €734,803 | -€86,518 | -10.5% |
| Amounts payable after more than one year | 17 | €739,509 | €632,324 | -€107,185 | -14.5% |
| Financial debts | 170/4 | €739,509 | €632,324 | -€107,185 | -14.5% |
| Amounts payable within one year | 42/48 | €68,995 | €60,274 | -€8,720 | -12.6% |
| Current portion of amounts payable after more than one year | 42 | €30,942 | €32,185 | +€1,243 | +4.0% |
| Trade debts | 44 | €2,656 | €517 | -€2,139 | -80.5% |
| Suppliers | 440/4 | €2,656 | €517 | -€2,139 | -80.5% |
| Taxes, remuneration and social security | 45 | €20,616 | €26,619 | +€6,002 | +29.1% |
| Taxes | 450/3 | €20,616 | €26,619 | +€6,002 | +29.1% |
| Other amounts payable | 47/48 | €14,781 | €954 | -€13,826 | -93.5% |
| Accrued charges and deferred income | 492/3 | €12,818 | €42,205 | +€29,388 | +229.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,334 | €78,957 | +€4,623 | +6.2% |
| Other operating charges | 640/8 | €47,403 | €17,626 | -€29,777 | -62.8% |
| Gross operating margin | 9900 | €203,718 | €204,159 | +€440 | +0.2% |
| Operating profit (loss) | 9901 | €81,981 | €107,576 | +€25,595 | +31.2% |
| Financial income | 75/76B | €9,003 | €9,178 | +€175 | +1.9% |
| Recurring financial income | 75 | €9,003 | €9,178 | +€175 | +1.9% |
| Financial charges | 65/66B | €58,825 | €41,331 | -€17,494 | -29.7% |
| Recurring financial charges | 65 | €58,825 | €41,331 | -€17,494 | -29.7% |
| Profit (loss) for the period before taxes | 9903 | €32,159 | €75,423 | +€43,264 | +134.5% |
| Transfer from deferred taxes | 780 | €6,851 | €9,482 | +€2,631 | +38.4% |
| Income taxes | 67/77 | €17,416 | €36,619 | +€19,202 | +110.3% |
| Profit (loss) for the period | 9904 | €21,593 | €48,286 | +€26,693 | +123.6% |
| Transfer from tax-exempt reserves | 789 | €14,766 | €19,873 | +€5,107 | +34.6% |
| Profit (loss) for the period to be appropriated | 9905 | €36,359 | €68,159 | +€31,800 | +87.5% |
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 30 September 2026 via checked.be.