L & E: 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 & E
Largest movements
- Tangible fixed assets -€34,107
down €34,107 (-14.3%), from €238,120 to €204,013
of which Land and buildings: -€31,436
- Stocks and contracts -€32,340
down €32,340 (-37.2%), from €86,921 to €54,581
- Receivables within one year -€13,000
down €13,000 (-58.8%), from €22,102 to €9,102
- Profit (loss) carried forward -€52,088
new in 2025: -€52,088
- Debts after one year -€33,689
down €33,689 (-18.1%), from €185,834 to €152,145
- Tax, wage and social debts +€15,976
up €15,976 (+77.3%), from €20,677 to €36,653
of which Remuneration and social security: +€17,907
- Advances received -€7,500
no longer reported in 2025 (was €7,500)
- Gross operating margin -€53,957
down €53,957 (-38.1%), from €141,521 to €87,564
- Staff costs +€26,027
up €26,027 (+41.6%), from €62,542 to €88,569
- Depreciation +€3,672
up €3,672 (+12.1%), from €30,435 to €34,107
- Financial charges -€1,629
down €1,629 (-10.9%), from €14,966 to €13,337
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 | €367,463 | €282,550 | -€84,913 | -23.1% |
| Fixed assets | 21/28 | €239,146 | €204,876 | -€34,270 | -14.3% |
| Tangible fixed assets | 22/27 | €238,120 | €204,013 | -€34,107 | -14.3% |
| Land and buildings | 22 | €232,247 | €200,811 | -€31,436 | -13.5% |
| Plant, machinery and equipment | 23 | €5,873 | €3,202 | -€2,671 | -45.5% |
| Financial fixed assets | 28 | €1,026 | €863 | -€163 | -15.9% |
| Current assets | 29/58 | €128,317 | €77,674 | -€50,643 | -39.5% |
| Stocks and contracts in progress | 3 | €86,921 | €54,581 | -€32,340 | -37.2% |
| Stocks | 30/36 | €86,921 | €54,581 | -€32,340 | -37.2% |
| Amounts receivable within one year | 40/41 | €22,102 | €9,102 | -€13,000 | -58.8% |
| Trade receivables | 40 | €22,102 | €9,102 | -€13,000 | -58.8% |
| Cash at bank and in hand | 54/58 | €12,360 | €9,258 | -€3,102 | -25.1% |
| Deferred charges and accrued income | 490/1 | €6,934 | €4,733 | -€2,201 | -31.7% |
| Total equity and liabilities | 10/49 | €367,463 | €282,550 | -€84,913 | -23.1% |
| Equity | 10/15 | €68,847 | €16,759 | -€52,088 | -75.7% |
| Contributions | 10/11 | €52,500 | €52,500 | = | 0.0% |
| Reserves | 13 | €16,347 | €16,347 | = | 0.0% |
| Distributable reserves | 133 | €16,347 | €16,347 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€52,088 | -€52,088 | |
| Amounts payable | 17/49 | €298,616 | €265,791 | -€32,825 | -11.0% |
| Amounts payable after more than one year | 17 | €185,834 | €152,145 | -€33,689 | -18.1% |
| Financial debts | 170/4 | €185,834 | €152,145 | -€33,689 | -18.1% |
| Amounts payable within one year | 42/48 | €112,586 | €113,629 | +€1,043 | +0.9% |
| Current portion of amounts payable after more than one year | 42 | €35,207 | €33,689 | -€1,518 | -4.3% |
| Trade debts | 44 | €42,609 | €39,394 | -€3,215 | -7.5% |
| Suppliers | 440/4 | €42,609 | €39,394 | -€3,215 | -7.5% |
| Advances received on contracts in progress | 46 | €7,500 | - | -€7,500 | |
| Taxes, remuneration and social security | 45 | €20,677 | €36,653 | +€15,976 | +77.3% |
| Taxes | 450/3 | €10,182 | €8,251 | -€1,931 | -19.0% |
| Remuneration and social security | 454/9 | €10,495 | €28,402 | +€17,907 | +171% |
| Other amounts payable | 47/48 | €6,593 | €3,893 | -€2,700 | -41.0% |
| Accrued charges and deferred income | 492/3 | €196 | €17 | -€179 | -91.3% |
| Remuneration, social security and pensions | 62 | €62,542 | €88,569 | +€26,027 | +41.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,435 | €34,107 | +€3,672 | +12.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€731 | -€1,486 | -€755 | -103% |
| Other operating charges | 640/8 | €6,074 | €5,787 | -€287 | -4.7% |
| Non-recurring operating charges | 66A | €8,316 | - | -€8,316 | |
| Gross operating margin | 9900 | €141,521 | €87,564 | -€53,957 | -38.1% |
| Operating profit (loss) | 9901 | €34,885 | -€39,413 | -€74,298 | |
| Financial income | 75/76B | €18 | €662 | +€644 | +3,578% |
| Recurring financial income | 75 | €18 | €662 | +€644 | +3,578% |
| Financial charges | 65/66B | €14,966 | €13,337 | -€1,629 | -10.9% |
| Recurring financial charges | 65 | €14,966 | €13,337 | -€1,629 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €19,937 | -€52,088 | -€72,025 | |
| Profit (loss) for the period | 9904 | €19,937 | -€52,088 | -€72,025 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,937 | -€52,088 | -€72,025 |
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 15 October 2026 via checked.be.