L & E Construct: 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.
What changed
L & E Construct
NACE 43.910, Bricklaying and masonry work
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€820,093
2024 · €1.0m-€198,272
Equity
€3.9m
2024 · €3.6m+€391,729
Cash
€1.1m
2024 · €746,599+€334,570
Balance sheet total
€5.3m
2024 · €4.3m+€982,598
Largest movements
Assets
- Cash +€334,570
up €334,570 (+44.8%), from €746,599 to €1.1m
mainly Net result for the year (+€820,093) and Trade debts (+€591,451)
- Current investments +€266,967
up €266,967 (+13.8%), from €1.9m to €2.2m
- Receivables within one year +€152,962
up €152,962 (+13.6%), from €1.1m to €1.3m
of which Trade receivables: +€252,128
- Stocks and contracts +€151,365
up €151,365 (+117.7%), from €128,611 to €279,976
- Deferred charges and accrued income +€67,787
up €67,787 (+775.8%), from €8,738 to €76,525
Equity and liabilities
- Trade debts +€591,451
up €591,451 (+141.0%), from €419,399 to €1.0m
- Reserves +€391,729
up €391,729 (+11.1%), from €3.5m to €3.9m
of which Distributable reserves: +€684,324
Income statement
- Gross operating margin -€408,647
down €408,647 (-15.2%), from €2.7m to €2.3m
- Taxes -€108,487
down €108,487 (-28.5%), from €380,611 to €272,124
- Staff costs -€74,561
down €74,561 (-6.2%), from €1.2m to €1.1m
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.
Result 2024
€1.0m
Gross operating margin
-€408,647
Staff costs
+€74,561
Depreciation
-€6,658
Write-downs
-€1,188
Other operating charges
+€1,806
Financial income
+€15,612
Financial charges
+€17,756
Taxes
+€108,487
Result 2025
€820,093
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.
From operations
+€1.1m
Investment
-€367,022
Financing
-€426,861
Cash 2024
€746,599
From operations (derived)
+€1.1m
Net result for the year
+€820,093
Depreciation
+€91,108
Stocks and contracts
-€151,365
Receivables within one year
-€152,962
Deferred charges and accrued income
-€67,787
Trade debts
+€591,451
Tax, wage and social debts
-€24,778
Other debts
-€7,730
Accrued charges and deferred income
+€30,423
Investment (derived)
-€367,022
Investment in fixed assets (net)
-€100,055
Current investments
-€266,967
Financing
-€426,861
Short-term financial debts
+€1,503
Contributions, distributions and other
-€428,364
Cash 2025
€1.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,299,906 | €5,282,504 | +€982,598 | +22.9% |
| Fixed assets | 21/28 | €360,005 | €368,952 | +€8,947 | +2.5% |
| Intangible fixed assets | 21 | €17,659 | €20,538 | +€2,879 | +16.3% |
| Tangible fixed assets | 22/27 | €342,346 | €348,414 | +€6,068 | +1.8% |
| Plant, machinery and equipment | 23 | €35,145 | €89,603 | +€54,458 | +155.0% |
| Furniture and vehicles | 24 | €304,523 | €204,588 | -€99,935 | -32.8% |
| Other tangible fixed assets | 26 | €2,678 | €54,223 | +€51,545 | +1924.7% |
| Current assets | 29/58 | €3,939,902 | €4,913,552 | +€973,650 | +24.7% |
| Stocks and contracts in progress | 3 | €128,611 | €279,976 | +€151,365 | +117.7% |
| Stocks | 30/36 | €128,611 | €279,976 | +€151,365 | +117.7% |
| Amounts receivable within one year | 40/41 | €1,124,884 | €1,277,846 | +€152,962 | +13.6% |
| Trade receivables | 40 | €839,830 | €1,091,958 | +€252,128 | +30.0% |
| Other amounts receivable | 41 | €285,054 | €185,888 | -€99,166 | -34.8% |
| Current investments | 50/53 | €1,931,070 | €2,198,036 | +€266,967 | +13.8% |
| Cash at bank and in hand | 54/58 | €746,599 | €1,081,169 | +€334,570 | +44.8% |
| Deferred charges and accrued income | 490/1 | €8,738 | €76,525 | +€67,787 | +775.8% |
| Total equity and liabilities | 10/49 | €4,299,906 | €5,282,504 | +€982,598 | +22.9% |
| Equity | 10/15 | €3,553,236 | €3,944,965 | +€391,729 | +11.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €3,533,236 | €3,924,965 | +€391,729 | +11.1% |
| Tax-exempt reserves | 132 | €1,235,635 | €943,040 | -€292,595 | -23.7% |
| Distributable reserves | 133 | €2,297,601 | €2,981,925 | +€684,324 | +29.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €746,670 | €1,337,539 | +€590,869 | +79.1% |
| Amounts payable within one year | 42/48 | €549,724 | €1,110,169 | +€560,445 | +102.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €1,487 | €2,990 | +€1,503 | +101.1% |
| Credit institutions | 430/8 | €1,487 | €2,990 | +€1,503 | +101.1% |
| Trade debts | 44 | €419,399 | €1,010,851 | +€591,451 | +141.0% |
| Suppliers | 440/4 | €419,399 | €1,010,851 | +€591,451 | +141.0% |
| Taxes, remuneration and social security | 45 | €101,479 | €76,701 | -€24,778 | -24.4% |
| Taxes | 450/3 | €31,260 | €7,462 | -€23,797 | -76.1% |
| Remuneration and social security | 454/9 | €70,220 | €69,239 | -€981 | -1.4% |
| Other amounts payable | 47/48 | €27,358 | €19,628 | -€7,730 | -28.3% |
| Accrued charges and deferred income | 492/3 | €196,947 | €227,370 | +€30,423 | +15.4% |
| Non-recurring operating income | 76A | €3,500 | €3,800 | +€300 | +8.6% |
| Remuneration, social security and pensions | 62 | €1,206,532 | €1,131,971 | -€74,561 | -6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,450 | €91,108 | +€6,658 | +7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,279 | €2,467 | +€1,188 | +92.9% |
| Other operating charges | 640/8 | €27,518 | €25,711 | -€1,806 | -6.6% |
| Gross operating margin | 9900 | €2,679,685 | €2,271,038 | -€408,647 | -15.2% |
| Operating profit (loss) | 9901 | €1,359,907 | €1,019,780 | -€340,127 | -25.0% |
| Financial income | 75/76B | €58,305 | €73,917 | +€15,612 | +26.8% |
| Recurring financial income | 75 | €58,305 | €73,917 | +€15,612 | +26.8% |
| Financial charges | 65/66B | €19,236 | €1,480 | -€17,756 | -92.3% |
| Recurring financial charges | 65 | €19,236 | €1,480 | -€17,756 | -92.3% |
| Profit (loss) for the period before taxes | 9903 | €1,398,976 | €1,092,217 | -€306,759 | -21.9% |
| Income taxes | 67/77 | €380,611 | €272,124 | -€108,487 | -28.5% |
| Profit (loss) for the period | 9904 | €1,018,365 | €820,093 | -€198,272 | -19.5% |
| Transfer from tax-exempt reserves | 789 | - | €482,045 | +€482,045 | |
| Transfer to tax-exempt reserves | 689 | €421,000 | €189,450 | -€231,550 | -55.0% |
| Profit (loss) for the period to be appropriated | 9905 | €597,365 | €1,112,688 | +€515,323 | +86.3% |
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 29 September 2026 via checked.be.