L.E.F.: 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.F.
Largest movements
- Tangible fixed assets -€13,223
down €13,223 (-22.2%), from €59,482 to €46,259
of which Land and buildings: -€7,875
- Financial fixed assets -€8,000
down €8,000 (-8.7%), from €92,359 to €84,359
- Receivables within one year +€3,538
new in 2025: €3,538
- Short-term financial debts +€29,585
up €29,585 (+151.7%), from €19,498 to €49,082
- Profit (loss) carried forward -€24,662
down €24,662, from €7,787 to -€16,875
- Trade debts -€15,352
down €15,352 (-29.2%), from €52,612 to €37,260
- Reserves -€5,291
down €5,291 (-8.0%), from €66,472 to €61,181
- Tax, wage and social debts -€3,423
down €3,423 (-9.9%), from €34,747 to €31,324
of which Taxes: -€6,285
- Gross operating margin -€28,582
down €28,582 (-35.2%), from €81,146 to €52,564
- Depreciation -€3,349
down €3,349 (-20.2%), from €16,572 to €13,223
- Financial charges +€2,349
up €2,349 (+24.5%), from €9,593 to €11,942
- Staff costs +€1,636
up €1,636 (+3.0%), from €53,956 to €55,592
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €305,823 | €284,966 | -€20,857 | -6.8% |
| Fixed assets | 21/28 | €151,842 | €130,618 | -€21,223 | -14.0% |
| Tangible fixed assets | 22/27 | €59,482 | €46,259 | -€13,223 | -22.2% |
| Land and buildings | 22 | €41,344 | €33,469 | -€7,875 | -19.0% |
| Plant, machinery and equipment | 23 | €17,380 | €12,364 | -€5,016 | -28.9% |
| Furniture and vehicles | 24 | €759 | €426 | -€333 | -43.9% |
| Financial fixed assets | 28 | €92,359 | €84,359 | -€8,000 | -8.7% |
| Current assets | 29/58 | €153,981 | €154,348 | +€366 | +0.2% |
| Stocks and contracts in progress | 3 | €150,144 | €150,350 | +€206 | +0.1% |
| Stocks | 30/36 | €150,144 | €150,350 | +€206 | +0.1% |
| Amounts receivable within one year | 40/41 | - | €3,538 | +€3,538 | |
| Trade receivables | 40 | - | €3,538 | +€3,538 | |
| Cash at bank and in hand | 54/58 | €2,361 | €460 | -€1,901 | -80.5% |
| Deferred charges and accrued income | 490/1 | €1,476 | - | -€1,476 | |
| Total equity and liabilities | 10/49 | €305,823 | €284,966 | -€20,857 | -6.8% |
| Equity | 10/15 | €110,216 | €80,263 | -€29,953 | -27.2% |
| Contributions | 10/11 | €35,957 | €35,957 | = | 0.0% |
| Reserves | 13 | €66,472 | €61,181 | -€5,291 | -8.0% |
| Distributable reserves | 133 | €66,472 | €61,181 | -€5,291 | -8.0% |
| Profit (loss) carried forward | 14 | €7,787 | -€16,875 | -€24,662 | |
| Amounts payable | 17/49 | €195,607 | €204,704 | +€9,096 | +4.7% |
| Amounts payable after more than one year | 17 | €70,435 | €70,435 | = | 0.0% |
| Financial debts | 170/4 | €70,435 | €70,435 | = | 0.0% |
| Amounts payable within one year | 42/48 | €125,172 | €134,268 | +€9,096 | +7.3% |
| Financial debts | 43 | €19,498 | €49,082 | +€29,585 | +151.7% |
| Credit institutions | 430/8 | €19,498 | €49,082 | +€29,585 | +151.7% |
| Trade debts | 44 | €52,612 | €37,260 | -€15,352 | -29.2% |
| Suppliers | 440/4 | €52,612 | €37,260 | -€15,352 | -29.2% |
| Taxes, remuneration and social security | 45 | €34,747 | €31,324 | -€3,423 | -9.9% |
| Taxes | 450/3 | €26,731 | €20,446 | -€6,285 | -23.5% |
| Remuneration and social security | 454/9 | €8,016 | €10,878 | +€2,862 | +35.7% |
| Other amounts payable | 47/48 | €18,316 | €16,602 | -€1,714 | -9.4% |
| Remuneration, social security and pensions | 62 | €53,956 | €55,592 | +€1,636 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,572 | €13,223 | -€3,349 | -20.2% |
| Other operating charges | 640/8 | €4,198 | €4,629 | +€431 | +10.3% |
| Gross operating margin | 9900 | €81,146 | €52,564 | -€28,582 | -35.2% |
| Operating profit (loss) | 9901 | €6,420 | -€20,881 | -€27,300 | |
| Financial income | 75/76B | €3,728 | €3,024 | -€704 | -18.9% |
| Recurring financial income | 75 | €3,728 | €3,024 | -€704 | -18.9% |
| Financial charges | 65/66B | €9,593 | €11,942 | +€2,349 | +24.5% |
| Recurring financial charges | 65 | €9,593 | €11,942 | +€2,349 | +24.5% |
| Profit (loss) for the period before taxes | 9903 | €555 | -€29,798 | -€30,353 | |
| Income taxes | 67/77 | €124 | €155 | +€31 | +25.0% |
| Profit (loss) for the period | 9904 | €431 | -€29,953 | -€30,384 | |
| Profit (loss) for the period to be appropriated | 9905 | €431 | -€29,953 | -€30,384 |
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 5 October 2026 via checked.be.