L.ECL: 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.ECL
Largest movements
- Tangible fixed assets -€383,663
down €383,663 (-22.6%), from €1.7m to €1.3m
of which Furniture and vehicles: -€314,368
- Cash +€273,416
up €273,416 (+114.6%), from €238,612 to €512,027
mainly Depreciation (+€411,422) and Trade debts (+€135,026)
- Receivables within one year -€91,893
down €91,893 (-12.1%), from €761,869 to €669,977
of which Trade receivables: -€118,797
- Deferred charges and accrued income +€45,599
new in 2025: €45,599
- Trade debts +€135,026
up €135,026 (+108.4%), from €124,518 to €259,544
- Debts after one year -€103,655
down €103,655 (-18.8%), from €551,797 to €448,142
- Tax, wage and social debts -€87,959
down €87,959 (-30.6%), from €287,841 to €199,883
of which Remuneration and social security: -€45,325
- Other debts -€63,094
down €63,094 (-91.7%), from €68,779 to €5,685
- Reserves -€29,084
down €29,084 (-2.1%), from €1.4m to €1.3m
of which Tax-exempt reserves: -€21,298
- Staff costs +€123,789
up €123,789 (+10.3%), from €1.2m to €1.3m
- Gross operating margin -€33,551
down €33,551 (-1.8%), from €1.8m to €1.8m
- Taxes -€25,727
down €25,727 (-74.5%), from €34,534 to €8,807
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 | €2,695,231 | €2,538,649 | -€156,582 | -5.8% |
| Fixed assets | 21/28 | €1,694,750 | €1,311,045 | -€383,704 | -22.6% |
| Intangible fixed assets | 21 | €42 | - | -€42 | |
| Tangible fixed assets | 22/27 | €1,694,708 | €1,311,045 | -€383,663 | -22.6% |
| Land and buildings | 22 | €5,673 | €17,203 | +€11,529 | +203.2% |
| Plant, machinery and equipment | 23 | €56,556 | €47,230 | -€9,326 | -16.5% |
| Furniture and vehicles | 24 | €845,993 | €531,625 | -€314,368 | -37.2% |
| Leasing and similar rights | 25 | €786,486 | €714,988 | -€71,499 | -9.1% |
| Current assets | 29/58 | €1,000,481 | €1,227,603 | +€227,122 | +22.7% |
| Amounts receivable within one year | 40/41 | €761,869 | €669,977 | -€91,893 | -12.1% |
| Trade receivables | 40 | €735,173 | €616,376 | -€118,797 | -16.2% |
| Other amounts receivable | 41 | €26,696 | €53,601 | +€26,904 | +100.8% |
| Cash at bank and in hand | 54/58 | €238,612 | €512,027 | +€273,416 | +114.6% |
| Deferred charges and accrued income | 490/1 | - | €45,599 | +€45,599 | |
| Total equity and liabilities | 10/49 | €2,695,231 | €2,538,649 | -€156,582 | -5.8% |
| Equity | 10/15 | €1,391,156 | €1,362,072 | -€29,084 | -2.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,372,606 | €1,343,522 | -€29,084 | -2.1% |
| Tax-exempt reserves | 132 | €234,277 | €212,979 | -€21,298 | -9.1% |
| Distributable reserves | 133 | €1,138,329 | €1,130,543 | -€7,786 | -0.7% |
| Provisions and deferred taxes | 16 | €120,634 | €109,667 | -€10,967 | -9.1% |
| Deferred taxes | 168 | €120,634 | €109,667 | -€10,967 | -9.1% |
| Amounts payable | 17/49 | €1,183,441 | €1,066,909 | -€116,532 | -9.8% |
| Amounts payable after more than one year | 17 | €551,797 | €448,142 | -€103,655 | -18.8% |
| Financial debts | 170/4 | €551,797 | €448,142 | -€103,655 | -18.8% |
| Amounts payable within one year | 42/48 | €631,643 | €618,767 | -€12,877 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €150,505 | €153,655 | +€3,150 | +2.1% |
| Trade debts | 44 | €124,518 | €259,544 | +€135,026 | +108.4% |
| Suppliers | 440/4 | €124,518 | €259,544 | +€135,026 | +108.4% |
| Taxes, remuneration and social security | 45 | €287,841 | €199,883 | -€87,959 | -30.6% |
| Taxes | 450/3 | €86,218 | €43,584 | -€42,633 | -49.4% |
| Remuneration and social security | 454/9 | €201,624 | €156,298 | -€45,325 | -22.5% |
| Other amounts payable | 47/48 | €68,779 | €5,685 | -€63,094 | -91.7% |
| Remuneration, social security and pensions | 62 | €1,202,826 | €1,326,616 | +€123,789 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €411,435 | €411,422 | -€13 | 0.0% |
| Other operating charges | 640/8 | €75,008 | €78,058 | +€3,050 | +4.1% |
| Gross operating margin | 9900 | €1,842,522 | €1,808,971 | -€33,551 | -1.8% |
| Operating profit (loss) | 9901 | €153,253 | -€7,124 | -€160,376 | |
| Financial income | 75/76B | €2,617 | €64 | -€2,553 | -97.6% |
| Recurring financial income | 75 | €2,617 | €64 | -€2,553 | -97.6% |
| Non-recurring financial income | 76B | €2,617 | - | -€2,617 | |
| Financial charges | 65/66B | €29,093 | €24,183 | -€4,910 | -16.9% |
| Recurring financial charges | 65 | €29,093 | €24,183 | -€4,910 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €126,777 | -€31,243 | -€158,020 | |
| Transfer from deferred taxes | 780 | €10,967 | €10,967 | = | 0.0% |
| Income taxes | 67/77 | €34,534 | €8,807 | -€25,727 | -74.5% |
| Profit (loss) for the period | 9904 | €103,209 | -€29,084 | -€132,293 | |
| Transfer from tax-exempt reserves | 789 | €21,298 | €21,298 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €124,507 | -€7,786 | -€132,293 |
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 1 October 2026 via checked.be.