L&ES: 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&ES
Largest movements
- Financial fixed assets +€121,173
up €121,173 (+56.2%), from €215,577 to €336,750
- Cash -€4,491
down €4,491 (-8.3%), from €53,961 to €49,470
mainly Investment in fixed assets (net) (-€121,173) and Contributions, distributions and other (-€54,800)
- Reserves +€152,080
up €152,080 (+277.0%), from €54,896 to €206,976
- Other debts -€34,623
down €34,623 (-31.7%), from €109,183 to €74,560
- Debts after one year -€26,606
down €26,606 (-35.9%), from €74,099 to €47,492
- Short-term financial debts +€23,402
up €23,402, from €0 to €23,402
- Tax, wage and social debts +€9,284
up €9,284 (+49.6%), from €18,716 to €27,999
- Financial income +€1.3m
up €1.3m (+377771397.1%), from €0 to €1.3m
- Financial charges +€1.2m
up €1.2m (+47355.6%), from €2,470 to €1.2m
of which Non-recurring financial charges: +€1.2m
- Gross operating margin +€38,141
up €38,141 (+42.5%), from €89,687 to €127,828
- Taxes +€10,378
up €10,378 (+51.4%), from €20,174 to €30,552
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 | €295,111 | €412,917 | +€117,806 | +39.9% |
| Fixed assets | 21/28 | €220,580 | €340,013 | +€119,433 | +54.1% |
| Tangible fixed assets | 22/27 | €5,003 | €3,263 | -€1,740 | -34.8% |
| Plant, machinery and equipment | 23 | €2,377 | €1,795 | -€582 | -24.5% |
| Furniture and vehicles | 24 | €2,626 | €1,467 | -€1,158 | -44.1% |
| Financial fixed assets | 28 | €215,577 | €336,750 | +€121,173 | +56.2% |
| Current assets | 29/58 | €74,531 | €72,904 | -€1,627 | -2.2% |
| Amounts receivable within one year | 40/41 | €20,570 | €22,398 | +€1,828 | +8.9% |
| Trade receivables | 40 | €20,570 | €22,385 | +€1,815 | +8.8% |
| Other amounts receivable | 41 | €0 | €13 | +€13 | |
| Cash at bank and in hand | 54/58 | €53,961 | €49,470 | -€4,491 | -8.3% |
| Deferred charges and accrued income | 490/1 | - | €1,036 | +€1,036 | |
| Total equity and liabilities | 10/49 | €295,111 | €412,917 | +€117,806 | +39.9% |
| Equity | 10/15 | €57,896 | €209,976 | +€152,080 | +262.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €54,896 | €206,976 | +€152,080 | +277.0% |
| Distributable reserves | 133 | €54,896 | €206,976 | +€152,080 | +277.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €237,215 | €202,941 | -€34,274 | -14.4% |
| Amounts payable after more than one year | 17 | €74,099 | €47,492 | -€26,606 | -35.9% |
| Financial debts | 170/4 | €74,099 | €47,492 | -€26,606 | -35.9% |
| Amounts payable within one year | 42/48 | €163,116 | €155,448 | -€7,668 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €34,081 | €26,606 | -€7,475 | -21.9% |
| Financial debts | 43 | €0 | €23,402 | +€23,402 | |
| Credit institutions | 430/8 | €0 | €23,402 | +€23,402 | |
| Trade debts | 44 | €1,137 | €2,881 | +€1,744 | +153.5% |
| Suppliers | 440/4 | €1,137 | €2,881 | +€1,744 | +153.5% |
| Taxes, remuneration and social security | 45 | €18,716 | €27,999 | +€9,284 | +49.6% |
| Taxes | 450/3 | €18,716 | €27,999 | +€9,284 | +49.6% |
| Other amounts payable | 47/48 | €109,183 | €74,560 | -€34,623 | -31.7% |
| Non-recurring operating income | 76A | €1,147 | €0 | -€1,147 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,163 | €1,740 | -€423 | -19.6% |
| Other operating charges | 640/8 | €1,315 | €705 | -€610 | -46.4% |
| Non-recurring operating charges | 66A | €8,668 | €0 | -€8,668 | -100.0% |
| Gross operating margin | 9900 | €89,687 | €127,828 | +€38,141 | +42.5% |
| Operating profit (loss) | 9901 | €77,540 | €125,382 | +€47,842 | +61.7% |
| Financial income | 75/76B | €0 | €1,284,423 | +€1.3m | +377771397.1% |
| Recurring financial income | 75 | €0 | €1,284,423 | +€1.3m | +377771397.1% |
| Financial charges | 65/66B | €2,470 | €1,172,373 | +€1.2m | +47355.6% |
| Recurring financial charges | 65 | €2,470 | €9,123 | +€6,652 | +269.3% |
| Non-recurring financial charges | 66B | - | €1,163,250 | +€1.2m | |
| Profit (loss) for the period before taxes | 9903 | €75,070 | €237,432 | +€162,362 | +216.3% |
| Income taxes | 67/77 | €20,174 | €30,552 | +€10,378 | +51.4% |
| Profit (loss) for the period | 9904 | €54,896 | €206,880 | +€151,984 | +276.9% |
| Profit (loss) for the period to be appropriated | 9905 | €54,896 | €206,880 | +€151,984 | +276.9% |
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 9 October 2026 via checked.be.