L.F. HYDRO: 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.F. HYDRO
Largest movements
- Tangible fixed assets +€86,969
up €86,969 (+10.2%), from €852,358 to €939,328
of which Land and buildings: +€607,333
- Receivables within one year +€74,209
up €74,209 (+29.3%), from €253,434 to €327,643
of which Trade receivables: +€77,514
- Cash -€47,879
down €47,879 (-44.3%), from €107,995 to €60,116
mainly Investment in fixed assets (net) (-€184,649) and Receivables within one year (-€74,209)
- Debts after one year +€82,473
up €82,473 (+18.9%), from €436,749 to €519,222
- Trade debts +€38,964
up €38,964 (+32.7%), from €119,074 to €158,038
- Reserves -€30,106
down €30,106 (-6.2%), from €488,009 to €457,903
of which Distributable reserves: -€30,106
- Other debts +€28,965
up €28,965 (+50.1%), from €57,819 to €86,784
- Other operating charges +€23,579
up €23,579 (+235%), from €10,025 to €33,604
- Gross operating margin +€11,754
up €11,754 (+4.3%), from €276,174 to €287,928
- Write-downs +€11,127
up €11,127, from -€9,600 to €1,527
- Staff costs +€9,592
up €9,592 (+13.1%), from €73,502 to €83,094
- Taxes -€9,094
down €9,094 (-31.2%), from €29,146 to €20,051
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 | €1,307,001 | €1,426,632 | +€119,631 | +9.2% |
| Fixed assets | 21/28 | €852,888 | €939,858 | +€86,969 | +10.2% |
| Tangible fixed assets | 22/27 | €852,358 | €939,328 | +€86,969 | +10.2% |
| Land and buildings | 22 | €175,000 | €782,333 | +€607,333 | +347% |
| Plant, machinery and equipment | 23 | €137,576 | €95,543 | -€42,033 | -30.6% |
| Furniture and vehicles | 24 | €90,630 | €61,452 | -€29,178 | -32.2% |
| Assets under construction and advance payments | 27 | €449,153 | - | -€449,153 | |
| Financial fixed assets | 28 | €530 | €530 | = | 0.0% |
| Current assets | 29/58 | €454,113 | €486,774 | +€32,662 | +7.2% |
| Amounts receivable after more than one year | 29 | €78,472 | €80,450 | +€1,978 | +2.5% |
| Other amounts receivable | 291 | €78,472 | €80,450 | +€1,978 | +2.5% |
| Stocks and contracts in progress | 3 | €8,993 | €8,878 | -€115 | -1.3% |
| Stocks | 30/36 | €8,993 | €8,878 | -€115 | -1.3% |
| Amounts receivable within one year | 40/41 | €253,434 | €327,643 | +€74,209 | +29.3% |
| Trade receivables | 40 | €214,415 | €291,929 | +€77,514 | +36.2% |
| Other amounts receivable | 41 | €39,019 | €35,714 | -€3,305 | -8.5% |
| Cash at bank and in hand | 54/58 | €107,995 | €60,116 | -€47,879 | -44.3% |
| Deferred charges and accrued income | 490/1 | €5,219 | €9,688 | +€4,469 | +85.6% |
| Total equity and liabilities | 10/49 | €1,307,001 | €1,426,632 | +€119,631 | +9.2% |
| Equity | 10/15 | €579,709 | €549,603 | -€30,106 | -5.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €488,009 | €457,903 | -€30,106 | -6.2% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €481,859 | €451,753 | -€30,106 | -6.2% |
| Investment grants | 15 | €30,200 | €30,200 | = | 0.0% |
| Amounts payable | 17/49 | €727,292 | €877,029 | +€149,737 | +20.6% |
| Amounts payable after more than one year | 17 | €436,749 | €519,222 | +€82,473 | +18.9% |
| Financial debts | 170/4 | €436,749 | €519,222 | +€82,473 | +18.9% |
| Amounts payable within one year | 42/48 | €288,043 | €355,108 | +€67,064 | +23.3% |
| Current portion of amounts payable after more than one year | 42 | €76,948 | €74,805 | -€2,144 | -2.8% |
| Trade debts | 44 | €119,074 | €158,038 | +€38,964 | +32.7% |
| Suppliers | 440/4 | €119,074 | €158,038 | +€38,964 | +32.7% |
| Taxes, remuneration and social security | 45 | €34,202 | €35,481 | +€1,280 | +3.7% |
| Taxes | 450/3 | €28,168 | €22,914 | -€5,254 | -18.7% |
| Remuneration and social security | 454/9 | €6,034 | €12,568 | +€6,534 | +108% |
| Other amounts payable | 47/48 | €57,819 | €86,784 | +€28,965 | +50.1% |
| Accrued charges and deferred income | 492/3 | €2,500 | €2,700 | +€200 | +8.0% |
| Non-recurring operating income | 76A | - | €3 | +€3 | |
| Remuneration, social security and pensions | 62 | €73,502 | €83,094 | +€9,592 | +13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,286 | €97,680 | +€7,393 | +8.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€9,600 | €1,527 | +€11,127 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€1,000 | - | +€1,000 | |
| Other operating charges | 640/8 | €10,025 | €33,604 | +€23,579 | +235% |
| Gross operating margin | 9900 | €276,174 | €287,928 | +€11,754 | +4.3% |
| Operating profit (loss) | 9901 | €112,960 | €72,022 | -€40,938 | -36.2% |
| Financial income | 75/76B | €2,751 | €5,750 | +€2,999 | +109% |
| Recurring financial income | 75 | €2,751 | €5,750 | +€2,999 | +109% |
| Financial charges | 65/66B | €16,747 | €16,078 | -€669 | -4.0% |
| Recurring financial charges | 65 | €16,747 | €16,078 | -€669 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | €98,963 | €61,694 | -€37,269 | -37.7% |
| Income taxes | 67/77 | €29,146 | €20,051 | -€9,094 | -31.2% |
| Profit (loss) for the period | 9904 | €69,818 | €41,643 | -€28,175 | -40.4% |
| Profit (loss) for the period to be appropriated | 9905 | €69,818 | €41,643 | -€28,175 | -40.4% |
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 28 October 2026 via checked.be.