L F V: 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 V
Largest movements
- Receivables within one year +€399,334
up €399,334 (+515%), from €77,508 to €476,843
of which Other amounts receivable: +€256,249
- Financial fixed assets -€140,684
down €140,684 (-7.0%), from €2.0m to €1.9m
- Cash +€131,102
new in 2025: €131,102
mainly Net result for the year (+€521,216) and Investment in fixed assets (net) (+€134,345)
- Reserves +€507,402
up €507,402 (+68.0%), from €745,927 to €1.3m
of which Distributable reserves: +€509,941
- Debts after one year -€157,635
down €157,635 (-33.7%), from €467,197 to €309,562
of which Other amounts payable: -€93,152
- Tax, wage and social debts +€50,527
up €50,527 (+151%), from €33,494 to €84,021
of which Taxes: +€47,732
- Financial income +€474,186
up €474,186 (+618%), from €76,779 to €550,965
- Gross operating margin +€52,012
up €52,012 (+51.5%), from €101,078 to €153,091
- Staff costs +€49,429
up €49,429 (+166%), from €29,844 to €79,273
- Taxes +€46,444
up €46,444 (+245%), from €18,954 to €65,398
- Financial charges -€5,448
down €5,448 (-24.6%), from €22,145 to €16,697
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 | €2,243,800 | €2,620,169 | +€376,369 | +16.8% |
| Fixed assets | 21/28 | €2,163,589 | €2,010,082 | -€153,507 | -7.1% |
| Tangible fixed assets | 22/27 | €150,440 | €137,617 | -€12,823 | -8.5% |
| Land and buildings | 22 | €149,560 | €133,567 | -€15,993 | -10.7% |
| Furniture and vehicles | 24 | - | €3,170 | +€3,170 | |
| Assets under construction and advance payments | 27 | €880 | €880 | = | 0.0% |
| Financial fixed assets | 28 | €2,013,149 | €1,872,465 | -€140,684 | -7.0% |
| Current assets | 29/58 | €80,211 | €610,087 | +€529,876 | +661% |
| Amounts receivable within one year | 40/41 | €77,508 | €476,843 | +€399,334 | +515% |
| Trade receivables | 40 | €4,118 | €147,204 | +€143,086 | +3,474% |
| Other amounts receivable | 41 | €73,390 | €329,639 | +€256,249 | +349% |
| Cash at bank and in hand | 54/58 | - | €131,102 | +€131,102 | |
| Deferred charges and accrued income | 490/1 | €2,703 | €2,143 | -€560 | -20.7% |
| Total equity and liabilities | 10/49 | €2,243,800 | €2,620,169 | +€376,369 | +16.8% |
| Equity | 10/15 | €1,613,527 | €2,120,929 | +€507,402 | +31.4% |
| Contributions | 10/11 | €867,600 | €867,600 | = | 0.0% |
| Reserves | 13 | €745,927 | €1,253,329 | +€507,402 | +68.0% |
| Non-distributable reserves | 130/1 | €186,760 | €186,760 | = | 0.0% |
| Reserves not available under the articles | 1311 | €186,760 | €186,760 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,852 | €20,313 | -€2,539 | -11.1% |
| Distributable reserves | 133 | €536,315 | €1,046,256 | +€509,941 | +95.1% |
| Provisions and deferred taxes | 16 | €11,767 | €10,460 | -€1,307 | -11.1% |
| Deferred taxes | 168 | €11,767 | €10,460 | -€1,307 | -11.1% |
| Amounts payable | 17/49 | €618,506 | €488,780 | -€129,726 | -21.0% |
| Amounts payable after more than one year | 17 | €467,197 | €309,562 | -€157,635 | -33.7% |
| Financial debts | 170/4 | €227,197 | €162,714 | -€64,483 | -28.4% |
| Other amounts payable | 178/9 | €240,000 | €146,848 | -€93,152 | -38.8% |
| Amounts payable within one year | 42/48 | €151,309 | €178,470 | +€27,160 | +18.0% |
| Current portion of amounts payable after more than one year | 42 | €61,656 | €64,483 | +€2,828 | +4.6% |
| Financial debts | 43 | €13,725 | - | -€13,725 | |
| Credit institutions | 430/8 | €13,725 | - | -€13,725 | |
| Trade debts | 44 | €11,597 | €13,323 | +€1,726 | +14.9% |
| Suppliers | 440/4 | €11,597 | €13,323 | +€1,726 | +14.9% |
| Taxes, remuneration and social security | 45 | €33,494 | €84,021 | +€50,527 | +151% |
| Taxes | 450/3 | €30,801 | €78,532 | +€47,732 | +155% |
| Remuneration and social security | 454/9 | €2,694 | €5,489 | +€2,795 | +104% |
| Other amounts payable | 47/48 | €30,838 | €16,643 | -€14,195 | -46.0% |
| Accrued charges and deferred income | 492/3 | - | €749 | +€749 | |
| Remuneration, social security and pensions | 62 | €29,844 | €79,273 | +€49,429 | +166% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,993 | €19,162 | +€3,170 | +19.8% |
| Other operating charges | 640/8 | €4,461 | €3,617 | -€844 | -18.9% |
| Gross operating margin | 9900 | €101,078 | €153,091 | +€52,012 | +51.5% |
| Operating profit (loss) | 9901 | €50,781 | €51,039 | +€258 | +0.5% |
| Financial income | 75/76B | €76,779 | €550,965 | +€474,186 | +618% |
| Recurring financial income | 75 | €76,779 | €550,965 | +€474,186 | +618% |
| Financial charges | 65/66B | €22,145 | €16,697 | -€5,448 | -24.6% |
| Recurring financial charges | 65 | €22,145 | €16,697 | -€5,448 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | €105,415 | €585,307 | +€479,892 | +455% |
| Transfer from deferred taxes | 780 | €1,307 | €1,307 | = | 0.0% |
| Income taxes | 67/77 | €18,954 | €65,398 | +€46,444 | +245% |
| Profit (loss) for the period | 9904 | €87,769 | €521,216 | +€433,448 | +494% |
| Transfer from tax-exempt reserves | 789 | €2,539 | €2,539 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €90,308 | €523,755 | +€433,448 | +480% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.