L for L: 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.
What changed
L for L
NACE 82.990, Other business support services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€838,176
2024 · €636,938+€201,238
Equity
€2.7m
2024 · €2.0m+€638,176
Cash
€875,218
2024 · €565,757+€309,461
Balance sheet total
€4.3m
2024 · €3.6m+€720,596
Largest movements
Assets
- Tangible fixed assets +€411,419
up €411,419 (+34.3%), from €1.2m to €1.6m
of which Land and buildings: +€388,478
- Cash +€309,461
up €309,461 (+54.7%), from €565,757 to €875,218
mainly Net result for the year (+€838,176) and Depreciation (+€48,029)
Equity and liabilities
- Reserves +€638,176
up €638,176 (+31.7%), from €2.0m to €2.7m
Income statement
- Gross operating margin +€273,196
up €273,196 (+29.0%), from €943,265 to €1.2m
- Taxes +€46,870
up €46,870 (+18.4%), from €254,311 to €301,181
- Depreciation +€14,002
up €14,002 (+41.2%), from €34,026 to €48,029
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.
Result 2024
€636,938
Gross operating margin
+€273,196
Depreciation
-€14,002
Other operating charges
+€773
Financial income
-€6,857
Financial charges
-€5,002
Taxes
-€46,870
Result 2025
€838,176
raises the resultlowers the result
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.
From operations
+€894,271
Investment
-€459,448
Financing
-€125,361
Cash 2024
€565,757
From operations (derived)
+€894,271
Net result for the year
+€838,176
Depreciation
+€48,029
Smaller working-capital items
+€285
Trade debts
-€2,223
Tax, wage and social debts
+€12,290
Other debts
-€2,285
Investment (derived)
-€459,448
Investment in fixed assets (net)
-€459,448
Financing
-€125,361
Debts after one year
+€41,672
Current portion of long-term debt
+€32,968
Contributions, distributions and other
-€200,000
Cash 2025
€875,218
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,560,301 | €4,280,898 | +€720,596 | +20.2% |
| Fixed assets | 21/28 | €2,821,032 | €3,232,452 | +€411,419 | +14.6% |
| Tangible fixed assets | 22/27 | €1,200,982 | €1,612,402 | +€411,419 | +34.3% |
| Land and buildings | 22 | €1,157,977 | €1,546,455 | +€388,478 | +33.5% |
| Furniture and vehicles | 24 | €20,647 | €43,588 | +€22,941 | +111% |
| Other tangible fixed assets | 26 | €22,358 | €22,358 | = | 0.0% |
| Financial fixed assets | 28 | €1,620,050 | €1,620,050 | = | 0.0% |
| Current assets | 29/58 | €739,269 | €1,048,446 | +€309,177 | +41.8% |
| Amounts receivable within one year | 40/41 | €172,806 | €172,459 | -€347 | -0.2% |
| Trade receivables | 40 | €125,060 | €172,459 | +€47,399 | +37.9% |
| Other amounts receivable | 41 | €47,746 | €0 | -€47,746 | -100% |
| Cash at bank and in hand | 54/58 | €565,757 | €875,218 | +€309,461 | +54.7% |
| Deferred charges and accrued income | 490/1 | €706 | €769 | +€62 | +8.8% |
| Total equity and liabilities | 10/49 | €3,560,301 | €4,280,898 | +€720,596 | +20.2% |
| Equity | 10/15 | €2,034,714 | €2,672,890 | +€638,176 | +31.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,016,114 | €2,654,290 | +€638,176 | +31.7% |
| Distributable reserves | 133 | €2,016,114 | €2,654,290 | +€638,176 | +31.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,525,587 | €1,608,008 | +€82,421 | +5.4% |
| Amounts payable after more than one year | 17 | €1,184,026 | €1,225,697 | +€41,672 | +3.5% |
| Financial debts | 170/4 | €1,184,026 | €1,225,697 | +€41,672 | +3.5% |
| Amounts payable within one year | 42/48 | €341,561 | €382,311 | +€40,749 | +11.9% |
| Current portion of amounts payable after more than one year | 42 | €257,966 | €290,933 | +€32,968 | +12.8% |
| Trade debts | 44 | €6,771 | €4,548 | -€2,223 | -32.8% |
| Suppliers | 440/4 | €6,771 | €4,548 | -€2,223 | -32.8% |
| Taxes, remuneration and social security | 45 | €43,780 | €56,070 | +€12,290 | +28.1% |
| Taxes | 450/3 | €41,696 | €56,070 | +€14,373 | +34.5% |
| Remuneration and social security | 454/9 | €2,083 | €0 | -€2,083 | -100% |
| Other amounts payable | 47/48 | €33,045 | €30,760 | -€2,285 | -6.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,026 | €48,029 | +€14,002 | +41.2% |
| Other operating charges | 640/8 | €2,212 | €1,440 | -€773 | -34.9% |
| Gross operating margin | 9900 | €943,265 | €1,216,460 | +€273,196 | +29.0% |
| Operating profit (loss) | 9901 | €907,026 | €1,166,992 | +€259,966 | +28.7% |
| Financial income | 75/76B | €6,857 | €0 | -€6,857 | -100.0% |
| Recurring financial income | 75 | €6,857 | €0 | -€6,857 | -100.0% |
| Financial charges | 65/66B | €22,633 | €27,635 | +€5,002 | +22.1% |
| Recurring financial charges | 65 | €22,633 | €27,635 | +€5,002 | +22.1% |
| Profit (loss) for the period before taxes | 9903 | €891,249 | €1,139,357 | +€248,108 | +27.8% |
| Income taxes | 67/77 | €254,311 | €301,181 | +€46,870 | +18.4% |
| Profit (loss) for the period | 9904 | €636,938 | €838,176 | +€201,238 | +31.6% |
| Profit (loss) for the period to be appropriated | 9905 | €636,938 | €838,176 | +€201,238 | +31.6% |
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 15 October 2026 via checked.be.