L.G.S.: 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.G.S.
Largest movements
- Tangible fixed assets +€194,064
up €194,064 (+20.1%), from €967,143 to €1.2m
of which Land and buildings: +€199,199
- Cash -€66,907
down €66,907 (-89.5%), from €74,786 to €7,879
mainly Other debts (-€485,469) and Investment in fixed assets (net) (-€246,163)
- Receivables within one year -€21,249
no longer reported in 2025 (was €21,249)
- Debts after one year +€588,962
up €588,962 (+5,409%), from €10,889 to €599,851
of which Other amounts payable: +€513,498
- Other debts -€485,469
no longer reported in 2025 (was €485,469)
- Current portion of long-term debt +€24,153
up €24,153 (+294%), from €8,219 to €32,372
- Depreciation +€23,260
up €23,260 (+80.8%), from €28,789 to €52,049
- Staff costs +€21,510
new in 2025: €21,510
- Gross operating margin +€16,754
up €16,754 (+23.2%), from €72,095 to €88,849
- Taxes -€8,102
down €8,102 (-55.9%), from €14,486 to €6,384
- Financial charges +€3,874
up €3,874 (+270%), from €1,433 to €5,307
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 | €1,713,271 | €1,823,611 | +€110,340 | +6.4% |
| Fixed assets | 21/28 | €1,083,876 | €1,277,990 | +€194,114 | +17.9% |
| Tangible fixed assets | 22/27 | €967,143 | €1,161,207 | +€194,064 | +20.1% |
| Land and buildings | 22 | €946,452 | €1,145,651 | +€199,199 | +21.0% |
| Furniture and vehicles | 24 | €20,691 | €15,556 | -€5,135 | -24.8% |
| Financial fixed assets | 28 | €116,733 | €116,783 | +€50 | 0.0% |
| Current assets | 29/58 | €629,395 | €545,621 | -€83,774 | -13.3% |
| Amounts receivable after more than one year | 29 | €530,544 | €534,926 | +€4,383 | +0.8% |
| Other amounts receivable | 291 | €530,544 | €534,926 | +€4,383 | +0.8% |
| Amounts receivable within one year | 40/41 | €21,249 | - | -€21,249 | |
| Trade receivables | 40 | €21,249 | - | -€21,249 | |
| Cash at bank and in hand | 54/58 | €74,786 | €7,879 | -€66,907 | -89.5% |
| Deferred charges and accrued income | 490/1 | €2,816 | €2,816 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,713,271 | €1,823,611 | +€110,340 | +6.4% |
| Equity | 10/15 | €1,149,617 | €1,151,552 | +€1,935 | +0.2% |
| Contributions | 10/11 | €565,000 | €565,000 | = | 0.0% |
| Capital | 10 | €565,000 | €565,000 | = | 0.0% |
| Issued capital | 100 | €565,000 | €565,000 | = | 0.0% |
| Reserves | 13 | €584,617 | €586,552 | +€1,935 | +0.3% |
| Non-distributable reserves | 130/1 | €44,327 | €44,423 | +€97 | +0.2% |
| Legal reserve | 130 | €44,327 | €44,423 | +€97 | +0.2% |
| Distributable reserves | 133 | €540,291 | €542,129 | +€1,838 | +0.3% |
| Amounts payable | 17/49 | €563,654 | €672,059 | +€108,406 | +19.2% |
| Amounts payable after more than one year | 17 | €10,889 | €599,851 | +€588,962 | +5,409% |
| Financial debts | 170/4 | €10,889 | €86,352 | +€75,464 | +693% |
| Other amounts payable | 178/9 | - | €513,498 | +€513,498 | |
| Amounts payable within one year | 42/48 | €552,765 | €72,209 | -€480,556 | -86.9% |
| Current portion of amounts payable after more than one year | 42 | €8,219 | €32,372 | +€24,153 | +294% |
| Trade debts | 44 | €15,619 | €7,026 | -€8,593 | -55.0% |
| Suppliers | 440/4 | €15,619 | €7,026 | -€8,593 | -55.0% |
| Taxes, remuneration and social security | 45 | €43,458 | €32,811 | -€10,647 | -24.5% |
| Taxes | 450/3 | €43,458 | €29,956 | -€13,503 | -31.1% |
| Remuneration and social security | 454/9 | - | €2,855 | +€2,855 | |
| Other amounts payable | 47/48 | €485,469 | - | -€485,469 | |
| Remuneration, social security and pensions | 62 | - | €21,510 | +€21,510 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,789 | €52,049 | +€23,260 | +80.8% |
| Other operating charges | 640/8 | €4,470 | €1,865 | -€2,605 | -58.3% |
| Gross operating margin | 9900 | €72,095 | €88,849 | +€16,754 | +23.2% |
| Operating profit (loss) | 9901 | €38,836 | €13,425 | -€25,411 | -65.4% |
| Financial income | 75/76B | €1,195 | €201 | -€994 | -83.2% |
| Recurring financial income | 75 | €1,195 | €201 | -€994 | -83.2% |
| Financial charges | 65/66B | €1,433 | €5,307 | +€3,874 | +270% |
| Recurring financial charges | 65 | €1,433 | €5,307 | +€3,874 | +270% |
| Profit (loss) for the period before taxes | 9903 | €38,597 | €8,319 | -€30,279 | -78.4% |
| Income taxes | 67/77 | €14,486 | €6,384 | -€8,102 | -55.9% |
| Profit (loss) for the period | 9904 | €24,111 | €1,935 | -€22,177 | -92.0% |
| Profit (loss) for the period to be appropriated | 9905 | €24,111 | €1,935 | -€22,177 | -92.0% |
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 20 October 2026 via checked.be.