L.Inc: 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.Inc
Largest movements
- Receivables within one year +€138,773
up €138,773 (+64.4%), from €215,462 to €354,235
of which Trade receivables: +€143,497
- Tangible fixed assets +€137,549
up €137,549 (+88.6%), from €155,286 to €292,836
of which Other tangible fixed assets: +€147,277
- Intangible fixed assets -€113,395
down €113,395 (-29.6%), from €383,604 to €270,208
- Deferred charges and accrued income -€29,855
no longer reported in 2025 (was €29,855)
- Cash -€15,811
down €15,811 (-8.7%), from €181,600 to €165,789
mainly Other debts (-€287,043) and Investment in fixed assets (net) (-€177,053)
- Debts after one year +€370,454
up €370,454 (+384%), from €96,348 to €466,802
- Other debts -€287,043
down €287,043 (-60.6%), from €473,915 to €186,872
- Trade debts +€58,167
up €58,167 (+51.6%), from €112,653 to €170,820
- Reserves -€26,227
down €26,227 (-22.3%), from €117,521 to €91,294
of which Distributable reserves: -€26,227
- Current portion of long-term debt +€22,505
up €22,505 (+24.5%), from €91,856 to €114,361
- Staff costs +€64,013
up €64,013 (+35.6%), from €180,012 to €244,025
- Other operating charges -€57,036
down €57,036 (-90.1%), from €63,337 to €6,301
- Gross operating margin +€33,577
up €33,577 (+7.9%), from €424,798 to €458,375
- Depreciation -€20,926
down €20,926 (-12.0%), from €173,825 to €152,899
- Taxes +€6,625
up €6,625 (+21.6%), from €30,623 to €37,248
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 | €968,914 | €1,086,176 | +€117,261 | +12.1% |
| Fixed assets | 21/28 | €541,998 | €566,152 | +€24,154 | +4.5% |
| Intangible fixed assets | 21 | €383,604 | €270,208 | -€113,395 | -29.6% |
| Tangible fixed assets | 22/27 | €155,286 | €292,836 | +€137,549 | +88.6% |
| Plant, machinery and equipment | 23 | €142 | - | -€142 | |
| Furniture and vehicles | 24 | €28,502 | €19,014 | -€9,488 | -33.3% |
| Leasing and similar rights | 25 | €98 | - | -€98 | |
| Other tangible fixed assets | 26 | €126,545 | €273,822 | +€147,277 | +116% |
| Financial fixed assets | 28 | €3,108 | €3,108 | = | 0.0% |
| Current assets | 29/58 | €426,916 | €520,024 | +€93,108 | +21.8% |
| Amounts receivable within one year | 40/41 | €215,462 | €354,235 | +€138,773 | +64.4% |
| Trade receivables | 40 | €206,013 | €349,510 | +€143,497 | +69.7% |
| Other amounts receivable | 41 | €9,449 | €4,725 | -€4,724 | -50.0% |
| Cash at bank and in hand | 54/58 | €181,600 | €165,789 | -€15,811 | -8.7% |
| Deferred charges and accrued income | 490/1 | €29,855 | - | -€29,855 | |
| Total equity and liabilities | 10/49 | €968,914 | €1,086,176 | +€117,261 | +12.1% |
| Equity | 10/15 | €140,021 | €113,794 | -€26,227 | -18.7% |
| Contributions | 10/11 | €22,500 | €22,500 | = | 0.0% |
| Reserves | 13 | €117,521 | €91,294 | -€26,227 | -22.3% |
| Non-distributable reserves | 130/1 | €1,045 | €1,045 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,045 | €1,045 | = | 0.0% |
| Distributable reserves | 133 | €116,477 | €90,250 | -€26,227 | -22.5% |
| Amounts payable | 17/49 | €828,893 | €972,381 | +€143,488 | +17.3% |
| Amounts payable after more than one year | 17 | €96,348 | €466,802 | +€370,454 | +384% |
| Financial debts | 170/4 | €96,348 | €466,802 | +€370,454 | +384% |
| Amounts payable within one year | 42/48 | €732,545 | €505,579 | -€226,966 | -31.0% |
| Current portion of amounts payable after more than one year | 42 | €91,856 | €114,361 | +€22,505 | +24.5% |
| Trade debts | 44 | €112,653 | €170,820 | +€58,167 | +51.6% |
| Suppliers | 440/4 | €112,653 | €170,820 | +€58,167 | +51.6% |
| Taxes, remuneration and social security | 45 | €54,121 | €33,526 | -€20,595 | -38.1% |
| Taxes | 450/3 | €22,588 | €3,761 | -€18,827 | -83.4% |
| Remuneration and social security | 454/9 | €31,533 | €29,766 | -€1,768 | -5.6% |
| Other amounts payable | 47/48 | €473,915 | €186,872 | -€287,043 | -60.6% |
| Remuneration, social security and pensions | 62 | €180,012 | €244,025 | +€64,013 | +35.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €173,825 | €152,899 | -€20,926 | -12.0% |
| Other operating charges | 640/8 | €63,337 | €6,301 | -€57,036 | -90.1% |
| Gross operating margin | 9900 | €424,798 | €458,375 | +€33,577 | +7.9% |
| Operating profit (loss) | 9901 | €7,624 | €55,150 | +€47,525 | +623% |
| Financial income | 75/76B | €697 | €513 | -€184 | -26.4% |
| Recurring financial income | 75 | €697 | €513 | -€184 | -26.4% |
| Financial charges | 65/66B | €5,163 | €9,348 | +€4,185 | +81.1% |
| Recurring financial charges | 65 | €5,163 | €9,348 | +€4,185 | +81.1% |
| Profit (loss) for the period before taxes | 9903 | €3,159 | €46,315 | +€43,156 | +1,366% |
| Income taxes | 67/77 | €30,623 | €37,248 | +€6,625 | +21.6% |
| Profit (loss) for the period | 9904 | -€27,465 | €9,067 | +€36,532 | |
| Profit (loss) for the period to be appropriated | 9905 | -€27,465 | €9,067 | +€36,532 |
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 19 October 2026 via checked.be.