L.J.MANAGEMENT: 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.J.MANAGEMENT
Largest movements
- Receivables within one year +€156,829
up €156,829 (+40.1%), from €390,898 to €547,727
of which Other amounts receivable: +€122,126
- Tangible fixed assets +€56,498
up €56,498 (+2.9%), from €2.0m to €2.0m
of which Leasing and similar rights: +€70,151
- Cash -€50,360
down €50,360 (-45.2%), from €111,353 to €60,993
mainly Receivables within one year (-€156,829) and Debts after one year (-€146,306)
- Reserves +€147,350
up €147,350 (+118%), from €125,110 to €272,460
of which Tax-exempt reserves: +€147,350
- Debts after one year -€146,306
down €146,306 (-8.8%), from €1.7m to €1.5m
of which Financial debts: -€129,472
- Profit (loss) carried forward +€110,892
up €110,892 (+9.6%), from €1.2m to €1.3m
- Other operating income +€232,801
up €232,801 (+46.2%), from €503,379 to €736,181
- Taxes +€78,571
up €78,571 (+776%), from €10,128 to €88,699
of which Taxes: +€78,546
- Services and other goods -€57,359
down €57,359 (-19.1%), from €300,117 to €242,758
- Other operating charges +€15,819
up €15,819 (+166%), from €9,519 to €25,338
- Depreciation +€10,364
up €10,364 (+15.9%), from €65,058 to €75,422
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 | €4,431,255 | €4,598,058 | +€166,803 | +3.8% |
| Fixed assets | 21/28 | €3,927,609 | €3,984,107 | +€56,498 | +1.4% |
| Tangible fixed assets | 22/27 | €1,964,846 | €2,021,344 | +€56,498 | +2.9% |
| Land and buildings | 22 | €1,935,593 | €1,872,795 | -€62,798 | -3.2% |
| Plant, machinery and equipment | 23 | €29,253 | €78,398 | +€49,144 | +168% |
| Leasing and similar rights | 25 | - | €70,151 | +€70,151 | |
| Financial fixed assets | 28 | €1,962,763 | €1,962,763 | = | 0.0% |
| Affiliated companies | 280/1 | €1,962,400 | €1,962,400 | = | 0.0% |
| Participating interests | 280 | €1,962,400 | €1,962,400 | = | 0.0% |
| Other financial fixed assets | 284/8 | €363 | €363 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €503,646 | €613,951 | +€110,305 | +21.9% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €390,898 | €547,727 | +€156,829 | +40.1% |
| Trade receivables | 40 | €39,465 | €74,169 | +€34,704 | +87.9% |
| Other amounts receivable | 41 | €351,433 | €473,558 | +€122,126 | +34.8% |
| Cash at bank and in hand | 54/58 | €111,353 | €60,993 | -€50,360 | -45.2% |
| Deferred charges and accrued income | 490/1 | €1,395 | €5,231 | +€3,836 | +275% |
| Total equity and liabilities | 10/49 | €4,431,255 | €4,598,058 | +€166,803 | +3.8% |
| Equity | 10/15 | €2,519,763 | €2,778,005 | +€258,242 | +10.2% |
| Contributions | 10/11 | €1,238,700 | €1,238,700 | = | 0.0% |
| Reserves | 13 | €125,110 | €272,460 | +€147,350 | +118% |
| Tax-exempt reserves | 132 | - | €147,350 | +€147,350 | |
| Distributable reserves | 133 | €125,110 | €125,110 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,155,953 | €1,266,845 | +€110,892 | +9.6% |
| Amounts payable | 17/49 | €1,911,492 | €1,820,053 | -€91,439 | -4.8% |
| Amounts payable after more than one year | 17 | €1,653,853 | €1,507,547 | -€146,306 | -8.8% |
| Financial debts | 170/4 | €984,469 | €854,997 | -€129,472 | -13.2% |
| Leasing and similar obligations | 172 | - | €55,464 | +€55,464 | |
| Credit institutions | 173 | €984,469 | €799,534 | -€184,935 | -18.8% |
| Other amounts payable | 178/9 | €669,384 | €652,550 | -€16,834 | -2.5% |
| Amounts payable within one year | 42/48 | €215,389 | €269,264 | +€53,875 | +25.0% |
| Current portion of amounts payable after more than one year | 42 | €183,643 | €199,595 | +€15,952 | +8.7% |
| Trade debts | 44 | €1,011 | €725 | -€286 | -28.3% |
| Suppliers | 440/4 | €1,011 | €725 | -€286 | -28.3% |
| Taxes, remuneration and social security | 45 | €23,001 | €17,931 | -€5,070 | -22.0% |
| Taxes | 450/3 | €153 | €0 | -€153 | -100% |
| Remuneration and social security | 454/9 | €22,848 | €17,931 | -€4,917 | -21.5% |
| Other amounts payable | 47/48 | €7,734 | €51,014 | +€43,280 | +560% |
| Accrued charges and deferred income | 492/3 | €42,251 | €43,242 | +€991 | +2.3% |
| Operating income | 70/76A | €658,310 | €896,207 | +€237,897 | +36.1% |
| Turnover | 70 | €154,931 | €160,027 | +€5,096 | +3.3% |
| Other operating income | 74 | €503,379 | €736,181 | +€232,801 | +46.2% |
| Operating charges | 60/66A | €563,841 | €530,387 | -€33,454 | -5.9% |
| Services and other goods | 61 | €300,117 | €242,758 | -€57,359 | -19.1% |
| Remuneration, social security and pensions | 62 | €189,146 | €186,868 | -€2,277 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,058 | €75,422 | +€10,364 | +15.9% |
| Other operating charges | 640/8 | €9,519 | €25,338 | +€15,819 | +166% |
| Operating profit (loss) | 9901 | €94,470 | €365,820 | +€271,351 | +287% |
| Financial income | 75/76B | €20,650 | €20,633 | -€17 | -0.1% |
| Recurring financial income | 75 | €20,650 | €20,633 | -€17 | -0.1% |
| Income from current assets | 751 | €20,615 | €20,133 | -€481 | -2.3% |
| Other financial income | 752/9 | €36 | €500 | +€464 | +1,292% |
| Financial charges | 65/66B | €43,002 | €39,512 | -€3,489 | -8.1% |
| Recurring financial charges | 65 | €43,002 | €39,512 | -€3,489 | -8.1% |
| Debt charges | 650 | €42,499 | €38,827 | -€3,672 | -8.6% |
| Other financial charges | 652/9 | €502 | €686 | +€183 | +36.5% |
| Profit (loss) for the period before taxes | 9903 | €72,119 | €346,941 | +€274,823 | +381% |
| Income taxes | 67/77 | €10,128 | €88,699 | +€78,571 | +776% |
| Taxes | 670/3 | €10,153 | €88,699 | +€78,546 | +774% |
| Tax adjustments and reversals of tax provisions | 77 | €25 | €0 | -€25 | -100% |
| Profit (loss) for the period | 9904 | €61,990 | €258,242 | +€196,252 | +317% |
| Transfer to tax-exempt reserves | 689 | - | €147,350 | +€147,350 | |
| Profit (loss) for the period to be appropriated | 9905 | €61,990 | €110,892 | +€48,902 | +78.9% |
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 31 October 2026 via checked.be.