L & K: 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 & K
Largest movements
- Cash +€364,434
up €364,434 (+140.6%), from €259,140 to €623,575
mainly Net result for the year (+€491,126) and Depreciation (+€453,548)
- Tangible fixed assets +€358,714
up €358,714 (+13.8%), from €2.6m to €3.0m
of which Plant, machinery and equipment: +€196,061
- Deferred charges and accrued income -€50,117
down €50,117 (-56.6%), from €88,483 to €38,366
- Debts after one year +€301,856
up €301,856 (+24.9%), from €1.2m to €1.5m
- Reserves +€301,126
up €301,126 (+28.8%), from €1.0m to €1.3m
of which Distributable reserves: +€303,526
- Tax, wage and social debts +€136,062
up €136,062 (+1375.5%), from €9,892 to €145,954
of which Remuneration and social security: +€87,274
- Other debts -€45,936
down €45,936 (-11.9%), from €384,632 to €338,695
- Gross operating margin +€671,004
up €671,004 (+49.6%), from €1.4m to €2.0m
- Staff costs +€161,634
up €161,634 (+25.2%), from €642,652 to €804,285
- Depreciation +€118,329
up €118,329 (+35.3%), from €335,219 to €453,548
- Taxes +€117,665
up €117,665 (+450.0%), from €26,150 to €143,815
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.
Cash bridge derived
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 | €3,304,735 | €3,983,148 | +€678,413 | +20.5% |
| Fixed assets | 21/28 | €2,641,950 | €3,000,663 | +€358,714 | +13.6% |
| Tangible fixed assets | 22/27 | €2,596,475 | €2,955,188 | +€358,714 | +13.8% |
| Land and buildings | 22 | €1,679,366 | €1,832,659 | +€153,293 | +9.1% |
| Plant, machinery and equipment | 23 | €817,965 | €1,014,026 | +€196,061 | +24.0% |
| Furniture and vehicles | 24 | €99,144 | €108,504 | +€9,360 | +9.4% |
| Financial fixed assets | 28 | €45,475 | €45,475 | = | 0.0% |
| Current assets | 29/58 | €662,785 | €982,485 | +€319,699 | +48.2% |
| Stocks and contracts in progress | 3 | €156,761 | €155,108 | -€1,653 | -1.1% |
| Stocks | 30/36 | €156,761 | €155,108 | -€1,653 | -1.1% |
| Amounts receivable within one year | 40/41 | €158,401 | €165,435 | +€7,035 | +4.4% |
| Trade receivables | 40 | €88,685 | €57,528 | -€31,157 | -35.1% |
| Other amounts receivable | 41 | €69,716 | €107,907 | +€38,191 | +54.8% |
| Cash at bank and in hand | 54/58 | €259,140 | €623,575 | +€364,434 | +140.6% |
| Deferred charges and accrued income | 490/1 | €88,483 | €38,366 | -€50,117 | -56.6% |
| Total equity and liabilities | 10/49 | €3,304,735 | €3,983,148 | +€678,413 | +20.5% |
| Equity | 10/15 | €1,106,600 | €1,407,726 | +€301,126 | +27.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,045,100 | €1,346,226 | +€301,126 | +28.8% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,150 | €18,750 | -€2,400 | -11.3% |
| Distributable reserves | 133 | €1,017,800 | €1,321,326 | +€303,526 | +29.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €800 | €0 | -€800 | -100.0% |
| Deferred taxes | 168 | €800 | €0 | -€800 | -100.0% |
| Amounts payable | 17/49 | €2,197,335 | €2,575,422 | +€378,087 | +17.2% |
| Amounts payable after more than one year | 17 | €1,213,348 | €1,515,204 | +€301,856 | +24.9% |
| Financial debts | 170/4 | €1,213,348 | €1,515,204 | +€301,856 | +24.9% |
| Amounts payable within one year | 42/48 | €959,014 | €1,035,884 | +€76,870 | +8.0% |
| Current portion of amounts payable after more than one year | 42 | €345,993 | €358,214 | +€12,221 | +3.5% |
| Trade debts | 44 | €218,498 | €193,021 | -€25,477 | -11.7% |
| Suppliers | 440/4 | €218,498 | €193,021 | -€25,477 | -11.7% |
| Taxes, remuneration and social security | 45 | €9,892 | €145,954 | +€136,062 | +1375.5% |
| Taxes | 450/3 | €1,334 | €50,123 | +€48,788 | +3656.5% |
| Remuneration and social security | 454/9 | €8,557 | €95,831 | +€87,274 | +1019.9% |
| Other amounts payable | 47/48 | €384,632 | €338,695 | -€45,936 | -11.9% |
| Accrued charges and deferred income | 492/3 | €24,972 | €24,334 | -€638 | -2.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €642,652 | €804,285 | +€161,634 | +25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €335,219 | €453,548 | +€118,329 | +35.3% |
| Other operating charges | 640/8 | €19,854 | €23,014 | +€3,160 | +15.9% |
| Gross operating margin | 9900 | €1,352,457 | €2,023,461 | +€671,004 | +49.6% |
| Operating profit (loss) | 9901 | €354,732 | €742,613 | +€387,881 | +109.3% |
| Financial income | 75/76B | €2,371 | €5,684 | +€3,313 | +139.8% |
| Recurring financial income | 75 | €2,371 | €5,684 | +€3,313 | +139.8% |
| Financial charges | 65/66B | €104,580 | €114,156 | +€9,576 | +9.2% |
| Recurring financial charges | 65 | €104,580 | €114,156 | +€9,576 | +9.2% |
| Profit (loss) for the period before taxes | 9903 | €252,523 | €634,141 | +€381,618 | +151.1% |
| Transfer from deferred taxes | 780 | €800 | €800 | = | 0.0% |
| Income taxes | 67/77 | €26,150 | €143,815 | +€117,665 | +450.0% |
| Profit (loss) for the period | 9904 | €227,173 | €491,126 | +€263,953 | +116.2% |
| Transfer from tax-exempt reserves | 789 | €2,400 | €2,400 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €229,573 | €493,526 | +€263,953 | +115.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.