L & K PROJECTS: 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 & K PROJECTS
NACE 46.419, Wholesale trade
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.2m
2024 · €1.4m+€1.8m
Equity
€15.1m
2024 · €8.0m+€7.1m
Cash
€3.2m
2024 · €2.3m+€916,660
Balance sheet total
€15.4m
2024 · €8.4m+€7.0m
Largest movements
Assets
- Financial fixed assets +€4.3m
up €4.3m (+168.1%), from €2.6m to €6.9m
- Receivables within one year +€1.1m
up €1.1m (+79.8%), from €1.4m to €2.5m
of which Other amounts receivable: +€1.8m
- Cash +€916,660
up €916,660 (+39.5%), from €2.3m to €3.2m
mainly Contributions, distributions and other (+€3.9m) and Net result for the year (+€3.2m)
- Tangible fixed assets +€438,868
up €438,868 (+32.3%), from €1.4m to €1.8m
of which Assets under construction and advance payments: +€391,451
- Current investments +€298,502
up €298,502 (+42.6%), from €700,000 to €998,502
Equity and liabilities
- Contributions +€4.3m
up €4.3m (+686.6%), from €621,424 to €4.9m
- Reserves +€2.8m
up €2.8m (+38.3%), from €7.4m to €10.2m
of which Distributable reserves: +€2.9m
Income statement
- Turnover +€1.8m
up €1.8m (+11.1%), from €16.2m to €18.1m
- Goods and materials +€1.7m
up €1.7m (+12.2%), from €14.1m to €15.8m
- Financial income +€1.6m
up €1.6m (+192.6%), from €849,607 to €2.5m
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
€1.4m
Turnover
+€1.8m
Other operating income
-€8,874
Goods and materials
-€1.7m
Services and other goods
+€27,371
Depreciation
+€60,654
Other operating charges
+€186
Financial income
+€1.6m
Financial charges
+€528
Taxes
-€49,047
Result 2025
€3.2m
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.
From operations
+€2.2m
Investment
-€5.2m
Financing
+€3.9m
Cash 2024
€2.3m
From operations (derived)
+€2.2m
Net result for the year
+€3.2m
Depreciation
+€148,162
Receivables within one year
-€1.1m
Smaller working-capital items
-€11,629
Trade debts
+€94,446
Tax, wage and social debts
-€25,465
Other debts
-€130,812
Investment (derived)
-€5.2m
Investment in fixed assets (net)
-€4.9m
Current investments
-€298,502
Financing
+€3.9m
Contributions, distributions and other
+€3.9m
Cash 2025
€3.2m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,368,918 | €15,399,789 | +€7.0m | +84.0% |
| Fixed assets | 21/28 | €3,977,941 | €8,704,560 | +€4.7m | +118.8% |
| Intangible fixed assets | 21 | €61,644 | €46,644 | -€15,000 | -24.3% |
| Tangible fixed assets | 22/27 | €1,356,903 | €1,795,771 | +€438,868 | +32.3% |
| Land and buildings | 22 | €659,029 | €732,398 | +€73,369 | +11.1% |
| Plant, machinery and equipment | 23 | €31,839 | €26,698 | -€5,142 | -16.1% |
| Furniture and vehicles | 24 | - | €4,617 | +€4,617 | |
| Other tangible fixed assets | 26 | €313,853 | €288,426 | -€25,427 | -8.1% |
| Assets under construction and advance payments | 27 | €352,182 | €743,632 | +€391,451 | +111.2% |
| Financial fixed assets | 28 | €2,559,395 | €6,862,146 | +€4.3m | +168.1% |
| Affiliated companies | 280/1 | €2,559,395 | €6,862,146 | +€4.3m | +168.1% |
| Participating interests | 280 | €2,559,395 | €6,862,146 | +€4.3m | +168.1% |
| Current assets | 29/58 | €4,390,977 | €6,695,229 | +€2.3m | +52.5% |
| Amounts receivable within one year | 40/41 | €1,363,286 | €2,451,690 | +€1.1m | +79.8% |
| Trade receivables | 40 | €945,724 | €264,073 | -€681,651 | -72.1% |
| Other amounts receivable | 41 | €417,562 | €2,187,617 | +€1.8m | +423.9% |
| Current investments | 50/53 | €700,000 | €998,502 | +€298,502 | +42.6% |
| Other investments | 51/53 | €700,000 | €998,502 | +€298,502 | +42.6% |
| Cash at bank and in hand | 54/58 | €2,321,281 | €3,237,941 | +€916,660 | +39.5% |
| Deferred charges and accrued income | 490/1 | €6,410 | €7,096 | +€686 | +10.7% |
| Total equity and liabilities | 10/49 | €8,368,918 | €15,399,789 | +€7.0m | +84.0% |
| Equity | 10/15 | €8,027,721 | €15,131,366 | +€7.1m | +88.5% |
| Contributions | 10/11 | €621,424 | €4,888,415 | +€4.3m | +686.6% |
| Reserves | 13 | €7,406,297 | €10,242,951 | +€2.8m | +38.3% |
| Tax-exempt reserves | 132 | €1,073,550 | €1,031,450 | -€42,100 | -3.9% |
| Distributable reserves | 133 | €6,332,747 | €9,211,501 | +€2.9m | +45.5% |
| Amounts payable | 17/49 | €341,197 | €268,423 | -€72,774 | -21.3% |
| Amounts payable within one year | 42/48 | €325,916 | €264,086 | -€61,830 | -19.0% |
| Trade debts | 44 | €119,504 | €213,950 | +€94,446 | +79.0% |
| Suppliers | 440/4 | €119,504 | €213,950 | +€94,446 | +79.0% |
| Taxes, remuneration and social security | 45 | €45,794 | €20,329 | -€25,465 | -55.6% |
| Taxes | 450/3 | €45,794 | €20,329 | -€25,465 | -55.6% |
| Other amounts payable | 47/48 | €160,619 | €29,807 | -€130,812 | -81.4% |
| Accrued charges and deferred income | 492/3 | €15,281 | €4,338 | -€10,943 | -71.6% |
| Operating income | 70/76A | €16,317,396 | €18,116,973 | +€1.8m | +11.0% |
| Turnover | 70 | €16,242,684 | €18,051,134 | +€1.8m | +11.1% |
| Other operating income | 74 | €74,713 | €65,839 | -€8,874 | -11.9% |
| Operating charges | 60/66A | €14,897,143 | €16,531,426 | +€1.6m | +11.0% |
| Goods for resale, raw materials and consumables | 60 | €14,126,036 | €15,848,529 | +€1.7m | +12.2% |
| Purchases | 600/8 | €14,126,036 | €15,848,529 | +€1.7m | +12.2% |
| Services and other goods | 61 | €558,463 | €531,092 | -€27,371 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €208,815 | €148,162 | -€60,654 | -29.0% |
| Other operating charges | 640/8 | €3,830 | €3,643 | -€186 | -4.9% |
| Operating profit (loss) | 9901 | €1,420,253 | €1,585,547 | +€165,294 | +11.6% |
| Financial income | 75/76B | €849,607 | €2,485,679 | +€1.6m | +192.6% |
| Recurring financial income | 75 | €849,607 | €2,485,679 | +€1.6m | +192.6% |
| Income from financial fixed assets | 750 | €420,000 | €2,000,000 | +€1.6m | +376.2% |
| Income from current assets | 751 | €26,829 | €16,888 | -€9,941 | -37.1% |
| Other financial income | 752/9 | €402,778 | €468,791 | +€66,013 | +16.4% |
| Financial charges | 65/66B | €474,147 | €473,618 | -€528 | -0.1% |
| Recurring financial charges | 65 | €474,147 | €473,618 | -€528 | -0.1% |
| Debt charges | 650 | €15,208 | €4,338 | -€10,870 | -71.5% |
| Other financial charges | 652/9 | €458,939 | €469,281 | +€10,342 | +2.3% |
| Profit (loss) for the period before taxes | 9903 | €1,795,713 | €3,597,608 | +€1.8m | +100.3% |
| Income taxes | 67/77 | €347,668 | €396,714 | +€49,047 | +14.1% |
| Taxes | 670/3 | €347,668 | €396,714 | +€49,047 | +14.1% |
| Profit (loss) for the period | 9904 | €1,448,046 | €3,200,894 | +€1.8m | +121.0% |
| Transfer from tax-exempt reserves | 789 | €168,400 | €421,000 | +€252,600 | +150.0% |
| Transfer to tax-exempt reserves | 689 | €63,150 | €378,900 | +€315,750 | +500.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,553,296 | €3,242,994 | +€1.7m | +108.8% |
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 10 October 2026 via checked.be.