L/L plus: what changed
Two fiscal 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/L plus
Largest movements
- Cash -€201,428
down €201,428 (-32.2%), from €625,765 to €424,337
mainly Investment in fixed assets (net) (-€277,161) and Receivables within one year (-€192,473)
- Receivables within one year +€192,473
up €192,473 (+35.5%), from €541,918 to €734,391
of which Other amounts receivable: +€199,619
- Tangible fixed assets +€178,634
up €178,634 (+19.3%), from €924,019 to €1.1m
of which Land and buildings: +€221,619
- Reserves +€79,538
up €79,538 (+4.6%), from €1.7m to €1.8m
of which Distributable reserves: +€332,138
- Trade debts +€68,208
up €68,208 (+782.1%), from €8,721 to €76,929
- Tax, wage and social debts +€36,030
up €36,030 (+119.4%), from €30,175 to €66,205
- Debts after one year -€30,243
down €30,243 (-26.7%), from €113,412 to €83,169
- Taxes +€28,723
up €28,723 (+63.1%), from €45,553 to €74,276
- Financial charges +€25,372
up €25,372 (+246.3%), from €10,303 to €35,676
of which Financial charges: +€13,172
- Financial income +€5,129
up €5,129 (+13.6%), from €37,840 to €42,969
- Gross operating margin +€2,803
up €2,803 (+1.1%), from €265,208 to €268,011
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 | €2,120,342 | €2,280,495 | +€160,154 | +7.6% |
| Fixed assets | 21/28 | €936,219 | €1,102,653 | +€166,434 | +17.8% |
| Tangible fixed assets | 22/27 | €924,019 | €1,102,653 | +€178,634 | +19.3% |
| Land and buildings | 22 | €541,869 | €763,488 | +€221,619 | +40.9% |
| Plant, machinery and equipment | 23 | €1,915 | €1,387 | -€528 | -27.6% |
| Furniture and vehicles | 24 | €48,761 | €28,824 | -€19,938 | -40.9% |
| Other tangible fixed assets | 26 | €331,473 | €308,955 | -€22,518 | -6.8% |
| Financial fixed assets | 28 | €12,200 | €0 | -€12,200 | -100.0% |
| Current assets | 29/58 | €1,184,122 | €1,177,842 | -€6,280 | -0.5% |
| Amounts receivable within one year | 40/41 | €541,918 | €734,391 | +€192,473 | +35.5% |
| Trade receivables | 40 | €35,316 | €28,170 | -€7,146 | -20.2% |
| Other amounts receivable | 41 | €506,602 | €706,221 | +€199,619 | +39.4% |
| Current investments | 50/53 | €11,869 | €11,869 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €625,765 | €424,337 | -€201,428 | -32.2% |
| Deferred charges and accrued income | 490/1 | €4,571 | €7,245 | +€2,674 | +58.5% |
| Total equity and liabilities | 10/49 | €2,120,342 | €2,280,495 | +€160,154 | +7.6% |
| Equity | 10/15 | €1,639,385 | €1,718,923 | +€79,538 | +4.9% |
| Contributions | 10/11 | €55,000 | €55,000 | = | 0.0% |
| Reserves | 13 | €1,739,659 | €1,819,197 | +€79,538 | +4.6% |
| Tax-exempt reserves | 132 | €358,330 | €105,730 | -€252,600 | -70.5% |
| Distributable reserves | 133 | €1,381,330 | €1,713,467 | +€332,138 | +24.0% |
| Profit (loss) carried forward | 14 | -€155,274 | -€155,274 | = | 0.0% |
| Provisions and deferred taxes | 16 | €35,060 | €34,060 | -€1,000 | -2.9% |
| Provisions for liabilities and charges | 160/5 | €35,060 | €34,060 | -€1,000 | -2.9% |
| Major repairs and maintenance | 162 | €35,060 | €34,060 | -€1,000 | -2.9% |
| Amounts payable | 17/49 | €445,897 | €527,513 | +€81,616 | +18.3% |
| Amounts payable after more than one year | 17 | €113,412 | €83,169 | -€30,243 | -26.7% |
| Financial debts | 170/4 | €113,412 | €83,169 | -€30,243 | -26.7% |
| Amounts payable within one year | 42/48 | €332,484 | €444,344 | +€111,860 | +33.6% |
| Current portion of amounts payable after more than one year | 42 | €30,243 | €30,243 | = | 0.0% |
| Trade debts | 44 | €8,721 | €76,929 | +€68,208 | +782.1% |
| Suppliers | 440/4 | €8,721 | €76,929 | +€68,208 | +782.1% |
| Taxes, remuneration and social security | 45 | €30,175 | €66,205 | +€36,030 | +119.4% |
| Taxes | 450/3 | €30,175 | €66,205 | +€36,030 | +119.4% |
| Other amounts payable | 47/48 | €263,345 | €270,966 | +€7,621 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,587 | €110,727 | +€2,140 | +2.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€1,000 | -€1,000 | |
| Other operating charges | 640/8 | €13,032 | €11,763 | -€1,269 | -9.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €265,208 | €268,011 | +€2,803 | +1.1% |
| Operating profit (loss) | 9901 | €143,589 | €146,521 | +€2,931 | +2.0% |
| Financial income | 75/76B | €37,840 | €42,969 | +€5,129 | +13.6% |
| Recurring financial income | 75 | €37,840 | €42,969 | +€5,129 | +13.6% |
| Financial charges | 65/66B | €10,303 | €35,676 | +€25,372 | +246.3% |
| Recurring financial charges | 65 | €10,303 | €23,476 | +€13,172 | +127.8% |
| Non-recurring financial charges | 66B | - | €12,200 | +€12,200 | |
| Profit (loss) for the period before taxes | 9903 | €171,126 | €153,814 | -€17,312 | -10.1% |
| Income taxes | 67/77 | €45,553 | €74,276 | +€28,723 | +63.1% |
| Profit (loss) for the period | 9904 | €125,572 | €79,538 | -€46,035 | -36.7% |
| Transfer from tax-exempt reserves | 789 | €84,200 | €315,750 | +€231,550 | +275.0% |
| Transfer to tax-exempt reserves | 689 | - | €63,150 | +€63,150 | |
| Profit (loss) for the period to be appropriated | 9905 | €209,772 | €332,138 | +€122,365 | +58.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.