L & M: 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 & M
Largest movements
- Tangible fixed assets -€2,824
down €2,824 (-5.6%), from €50,446 to €47,622
of which Land and buildings: -€2,824
- Other debts -€11,862
down €11,862 (-55.4%), from €21,399 to €9,537
- Profit (loss) carried forward +€6,712
up €6,712 (+6.0%), from -€111,883 to -€105,171
- Short-term financial debts +€1,060
up €1,060 (+18.1%), from €5,868 to €6,927
- Trade debts +€1,002
up €1,002 (+795%), from €126 to €1,128
- Gross operating margin +€1,710
up €1,710 (+14.1%), from €12,112 to €13,822
- Other operating charges +€174
up €174 (+6.3%), from €2,770 to €2,944
- Financial charges -€161
down €161 (-10.7%), from €1,504 to €1,343
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €51,824 | €48,736 | -€3,089 | -6.0% |
| Fixed assets | 21/28 | €50,446 | €47,622 | -€2,824 | -5.6% |
| Tangible fixed assets | 22/27 | €50,446 | €47,622 | -€2,824 | -5.6% |
| Land and buildings | 22 | €35,985 | €33,162 | -€2,824 | -7.8% |
| Other tangible fixed assets | 26 | €14,460 | €14,460 | = | 0.0% |
| Current assets | 29/58 | €1,378 | €1,114 | -€265 | -19.2% |
| Amounts receivable within one year | 40/41 | €893 | €609 | -€284 | -31.8% |
| Trade receivables | 40 | €893 | €609 | -€284 | -31.8% |
| Deferred charges and accrued income | 490/1 | €485 | €505 | +€19 | +4.0% |
| Total equity and liabilities | 10/49 | €51,824 | €48,736 | -€3,089 | -6.0% |
| Equity | 10/15 | €24,432 | €31,143 | +€6,712 | +27.5% |
| Contributions | 10/11 | €133,863 | €133,863 | = | 0.0% |
| Capital | 10 | €133,863 | €133,863 | = | 0.0% |
| Issued capital | 100 | €133,863 | €133,863 | = | 0.0% |
| Reserves | 13 | €2,452 | €2,452 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,452 | €2,452 | = | 0.0% |
| Legal reserve | 130 | €2,452 | €2,452 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€111,883 | -€105,171 | +€6,712 | +6.0% |
| Amounts payable | 17/49 | €27,392 | €17,592 | -€9,800 | -35.8% |
| Amounts payable within one year | 42/48 | €27,392 | €17,592 | -€9,800 | -35.8% |
| Financial debts | 43 | €5,868 | €6,927 | +€1,060 | +18.1% |
| Credit institutions | 430/8 | €5,868 | €6,927 | +€1,060 | +18.1% |
| Trade debts | 44 | €126 | €1,128 | +€1,002 | +795% |
| Suppliers | 440/4 | €126 | €1,128 | +€1,002 | +795% |
| Other amounts payable | 47/48 | €21,399 | €9,537 | -€11,862 | -55.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,824 | €2,824 | = | 0.0% |
| Other operating charges | 640/8 | €2,770 | €2,944 | +€174 | +6.3% |
| Gross operating margin | 9900 | €12,112 | €13,822 | +€1,710 | +14.1% |
| Operating profit (loss) | 9901 | €6,518 | €8,054 | +€1,536 | +23.6% |
| Financial charges | 65/66B | €1,504 | €1,343 | -€161 | -10.7% |
| Recurring financial charges | 65 | €1,504 | €1,343 | -€161 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €5,015 | €6,712 | +€1,697 | +33.8% |
| Profit (loss) for the period | 9904 | €5,015 | €6,712 | +€1,697 | +33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €5,015 | €6,712 | +€1,697 | +33.8% |
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 13 October 2026 via checked.be.