L.N.D.: 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.N.D.
Largest movements
- Cash +€38,132
up €38,132 (+43.8%), from €87,110 to €125,242
mainly Depreciation (+€22,825) and Receivables within one year (+€15,492)
- Tangible fixed assets -€22,825
down €22,825 (-6.1%), from €375,123 to €352,298
of which Land and buildings: -€22,069
- Receivables within one year -€15,492
down €15,492 (-36.1%), from €42,926 to €27,434
of which Trade receivables: -€15,492
- Reserves +€12,152
up €12,152 (+6.7%), from €180,199 to €192,351
of which Distributable reserves: +€15,000
- Trade debts -€11,641
down €11,641 (-96.3%), from €12,084 to €443
- Current portion of long-term debt -€10,401
no longer reported in 2025 (was €10,401)
- Other debts +€10,008
up €10,008 (+31.6%), from €31,638 to €41,646
- Purchases and services +€87,517
up €87,517 (+135%), from €64,771 to €152,288
- Gross operating margin -€27,662
down €27,662 (-35.4%), from €78,234 to €50,572
- Taxes -€3,519
down €3,519 (-27.4%), from €12,845 to €9,326
- Financial charges -€2,433
down €2,433 (-26.4%), from €9,201 to €6,768
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 | €543,189 | €543,004 | -€185 | 0.0% |
| Fixed assets | 21/28 | €413,153 | €390,328 | -€22,825 | -5.5% |
| Tangible fixed assets | 22/27 | €375,123 | €352,298 | -€22,825 | -6.1% |
| Land and buildings | 22 | €370,586 | €348,517 | -€22,069 | -6.0% |
| Plant, machinery and equipment | 23 | €1,698 | €1,243 | -€455 | -26.8% |
| Other tangible fixed assets | 26 | €2,839 | €2,538 | -€301 | -10.6% |
| Financial fixed assets | 28 | €38,030 | €38,030 | = | 0.0% |
| Current assets | 29/58 | €130,036 | €152,676 | +€22,640 | +17.4% |
| Amounts receivable within one year | 40/41 | €42,926 | €27,434 | -€15,492 | -36.1% |
| Trade receivables | 40 | €41,926 | €26,434 | -€15,492 | -37.0% |
| Other amounts receivable | 41 | €1,000 | €1,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €87,110 | €125,242 | +€38,132 | +43.8% |
| Total equity and liabilities | 10/49 | €543,189 | €543,004 | -€185 | 0.0% |
| Equity | 10/15 | €209,178 | €221,496 | +€12,318 | +5.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €180,199 | €192,351 | +€12,152 | +6.7% |
| Tax-exempt reserves | 132 | €55,685 | €52,837 | -€2,848 | -5.1% |
| Distributable reserves | 133 | €124,514 | €139,514 | +€15,000 | +12.0% |
| Profit (loss) carried forward | 14 | €10,379 | €10,545 | +€166 | +1.6% |
| Provisions and deferred taxes | 16 | €13,921 | €13,209 | -€712 | -5.1% |
| Deferred taxes | 168 | €13,921 | €13,209 | -€712 | -5.1% |
| Amounts payable | 17/49 | €320,090 | €308,299 | -€11,791 | -3.7% |
| Amounts payable after more than one year | 17 | €246,989 | €246,988 | -€1 | 0.0% |
| Financial debts | 170/4 | €246,989 | €246,988 | -€1 | 0.0% |
| Amounts payable within one year | 42/48 | €73,101 | €61,311 | -€11,790 | -16.1% |
| Current portion of amounts payable after more than one year | 42 | €10,401 | - | -€10,401 | |
| Trade debts | 44 | €12,084 | €443 | -€11,641 | -96.3% |
| Suppliers | 440/4 | €12,084 | €443 | -€11,641 | -96.3% |
| Advances received on contracts in progress | 46 | €840 | €2,205 | +€1,365 | +163% |
| Taxes, remuneration and social security | 45 | €18,138 | €17,017 | -€1,121 | -6.2% |
| Taxes | 450/3 | €18,138 | €17,017 | -€1,121 | -6.2% |
| Other amounts payable | 47/48 | €31,638 | €41,646 | +€10,008 | +31.6% |
| Goods, raw materials, services and sundry goods | 60/61 | €64,771 | €152,288 | +€87,517 | +135% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,959 | €22,825 | -€134 | -0.6% |
| Other operating charges | 640/8 | €387 | €83 | -€304 | -78.6% |
| Gross operating margin | 9900 | €78,234 | €50,572 | -€27,662 | -35.4% |
| Operating profit (loss) | 9901 | €54,888 | €27,664 | -€27,224 | -49.6% |
| Financial income | 75/76B | €43 | €36 | -€7 | -16.3% |
| Recurring financial income | 75 | €43 | €36 | -€7 | -16.3% |
| Financial charges | 65/66B | €9,201 | €6,768 | -€2,433 | -26.4% |
| Recurring financial charges | 65 | €9,201 | €6,768 | -€2,433 | -26.4% |
| Profit (loss) for the period before taxes | 9903 | €45,730 | €20,932 | -€24,798 | -54.2% |
| Transfer from deferred taxes | 780 | €712 | €712 | = | 0.0% |
| Income taxes | 67/77 | €12,845 | €9,326 | -€3,519 | -27.4% |
| Profit (loss) for the period | 9904 | €33,597 | €12,318 | -€21,279 | -63.3% |
| Transfer from tax-exempt reserves | 789 | €2,848 | €2,848 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €36,445 | €15,166 | -€21,279 | -58.4% |
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 23 October 2026 via checked.be.