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
- Stocks and contracts -€81,460
no longer reported in 2025 (was €81,460)
- Receivables within one year -€4,875
down €4,875 (-7.5%), from €65,409 to €60,534
of which Trade receivables: -€25,146
- Financial fixed assets -€4,050
no longer reported in 2025 (was €4,050)
- Cash +€2,324
up €2,324 (+14.0%), from €16,566 to €18,889
mainly Stocks and contracts (+€81,460) and Accrued charges and deferred income (+€37,982)
- Profit (loss) carried forward -€97,149
new in 2025: -€97,149
- Accrued charges and deferred income +€37,982
new in 2025: €37,982
- Reserves -€24,170
down €24,170 (-39.3%), from €61,478 to €37,308
of which Distributable reserves: -€24,170
- Tax, wage and social debts -€5,100
no longer reported in 2025 (was €5,100)
- Gross operating margin -€77,211
down €77,211 (-211%), from -€36,658 to -€113,869
- Other operating charges +€5,970
up €5,970 (+332%), from €1,797 to €7,767
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 | €167,485 | €79,423 | -€88,062 | -52.6% |
| Fixed assets | 21/28 | €4,050 | - | -€4,050 | |
| Financial fixed assets | 28 | €4,050 | - | -€4,050 | |
| Current assets | 29/58 | €163,435 | €79,423 | -€84,012 | -51.4% |
| Stocks and contracts in progress | 3 | €81,460 | - | -€81,460 | |
| Stocks | 30/36 | €81,460 | - | -€81,460 | |
| Amounts receivable within one year | 40/41 | €65,409 | €60,534 | -€4,875 | -7.5% |
| Trade receivables | 40 | €64,590 | €39,443 | -€25,146 | -38.9% |
| Other amounts receivable | 41 | €819 | €21,091 | +€20,271 | +2,474% |
| Cash at bank and in hand | 54/58 | €16,566 | €18,889 | +€2,324 | +14.0% |
| Total equity and liabilities | 10/49 | €167,485 | €79,423 | -€88,062 | -52.6% |
| Equity | 10/15 | €161,478 | €40,158 | -€121,319 | -75.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €61,478 | €37,308 | -€24,170 | -39.3% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €51,478 | €27,308 | -€24,170 | -47.0% |
| Profit (loss) carried forward | 14 | - | -€97,149 | -€97,149 | |
| Amounts payable | 17/49 | €6,007 | €39,265 | +€33,258 | +554% |
| Amounts payable within one year | 42/48 | €6,007 | €1,283 | -€4,725 | -78.6% |
| Trade debts | 44 | €666 | €1,283 | +€617 | +92.7% |
| Suppliers | 440/4 | €666 | €1,283 | +€617 | +92.7% |
| Taxes, remuneration and social security | 45 | €5,100 | - | -€5,100 | |
| Taxes | 450/3 | €5,100 | - | -€5,100 | |
| Other amounts payable | 47/48 | €242 | - | -€242 | |
| Accrued charges and deferred income | 492/3 | - | €37,982 | +€37,982 | |
| Non-recurring operating income | 76A | - | €541 | +€541 | |
| Other operating charges | 640/8 | €1,797 | €7,767 | +€5,970 | +332% |
| Gross operating margin | 9900 | -€36,658 | -€113,869 | -€77,211 | -211% |
| Operating profit (loss) | 9901 | -€38,455 | -€121,636 | -€83,181 | -216% |
| Financial income | 75/76B | - | €390 | +€390 | |
| Recurring financial income | 75 | - | €390 | +€390 | |
| Financial charges | 65/66B | €21 | €74 | +€53 | +257% |
| Recurring financial charges | 65 | €21 | €74 | +€53 | +257% |
| Profit (loss) for the period before taxes | 9903 | -€38,475 | -€121,319 | -€82,844 | -215% |
| Profit (loss) for the period | 9904 | -€38,475 | -€121,319 | -€82,844 | -215% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,475 | -€121,319 | -€82,844 | -215% |
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 14 October 2026 via checked.be.