L&N Exclusive: 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 Exclusive
Largest movements
- Receivables within one year -€129,851
down €129,851 (-91.2%), from €142,379 to €12,529
of which Trade receivables: -€129,851
- Stocks and contracts -€127,984
down €127,984 (-66.2%), from €193,472 to €65,488
- Intangible fixed assets -€39,499
down €39,499 (-60.0%), from €65,820 to €26,321
- Tangible fixed assets +€17,398
up €17,398 (+1,071%), from €1,625 to €19,023
- Cash +€14,139
up €14,139 (+104%), from €13,553 to €27,692
mainly Receivables within one year (+€129,851) and Stocks and contracts (+€127,984)
- Advances received -€138,769
down €138,769 (-87.8%), from €158,099 to €19,330
- Trade debts -€138,036
down €138,036 (-97.1%), from €142,159 to €4,122
- Profit (loss) carried forward -€39,620
down €39,620 (-66.5%), from -€59,580 to -€99,200
- Tax, wage and social debts +€31,448
up €31,448 (+592%), from €5,311 to €36,759
- Debts after one year +€11,839
up €11,839 (+9.5%), from €124,000 to €135,839
- Gross operating margin -€6,773
down €6,773 (-28.3%), from €23,912 to €17,139
- Financial charges +€6,260
up €6,260 (+117%), from €5,344 to €11,604
- Depreciation +€3,304
up €3,304 (+8.3%), from €39,774 to €43,078
- Financial income -€1,140
down €1,140 (-91.8%), from €1,242 to €102
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 | €427,088 | €151,598 | -€275,491 | -64.5% |
| Fixed assets | 21/28 | €67,445 | €45,344 | -€22,100 | -32.8% |
| Intangible fixed assets | 21 | €65,820 | €26,321 | -€39,499 | -60.0% |
| Tangible fixed assets | 22/27 | €1,625 | €19,023 | +€17,398 | +1,071% |
| Furniture and vehicles | 24 | €1,625 | €19,023 | +€17,398 | +1,071% |
| Current assets | 29/58 | €359,644 | €106,253 | -€253,391 | -70.5% |
| Stocks and contracts in progress | 3 | €193,472 | €65,488 | -€127,984 | -66.2% |
| Stocks | 30/36 | €193,472 | €65,488 | -€127,984 | -66.2% |
| Amounts receivable within one year | 40/41 | €142,379 | €12,529 | -€129,851 | -91.2% |
| Trade receivables | 40 | €142,379 | €12,529 | -€129,851 | -91.2% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €13,553 | €27,692 | +€14,139 | +104% |
| Deferred charges and accrued income | 490/1 | €10,240 | €545 | -€9,695 | -94.7% |
| Total equity and liabilities | 10/49 | €427,088 | €151,598 | -€275,491 | -64.5% |
| Equity | 10/15 | -€29,580 | -€69,200 | -€39,620 | -134% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,580 | -€99,200 | -€39,620 | -66.5% |
| Amounts payable | 17/49 | €456,669 | €220,798 | -€235,871 | -51.7% |
| Amounts payable after more than one year | 17 | €124,000 | €135,839 | +€11,839 | +9.5% |
| Financial debts | 170/4 | €124,000 | €135,839 | +€11,839 | +9.5% |
| Amounts payable within one year | 42/48 | €331,969 | €82,680 | -€249,289 | -75.1% |
| Current portion of amounts payable after more than one year | 42 | - | €4,985 | +€4,985 | |
| Trade debts | 44 | €142,159 | €4,122 | -€138,036 | -97.1% |
| Suppliers | 440/4 | €142,159 | €4,122 | -€138,036 | -97.1% |
| Advances received on contracts in progress | 46 | €158,099 | €19,330 | -€138,769 | -87.8% |
| Taxes, remuneration and social security | 45 | €5,311 | €36,759 | +€31,448 | +592% |
| Taxes | 450/3 | €5,311 | €36,759 | +€31,448 | +592% |
| Other amounts payable | 47/48 | €26,400 | €17,484 | -€8,916 | -33.8% |
| Accrued charges and deferred income | 492/3 | €700 | €2,279 | +€1,579 | +226% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,774 | €43,078 | +€3,304 | +8.3% |
| Other operating charges | 640/8 | €575 | €342 | -€233 | -40.6% |
| Non-recurring operating charges | 66A | - | €1,625 | +€1,625 | |
| Gross operating margin | 9900 | €23,912 | €17,139 | -€6,773 | -28.3% |
| Operating profit (loss) | 9901 | -€16,437 | -€27,905 | -€11,468 | -69.8% |
| Financial income | 75/76B | €1,242 | €102 | -€1,140 | -91.8% |
| Recurring financial income | 75 | €1,242 | €102 | -€1,140 | -91.8% |
| Financial charges | 65/66B | €5,344 | €11,604 | +€6,260 | +117% |
| Recurring financial charges | 65 | €5,344 | €11,604 | +€6,260 | +117% |
| Profit (loss) for the period before taxes | 9903 | -€20,539 | -€39,408 | -€18,868 | -91.9% |
| Income taxes | 67/77 | - | €212 | +€212 | |
| Profit (loss) for the period | 9904 | -€20,539 | -€39,620 | -€19,080 | -92.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,539 | -€39,620 | -€19,080 | -92.9% |
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 31 October 2026 via checked.be.