L&O: 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&O
Largest movements
- Tangible fixed assets -€11,400
down €11,400 (-6.7%), from €171,000 to €159,600
- Receivables within one year -€4,334
down €4,334 (-100%), from €4,334 to €0
- Debts after one year -€14,846
down €14,846 (-9.5%), from €157,101 to €142,255
- Depreciation -€1,153
down €1,153 (-9.2%), from €12,553 to €11,400
- Gross operating margin -€253
down €253 (-1.6%), from €16,007 to €15,754
- Financial charges -€205
down €205 (-6.8%), from €2,994 to €2,789
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 | €238,364 | €223,312 | -€15,052 | -6.3% |
| Fixed assets | 21/28 | €171,000 | €159,600 | -€11,400 | -6.7% |
| Tangible fixed assets | 22/27 | €171,000 | €159,600 | -€11,400 | -6.7% |
| Land and buildings | 22 | €171,000 | €159,600 | -€11,400 | -6.7% |
| Current assets | 29/58 | €67,364 | €63,712 | -€3,652 | -5.4% |
| Amounts receivable within one year | 40/41 | €4,334 | €0 | -€4,334 | -100% |
| Other amounts receivable | 41 | €4,334 | €0 | -€4,334 | -100% |
| Current investments | 50/53 | €850 | €831 | -€18 | -2.1% |
| Cash at bank and in hand | 54/58 | €62,180 | €62,443 | +€263 | +0.4% |
| Deferred charges and accrued income | 490/1 | - | €437 | +€437 | |
| Total equity and liabilities | 10/49 | €238,364 | €223,312 | -€15,052 | -6.3% |
| Equity | 10/15 | €65,286 | €64,243 | -€1,043 | -1.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €157,433 | €157,433 | = | 0.0% |
| Distributable reserves | 133 | €157,433 | €157,433 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€110,748 | -€111,790 | -€1,043 | -0.9% |
| Amounts payable | 17/49 | €173,078 | €159,069 | -€14,009 | -8.1% |
| Amounts payable after more than one year | 17 | €157,101 | €142,255 | -€14,846 | -9.5% |
| Financial debts | 170/4 | €157,101 | €142,255 | -€14,846 | -9.5% |
| Amounts payable within one year | 42/48 | €15,977 | €16,814 | +€837 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €15,423 | €14,846 | -€577 | -3.7% |
| Trade debts | 44 | €169 | €1,466 | +€1,298 | +770% |
| Suppliers | 440/4 | €169 | €1,466 | +€1,298 | +770% |
| Taxes, remuneration and social security | 45 | €385 | €152 | -€233 | -60.6% |
| Taxes | 450/3 | €385 | €152 | -€233 | -60.6% |
| Other amounts payable | 47/48 | - | €349 | +€349 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,553 | €11,400 | -€1,153 | -9.2% |
| Other operating charges | 640/8 | €2,526 | €2,650 | +€124 | +4.9% |
| Gross operating margin | 9900 | €16,007 | €15,754 | -€253 | -1.6% |
| Operating profit (loss) | 9901 | €928 | €1,704 | +€776 | +83.6% |
| Financial income | 75/76B | €246 | €197 | -€49 | -19.8% |
| Recurring financial income | 75 | €246 | €197 | -€49 | -19.8% |
| Financial charges | 65/66B | €2,994 | €2,789 | -€205 | -6.8% |
| Recurring financial charges | 65 | €2,994 | €2,789 | -€205 | -6.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,821 | -€888 | +€932 | +51.2% |
| Income taxes | 67/77 | €169 | €154 | -€15 | -8.7% |
| Profit (loss) for the period | 9904 | -€1,989 | -€1,043 | +€947 | +47.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,989 | -€1,043 | +€947 | +47.6% |
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.