L.O.: what changed
Two fiscal 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
- Receivables within one year +€14,428
up €14,428 (+132.5%), from €10,890 to €25,318
of which Trade receivables: +€14,428
- Cash -€6,775
down €6,775 (-29.8%), from €22,698 to €15,923
mainly Contributions, distributions and other (-€21,190) and Receivables within one year (-€14,428)
- Tangible fixed assets +€616
up €616 (+27.7%), from €2,228 to €2,844
of which Furniture and vehicles: +€1,094
- Deferred charges and accrued income +€477
up €477 (+48.6%), from €982 to €1,459
- Tax, wage and social debts +€4,435
up €4,435 (+27.2%), from €16,279 to €20,714
of which Taxes: +€4,435
- Trade debts +€1,782
up €1,782 (+492.4%), from €362 to €2,144
- Current portion of long-term debt +€1,197
new in 2025: €1,197
- Other debts +€1,007
up €1,007 (+5.5%), from €18,157 to €19,164
- Gross operating margin +€5,324
up €5,324 (+23.0%), from €23,138 to €28,462
- Taxes +€736
up €736 (+15.4%), from €4,791 to €5,527
- Depreciation +€539
up €539 (+332.9%), from €162 to €701
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.
Cash bridge derived
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 | €36,798 | €45,545 | +€8,747 | +23.8% |
| Fixed assets | 21/28 | €2,228 | €2,844 | +€616 | +27.7% |
| Tangible fixed assets | 22/27 | €2,228 | €2,844 | +€616 | +27.7% |
| Plant, machinery and equipment | 23 | €2,228 | €1,750 | -€478 | -21.5% |
| Furniture and vehicles | 24 | - | €1,094 | +€1,094 | |
| Current assets | 29/58 | €34,570 | €42,700 | +€8,130 | +23.5% |
| Amounts receivable within one year | 40/41 | €10,890 | €25,318 | +€14,428 | +132.5% |
| Trade receivables | 40 | €10,890 | €25,318 | +€14,428 | +132.5% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €22,698 | €15,923 | -€6,775 | -29.8% |
| Deferred charges and accrued income | 490/1 | €982 | €1,459 | +€477 | +48.6% |
| Total equity and liabilities | 10/49 | €36,798 | €45,545 | +€8,747 | +23.8% |
| Equity | 10/15 | €2,000 | €2,000 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €34,798 | €43,545 | +€8,747 | +25.1% |
| Amounts payable after more than one year | 17 | - | €326 | +€326 | |
| Financial debts | 170/4 | - | €326 | +€326 | |
| Amounts payable within one year | 42/48 | €34,798 | €43,218 | +€8,420 | +24.2% |
| Current portion of amounts payable after more than one year | 42 | - | €1,197 | +€1,197 | |
| Trade debts | 44 | €362 | €2,144 | +€1,782 | +492.4% |
| Suppliers | 440/4 | €362 | €2,144 | +€1,782 | +492.4% |
| Taxes, remuneration and social security | 45 | €16,279 | €20,714 | +€4,435 | +27.2% |
| Taxes | 450/3 | €13,879 | €18,314 | +€4,435 | +32.0% |
| Remuneration and social security | 454/9 | €2,400 | €2,400 | = | 0.0% |
| Other amounts payable | 47/48 | €18,157 | €19,164 | +€1,007 | +5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €162 | €701 | +€539 | +332.9% |
| Other operating charges | 640/8 | €567 | €722 | +€154 | +27.2% |
| Gross operating margin | 9900 | €23,138 | €28,462 | +€5,324 | +23.0% |
| Operating profit (loss) | 9901 | €22,409 | €27,039 | +€4,630 | +20.7% |
| Financial income | 75/76B | €4 | €17 | +€13 | +307.3% |
| Recurring financial income | 75 | €4 | €17 | +€13 | +307.3% |
| Financial charges | 65/66B | €117 | €339 | +€222 | +189.1% |
| Recurring financial charges | 65 | €117 | €339 | +€222 | +189.1% |
| Profit (loss) for the period before taxes | 9903 | €22,296 | €26,717 | +€4,421 | +19.8% |
| Income taxes | 67/77 | €4,791 | €5,527 | +€736 | +15.4% |
| Profit (loss) for the period | 9904 | €17,504 | €21,190 | +€3,686 | +21.1% |
| Profit (loss) for the period to be appropriated | 9905 | €17,504 | €21,190 | +€3,686 | +21.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.