L.P.I.: 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.P.I.
Largest movements
- Cash -€94,527
down €94,527 (-93.6%), from €100,977 to €6,450
mainly Current portion of long-term debt (-€228,989) and Trade debts (-€185,023)
- Deferred charges and accrued income -€43,609
down €43,609 (-63.2%), from €68,955 to €25,346
- Tangible fixed assets -€35,779
down €35,779 (-3.2%), from €1.1m to €1.1m
of which Land and buildings: -€26,432
- Current portion of long-term debt -€228,989
down €228,989 (-57.7%), from €396,761 to €167,771
- Short-term financial debts +€221,934
up €221,934 (+191%), from €116,393 to €338,327
- Other debts +€193,172
up €193,172 (+156%), from €124,007 to €317,179
- Trade debts -€185,023
down €185,023 (-46.4%), from €398,911 to €213,888
- Debts after one year -€161,408
down €161,408 (-31.6%), from €510,414 to €349,006
- Gross operating margin +€132,927
up €132,927 (+65.6%), from €202,590 to €335,517
- Staff costs -€77,389
down €77,389 (-23.8%), from €325,204 to €247,815
- Financial income -€60,785
down €60,785 (-38.1%), from €159,349 to €98,564
- Write-downs +€19,142
up €19,142, from €0 to €19,142
- Financial charges -€18,885
down €18,885 (-17.5%), from €108,130 to €89,244
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 | €3,033,853 | €2,870,501 | -€163,352 | -5.4% |
| Fixed assets | 21/28 | €1,102,776 | €1,066,997 | -€35,779 | -3.2% |
| Tangible fixed assets | 22/27 | €1,102,776 | €1,066,997 | -€35,779 | -3.2% |
| Land and buildings | 22 | €1,073,780 | €1,047,348 | -€26,432 | -2.5% |
| Plant, machinery and equipment | 23 | €26,030 | €17,821 | -€8,208 | -31.5% |
| Furniture and vehicles | 24 | €2,966 | €1,827 | -€1,139 | -38.4% |
| Current assets | 29/58 | €1,931,078 | €1,803,504 | -€127,574 | -6.6% |
| Stocks and contracts in progress | 3 | €843,157 | €855,022 | +€11,864 | +1.4% |
| Stocks | 30/36 | €843,157 | €855,022 | +€11,864 | +1.4% |
| Amounts receivable within one year | 40/41 | €917,988 | €916,685 | -€1,302 | -0.1% |
| Trade receivables | 40 | €86,559 | €43,158 | -€43,400 | -50.1% |
| Other amounts receivable | 41 | €831,429 | €873,527 | +€42,098 | +5.1% |
| Cash at bank and in hand | 54/58 | €100,977 | €6,450 | -€94,527 | -93.6% |
| Deferred charges and accrued income | 490/1 | €68,955 | €25,346 | -€43,609 | -63.2% |
| Total equity and liabilities | 10/49 | €3,033,853 | €2,870,501 | -€163,352 | -5.4% |
| Equity | 10/15 | €1,357,073 | €1,384,156 | +€27,083 | +2.0% |
| Contributions | 10/11 | €34,742 | €34,742 | = | 0.0% |
| Revaluation surpluses | 12 | €1,035,260 | €985,180 | -€50,080 | -4.8% |
| Reserves | 13 | €287,071 | €364,234 | +€77,163 | +26.9% |
| Tax-exempt reserves | 132 | €60,101 | €60,101 | = | 0.0% |
| Distributable reserves | 133 | €226,970 | €304,133 | +€77,163 | +34.0% |
| Amounts payable | 17/49 | €1,676,780 | €1,486,344 | -€190,435 | -11.4% |
| Amounts payable after more than one year | 17 | €510,414 | €349,006 | -€161,408 | -31.6% |
| Financial debts | 170/4 | €510,414 | €349,006 | -€161,408 | -31.6% |
| Amounts payable within one year | 42/48 | €1,145,244 | €1,090,970 | -€54,274 | -4.7% |
| Current portion of amounts payable after more than one year | 42 | €396,761 | €167,771 | -€228,989 | -57.7% |
| Financial debts | 43 | €116,393 | €338,327 | +€221,934 | +191% |
| Credit institutions | 430/8 | €116,393 | €338,327 | +€221,934 | +191% |
| Trade debts | 44 | €398,911 | €213,888 | -€185,023 | -46.4% |
| Suppliers | 440/4 | €398,911 | €213,888 | -€185,023 | -46.4% |
| Taxes, remuneration and social security | 45 | €109,173 | €53,805 | -€55,368 | -50.7% |
| Taxes | 450/3 | €60,666 | €34,029 | -€26,636 | -43.9% |
| Remuneration and social security | 454/9 | €48,507 | €19,776 | -€28,732 | -59.2% |
| Other amounts payable | 47/48 | €124,007 | €317,179 | +€193,172 | +156% |
| Accrued charges and deferred income | 492/3 | €21,122 | €46,368 | +€25,246 | +120% |
| Remuneration, social security and pensions | 62 | €325,204 | €247,815 | -€77,389 | -23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,855 | €35,779 | -€76 | -0.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €19,142 | +€19,142 | |
| Other operating charges | 640/8 | €10,916 | €14,736 | +€3,820 | +35.0% |
| Gross operating margin | 9900 | €202,590 | €335,517 | +€132,927 | +65.6% |
| Operating profit (loss) | 9901 | -€169,385 | €18,045 | +€187,430 | |
| Financial income | 75/76B | €159,349 | €98,564 | -€60,785 | -38.1% |
| Recurring financial income | 75 | €159,349 | €98,564 | -€60,785 | -38.1% |
| Financial charges | 65/66B | €108,130 | €89,244 | -€18,885 | -17.5% |
| Recurring financial charges | 65 | €108,130 | €89,244 | -€18,885 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | -€118,166 | €27,364 | +€145,530 | |
| Income taxes | 67/77 | €705 | €281 | -€424 | -60.1% |
| Profit (loss) for the period | 9904 | -€118,871 | €27,083 | +€145,954 | |
| Profit (loss) for the period to be appropriated | 9905 | -€118,871 | €27,083 | +€145,954 |
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 27 October 2026 via checked.be.