L&R DISTRIBUTION: 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&R DISTRIBUTION
Largest movements
- Receivables within one year -€14,323
no longer reported in 2025 (was €14,323)
- Tangible fixed assets -€8,886
down €8,886 (-25.9%), from €34,353 to €25,467
of which Land and buildings: -€8,736
- Stocks and contracts -€2,550
down €2,550 (-7.9%), from €32,403 to €29,853
- Cash -€2,111
down €2,111 (-87.4%), from €2,415 to €304
mainly Tax, wage and social debts (-€26,315) and Trade debts (-€16,974)
- Other debts +€40,277
up €40,277 (+6.1%), from €662,312 to €702,589
- Tax, wage and social debts -€26,315
down €26,315 (-26.2%), from €100,512 to €74,197
of which Taxes: -€26,315
- Trade debts -€16,974
down €16,974 (-44.1%), from €38,459 to €21,485
- Profit (loss) carried forward -€16,542
down €16,542 (-2.1%), from -€773,727 to -€790,269
- Debts after one year -€7,401
down €7,401 (-26.8%), from €27,623 to €20,222
- Staff costs -€18,708
no longer reported in 2025 (was €18,708)
- Gross operating margin +€12,996
up €12,996 (+85.0%), from -€15,291 to -€2,295
- Financial charges -€3,949
down €3,949 (-44.1%), from €8,951 to €5,003
- Other operating charges -€2,214
down €2,214 (-85.2%), from €2,598 to €384
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 | €83,494 | €55,624 | -€27,870 | -33.4% |
| Fixed assets | 21/28 | €34,353 | €25,467 | -€8,886 | -25.9% |
| Tangible fixed assets | 22/27 | €34,353 | €25,467 | -€8,886 | -25.9% |
| Land and buildings | 22 | €33,790 | €25,055 | -€8,736 | -25.9% |
| Furniture and vehicles | 24 | €563 | €413 | -€150 | -26.7% |
| Current assets | 29/58 | €49,141 | €30,157 | -€18,984 | -38.6% |
| Stocks and contracts in progress | 3 | €32,403 | €29,853 | -€2,550 | -7.9% |
| Stocks | 30/36 | €32,403 | €29,853 | -€2,550 | -7.9% |
| Amounts receivable within one year | 40/41 | €14,323 | - | -€14,323 | |
| Trade receivables | 40 | €14,323 | - | -€14,323 | |
| Cash at bank and in hand | 54/58 | €2,415 | €304 | -€2,111 | -87.4% |
| Total equity and liabilities | 10/49 | €83,494 | €55,624 | -€27,870 | -33.4% |
| Equity | 10/15 | -€753,727 | -€770,269 | -€16,542 | -2.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€773,727 | -€790,269 | -€16,542 | -2.1% |
| Amounts payable | 17/49 | €837,222 | €825,893 | -€11,328 | -1.4% |
| Amounts payable after more than one year | 17 | €27,623 | €20,222 | -€7,401 | -26.8% |
| Financial debts | 170/4 | €27,623 | €20,222 | -€7,401 | -26.8% |
| Amounts payable within one year | 42/48 | €809,599 | €805,672 | -€3,927 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €8,316 | €7,401 | -€915 | -11.0% |
| Trade debts | 44 | €38,459 | €21,485 | -€16,974 | -44.1% |
| Suppliers | 440/4 | €38,459 | €21,485 | -€16,974 | -44.1% |
| Taxes, remuneration and social security | 45 | €100,512 | €74,197 | -€26,315 | -26.2% |
| Taxes | 450/3 | €96,395 | €70,080 | -€26,315 | -27.3% |
| Remuneration and social security | 454/9 | €4,117 | €4,117 | = | 0.0% |
| Other amounts payable | 47/48 | €662,312 | €702,589 | +€40,277 | +6.1% |
| Remuneration, social security and pensions | 62 | €18,708 | - | -€18,708 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,914 | €8,886 | -€28 | -0.3% |
| Other operating charges | 640/8 | €2,598 | €384 | -€2,214 | -85.2% |
| Gross operating margin | 9900 | -€15,291 | -€2,295 | +€12,996 | +85.0% |
| Operating profit (loss) | 9901 | -€45,511 | -€11,565 | +€33,946 | +74.6% |
| Financial income | 75/76B | €35 | €26 | -€9 | -26.4% |
| Recurring financial income | 75 | €35 | €26 | -€9 | -26.4% |
| Financial charges | 65/66B | €8,951 | €5,003 | -€3,949 | -44.1% |
| Recurring financial charges | 65 | €8,951 | €5,003 | -€3,949 | -44.1% |
| Profit (loss) for the period before taxes | 9903 | -€54,427 | -€16,542 | +€37,886 | +69.6% |
| Profit (loss) for the period | 9904 | -€54,427 | -€16,542 | +€37,886 | +69.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€54,427 | -€16,542 | +€37,886 | +69.6% |
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 19 October 2026 via checked.be.