L&S: 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&S
Largest movements
- Receivables within one year +€24,611
up €24,611 (+74.4%), from €33,076 to €57,688
of which Other amounts receivable: +€12,924
- Tangible fixed assets -€19,758
down €19,758 (-12.6%), from €156,988 to €137,230
of which Land and buildings: -€12,766
- Cash +€14,558
up €14,558 (+12.7%), from €114,328 to €128,887
mainly Net result for the year (+€41,051) and Depreciation (+€23,902)
- Profit (loss) carried forward +€41,051
up €41,051 (+29.9%), from €137,477 to €178,529
- Debts after one year -€17,000
down €17,000 (-21.1%), from €80,750 to €63,750
- Other debts -€8,346
no longer reported in 2025 (was €8,346)
- Tax, wage and social debts +€6,401
up €6,401 (+119.3%), from €5,367 to €11,768
- Current portion of long-term debt -€5,802
down €5,802 (-25.0%), from €23,242 to €17,440
- Gross operating margin -€13,572
down €13,572 (-13.4%), from €101,271 to €87,699
- Depreciation -€4,249
down €4,249 (-15.1%), from €28,152 to €23,902
- Financial charges -€3,780
down €3,780 (-44.9%), from €8,423 to €4,643
- Staff costs -€2,166
down €2,166, from €1,331 to -€834
- Taxes +€1,305
up €1,305 (+8.6%), from €15,232 to €16,537
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 | €304,393 | €326,660 | +€22,267 | +7.3% |
| Fixed assets | 21/28 | €156,988 | €137,230 | -€19,758 | -12.6% |
| Tangible fixed assets | 22/27 | €156,988 | €137,230 | -€19,758 | -12.6% |
| Land and buildings | 22 | €124,447 | €111,681 | -€12,766 | -10.3% |
| Plant, machinery and equipment | 23 | €25,374 | €19,624 | -€5,750 | -22.7% |
| Furniture and vehicles | 24 | €6,440 | €5,380 | -€1,060 | -16.5% |
| Other tangible fixed assets | 26 | €727 | €545 | -€182 | -25.0% |
| Current assets | 29/58 | €147,405 | €189,430 | +€42,025 | +28.5% |
| Amounts receivable within one year | 40/41 | €33,076 | €57,688 | +€24,611 | +74.4% |
| Trade receivables | 40 | €32,606 | €44,294 | +€11,688 | +35.8% |
| Other amounts receivable | 41 | €470 | €13,393 | +€12,924 | +2750.2% |
| Cash at bank and in hand | 54/58 | €114,328 | €128,887 | +€14,558 | +12.7% |
| Deferred charges and accrued income | 490/1 | - | €2,856 | +€2,856 | |
| Total equity and liabilities | 10/49 | €304,393 | €326,660 | +€22,267 | +7.3% |
| Equity | 10/15 | €157,937 | €198,989 | +€41,051 | +26.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €137,477 | €178,529 | +€41,051 | +29.9% |
| Amounts payable | 17/49 | €146,455 | €127,671 | -€18,784 | -12.8% |
| Amounts payable after more than one year | 17 | €80,750 | €63,750 | -€17,000 | -21.1% |
| Financial debts | 170/4 | €80,750 | €63,750 | -€17,000 | -21.1% |
| Amounts payable within one year | 42/48 | €64,949 | €60,700 | -€4,249 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €23,242 | €17,440 | -€5,802 | -25.0% |
| Financial debts | 43 | - | €845 | +€845 | |
| Credit institutions | 430/8 | - | €845 | +€845 | |
| Trade debts | 44 | €27,994 | €30,646 | +€2,651 | +9.5% |
| Suppliers | 440/4 | €27,994 | €30,646 | +€2,651 | +9.5% |
| Taxes, remuneration and social security | 45 | €5,367 | €11,768 | +€6,401 | +119.3% |
| Taxes | 450/3 | €5,367 | €11,768 | +€6,401 | +119.3% |
| Other amounts payable | 47/48 | €8,346 | - | -€8,346 | |
| Accrued charges and deferred income | 492/3 | €756 | €3,221 | +€2,465 | +326.0% |
| Non-recurring operating income | 76A | €18,527 | - | -€18,527 | |
| Remuneration, social security and pensions | 62 | €1,331 | -€834 | -€2,166 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,152 | €23,902 | -€4,249 | -15.1% |
| Other operating charges | 640/8 | €2,552 | €2,750 | +€198 | +7.8% |
| Gross operating margin | 9900 | €101,271 | €87,699 | -€13,572 | -13.4% |
| Operating profit (loss) | 9901 | €69,236 | €61,881 | -€7,355 | -10.6% |
| Financial income | 75/76B | €277 | €349 | +€72 | +26.1% |
| Recurring financial income | 75 | €277 | €349 | +€72 | +26.1% |
| Financial charges | 65/66B | €8,423 | €4,643 | -€3,780 | -44.9% |
| Recurring financial charges | 65 | €8,423 | €4,643 | -€3,780 | -44.9% |
| Profit (loss) for the period before taxes | 9903 | €61,091 | €57,588 | -€3,503 | -5.7% |
| Income taxes | 67/77 | €15,232 | €16,537 | +€1,305 | +8.6% |
| Profit (loss) for the period | 9904 | €45,859 | €41,051 | -€4,807 | -10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €45,859 | €41,051 | -€4,807 | -10.5% |
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 4 October 2026 via checked.be.