L&S: 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&S
Largest movements
- Cash -€31,905
down €31,905 (-70.8%), from €45,047 to €13,142
mainly Trade debts (-€25,623) and Debts after one year (-€22,712)
- Tangible fixed assets -€30,660
down €30,660 (-12.5%), from €245,364 to €214,704
of which Land and buildings: -€23,345
- Receivables within one year +€14,424
up €14,424 (+35.2%), from €40,959 to €55,384
of which Trade receivables: +€16,672
- Intangible fixed assets -€3,523
down €3,523 (-20.0%), from €17,615 to €14,092
- Trade debts -€25,623
down €25,623 (-65.1%), from €39,338 to €13,715
- Debts after one year -€22,712
down €22,712 (-10.1%), from €225,053 to €202,341
- Gross operating margin -€23,968
down €23,968 (-13.0%), from €184,724 to €160,756
- Taxes -€4,055
down €4,055 (-46.0%), from €8,815 to €4,760
- Depreciation -€2,189
down €2,189 (-6.0%), from €36,372 to €34,183
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 | €350,745 | €299,081 | -€51,664 | -14.7% |
| Fixed assets | 21/28 | €263,004 | €228,821 | -€34,183 | -13.0% |
| Intangible fixed assets | 21 | €17,615 | €14,092 | -€3,523 | -20.0% |
| Tangible fixed assets | 22/27 | €245,364 | €214,704 | -€30,660 | -12.5% |
| Land and buildings | 22 | €233,310 | €209,965 | -€23,345 | -10.0% |
| Plant, machinery and equipment | 23 | €1,153 | €347 | -€805 | -69.9% |
| Furniture and vehicles | 24 | €10,901 | €4,392 | -€6,509 | -59.7% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €87,741 | €70,261 | -€17,481 | -19.9% |
| Amounts receivable within one year | 40/41 | €40,959 | €55,384 | +€14,424 | +35.2% |
| Trade receivables | 40 | €7,689 | €24,362 | +€16,672 | +216.8% |
| Other amounts receivable | 41 | €33,270 | €31,022 | -€2,248 | -6.8% |
| Cash at bank and in hand | 54/58 | €45,047 | €13,142 | -€31,905 | -70.8% |
| Deferred charges and accrued income | 490/1 | €1,735 | €1,735 | = | 0.0% |
| Total equity and liabilities | 10/49 | €350,745 | €299,081 | -€51,664 | -14.7% |
| Equity | 10/15 | €23,213 | €19,881 | -€3,331 | -14.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €11,860 | €11,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,247 | -€10,579 | -€3,331 | -46.0% |
| Amounts payable | 17/49 | €327,532 | €279,200 | -€48,332 | -14.8% |
| Amounts payable after more than one year | 17 | €225,053 | €202,341 | -€22,712 | -10.1% |
| Financial debts | 170/4 | €225,053 | €202,341 | -€22,712 | -10.1% |
| Amounts payable within one year | 42/48 | €102,479 | €76,859 | -€25,621 | -25.0% |
| Current portion of amounts payable after more than one year | 42 | €25,549 | €22,712 | -€2,838 | -11.1% |
| Trade debts | 44 | €39,338 | €13,715 | -€25,623 | -65.1% |
| Suppliers | 440/4 | €39,338 | €13,715 | -€25,623 | -65.1% |
| Advances received on contracts in progress | 46 | €5,408 | €5,408 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €21,604 | €24,444 | +€2,840 | +13.1% |
| Taxes | 450/3 | €16,271 | €20,134 | +€3,863 | +23.7% |
| Remuneration and social security | 454/9 | €5,333 | €4,310 | -€1,023 | -19.2% |
| Other amounts payable | 47/48 | €10,581 | €10,581 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €118,526 | €118,137 | -€389 | -0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,372 | €34,183 | -€2,189 | -6.0% |
| Other operating charges | 640/8 | €3,045 | €1,829 | -€1,217 | -39.9% |
| Gross operating margin | 9900 | €184,724 | €160,756 | -€23,968 | -13.0% |
| Operating profit (loss) | 9901 | €26,780 | €6,607 | -€20,173 | -75.3% |
| Financial income | 75/76B | €21 | - | -€21 | |
| Recurring financial income | 75 | €21 | - | -€21 | |
| Financial charges | 65/66B | €5,707 | €5,178 | -€529 | -9.3% |
| Recurring financial charges | 65 | €5,707 | €5,178 | -€529 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €21,094 | €1,428 | -€19,665 | -93.2% |
| Income taxes | 67/77 | €8,815 | €4,760 | -€4,055 | -46.0% |
| Profit (loss) for the period | 9904 | €12,278 | -€3,331 | -€15,610 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,278 | -€3,331 | -€15,610 |
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 9 October 2026 via checked.be.