L&S 2 PROJECTS: 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 2 PROJECTS
Largest movements
- Stocks and contracts +€511,336
up €511,336 (+151.2%), from €338,203 to €849,539
- Tangible fixed assets +€306,296
new in 2025: €306,296
- Cash -€164,767
down €164,767 (-97.7%), from €168,605 to €3,838
mainly Stocks and contracts (-€511,336) and Investment in fixed assets (net) (-€313,500)
- Debts after one year +€444,964
new in 2025: €444,964
- Other debts +€195,791
up €195,791 (+42.4%), from €462,231 to €658,022
- Current portion of long-term debt +€20,370
new in 2025: €20,370
- Trade debts -€12,454
down €12,454 (-82.0%), from €15,184 to €2,730
- Gross operating margin +€21,675
up €21,675, from -€11,245 to €10,429
- Depreciation +€7,204
new in 2025: €7,204
- Financial charges -€3,250
down €3,250 (-69.1%), from €4,706 to €1,456
- Other operating charges +€256
up €256 (+15.7%), from €1,626 to €1,882
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 | €515,146 | €1,164,450 | +€649,305 | +126.0% |
| Fixed assets | 21/28 | - | €306,296 | +€306,296 | |
| Tangible fixed assets | 22/27 | - | €306,296 | +€306,296 | |
| Land and buildings | 22 | - | €306,296 | +€306,296 | |
| Current assets | 29/58 | €515,146 | €858,154 | +€343,008 | +66.6% |
| Stocks and contracts in progress | 3 | €338,203 | €849,539 | +€511,336 | +151.2% |
| Stocks | 30/36 | €338,203 | €849,539 | +€511,336 | +151.2% |
| Amounts receivable within one year | 40/41 | €8,338 | €4,722 | -€3,616 | -43.4% |
| Trade receivables | 40 | - | €3,000 | +€3,000 | |
| Other amounts receivable | 41 | €8,338 | €1,722 | -€6,616 | -79.4% |
| Cash at bank and in hand | 54/58 | €168,605 | €3,838 | -€164,767 | -97.7% |
| Deferred charges and accrued income | 490/1 | - | €55 | +€55 | |
| Total equity and liabilities | 10/49 | €515,146 | €1,164,450 | +€649,305 | +126.0% |
| Equity | 10/15 | €36,230 | €36,419 | +€189 | +0.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €33,730 | €33,919 | +€189 | +0.6% |
| Distributable reserves | 133 | €33,730 | €33,919 | +€189 | +0.6% |
| Amounts payable | 17/49 | €478,915 | €1,128,031 | +€649,115 | +135.5% |
| Amounts payable after more than one year | 17 | - | €444,964 | +€444,964 | |
| Financial debts | 170/4 | - | €444,964 | +€444,964 | |
| Amounts payable within one year | 42/48 | €478,915 | €683,067 | +€204,151 | +42.6% |
| Current portion of amounts payable after more than one year | 42 | - | €20,370 | +€20,370 | |
| Trade debts | 44 | €15,184 | €2,730 | -€12,454 | -82.0% |
| Suppliers | 440/4 | €15,184 | €2,730 | -€12,454 | -82.0% |
| Taxes, remuneration and social security | 45 | €1,500 | €1,944 | +€444 | +29.6% |
| Taxes | 450/3 | €1,500 | €1,944 | +€444 | +29.6% |
| Other amounts payable | 47/48 | €462,231 | €658,022 | +€195,791 | +42.4% |
| Non-recurring operating income | 76A | - | €2,862 | +€2,862 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €7,204 | +€7,204 | |
| Other operating charges | 640/8 | €1,626 | €1,882 | +€256 | +15.7% |
| Non-recurring operating charges | 66A | €10 | €90 | +€80 | +797.7% |
| Gross operating margin | 9900 | -€11,245 | €10,429 | +€21,675 | |
| Operating profit (loss) | 9901 | -€12,881 | €1,254 | +€14,136 | |
| Financial income | 75/76B | €405 | €391 | -€14 | -3.5% |
| Recurring financial income | 75 | €405 | €391 | -€14 | -3.5% |
| Financial charges | 65/66B | €4,706 | €1,456 | -€3,250 | -69.1% |
| Recurring financial charges | 65 | €4,706 | €1,456 | -€3,250 | -69.1% |
| Profit (loss) for the period before taxes | 9903 | -€17,182 | €189 | +€17,371 | |
| Profit (loss) for the period | 9904 | -€17,182 | €189 | +€17,371 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,182 | €189 | +€17,371 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.