L.S.O.: 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.O.
Largest movements
- Receivables within one year +€28,840
up €28,840 (+89.3%), from €32,282 to €61,122
- Tangible fixed assets -€21,983
down €21,983 (-18.6%), from €118,480 to €96,497
of which Furniture and vehicles: -€12,096
- Deferred charges and accrued income -€2,830
no longer reported in 2025 (was €2,830)
- Reserves +€76,503
up €76,503 (+1,256%), from €6,092 to €82,595
of which Non-distributable reserves: +€53,000
- Profit (loss) carried forward -€71,796
no longer reported in 2025 (was €71,796)
- Current portion of long-term debt +€8,061
up €8,061 (+401%), from €2,008 to €10,069
- Tax, wage and social debts -€3,792
down €3,792 (-44.5%), from €8,516 to €4,723
- Trade debts -€3,538
no longer reported in 2025 (was €3,538)
- Gross operating margin -€5,935
down €5,935 (-15.8%), from €37,519 to €31,584
- Taxes -€4,721
no longer reported in 2025 (was €4,721)
- Financial income -€1,979
no longer reported in 2025 (was €1,979)
- Financial charges +€447
up €447 (+147%), from €304 to €752
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 | €155,014 | €160,329 | +€5,315 | +3.4% |
| Fixed assets | 21/28 | €118,852 | €96,869 | -€21,983 | -18.5% |
| Tangible fixed assets | 22/27 | €118,480 | €96,497 | -€21,983 | -18.6% |
| Land and buildings | 22 | €94,108 | €84,221 | -€9,887 | -10.5% |
| Furniture and vehicles | 24 | €24,372 | €12,276 | -€12,096 | -49.6% |
| Financial fixed assets | 28 | €372 | €372 | = | 0.0% |
| Current assets | 29/58 | €36,162 | €63,460 | +€27,298 | +75.5% |
| Amounts receivable within one year | 40/41 | €32,282 | €61,122 | +€28,840 | +89.3% |
| Other amounts receivable | 41 | €32,282 | €61,122 | +€28,840 | +89.3% |
| Cash at bank and in hand | 54/58 | €1,049 | €2,338 | +€1,288 | +123% |
| Deferred charges and accrued income | 490/1 | €2,830 | - | -€2,830 | |
| Total equity and liabilities | 10/49 | €155,014 | €160,329 | +€5,315 | +3.4% |
| Equity | 10/15 | €139,888 | €144,595 | +€4,707 | +3.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | - | -€62,000 | |
| Issued capital | 100 | €123,000 | - | -€123,000 | |
| Uncalled capital | 101 | €61,000 | - | -€61,000 | |
| Reserves | 13 | €6,092 | €82,595 | +€76,503 | +1,256% |
| Non-distributable reserves | 130/1 | €2,901 | €55,901 | +€53,000 | +1,827% |
| Legal reserve | 130 | €2,901 | - | -€2,901 | |
| Reserves not available under the articles | 1311 | - | €2,901 | +€2,901 | |
| Other | 1319 | - | €53,000 | +€53,000 | |
| Tax-exempt reserves | 132 | €3,191 | €2,822 | -€370 | -11.6% |
| Distributable reserves | 133 | - | €23,873 | +€23,873 | |
| Profit (loss) carried forward | 14 | €71,796 | - | -€71,796 | |
| Provisions and deferred taxes | 16 | €1,064 | €941 | -€123 | -11.6% |
| Deferred taxes | 168 | €1,064 | €941 | -€123 | -11.6% |
| Amounts payable | 17/49 | €14,062 | €14,793 | +€731 | +5.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €14,062 | €14,793 | +€731 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €2,008 | €10,069 | +€8,061 | +401% |
| Trade debts | 44 | €3,538 | - | -€3,538 | |
| Suppliers | 440/4 | €3,538 | - | -€3,538 | |
| Taxes, remuneration and social security | 45 | €8,516 | €4,723 | -€3,792 | -44.5% |
| Taxes | 450/3 | €8,516 | €4,723 | -€3,792 | -44.5% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €1,996 | +€1,996 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,983 | €21,983 | = | 0.0% |
| Other operating charges | 640/8 | €4,519 | €4,265 | -€254 | -5.6% |
| Gross operating margin | 9900 | €37,519 | €31,584 | -€5,935 | -15.8% |
| Operating profit (loss) | 9901 | €11,017 | €5,336 | -€5,681 | -51.6% |
| Financial income | 75/76B | €1,979 | - | -€1,979 | |
| Recurring financial income | 75 | €1,979 | - | -€1,979 | |
| Financial charges | 65/66B | €304 | €752 | +€447 | +147% |
| Recurring financial charges | 65 | €304 | €752 | +€447 | +147% |
| Profit (loss) for the period before taxes | 9903 | €12,692 | €4,584 | -€8,108 | -63.9% |
| Transfer from deferred taxes | 780 | €123 | €123 | = | 0.0% |
| Income taxes | 67/77 | €4,721 | - | -€4,721 | |
| Profit (loss) for the period | 9904 | €8,094 | €4,707 | -€3,387 | -41.8% |
| Transfer from tax-exempt reserves | 789 | €370 | €370 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,464 | €5,077 | -€3,387 | -40.0% |
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 16 October 2026 via checked.be.