L & T: 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 & T
Largest movements
- Cash -€59,939
down €59,939 (-97.3%), from €61,633 to €1,694
mainly Short-term financial debts (-€150,000) and Net result for the year (-€21,053)
- Tangible fixed assets -€57,755
down €57,755 (-7.0%), from €825,181 to €767,427
of which Land and buildings: -€57,755
- Short-term financial debts -€150,000
down €150,000 (-100%), from €150,000 to €0
- Debts after one year +€47,971
up €47,971 (+62.7%), from €76,476 to €124,446
- Profit (loss) carried forward -€21,053
down €21,053 (-4.7%), from -€447,850 to -€468,903
- Current portion of long-term debt +€18,849
up €18,849 (+1.1%), from €1.7m to €1.7m
- Gross operating margin -€39,022
down €39,022 (-40.9%), from €95,344 to €56,322
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 | €1,557,661 | €1,448,372 | -€109,289 | -7.0% |
| Fixed assets | 21/28 | €826,181 | €767,427 | -€58,755 | -7.1% |
| Tangible fixed assets | 22/27 | €825,181 | €767,427 | -€57,755 | -7.0% |
| Land and buildings | 22 | €805,481 | €747,727 | -€57,755 | -7.2% |
| Furniture and vehicles | 24 | €19,700 | €19,700 | = | 0.0% |
| Financial fixed assets | 28 | €1,000 | €0 | -€1,000 | -100% |
| Current assets | 29/58 | €731,479 | €680,945 | -€50,534 | -6.9% |
| Amounts receivable within one year | 40/41 | €669,737 | €679,251 | +€9,514 | +1.4% |
| Trade receivables | 40 | €46,808 | €28,060 | -€18,748 | -40.1% |
| Other amounts receivable | 41 | €622,929 | €651,191 | +€28,262 | +4.5% |
| Cash at bank and in hand | 54/58 | €61,633 | €1,694 | -€59,939 | -97.3% |
| Deferred charges and accrued income | 490/1 | €109 | €0 | -€109 | -100% |
| Total equity and liabilities | 10/49 | €1,557,661 | €1,448,372 | -€109,289 | -7.0% |
| Equity | 10/15 | -€427,390 | -€448,443 | -€21,053 | -4.9% |
| Contributions | 10/11 | €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 | -€447,850 | -€468,903 | -€21,053 | -4.7% |
| Amounts payable | 17/49 | €1,985,051 | €1,896,815 | -€88,236 | -4.4% |
| Amounts payable after more than one year | 17 | €76,476 | €124,446 | +€47,971 | +62.7% |
| Financial debts | 170/4 | €76,476 | €124,446 | +€47,971 | +62.7% |
| Amounts payable within one year | 42/48 | €1,908,575 | €1,770,454 | -€138,121 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €1,720,708 | €1,739,556 | +€18,849 | +1.1% |
| Financial debts | 43 | €150,000 | €0 | -€150,000 | -100% |
| Credit institutions | 430/8 | €150,000 | €0 | -€150,000 | -100% |
| Trade debts | 44 | €34,294 | €30,523 | -€3,771 | -11.0% |
| Suppliers | 440/4 | €34,294 | €30,523 | -€3,771 | -11.0% |
| Taxes, remuneration and social security | 45 | €3,573 | €375 | -€3,198 | -89.5% |
| Taxes | 450/3 | €2,973 | €375 | -€2,598 | -87.4% |
| Remuneration and social security | 454/9 | €600 | €0 | -€600 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | €1,914 | +€1,914 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,755 | €57,755 | = | 0.0% |
| Other operating charges | 640/8 | €3,703 | €3,831 | +€129 | +3.5% |
| Gross operating margin | 9900 | €95,344 | €56,322 | -€39,022 | -40.9% |
| Operating profit (loss) | 9901 | €33,887 | -€5,264 | -€39,151 | |
| Financial income | 75/76B | €7 | €65 | +€58 | +823% |
| Recurring financial income | 75 | €7 | €65 | +€58 | +823% |
| Financial charges | 65/66B | €14,948 | €15,854 | +€906 | +6.1% |
| Recurring financial charges | 65 | €14,948 | €15,854 | +€906 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | €18,946 | -€21,053 | -€39,999 | |
| Profit (loss) for the period | 9904 | €18,946 | -€21,053 | -€39,999 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,946 | -€21,053 | -€39,999 |
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 30 October 2026 via checked.be.