L & V: 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 & V
Largest movements
- Receivables within one year -€16,470
down €16,470 (-58.2%), from €28,277 to €11,807
of which Other amounts receivable: -€16,470
- Tangible fixed assets -€10,646
down €10,646 (-7.3%), from €146,046 to €135,401
- Stocks and contracts +€7,029
up €7,029 (+11.6%), from €60,579 to €67,607
- Cash +€3,933
up €3,933 (+5.7%), from €69,259 to €73,192
mainly Other debts (+€44,998) and Receivables within one year (+€16,470)
- Reserves -€60,894
down €60,894 (-39.6%), from €153,819 to €92,926
of which Distributable reserves: -€60,894
- Other debts +€44,998
new in 2025: €44,998
- Advances received +€13,253
new in 2025: €13,253
- Tax, wage and social debts -€10,156
down €10,156 (-51.6%), from €19,681 to €9,525
- Trade debts -€3,356
down €3,356 (-96.5%), from €3,477 to €120
- Gross operating margin +€7,571
up €7,571 (+25.8%), from €29,379 to €36,950
- Taxes +€2,336
up €2,336 (+40.0%), from €5,845 to €8,180
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 | €304,557 | €288,403 | -€16,154 | -5.3% |
| Fixed assets | 21/28 | €146,442 | €135,796 | -€10,646 | -7.3% |
| Tangible fixed assets | 22/27 | €146,046 | €135,401 | -€10,646 | -7.3% |
| Land and buildings | 22 | €110,034 | €106,909 | -€3,125 | -2.8% |
| Plant, machinery and equipment | 23 | €2,132 | €606 | -€1,526 | -71.6% |
| Furniture and vehicles | 24 | €5,605 | €4,586 | -€1,018 | -18.2% |
| Other tangible fixed assets | 26 | €28,276 | €23,300 | -€4,976 | -17.6% |
| Financial fixed assets | 28 | €396 | €396 | = | 0.0% |
| Current assets | 29/58 | €158,115 | €152,606 | -€5,508 | -3.5% |
| Stocks and contracts in progress | 3 | €60,579 | €67,607 | +€7,029 | +11.6% |
| Stocks | 30/36 | €60,579 | €67,607 | +€7,029 | +11.6% |
| Amounts receivable within one year | 40/41 | €28,277 | €11,807 | -€16,470 | -58.2% |
| Trade receivables | 40 | €7,413 | €7,413 | = | 0.0% |
| Other amounts receivable | 41 | €20,864 | €4,394 | -€16,470 | -78.9% |
| Cash at bank and in hand | 54/58 | €69,259 | €73,192 | +€3,933 | +5.7% |
| Total equity and liabilities | 10/49 | €304,557 | €288,403 | -€16,154 | -5.3% |
| Equity | 10/15 | €281,399 | €220,505 | -€60,894 | -21.6% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €153,819 | €92,926 | -€60,894 | -39.6% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Distributable reserves | 133 | €141,425 | €80,531 | -€60,894 | -43.1% |
| Profit (loss) carried forward | 14 | €3,633 | €3,633 | = | 0.0% |
| Amounts payable | 17/49 | €23,158 | €67,897 | +€44,740 | +193.2% |
| Amounts payable within one year | 42/48 | €23,158 | €67,897 | +€44,740 | +193.2% |
| Trade debts | 44 | €3,477 | €120 | -€3,356 | -96.5% |
| Suppliers | 440/4 | €3,477 | €120 | -€3,356 | -96.5% |
| Advances received on contracts in progress | 46 | - | €13,253 | +€13,253 | |
| Taxes, remuneration and social security | 45 | €19,681 | €9,525 | -€10,156 | -51.6% |
| Taxes | 450/3 | €19,681 | €9,525 | -€10,156 | -51.6% |
| Other amounts payable | 47/48 | - | €44,998 | +€44,998 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,646 | €10,646 | = | 0.0% |
| Other operating charges | 640/8 | €2,156 | €1,867 | -€289 | -13.4% |
| Gross operating margin | 9900 | €29,379 | €36,950 | +€7,571 | +25.8% |
| Operating profit (loss) | 9901 | €16,577 | €24,437 | +€7,860 | +47.4% |
| Financial income | 75/76B | €472 | €137 | -€335 | -70.9% |
| Recurring financial income | 75 | €472 | €137 | -€335 | -70.9% |
| Financial charges | 65/66B | €380 | €388 | +€7 | +2.0% |
| Recurring financial charges | 65 | €380 | €388 | +€7 | +2.0% |
| Profit (loss) for the period before taxes | 9903 | €16,669 | €24,187 | +€7,517 | +45.1% |
| Income taxes | 67/77 | €5,845 | €8,180 | +€2,336 | +40.0% |
| Profit (loss) for the period | 9904 | €10,825 | €16,006 | +€5,182 | +47.9% |
| Profit (loss) for the period to be appropriated | 9905 | €10,825 | €16,006 | +€5,182 | +47.9% |
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 1 October 2026 via checked.be.