L & W: 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 & W
Largest movements
- Receivables within one year +€54,719
up €54,719 (+34.7%), from €157,897 to €212,617
of which Trade receivables: +€62,538
- Deferred charges and accrued income +€3,223
up €3,223 (+103.4%), from €3,116 to €6,339
- Reserves +€77,525
up €77,525 (+108.9%), from €71,200 to €148,725
of which Distributable reserves: +€77,525
- Accrued charges and deferred income -€28,974
down €28,974 (-98.4%), from €29,455 to €481
- Tax, wage and social debts +€12,780
up €12,780 (+30.7%), from €41,629 to €54,409
- Trade debts -€4,680
down €4,680 (-18.6%), from €25,159 to €20,479
- Gross operating margin +€68,937
up €68,937 (+105.2%), from €65,534 to €134,471
- Taxes +€19,448
up €19,448 (+119.9%), from €16,217 to €35,665
- Depreciation -€6,499
down €6,499 (-83.4%), from €7,794 to €1,295
- Financial income +€1,407
up €1,407 (+100.7%), from €1,397 to €2,804
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 | €186,043 | €242,695 | +€56,652 | +30.5% |
| Fixed assets | 21/28 | €6,018 | €4,723 | -€1,295 | -21.5% |
| Tangible fixed assets | 22/27 | €6,018 | €4,723 | -€1,295 | -21.5% |
| Plant, machinery and equipment | 23 | €2,517 | €2,219 | -€298 | -11.8% |
| Furniture and vehicles | 24 | €3,501 | €2,504 | -€997 | -28.5% |
| Current assets | 29/58 | €180,025 | €237,972 | +€57,947 | +32.2% |
| Amounts receivable within one year | 40/41 | €157,897 | €212,617 | +€54,719 | +34.7% |
| Trade receivables | 40 | €107,579 | €170,117 | +€62,538 | +58.1% |
| Other amounts receivable | 41 | €50,319 | €42,500 | -€7,819 | -15.5% |
| Cash at bank and in hand | 54/58 | €19,011 | €19,016 | +€5 | 0.0% |
| Deferred charges and accrued income | 490/1 | €3,116 | €6,339 | +€3,223 | +103.4% |
| Total equity and liabilities | 10/49 | €186,043 | €242,695 | +€56,652 | +30.5% |
| Equity | 10/15 | €89,800 | €167,325 | +€77,525 | +86.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €71,200 | €148,725 | +€77,525 | +108.9% |
| Non-distributable reserves | 130/1 | €1,675 | €1,675 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,675 | €1,675 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,378 | €18,378 | = | 0.0% |
| Distributable reserves | 133 | €51,146 | €128,672 | +€77,525 | +151.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €96,243 | €75,370 | -€20,874 | -21.7% |
| Amounts payable within one year | 42/48 | €66,788 | €74,888 | +€8,100 | +12.1% |
| Trade debts | 44 | €25,159 | €20,479 | -€4,680 | -18.6% |
| Suppliers | 440/4 | €25,159 | €20,479 | -€4,680 | -18.6% |
| Taxes, remuneration and social security | 45 | €41,629 | €54,409 | +€12,780 | +30.7% |
| Taxes | 450/3 | €41,629 | €54,409 | +€12,780 | +30.7% |
| Accrued charges and deferred income | 492/3 | €29,455 | €481 | -€28,974 | -98.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,794 | €1,295 | -€6,499 | -83.4% |
| Other operating charges | 640/8 | €2,806 | €3,772 | +€966 | +34.4% |
| Gross operating margin | 9900 | €65,534 | €134,471 | +€68,937 | +105.2% |
| Operating profit (loss) | 9901 | €54,934 | €129,403 | +€74,469 | +135.6% |
| Financial income | 75/76B | €1,397 | €2,804 | +€1,407 | +100.7% |
| Recurring financial income | 75 | €1,397 | €2,804 | +€1,407 | +100.7% |
| Financial charges | 65/66B | €3,940 | €4,043 | +€103 | +2.6% |
| Recurring financial charges | 65 | €3,940 | €4,043 | +€103 | +2.6% |
| Profit (loss) for the period before taxes | 9903 | €52,390 | €128,164 | +€75,773 | +144.6% |
| Income taxes | 67/77 | €16,217 | €35,665 | +€19,448 | +119.9% |
| Profit (loss) for the period | 9904 | €36,173 | €92,499 | +€56,326 | +155.7% |
| Profit (loss) for the period to be appropriated | 9905 | €36,173 | €92,499 | +€56,326 | +155.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.