L.W. ADVISORY: 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.W. ADVISORY
Largest movements
- Receivables within one year +€204,786
up €204,786 (+2,825%), from €7,248 to €212,034
of which Trade receivables: +€193,538
- Tangible fixed assets +€27,012
up €27,012 (+83.4%), from €32,380 to €59,391
of which Land and buildings: +€40,709
- Cash -€23,648
down €23,648 (-16.7%), from €141,386 to €117,738
mainly Debts after one year (-€311,865) and Receivables within one year (-€204,786)
- Debts after one year -€311,865
down €311,865 (-85.5%), from €364,862 to €52,997
- Short-term financial debts +€196,233
up €196,233 (+62.2%), from €315,723 to €511,956
- Trade debts +€187,312
up €187,312 (+2,644%), from €7,085 to €194,397
- Profit (loss) carried forward +€187,163
up €187,163, from -€95,011 to €92,152
- Other debts -€73,633
down €73,633 (-15.7%), from €469,896 to €396,263
- Gross operating margin +€212,126
up €212,126 (+248%), from €85,648 to €297,774
- Taxes +€48,513
up €48,513 (+20,294%), from €239 to €48,752
- Financial charges -€11,110
down €11,110 (-23.5%), from €47,217 to €36,107
- Depreciation +€9,060
up €9,060 (+57.4%), from €15,796 to €24,856
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 | €1,082,288 | €1,282,092 | +€199,804 | +18.5% |
| Fixed assets | 21/28 | €32,380 | €59,391 | +€27,012 | +83.4% |
| Tangible fixed assets | 22/27 | €32,380 | €59,391 | +€27,012 | +83.4% |
| Land and buildings | 22 | - | €40,709 | +€40,709 | |
| Plant, machinery and equipment | 23 | €286 | - | -€286 | |
| Furniture and vehicles | 24 | €32,094 | €18,682 | -€13,411 | -41.8% |
| Current assets | 29/58 | €1,049,908 | €1,222,701 | +€172,793 | +16.5% |
| Stocks and contracts in progress | 3 | €897,702 | €890,551 | -€7,151 | -0.8% |
| Stocks | 30/36 | €897,702 | €890,551 | -€7,151 | -0.8% |
| Amounts receivable within one year | 40/41 | €7,248 | €212,034 | +€204,786 | +2,825% |
| Trade receivables | 40 | €7,248 | €200,786 | +€193,538 | +2,670% |
| Other amounts receivable | 41 | - | €11,248 | +€11,248 | |
| Cash at bank and in hand | 54/58 | €141,386 | €117,738 | -€23,648 | -16.7% |
| Deferred charges and accrued income | 490/1 | €3,572 | €2,377 | -€1,195 | -33.4% |
| Total equity and liabilities | 10/49 | €1,082,288 | €1,282,092 | +€199,804 | +18.5% |
| Equity | 10/15 | -€77,211 | €109,952 | +€187,163 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €11,600 | €11,600 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,000 | €11,000 | = | 0.0% |
| Distributable reserves | 133 | €600 | €600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€95,011 | €92,152 | +€187,163 | |
| Amounts payable | 17/49 | €1,159,499 | €1,172,141 | +€12,642 | +1.1% |
| Amounts payable after more than one year | 17 | €364,862 | €52,997 | -€311,865 | -85.5% |
| Financial debts | 170/4 | €364,862 | €52,997 | -€311,865 | -85.5% |
| Amounts payable within one year | 42/48 | €793,670 | €1,119,144 | +€325,474 | +41.0% |
| Financial debts | 43 | €315,723 | €511,956 | +€196,233 | +62.2% |
| Credit institutions | 430/8 | €315,723 | €511,956 | +€196,233 | +62.2% |
| Trade debts | 44 | €7,085 | €194,397 | +€187,312 | +2,644% |
| Suppliers | 440/4 | €7,085 | €194,397 | +€187,312 | +2,644% |
| Taxes, remuneration and social security | 45 | €965 | €16,528 | +€15,563 | +1,613% |
| Taxes | 450/3 | €965 | €13,328 | +€12,363 | +1,281% |
| Remuneration and social security | 454/9 | - | €3,200 | +€3,200 | |
| Other amounts payable | 47/48 | €469,896 | €396,263 | -€73,633 | -15.7% |
| Accrued charges and deferred income | 492/3 | €968 | - | -€968 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,796 | €24,856 | +€9,060 | +57.4% |
| Other operating charges | 640/8 | €2,039 | €896 | -€1,143 | -56.0% |
| Gross operating margin | 9900 | €85,648 | €297,774 | +€212,126 | +248% |
| Operating profit (loss) | 9901 | €67,813 | €272,021 | +€204,208 | +301% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €47,217 | €36,107 | -€11,110 | -23.5% |
| Recurring financial charges | 65 | €47,217 | €36,107 | -€11,110 | -23.5% |
| Profit (loss) for the period before taxes | 9903 | €20,596 | €235,915 | +€215,319 | +1,045% |
| Income taxes | 67/77 | €239 | €48,752 | +€48,513 | +20,294% |
| Profit (loss) for the period | 9904 | €20,357 | €187,163 | +€166,806 | +819% |
| Profit (loss) for the period to be appropriated | 9905 | €20,357 | €187,163 | +€166,806 | +819% |
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 20 October 2026 via checked.be.