L.W.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.W.O.
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Reserves +€655,660
up €655,660 (+25.2%), from €2.6m to €3.3m
- Debts after one year -€528,129
down €528,129 (-100%), from €528,129 to €0
- Other debts -€100,000
down €100,000 (-100%), from €100,000 to €0
- Financial income +€628,363
up €628,363 (+54,232%), from €1,159 to €629,522
- Other operating income -€60,000
no longer reported in 2025 (was €60,000)
- Gross operating margin +€55,446
new in 2025: €55,446
- Services and other goods -€5,565
no longer reported in 2025 (was €5,565)
- Other operating charges +€639
up €639 (+3.4%), from €19,044 to €19,683
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 | €3,272,062 | €3,297,922 | +€25,860 | +0.8% |
| Fixed assets | 21/28 | €3,033,341 | €3,033,341 | = | 0.0% |
| Tangible fixed assets | 22/27 | €339,280 | €339,280 | = | 0.0% |
| Land and buildings | 22 | €339,280 | €339,280 | = | 0.0% |
| Financial fixed assets | 28 | €2,694,060 | €2,694,060 | = | 0.0% |
| Affiliated companies | 280/1 | €2,694,060 | - | -€2.7m | |
| Participating interests | 280 | €2,694,060 | - | -€2.7m | |
| Current assets | 29/58 | €238,722 | €264,581 | +€25,860 | +10.8% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €19,697 | €21,494 | +€1,797 | +9.1% |
| Other amounts receivable | 41 | €19,697 | €21,494 | +€1,797 | +9.1% |
| Cash at bank and in hand | 54/58 | €219,024 | €228,087 | +€9,063 | +4.1% |
| Deferred charges and accrued income | 490/1 | €0 | €15,000 | +€15,000 | |
| Total equity and liabilities | 10/49 | €3,272,062 | €3,297,922 | +€25,860 | +0.8% |
| Equity | 10/15 | €2,631,062 | €3,286,722 | +€655,660 | +24.9% |
| Contributions | 10/11 | €27,900 | €27,900 | = | 0.0% |
| Reserves | 13 | €2,603,162 | €3,258,822 | +€655,660 | +25.2% |
| Distributable reserves | 133 | €2,603,162 | €3,258,822 | +€655,660 | +25.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €641,000 | €11,200 | -€629,800 | -98.3% |
| Amounts payable after more than one year | 17 | €528,129 | €0 | -€528,129 | -100% |
| Other amounts payable | 178/9 | €528,129 | €0 | -€528,129 | -100% |
| Amounts payable within one year | 42/48 | €112,871 | €11,200 | -€101,670 | -90.1% |
| Trade debts | 44 | €2,968 | €1,297 | -€1,670 | -56.3% |
| Suppliers | 440/4 | €2,968 | €1,297 | -€1,670 | -56.3% |
| Taxes, remuneration and social security | 45 | €9,903 | €9,903 | = | 0.0% |
| Taxes | 450/3 | €9,903 | €9,903 | = | 0.0% |
| Other amounts payable | 47/48 | €100,000 | €0 | -€100,000 | -100% |
| Operating income | 70/76A | €60,000 | - | -€60,000 | |
| Other operating income | 74 | €60,000 | - | -€60,000 | |
| Operating charges | 60/66A | €24,609 | - | -€24,609 | |
| Services and other goods | 61 | €5,565 | - | -€5,565 | |
| Other operating charges | 640/8 | €19,044 | €19,683 | +€639 | +3.4% |
| Gross operating margin | 9900 | - | €55,446 | +€55,446 | |
| Operating profit (loss) | 9901 | €35,391 | €35,763 | +€371 | +1.0% |
| Financial income | 75/76B | €1,159 | €629,522 | +€628,363 | +54,232% |
| Recurring financial income | 75 | €1,159 | €629,522 | +€628,363 | +54,232% |
| Income from current assets | 751 | €1,159 | - | -€1,159 | |
| Financial charges | 65/66B | €208 | €325 | +€117 | +56.3% |
| Recurring financial charges | 65 | €208 | €325 | +€117 | +56.3% |
| Other financial charges | 652/9 | €208 | - | -€208 | |
| Profit (loss) for the period before taxes | 9903 | €36,342 | €664,960 | +€628,618 | +1,730% |
| Income taxes | 67/77 | €9,903 | €9,300 | -€603 | -6.1% |
| Taxes | 670/3 | €9,903 | - | -€9,903 | |
| Profit (loss) for the period | 9904 | €26,439 | €655,660 | +€629,221 | +2,380% |
| Profit (loss) for the period to be appropriated | 9905 | €26,439 | €655,660 | +€629,221 | +2,380% |
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 22 October 2026 via checked.be.