L&W SERVICES: 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.
What changed
L&W SERVICES
NACE 47.120, Other non-specialised retail sale
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€60,596
2024 · €5,286+€55,309
Equity
€181,243
2024 · €121,725+€59,518
Cash
€26,468
2024 · €24,249+€2,219
Balance sheet total
€446,303
2024 · €442,666+€3,636
Largest movements
Assets
- Stocks and contracts +€33,255
up €33,255 (+25.1%), from €132,655 to €165,910
- Tangible fixed assets -€18,830
down €18,830 (-11.6%), from €162,470 to €143,640
- Deferred charges and accrued income -€8,593
down €8,593 (-23.7%), from €36,317 to €27,723
Equity and liabilities
- Profit (loss) carried forward +€59,763
up €59,763 (+1,264%), from €4,730 to €64,492
- Debts after one year -€58,940
down €58,940 (-24.8%), from €238,076 to €179,136
of which Other amounts payable: -€50,000
- Short-term financial debts +€9,627
up €9,627 (+101%), from €9,530 to €19,157
- Trade debts -€4,824
down €4,824 (-62.0%), from €7,778 to €2,954
Income statement
- Financial charges -€31,392
down €31,392 (-74.5%), from €42,130 to €10,738
- Staff costs -€19,132
down €19,132 (-16.6%), from €114,981 to €95,850
- Write-downs -€17,250
no longer reported in 2025 (was €17,250)
- Gross operating margin -€7,346
down €7,346 (-3.3%), from €225,202 to €217,856
- Other operating charges +€4,022
up €4,022 (+42.1%), from €9,550 to €13,572
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.
Result 2024
€5,286
Gross operating margin
-€7,346
Staff costs
+€19,132
Depreciation
+€2,103
Write-downs
+€17,250
Other operating charges
-€4,022
Financial income
-€618
Financial charges
+€31,392
Taxes
-€2,581
Result 2025
€60,596
raises the resultlowers the result
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.
From operations
+€54,888
Investment
-€2,483
Financing
-€50,186
Cash 2024
€24,249
From operations (derived)
+€54,888
Net result for the year
+€60,596
Depreciation
+€21,313
Stocks and contracts
-€33,255
Receivables within one year
+€4,414
Deferred charges and accrued income
+€8,593
Trade debts
-€4,824
Tax, wage and social debts
+€2,505
Other debts
-€3,982
Accrued charges and deferred income
-€472
Investment (derived)
-€2,483
Investment in fixed assets (net)
-€2,483
Financing
-€50,186
Debts after one year
-€58,940
Current portion of long-term debt
+€204
Short-term financial debts
+€9,627
Contributions, distributions and other
-€1,077
Cash 2025
€26,468
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €442,666 | €446,303 | +€3,636 | +0.8% |
| Fixed assets | 21/28 | €166,493 | €147,663 | -€18,830 | -11.3% |
| Tangible fixed assets | 22/27 | €162,470 | €143,640 | -€18,830 | -11.6% |
| Land and buildings | 22 | €124,320 | €116,990 | -€7,330 | -5.9% |
| Plant, machinery and equipment | 23 | €30,894 | €22,196 | -€8,698 | -28.2% |
| Furniture and vehicles | 24 | €7,256 | €4,454 | -€2,803 | -38.6% |
| Financial fixed assets | 28 | €4,023 | €4,023 | = | 0.0% |
| Current assets | 29/58 | €276,173 | €298,640 | +€22,467 | +8.1% |
| Stocks and contracts in progress | 3 | €132,655 | €165,910 | +€33,255 | +25.1% |
| Stocks | 30/36 | €132,655 | €165,910 | +€33,255 | +25.1% |
| Amounts receivable within one year | 40/41 | €82,953 | €78,539 | -€4,414 | -5.3% |
| Trade receivables | 40 | €48,143 | €62,328 | +€14,184 | +29.5% |
| Other amounts receivable | 41 | €34,809 | €16,211 | -€18,598 | -53.4% |
| Cash at bank and in hand | 54/58 | €24,249 | €26,468 | +€2,219 | +9.2% |
| Deferred charges and accrued income | 490/1 | €36,317 | €27,723 | -€8,593 | -23.7% |
| Total equity and liabilities | 10/49 | €442,666 | €446,303 | +€3,636 | +0.8% |
| Equity | 10/15 | €121,725 | €181,243 | +€59,518 | +48.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €93,755 | €93,755 | = | 0.0% |
| Distributable reserves | 133 | €93,755 | €93,755 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,730 | €64,492 | +€59,763 | +1,264% |
| Investment grants | 15 | €4,640 | €4,396 | -€244 | -5.3% |
| Amounts payable | 17/49 | €320,941 | €265,059 | -€55,882 | -17.4% |
| Amounts payable after more than one year | 17 | €238,076 | €179,136 | -€58,940 | -24.8% |
| Financial debts | 170/4 | €118,076 | €109,136 | -€8,940 | -7.6% |
| Other amounts payable | 178/9 | €120,000 | €70,000 | -€50,000 | -41.7% |
| Amounts payable within one year | 42/48 | €81,225 | €84,754 | +€3,530 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €9,472 | €9,676 | +€204 | +2.2% |
| Financial debts | 43 | €9,530 | €19,157 | +€9,627 | +101% |
| Other loans | 439 | €9,530 | €19,157 | +€9,627 | +101% |
| Trade debts | 44 | €7,778 | €2,954 | -€4,824 | -62.0% |
| Suppliers | 440/4 | €7,778 | €2,954 | -€4,824 | -62.0% |
| Taxes, remuneration and social security | 45 | €45,832 | €48,337 | +€2,505 | +5.5% |
| Taxes | 450/3 | €21,163 | €34,016 | +€12,853 | +60.7% |
| Remuneration and social security | 454/9 | €24,669 | €14,321 | -€10,348 | -41.9% |
| Other amounts payable | 47/48 | €8,612 | €4,630 | -€3,982 | -46.2% |
| Accrued charges and deferred income | 492/3 | €1,641 | €1,169 | -€472 | -28.8% |
| Remuneration, social security and pensions | 62 | €114,981 | €95,850 | -€19,132 | -16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,416 | €21,313 | -€2,103 | -9.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €17,250 | - | -€17,250 | |
| Other operating charges | 640/8 | €9,550 | €13,572 | +€4,022 | +42.1% |
| Gross operating margin | 9900 | €225,202 | €217,856 | -€7,346 | -3.3% |
| Operating profit (loss) | 9901 | €60,004 | €87,121 | +€27,117 | +45.2% |
| Financial income | 75/76B | €1,031 | €413 | -€618 | -59.9% |
| Recurring financial income | 75 | €1,031 | €413 | -€618 | -59.9% |
| Financial charges | 65/66B | €42,130 | €10,738 | -€31,392 | -74.5% |
| Recurring financial charges | 65 | €42,130 | €10,738 | -€31,392 | -74.5% |
| Profit (loss) for the period before taxes | 9903 | €18,906 | €76,796 | +€57,891 | +306% |
| Income taxes | 67/77 | €13,619 | €16,200 | +€2,581 | +19.0% |
| Profit (loss) for the period | 9904 | €5,286 | €60,596 | +€55,309 | +1,046% |
| Profit (loss) for the period to be appropriated | 9905 | €5,286 | €60,596 | +€55,309 | +1,046% |
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 26 October 2026 via checked.be.