L&Z: 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&Z
Largest movements
- Cash -€81,823
down €81,823 (-30.1%), from €271,785 to €189,962
mainly Tax, wage and social debts (-€30,875) and Net result for the year (-€27,844)
- Tangible fixed assets -€10,450
down €10,450 (-5.7%), from €181,908 to €171,458
of which Furniture and vehicles: -€7,555
- Tax, wage and social debts -€30,875
down €30,875 (-39.5%), from €78,191 to €47,316
of which Taxes: -€28,015
- Reserves -€27,000
down €27,000 (-6.9%), from €392,953 to €365,953
of which Distributable reserves: -€27,000
- Trade debts -€22,881
down €22,881 (-98.4%), from €23,256 to €375
- Gross operating margin -€125,920
down €125,920 (-45.8%), from €275,142 to €149,222
- Staff costs -€37,768
down €37,768 (-23.8%), from €158,744 to €120,976
- Taxes -€25,988
no longer reported in 2025 (was €25,988)
- Other operating charges +€21,182
up €21,182 (+503%), from €4,210 to €25,392
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 | €514,880 | €433,370 | -€81,510 | -15.8% |
| Fixed assets | 21/28 | €187,769 | €177,319 | -€10,450 | -5.6% |
| Tangible fixed assets | 22/27 | €181,908 | €171,458 | -€10,450 | -5.7% |
| Land and buildings | 22 | €130,585 | €131,065 | +€480 | +0.4% |
| Plant, machinery and equipment | 23 | €130 | €63 | -€67 | -51.5% |
| Furniture and vehicles | 24 | €34,295 | €26,740 | -€7,555 | -22.0% |
| Other tangible fixed assets | 26 | €16,898 | €13,590 | -€3,308 | -19.6% |
| Financial fixed assets | 28 | €5,861 | €5,861 | = | 0.0% |
| Current assets | 29/58 | €327,111 | €256,051 | -€71,060 | -21.7% |
| Stocks and contracts in progress | 3 | €4,162 | €8,423 | +€4,261 | +102% |
| Stocks | 30/36 | €4,162 | €8,423 | +€4,261 | +102% |
| Amounts receivable within one year | 40/41 | €51,164 | €56,019 | +€4,855 | +9.5% |
| Trade receivables | 40 | €6,184 | €15,452 | +€9,268 | +150% |
| Other amounts receivable | 41 | €44,980 | €40,567 | -€4,413 | -9.8% |
| Cash at bank and in hand | 54/58 | €271,785 | €189,962 | -€81,823 | -30.1% |
| Deferred charges and accrued income | 490/1 | - | €1,647 | +€1,647 | |
| Total equity and liabilities | 10/49 | €514,880 | €433,370 | -€81,510 | -15.8% |
| Equity | 10/15 | €412,394 | €384,550 | -€27,844 | -6.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Share premium | 1100/10 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | - | €18,600 | +€18,600 | |
| Reserves | 13 | €392,953 | €365,953 | -€27,000 | -6.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | - | €1,860 | +€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €391,093 | €364,093 | -€27,000 | -6.9% |
| Profit (loss) carried forward | 14 | €841 | -€3 | -€844 | |
| Amounts payable | 17/49 | €102,486 | €48,820 | -€53,666 | -52.4% |
| Amounts payable within one year | 42/48 | €101,447 | €47,691 | -€53,756 | -53.0% |
| Trade debts | 44 | €23,256 | €375 | -€22,881 | -98.4% |
| Suppliers | 440/4 | €23,256 | €375 | -€22,881 | -98.4% |
| Taxes, remuneration and social security | 45 | €78,191 | €47,316 | -€30,875 | -39.5% |
| Taxes | 450/3 | €55,647 | €27,632 | -€28,015 | -50.3% |
| Remuneration and social security | 454/9 | €22,544 | €19,684 | -€2,860 | -12.7% |
| Accrued charges and deferred income | 492/3 | €1,039 | €1,129 | +€90 | +8.7% |
| Remuneration, social security and pensions | 62 | €158,744 | €120,976 | -€37,768 | -23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,285 | €29,059 | -€226 | -0.8% |
| Other operating charges | 640/8 | €4,210 | €25,392 | +€21,182 | +503% |
| Gross operating margin | 9900 | €275,142 | €149,222 | -€125,920 | -45.8% |
| Operating profit (loss) | 9901 | €82,903 | -€26,205 | -€109,108 | |
| Financial income | 75/76B | €1,476 | €2,246 | +€770 | +52.2% |
| Recurring financial income | 75 | €1,476 | €2,246 | +€770 | +52.2% |
| Financial charges | 65/66B | €6,299 | €3,885 | -€2,414 | -38.3% |
| Recurring financial charges | 65 | €6,299 | €3,885 | -€2,414 | -38.3% |
| Profit (loss) for the period before taxes | 9903 | €78,080 | -€27,844 | -€105,924 | |
| Income taxes | 67/77 | €25,988 | - | -€25,988 | |
| Profit (loss) for the period | 9904 | €52,092 | -€27,844 | -€79,936 | |
| Profit (loss) for the period to be appropriated | 9905 | €52,092 | -€27,844 | -€79,936 |
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 25 October 2026 via checked.be.