L1: 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.
L1
Largest movements
- Tangible fixed assets -€57,534
down €57,534 (-10.0%), from €578,130 to €520,597
- Cash +€21,812
up €21,812 (+66.5%), from €32,794 to €54,605
mainly Net result for the year (+€624,828) and Depreciation (+€57,172)
- Reserves +€324,828
up €324,828 (+91.7%), from €354,131 to €678,958
of which Distributable reserves: +€324,828
- Other debts -€295,096
down €295,096 (-60.7%), from €485,893 to €190,797
- Debts after one year -€47,879
down €47,879 (-11.4%), from €421,343 to €373,464
- Current portion of long-term debt -€27,793
down €27,793 (-36.9%), from €75,344 to €47,551
- Tax, wage and social debts +€16,366
up €16,366 (+41.2%), from €39,707 to €56,073
- Financial income +€600,187
up €600,187 (+9839134.9%), from €6 to €600,193
- Taxes +€8,471
new in 2025: €8,471
- Gross operating margin +€7,814
up €7,814 (+7.7%), from €101,535 to €109,349
- Financial charges -€6,767
down €6,767 (-29.3%), from €23,135 to €16,367
- Other operating charges +€1,522
up €1,522 (+133.8%), from €1,137 to €2,659
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 | €1,413,140 | €1,393,324 | -€19,816 | -1.4% |
| Fixed assets | 21/28 | €1,223,130 | €1,165,597 | -€57,534 | -4.7% |
| Tangible fixed assets | 22/27 | €578,130 | €520,597 | -€57,534 | -10.0% |
| Land and buildings | 22 | €462,579 | €447,351 | -€15,228 | -3.3% |
| Plant, machinery and equipment | 23 | €79,523 | €54,373 | -€25,150 | -31.6% |
| Furniture and vehicles | 24 | €36,028 | €18,872 | -€17,156 | -47.6% |
| Financial fixed assets | 28 | €645,000 | €645,000 | = | 0.0% |
| Current assets | 29/58 | €190,010 | €227,727 | +€37,718 | +19.9% |
| Stocks and contracts in progress | 3 | €97,993 | €96,787 | -€1,206 | -1.2% |
| Stocks | 30/36 | €97,993 | €96,787 | -€1,206 | -1.2% |
| Amounts receivable within one year | 40/41 | €59,223 | €73,270 | +€14,048 | +23.7% |
| Trade receivables | 40 | €19,223 | €19,022 | -€201 | -1.0% |
| Other amounts receivable | 41 | €40,000 | €54,249 | +€14,249 | +35.6% |
| Cash at bank and in hand | 54/58 | €32,794 | €54,605 | +€21,812 | +66.5% |
| Deferred charges and accrued income | 490/1 | - | €3,064 | +€3,064 | |
| Total equity and liabilities | 10/49 | €1,413,140 | €1,393,324 | -€19,816 | -1.4% |
| Equity | 10/15 | €372,731 | €697,558 | +€324,828 | +87.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €354,131 | €678,958 | +€324,828 | +91.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €352,271 | €677,098 | +€324,828 | +92.2% |
| Amounts payable | 17/49 | €1,040,410 | €695,766 | -€344,644 | -33.1% |
| Amounts payable after more than one year | 17 | €421,343 | €373,464 | -€47,879 | -11.4% |
| Financial debts | 170/4 | €421,343 | €373,464 | -€47,879 | -11.4% |
| Amounts payable within one year | 42/48 | €619,067 | €322,302 | -€296,764 | -47.9% |
| Current portion of amounts payable after more than one year | 42 | €75,344 | €47,551 | -€27,793 | -36.9% |
| Financial debts | 43 | €6,778 | €6,749 | -€28 | -0.4% |
| Credit institutions | 430/8 | €6,778 | €6,749 | -€28 | -0.4% |
| Trade debts | 44 | €11,345 | €21,132 | +€9,786 | +86.3% |
| Suppliers | 440/4 | €11,345 | €21,132 | +€9,786 | +86.3% |
| Taxes, remuneration and social security | 45 | €39,707 | €56,073 | +€16,366 | +41.2% |
| Taxes | 450/3 | €39,707 | €56,073 | +€16,366 | +41.2% |
| Other amounts payable | 47/48 | €485,893 | €190,797 | -€295,096 | -60.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,950 | €57,172 | +€1,222 | +2.2% |
| Other operating charges | 640/8 | €1,137 | €2,659 | +€1,522 | +133.8% |
| Non-recurring operating charges | 66A | - | €46 | +€46 | |
| Gross operating margin | 9900 | €101,535 | €109,349 | +€7,814 | +7.7% |
| Operating profit (loss) | 9901 | €44,448 | €49,472 | +€5,024 | +11.3% |
| Financial income | 75/76B | €6 | €600,193 | +€600,187 | +9839134.9% |
| Recurring financial income | 75 | €6 | €600,193 | +€600,187 | +9839134.9% |
| Financial charges | 65/66B | €23,135 | €16,367 | -€6,767 | -29.3% |
| Recurring financial charges | 65 | €23,135 | €16,367 | -€6,767 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | €21,320 | €633,298 | +€611,978 | +2870.5% |
| Income taxes | 67/77 | - | €8,471 | +€8,471 | |
| Profit (loss) for the period | 9904 | €21,320 | €624,828 | +€603,508 | +2830.8% |
| Profit (loss) for the period to be appropriated | 9905 | €21,320 | €624,828 | +€603,508 | +2830.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.