L2: 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.
L2
Largest movements
- Tangible fixed assets +€91,442
up €91,442 (+28.8%), from €317,014 to €408,456
of which Plant, machinery and equipment: +€72,873
- Receivables within one year -€56,017
down €56,017 (-42.2%), from €132,893 to €76,876
of which Trade receivables: -€28,094
- Reserves +€168,846
up €168,846 (+18.2%), from €929,193 to €1.1m
- Other debts -€165,627
down €165,627 (-18.0%), from €922,355 to €756,729
- Accrued charges and deferred income +€62,500
new in 2025: €62,500
- Advances received +€43,625
up €43,625 (+31.3%), from €139,186 to €182,811
- Financial charges -€296,304
down €296,304 (-93.6%), from €316,588 to €20,284
of which Non-recurring financial charges: -€285,505
- Gross operating margin -€148,852
down €148,852 (-16.5%), from €904,317 to €755,465
- Taxes +€29,034
up €29,034 (+115%), from €25,152 to €54,186
- Financial income -€15,441
down €15,441 (-88.4%), from €17,472 to €2,031
- Staff costs +€13,948
up €13,948 (+3.7%), from €373,037 to €386,985
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 | €2,114,056 | €2,194,755 | +€80,700 | +3.8% |
| Fixed assets | 21/28 | €1,834,614 | €1,926,056 | +€91,442 | +5.0% |
| Tangible fixed assets | 22/27 | €317,014 | €408,456 | +€91,442 | +28.8% |
| Plant, machinery and equipment | 23 | €224,801 | €297,674 | +€72,873 | +32.4% |
| Furniture and vehicles | 24 | €68,415 | €32,920 | -€35,496 | -51.9% |
| Other tangible fixed assets | 26 | €23,798 | €77,862 | +€54,064 | +227% |
| Financial fixed assets | 28 | €1,517,600 | €1,517,600 | = | 0.0% |
| Current assets | 29/58 | €279,442 | €268,700 | -€10,742 | -3.8% |
| Stocks and contracts in progress | 3 | €38,211 | €59,606 | +€21,395 | +56.0% |
| Stocks | 30/36 | €38,211 | €59,606 | +€21,395 | +56.0% |
| Amounts receivable within one year | 40/41 | €132,893 | €76,876 | -€56,017 | -42.2% |
| Trade receivables | 40 | €58,045 | €29,951 | -€28,094 | -48.4% |
| Other amounts receivable | 41 | €74,848 | €46,924 | -€27,923 | -37.3% |
| Cash at bank and in hand | 54/58 | €92,367 | €94,306 | +€1,939 | +2.1% |
| Deferred charges and accrued income | 490/1 | €15,971 | €37,912 | +€21,941 | +137% |
| Total equity and liabilities | 10/49 | €2,114,056 | €2,194,755 | +€80,700 | +3.8% |
| Equity | 10/15 | €947,793 | €1,116,640 | +€168,846 | +17.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €929,193 | €1,098,040 | +€168,846 | +18.2% |
| Distributable reserves | 133 | €929,193 | €1,098,040 | +€168,846 | +18.2% |
| Amounts payable | 17/49 | €1,166,262 | €1,078,116 | -€88,147 | -7.6% |
| Amounts payable within one year | 42/48 | €1,166,262 | €1,015,616 | -€150,647 | -12.9% |
| Trade debts | 44 | €41,679 | €25,702 | -€15,978 | -38.3% |
| Suppliers | 440/4 | €41,679 | €25,702 | -€15,978 | -38.3% |
| Advances received on contracts in progress | 46 | €139,186 | €182,811 | +€43,625 | +31.3% |
| Taxes, remuneration and social security | 45 | €63,042 | €50,375 | -€12,667 | -20.1% |
| Taxes | 450/3 | €9,677 | €7,207 | -€2,470 | -25.5% |
| Remuneration and social security | 454/9 | €53,365 | €43,168 | -€10,198 | -19.1% |
| Other amounts payable | 47/48 | €922,355 | €756,729 | -€165,627 | -18.0% |
| Accrued charges and deferred income | 492/3 | - | €62,500 | +€62,500 | |
| Remuneration, social security and pensions | 62 | €373,037 | €386,985 | +€13,948 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,931 | €113,505 | -€12,426 | -9.9% |
| Other operating charges | 640/8 | €11,279 | €13,690 | +€2,411 | +21.4% |
| Gross operating margin | 9900 | €904,317 | €755,465 | -€148,852 | -16.5% |
| Operating profit (loss) | 9901 | €394,070 | €241,285 | -€152,785 | -38.8% |
| Financial income | 75/76B | €17,472 | €2,031 | -€15,441 | -88.4% |
| Recurring financial income | 75 | €17,472 | €2,031 | -€15,441 | -88.4% |
| Financial charges | 65/66B | €316,588 | €20,284 | -€296,304 | -93.6% |
| Recurring financial charges | 65 | €31,084 | €20,284 | -€10,800 | -34.7% |
| Non-recurring financial charges | 66B | €285,505 | - | -€285,505 | |
| Profit (loss) for the period before taxes | 9903 | €94,954 | €223,033 | +€128,079 | +135% |
| Income taxes | 67/77 | €25,152 | €54,186 | +€29,034 | +115% |
| Profit (loss) for the period | 9904 | €69,801 | €168,846 | +€99,045 | +142% |
| Profit (loss) for the period to be appropriated | 9905 | €69,801 | €168,846 | +€99,045 | +142% |
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 15 October 2026 via checked.be.