L2 Capital: 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 Capital
Largest movements
- Cash +€463,280
up €463,280 (+80.8%), from €573,493 to €1.0m
mainly Net result for the year (+€783,488) and Depreciation (+€16,822)
- Receivables within one year +€120,434
up €120,434 (+95.1%), from €126,613 to €247,047
of which Trade receivables: +€75,885
- Financial fixed assets +€104,737
up €104,737 (+48.8%), from €214,482 to €319,219
- Profit (loss) carried forward +€783,488
up €783,488 (+90.5%), from €865,645 to €1.6m
- Tax, wage and social debts -€101,623
down €101,623 (-82.7%), from €122,917 to €21,294
- Gross operating margin +€498,050
up €498,050 (+94.3%), from €528,432 to €1.0m
- Taxes +€125,734
up €125,734 (+97.0%), from €129,566 to €255,300
- Financial income +€29,930
up €29,930 (+11,720%), from €255 to €30,186
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 | €1,016,920 | €1,705,376 | +€688,456 | +67.7% |
| Fixed assets | 21/28 | €255,422 | €354,817 | +€99,395 | +38.9% |
| Tangible fixed assets | 22/27 | €40,940 | €35,598 | -€5,342 | -13.0% |
| Furniture and vehicles | 24 | €33,860 | €27,994 | -€5,866 | -17.3% |
| Other tangible fixed assets | 26 | €7,081 | €7,604 | +€523 | +7.4% |
| Financial fixed assets | 28 | €214,482 | €319,219 | +€104,737 | +48.8% |
| Current assets | 29/58 | €761,498 | €1,350,559 | +€589,061 | +77.4% |
| Amounts receivable within one year | 40/41 | €126,613 | €247,047 | +€120,434 | +95.1% |
| Trade receivables | 40 | €126,613 | €202,498 | +€75,885 | +59.9% |
| Other amounts receivable | 41 | €0 | €44,549 | +€44,549 | |
| Current investments | 50/53 | €57,196 | €62,794 | +€5,599 | +9.8% |
| Cash at bank and in hand | 54/58 | €573,493 | €1,036,773 | +€463,280 | +80.8% |
| Deferred charges and accrued income | 490/1 | €4,196 | €3,944 | -€253 | -6.0% |
| Total equity and liabilities | 10/49 | €1,016,920 | €1,705,376 | +€688,456 | +67.7% |
| Equity | 10/15 | €871,645 | €1,655,133 | +€783,488 | +89.9% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €865,645 | €1,649,133 | +€783,488 | +90.5% |
| Amounts payable | 17/49 | €145,276 | €50,243 | -€95,032 | -65.4% |
| Amounts payable within one year | 42/48 | €131,430 | €30,780 | -€100,650 | -76.6% |
| Trade debts | 44 | €499 | €692 | +€193 | +38.6% |
| Suppliers | 440/4 | €499 | €692 | +€193 | +38.6% |
| Taxes, remuneration and social security | 45 | €122,917 | €21,294 | -€101,623 | -82.7% |
| Taxes | 450/3 | €122,917 | €21,294 | -€101,623 | -82.7% |
| Other amounts payable | 47/48 | €8,014 | €8,794 | +€780 | +9.7% |
| Accrued charges and deferred income | 492/3 | €13,846 | €19,464 | +€5,618 | +40.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,992 | €16,822 | +€1,830 | +12.2% |
| Other operating charges | 640/8 | €944 | €938 | -€6 | -0.7% |
| Gross operating margin | 9900 | €528,432 | €1,026,483 | +€498,050 | +94.3% |
| Operating profit (loss) | 9901 | €512,496 | €1,008,722 | +€496,226 | +96.8% |
| Financial income | 75/76B | €255 | €30,186 | +€29,930 | +11,720% |
| Recurring financial income | 75 | €255 | €30,186 | +€29,930 | +11,720% |
| Financial charges | 65/66B | €155 | €120 | -€35 | -22.4% |
| Recurring financial charges | 65 | €155 | €120 | -€35 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | €512,597 | €1,038,788 | +€526,191 | +103% |
| Income taxes | 67/77 | €129,566 | €255,300 | +€125,734 | +97.0% |
| Profit (loss) for the period | 9904 | €383,031 | €783,488 | +€400,457 | +105% |
| Profit (loss) for the period to be appropriated | 9905 | €383,031 | €783,488 | +€400,457 | +105% |
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 16 October 2026 via checked.be.