L2 KV: 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.
What changed
L2 KV
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€351,016
2024 · €425,510-€776,526
Equity
€14.2m
2024 · €13.9m+€280,282
Cash
€135,706
2024 · €365,035-€229,330
Balance sheet total
€30.3m
2024 · €26.6m+€3.7m
Largest movements
Assets
- Tangible fixed assets +€4.0m
up €4.0m (+16.0%), from €25.1m to €29.1m
of which Assets under construction and advance payments: +€5.1m
Equity and liabilities
- Debts after one year +€3.7m
up €3.7m (+35.8%), from €10.3m to €14.0m
- Reserves +€376,467
up €376,467 (+59.1%), from €636,860 to €1.0m
- Profit (loss) carried forward -€351,016
down €351,016 (-21.5%), from €1.6m to €1.3m
Income statement
- Other operating charges +€510,574
up €510,574 (+685.1%), from €74,521 to €585,095
- Taxes -€240,941
down €240,941, from €236,912 to -€4,029
- Gross operating margin -€188,284
down €188,284 (-9.0%), from €2.1m to €1.9m
- Depreciation +€137,804
up €137,804 (+12.9%), from €1.1m to €1.2m
- Write-downs +€127,533
up €127,533 (+698.3%), from €18,263 to €145,796
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
€425,510
Gross operating margin
-€188,284
Staff costs
-€20,825
Depreciation
-€137,804
Write-downs
-€127,533
Other operating charges
-€510,574
Financial income
-€1,868
Financial charges
-€30,579
Taxes
+€240,941
Result 2025
-€351,016
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.
From operations
+€673,478
Investment
-€5.2m
Financing
+€4.3m
Cash 2024
€365,035
From operations (derived)
+€673,478
Net result for the year
-€351,016
Depreciation
+€1.2m
Receivables within one year
+€118,836
Deferred charges and accrued income
-€35,113
Provisions
+€145,000
Trade debts
-€125,720
Tax, wage and social debts
-€54,524
Other debts
-€255,436
Accrued charges and deferred income
+€26,378
Investment (derived)
-€5.2m
Investment in fixed assets (net)
-€5.2m
Financing
+€4.3m
Debts after one year
+€3.7m
Current portion of long-term debt
-€55,938
Contributions, distributions and other
+€631,298
Cash 2025
€135,706
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,627,483 | €30,287,780 | +€3.7m | +13.7% |
| Fixed assets | 21/28 | €25,173,503 | €29,146,852 | +€4.0m | +15.8% |
| Intangible fixed assets | 21 | €70,990 | €31,990 | -€39,000 | -54.9% |
| Tangible fixed assets | 22/27 | €25,102,513 | €29,114,862 | +€4.0m | +16.0% |
| Land and buildings | 22 | €24,820,939 | €23,747,991 | -€1.1m | -4.3% |
| Plant, machinery and equipment | 23 | €113,388 | €89,130 | -€24,258 | -21.4% |
| Furniture and vehicles | 24 | €103,514 | €81,969 | -€21,545 | -20.8% |
| Assets under construction and advance payments | 27 | €64,671 | €5,195,771 | +€5.1m | +7934.1% |
| Current assets | 29/58 | €1,453,980 | €1,140,928 | -€313,052 | -21.5% |
| Amounts receivable within one year | 40/41 | €1,088,945 | €970,109 | -€118,836 | -10.9% |
| Trade receivables | 40 | €340,212 | €413,631 | +€73,419 | +21.6% |
| Other amounts receivable | 41 | €748,733 | €556,478 | -€192,255 | -25.7% |
| Cash at bank and in hand | 54/58 | €365,035 | €135,706 | -€229,330 | -62.8% |
| Deferred charges and accrued income | 490/1 | - | €35,113 | +€35,113 | |
| Total equity and liabilities | 10/49 | €26,627,483 | €30,287,780 | +€3.7m | +13.7% |
| Equity | 10/15 | €13,909,967 | €14,190,249 | +€280,282 | +2.0% |
| Contributions | 10/11 | €381,100 | €381,100 | = | 0.0% |
| Revaluation surpluses | 12 | €11,260,000 | €11,514,831 | +€254,831 | +2.3% |
| Reserves | 13 | €636,860 | €1,013,327 | +€376,467 | +59.1% |
| Distributable reserves | 133 | €636,860 | €1,013,327 | +€376,467 | +59.1% |
| Profit (loss) carried forward | 14 | €1,632,007 | €1,280,991 | -€351,016 | -21.5% |
| Provisions and deferred taxes | 16 | - | €145,000 | +€145,000 | |
| Provisions for liabilities and charges | 160/5 | - | €145,000 | +€145,000 | |
| Taxes | 161 | - | €145,000 | +€145,000 | |
| Amounts payable | 17/49 | €12,717,516 | €15,952,531 | +€3.2m | +25.4% |
| Amounts payable after more than one year | 17 | €10,347,742 | €14,047,996 | +€3.7m | +35.8% |
| Financial debts | 170/4 | €10,347,742 | €14,047,996 | +€3.7m | +35.8% |
| Amounts payable within one year | 42/48 | €2,090,965 | €1,599,348 | -€491,618 | -23.5% |
| Current portion of amounts payable after more than one year | 42 | €1,202,722 | €1,146,784 | -€55,938 | -4.7% |
| Trade debts | 44 | €467,314 | €341,594 | -€125,720 | -26.9% |
| Suppliers | 440/4 | €467,314 | €341,594 | -€125,720 | -26.9% |
| Taxes, remuneration and social security | 45 | €86,940 | €32,416 | -€54,524 | -62.7% |
| Taxes | 450/3 | €86,496 | €32,416 | -€54,080 | -62.5% |
| Remuneration and social security | 454/9 | €444 | - | -€444 | |
| Other amounts payable | 47/48 | €333,989 | €78,554 | -€255,436 | -76.5% |
| Accrued charges and deferred income | 492/3 | €278,809 | €305,187 | +€26,378 | +9.5% |
| Remuneration, social security and pensions | 62 | - | €20,825 | +€20,825 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,067,268 | €1,205,073 | +€137,804 | +12.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,263 | €145,796 | +€127,533 | +698.3% |
| Other operating charges | 640/8 | €74,521 | €585,095 | +€510,574 | +685.1% |
| Gross operating margin | 9900 | €2,095,591 | €1,907,308 | -€188,284 | -9.0% |
| Operating profit (loss) | 9901 | €935,538 | -€49,481 | -€985,019 | |
| Financial income | 75/76B | €2,038 | €170 | -€1,868 | -91.6% |
| Recurring financial income | 75 | €2,038 | €170 | -€1,868 | -91.6% |
| Financial charges | 65/66B | €275,154 | €305,733 | +€30,579 | +11.1% |
| Recurring financial charges | 65 | €275,021 | €305,733 | +€30,712 | +11.2% |
| Non-recurring financial charges | 66B | €133 | - | -€133 | |
| Profit (loss) for the period before taxes | 9903 | €662,422 | -€355,044 | -€1.0m | |
| Income taxes | 67/77 | €236,912 | -€4,029 | -€240,941 | |
| Profit (loss) for the period | 9904 | €425,510 | -€351,016 | -€776,526 | |
| Profit (loss) for the period to be appropriated | 9905 | €425,510 | -€351,016 | -€776,526 |
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 6 October 2026 via checked.be.