L2 PROJECTS: 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.
L2 PROJECTS
Largest movements
- Cash +€73,775
up €73,775 (+165.7%), from €44,511 to €118,286
mainly Net result for the year (+€58,413) and Other debts (+€33,781)
- Receivables within one year -€24,010
down €24,010 (-20.8%), from €115,298 to €91,288
of which Other amounts receivable: -€17,068
- Tangible fixed assets +€6,209
up €6,209 (+10.9%), from €56,773 to €62,982
of which Furniture and vehicles: +€7,877
- Other debts +€33,781
up €33,781 (+166.3%), from €20,310 to €54,091
- Trade debts +€11,054
up €11,054 (+191.7%), from €5,765 to €16,819
- Tax, wage and social debts +€10,117
up €10,117 (+65.1%), from €15,541 to €25,658
- Financial charges -€17,790
down €17,790 (-23.5%), from €75,666 to €57,876
of which Financial charges: -€18,726
- Gross operating margin -€8,976
down €8,976 (-5.6%), from €160,652 to €151,676
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 | €218,475 | €274,602 | +€56,127 | +25.7% |
| Fixed assets | 21/28 | €56,823 | €63,032 | +€6,209 | +10.9% |
| Tangible fixed assets | 22/27 | €56,773 | €62,982 | +€6,209 | +10.9% |
| Land and buildings | 22 | €14,613 | €12,944 | -€1,669 | -11.4% |
| Furniture and vehicles | 24 | €42,160 | €50,037 | +€7,877 | +18.7% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €161,652 | €211,571 | +€49,919 | +30.9% |
| Amounts receivable within one year | 40/41 | €115,298 | €91,288 | -€24,010 | -20.8% |
| Trade receivables | 40 | €59,260 | €52,318 | -€6,942 | -11.7% |
| Other amounts receivable | 41 | €56,038 | €38,970 | -€17,068 | -30.5% |
| Cash at bank and in hand | 54/58 | €44,511 | €118,286 | +€73,775 | +165.7% |
| Deferred charges and accrued income | 490/1 | €1,843 | €1,997 | +€154 | +8.4% |
| Total equity and liabilities | 10/49 | €218,475 | €274,602 | +€56,127 | +25.7% |
| Equity | 10/15 | €172,764 | €173,298 | +€535 | +0.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €149,870 | €152,122 | +€2,252 | +1.5% |
| Distributable reserves | 133 | €149,870 | €152,122 | +€2,252 | +1.5% |
| Profit (loss) carried forward | 14 | €16,694 | €14,976 | -€1,718 | -10.3% |
| Amounts payable | 17/49 | €45,711 | €101,304 | +€55,593 | +121.6% |
| Amounts payable within one year | 42/48 | €45,695 | €101,304 | +€55,609 | +121.7% |
| Current portion of amounts payable after more than one year | 42 | €4,079 | €4,736 | +€657 | +16.1% |
| Trade debts | 44 | €5,765 | €16,819 | +€11,054 | +191.7% |
| Suppliers | 440/4 | €5,765 | €16,819 | +€11,054 | +191.7% |
| Taxes, remuneration and social security | 45 | €15,541 | €25,658 | +€10,117 | +65.1% |
| Taxes | 450/3 | €15,541 | €25,658 | +€10,117 | +65.1% |
| Other amounts payable | 47/48 | €20,310 | €54,091 | +€33,781 | +166.3% |
| Accrued charges and deferred income | 492/3 | €16 | - | -€16 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,284 | €10,998 | +€714 | +6.9% |
| Other operating charges | 640/8 | €2,030 | €2,107 | +€77 | +3.8% |
| Gross operating margin | 9900 | €160,652 | €151,676 | -€8,976 | -5.6% |
| Operating profit (loss) | 9901 | €148,338 | €138,571 | -€9,767 | -6.6% |
| Financial income | 75/76B | €1,231 | €1,332 | +€101 | +8.2% |
| Recurring financial income | 75 | €1,231 | €1,332 | +€101 | +8.2% |
| Financial charges | 65/66B | €75,666 | €57,876 | -€17,790 | -23.5% |
| Recurring financial charges | 65 | €75,666 | €56,939 | -€18,726 | -24.7% |
| Non-recurring financial charges | 66B | - | €936 | +€936 | |
| Profit (loss) for the period before taxes | 9903 | €73,904 | €82,028 | +€8,124 | +11.0% |
| Income taxes | 67/77 | €22,043 | €23,615 | +€1,572 | +7.1% |
| Profit (loss) for the period | 9904 | €51,861 | €58,413 | +€6,552 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €51,861 | €58,413 | +€6,552 | +12.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.