L2D: 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
L2D
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€4.5m
2024 · -€257,724+€4.7m
Equity
€41.6m
2024 · €37.1m+€4.5m
Cash
€65,368
2024 · €35,471+€29,897
Balance sheet total
€63.5m
2024 · €60.9m+€2.6m
Largest movements
Assets
- Receivables within one year +€2.6m
up €2.6m (+332.1%), from €783,358 to €3.4m
of which Other amounts receivable: +€2.8m
Equity and liabilities
- Profit (loss) carried forward +€4.2m
up €4.2m (+52.3%), from €8.1m to €12.4m
- Debts after one year -€3.3m
down €3.3m (-41.5%), from €8.0m to €4.7m
- Other debts +€1.4m
up €1.4m (+14.4%), from €9.9m to €11.3m
Income statement
- Financial income +€4.4m
up €4.4m (+354.7%), from €1.2m to €5.7m
- Financial charges -€146,689
down €146,689 (-12.5%), from €1.2m to €1.0m
- Services and other goods -€128,632
down €128,632 (-7.6%), from €1.7m to €1.6m
- Other operating income -€122,090
down €122,090 (-3.7%), from €3.3m to €3.2m
- Turnover -€45,000
down €45,000 (-42.9%), from €105,000 to €60,000
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
-€257,724
Turnover
-€45,000
Other operating income
-€122,090
Services and other goods
+€128,632
Staff costs
-€32,253
Depreciation
+€6,638
Other operating charges
+€2,080
Other operating items
+€229,716
Financial income
+€4.4m
Financial charges
+€146,689
Taxes
+€40
Result 2025
€4.5m
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
+€3.3m
Investment
+€8,351
Financing
-€3.3m
Cash 2024
€35,471
From operations (derived)
+€3.3m
Net result for the year
+€4.5m
Depreciation
+€40,338
Receivables within one year
-€2.6m
Deferred charges and accrued income
-€64
Trade debts
+€71,864
Tax, wage and social debts
-€51,873
Other debts
+€1.4m
Accrued charges and deferred income
-€11,610
Investment (derived)
+€8,351
Investment in fixed assets (net)
+€8,351
Financing
-€3.3m
Debts after one year
-€3.3m
Current portion of long-term debt
-€14,708
Cash 2025
€65,368
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €60,935,344 | €63,518,413 | +€2.6m | +4.2% |
| Fixed assets | 21/28 | €60,101,635 | €60,052,946 | -€48,689 | -0.1% |
| Tangible fixed assets | 22/27 | €121,935 | €73,245 | -€48,689 | -39.9% |
| Furniture and vehicles | 24 | €244 | - | -€244 | |
| Leasing and similar rights | 25 | €121,690 | €73,245 | -€48,445 | -39.8% |
| Financial fixed assets | 28 | €59,979,700 | €59,979,700 | = | 0.0% |
| Affiliated companies | 280/1 | €59,979,700 | €59,979,700 | = | 0.0% |
| Participating interests | 280 | €59,979,700 | €59,979,700 | = | 0.0% |
| Current assets | 29/58 | €833,709 | €3,465,467 | +€2.6m | +315.7% |
| Amounts receivable within one year | 40/41 | €783,358 | €3,385,155 | +€2.6m | +332.1% |
| Trade receivables | 40 | €783,358 | €609,401 | -€173,957 | -22.2% |
| Other amounts receivable | 41 | - | €2,775,754 | +€2.8m | |
| Cash at bank and in hand | 54/58 | €35,471 | €65,368 | +€29,897 | +84.3% |
| Deferred charges and accrued income | 490/1 | €14,880 | €14,944 | +€64 | +0.4% |
| Total equity and liabilities | 10/49 | €60,935,344 | €63,518,413 | +€2.6m | +4.2% |
| Equity | 10/15 | €37,116,824 | €41,581,238 | +€4.5m | +12.0% |
| Contributions | 10/11 | €28,517,291 | €28,517,291 | = | 0.0% |
| Capital | 10 | €28,517,197 | €28,517,197 | = | 0.0% |
| Issued capital | 100 | €28,517,197 | €28,517,197 | = | 0.0% |
| Outside capital | 11 | €95 | €95 | = | 0.0% |
| Share premium | 1100/10 | €95 | €95 | = | 0.0% |
| Reserves | 13 | €484,122 | €707,343 | +€223,221 | +46.1% |
| Non-distributable reserves | 130/1 | €484,122 | €707,343 | +€223,221 | +46.1% |
| Legal reserve | 130 | €484,122 | €707,343 | +€223,221 | +46.1% |
| Distributable reserves | 133 | €0 | €0 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,115,411 | €12,356,604 | +€4.2m | +52.3% |
| Amounts payable | 17/49 | €23,818,520 | €21,937,175 | -€1.9m | -7.9% |
| Amounts payable after more than one year | 17 | €7,963,749 | €4,658,695 | -€3.3m | -41.5% |
| Financial debts | 170/4 | €7,963,749 | €4,658,695 | -€3.3m | -41.5% |
| Leasing and similar obligations | 172 | €76,235 | €42,608 | -€33,628 | -44.1% |
| Credit institutions | 173 | €7,887,513 | €4,616,087 | -€3.3m | -41.5% |
| Amounts payable within one year | 42/48 | €15,763,044 | €17,198,362 | +€1.4m | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €3,318,083 | €3,303,375 | -€14,708 | -0.4% |
| Financial debts | 43 | €2,000,000 | €2,000,000 | = | 0.0% |
| Credit institutions | 430/8 | €2,000,000 | €2,000,000 | = | 0.0% |
| Trade debts | 44 | €267,065 | €338,929 | +€71,864 | +26.9% |
| Suppliers | 440/4 | €267,065 | €338,929 | +€71,864 | +26.9% |
| Taxes, remuneration and social security | 45 | €270,380 | €218,506 | -€51,873 | -19.2% |
| Taxes | 450/3 | €51,931 | €49,012 | -€2,919 | -5.6% |
| Remuneration and social security | 454/9 | €218,449 | €169,494 | -€48,955 | -22.4% |
| Other amounts payable | 47/48 | €9,907,516 | €11,337,551 | +€1.4m | +14.4% |
| Accrued charges and deferred income | 492/3 | €91,728 | €80,118 | -€11,610 | -12.7% |
| Operating income | 70/76A | €3,849,754 | €3,744,339 | -€105,415 | -2.7% |
| Turnover | 70 | €105,000 | €60,000 | -€45,000 | -42.9% |
| Other operating income | 74 | €3,275,054 | €3,152,964 | -€122,090 | -3.7% |
| Non-recurring operating income | 76A | €469,700 | €531,375 | +€61,675 | +13.1% |
| Operating charges | 60/66A | €4,176,668 | €3,903,530 | -€273,138 | -6.5% |
| Services and other goods | 61 | €1,694,069 | €1,565,437 | -€128,632 | -7.6% |
| Remuneration, social security and pensions | 62 | €1,367,268 | €1,399,521 | +€32,253 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,976 | €40,338 | -€6,638 | -14.1% |
| Other operating charges | 640/8 | €8,055 | €5,975 | -€2,080 | -25.8% |
| Non-recurring operating charges | 66A | €1,060,299 | €892,258 | -€168,041 | -15.8% |
| Operating profit (loss) | 9901 | -€326,914 | -€159,191 | +€167,723 | +51.3% |
| Financial income | 75/76B | €1,242,748 | €5,650,434 | +€4.4m | +354.7% |
| Recurring financial income | 75 | €1,242,748 | €5,650,434 | +€4.4m | +354.7% |
| Income from financial fixed assets | 750 | €1,242,748 | €5,514,637 | +€4.3m | +343.7% |
| Income from current assets | 751 | - | €135,754 | +€135,754 | |
| Other financial income | 752/9 | - | €43 | +€43 | |
| Financial charges | 65/66B | €1,172,091 | €1,025,402 | -€146,689 | -12.5% |
| Recurring financial charges | 65 | €1,172,091 | €1,025,402 | -€146,689 | -12.5% |
| Debt charges | 650 | €1,169,840 | €1,022,890 | -€146,950 | -12.6% |
| Other financial charges | 652/9 | €2,251 | €2,512 | +€262 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | -€256,257 | €4,465,841 | +€4.7m | |
| Income taxes | 67/77 | €1,467 | €1,427 | -€40 | -2.7% |
| Taxes | 670/3 | €1,467 | €1,427 | -€40 | -2.7% |
| Profit (loss) for the period | 9904 | -€257,724 | €4,464,414 | +€4.7m | |
| Profit (loss) for the period to be appropriated | 9905 | -€257,724 | €4,464,414 | +€4.7m |
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.