L4: 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.
L4
Largest movements
- Tangible fixed assets +€21,378
up €21,378 (+1.2%), from €1.7m to €1.8m
of which Land and buildings: +€21,791
- Trade debts -€55,477
down €55,477 (-33.6%), from €164,989 to €109,512
- Reserves +€43,981
up €43,981 (+2364.6%), from €1,860 to €45,841
- Profit (loss) carried forward +€42,557
up €42,557, from -€42,557 to €0
- Debts after one year -€23,391
down €23,391 (-3.1%), from €743,139 to €719,747
- Tax, wage and social debts +€18,867
up €18,867 (+122.0%), from €15,462 to €34,328
- Depreciation -€54,982
down €54,982 (-47.0%), from €116,893 to €61,910
- Gross operating margin +€15,054
up €15,054 (+8.5%), from €177,911 to €192,966
- Financial charges -€14,151
down €14,151 (-25.9%), from €54,664 to €40,513
- Financial income -€6,573
down €6,573 (-100.0%), from €6,574 to €1
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 | €1,740,158 | €1,764,159 | +€24,002 | +1.4% |
| Fixed assets | 21/28 | €1,728,905 | €1,750,283 | +€21,378 | +1.2% |
| Tangible fixed assets | 22/27 | €1,728,905 | €1,750,283 | +€21,378 | +1.2% |
| Land and buildings | 22 | €1,727,873 | €1,749,664 | +€21,791 | +1.3% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €1,032 | €619 | -€413 | -40.0% |
| Current assets | 29/58 | €11,253 | €13,876 | +€2,624 | +23.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €11,202 | €12,254 | +€1,052 | +9.4% |
| Trade receivables | 40 | €0 | €12,160 | +€12,160 | |
| Other amounts receivable | 41 | €11,202 | €94 | -€11,108 | -99.2% |
| Cash at bank and in hand | 54/58 | €51 | €43 | -€7 | -14.4% |
| Deferred charges and accrued income | 490/1 | €0 | €1,579 | +€1,579 | |
| Total equity and liabilities | 10/49 | €1,740,158 | €1,764,159 | +€24,002 | +1.4% |
| Equity | 10/15 | €277,903 | €364,441 | +€86,538 | +31.1% |
| Contributions | 10/11 | €318,600 | €318,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €45,841 | +€43,981 | +2364.6% |
| Distributable reserves | 133 | €1,860 | €45,841 | +€43,981 | +2364.6% |
| Profit (loss) carried forward | 14 | -€42,557 | €0 | +€42,557 | |
| Amounts payable | 17/49 | €1,462,255 | €1,399,718 | -€62,537 | -4.3% |
| Amounts payable after more than one year | 17 | €743,139 | €719,747 | -€23,391 | -3.1% |
| Financial debts | 170/4 | €743,139 | €719,747 | -€23,391 | -3.1% |
| Amounts payable within one year | 42/48 | €719,116 | €679,971 | -€39,146 | -5.4% |
| Current portion of amounts payable after more than one year | 42 | €34,716 | €38,577 | +€3,861 | +11.1% |
| Financial debts | 43 | €9,295 | €18,180 | +€8,885 | +95.6% |
| Credit institutions | 430/8 | €9,295 | €18,180 | +€8,885 | +95.6% |
| Trade debts | 44 | €164,989 | €109,512 | -€55,477 | -33.6% |
| Suppliers | 440/4 | €164,989 | €109,512 | -€55,477 | -33.6% |
| Taxes, remuneration and social security | 45 | €15,462 | €34,328 | +€18,867 | +122.0% |
| Taxes | 450/3 | €15,462 | €34,328 | +€18,867 | +122.0% |
| Other amounts payable | 47/48 | €494,654 | €479,373 | -€15,281 | -3.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €116,893 | €61,910 | -€54,982 | -47.0% |
| Other operating charges | 640/8 | €4,373 | €3,715 | -€658 | -15.1% |
| Gross operating margin | 9900 | €177,911 | €192,966 | +€15,054 | +8.5% |
| Operating profit (loss) | 9901 | €56,646 | €127,341 | +€70,695 | +124.8% |
| Financial income | 75/76B | €6,574 | €1 | -€6,573 | -100.0% |
| Recurring financial income | 75 | €6,574 | €1 | -€6,573 | -100.0% |
| Financial charges | 65/66B | €54,664 | €40,513 | -€14,151 | -25.9% |
| Recurring financial charges | 65 | €54,664 | €40,513 | -€14,151 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €8,556 | €86,829 | +€78,273 | +914.9% |
| Income taxes | 67/77 | €236 | €291 | +€54 | +23.0% |
| Profit (loss) for the period | 9904 | €8,319 | €86,538 | +€78,219 | +940.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,319 | €86,538 | +€78,219 | +940.2% |
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 29 September 2026 via checked.be.