L4F: 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.
L4F
Largest movements
- Receivables within one year +€99,452
up €99,452 (+60.5%), from €164,280 to €263,732
of which Trade receivables: +€106,314
- Tangible fixed assets -€51,749
down €51,749 (-9.8%), from €526,962 to €475,213
- Stocks and contracts -€40,000
no longer reported in 2025 (was €40,000)
of which Stocks: -€40,000
- Trade debts +€29,365
up €29,365 (+50.6%), from €58,040 to €87,405
- Current portion of long-term debt -€23,576
down €23,576 (-32.9%), from €71,744 to €48,168
- Short-term financial debts -€20,882
down €20,882 (-29.5%), from €70,882 to €50,000
- Debts after one year -€16,528
down €16,528 (-4.5%), from €367,864 to €351,336
- Provisions +€14,355
new in 2025: €14,355
- Depreciation -€38,279
down €38,279 (-40.8%), from €93,796 to €55,517
- Provisions +€14,355
new in 2025: €14,355
- Gross operating margin -€14,314
down €14,314 (-11.4%), from €125,084 to €110,770
- Financial charges +€4,553
up €4,553 (+31.9%), from €14,284 to €18,837
- Taxes +€2,814
up €2,814 (+124.6%), from €2,259 to €5,073
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 | €733,037 | €740,736 | +€7,699 | +1.1% |
| Fixed assets | 21/28 | €528,152 | €476,403 | -€51,749 | -9.8% |
| Tangible fixed assets | 22/27 | €526,962 | €475,213 | -€51,749 | -9.8% |
| Land and buildings | 22 | €419,156 | €403,111 | -€16,045 | -3.8% |
| Plant, machinery and equipment | 23 | €66,454 | €49,594 | -€16,860 | -25.4% |
| Furniture and vehicles | 24 | €41,352 | €22,508 | -€18,844 | -45.6% |
| Financial fixed assets | 28 | €1,190 | €1,190 | = | 0.0% |
| Current assets | 29/58 | €204,885 | €264,333 | +€59,448 | +29.0% |
| Stocks and contracts in progress | 3 | €40,000 | - | -€40,000 | |
| Stocks | 30/36 | €40,000 | - | -€40,000 | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €164,280 | €263,732 | +€99,452 | +60.5% |
| Trade receivables | 40 | €157,418 | €263,732 | +€106,314 | +67.5% |
| Other amounts receivable | 41 | €6,862 | - | -€6,862 | |
| Cash at bank and in hand | 54/58 | - | €95 | +€95 | |
| Deferred charges and accrued income | 490/1 | €605 | €506 | -€99 | -16.4% |
| Total equity and liabilities | 10/49 | €733,037 | €740,736 | +€7,699 | +1.1% |
| Equity | 10/15 | €146,420 | €157,592 | +€11,172 | +7.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €127,820 | €138,992 | +€11,172 | +8.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €125,960 | €137,132 | +€11,172 | +8.9% |
| Provisions and deferred taxes | 16 | - | €14,355 | +€14,355 | |
| Provisions for liabilities and charges | 160/5 | - | €14,355 | +€14,355 | |
| Other liabilities and charges | 164/5 | - | €14,355 | +€14,355 | |
| Amounts payable | 17/49 | €586,617 | €568,789 | -€17,828 | -3.0% |
| Amounts payable after more than one year | 17 | €367,864 | €351,336 | -€16,528 | -4.5% |
| Financial debts | 170/4 | €367,864 | €351,336 | -€16,528 | -4.5% |
| Amounts payable within one year | 42/48 | €207,337 | €205,238 | -€2,099 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €71,744 | €48,168 | -€23,576 | -32.9% |
| Financial debts | 43 | €70,882 | €50,000 | -€20,882 | -29.5% |
| Credit institutions | 430/8 | €70,882 | €50,000 | -€20,882 | -29.5% |
| Trade debts | 44 | €58,040 | €87,405 | +€29,365 | +50.6% |
| Suppliers | 440/4 | €58,040 | €87,405 | +€29,365 | +50.6% |
| Taxes, remuneration and social security | 45 | - | €7,708 | +€7,708 | |
| Taxes | 450/3 | - | €7,708 | +€7,708 | |
| Other amounts payable | 47/48 | €6,671 | €11,957 | +€5,286 | +79.2% |
| Accrued charges and deferred income | 492/3 | €11,416 | €12,215 | +€799 | +7.0% |
| Remuneration, social security and pensions | 62 | -€89 | - | +€89 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,796 | €55,517 | -€38,279 | -40.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €14,355 | +€14,355 | |
| Other operating charges | 640/8 | €4,670 | €5,965 | +€1,295 | +27.7% |
| Gross operating margin | 9900 | €125,084 | €110,770 | -€14,314 | -11.4% |
| Operating profit (loss) | 9901 | €26,707 | €34,933 | +€8,226 | +30.8% |
| Financial income | 75/76B | €0 | €149 | +€149 | |
| Recurring financial income | 75 | €0 | €149 | +€149 | |
| Financial charges | 65/66B | €14,284 | €18,837 | +€4,553 | +31.9% |
| Recurring financial charges | 65 | €14,284 | €18,837 | +€4,553 | +31.9% |
| Profit (loss) for the period before taxes | 9903 | €12,423 | €16,245 | +€3,822 | +30.8% |
| Income taxes | 67/77 | €2,259 | €5,073 | +€2,814 | +124.6% |
| Profit (loss) for the period | 9904 | €10,164 | €11,172 | +€1,008 | +9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €10,164 | €11,172 | +€1,008 | +9.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.