La Deuxième Phase: what changed
What changed
La Deuxième Phase
filed annual accounts (NBB)
Net result for the year
-€20.1m
2024 · €4,729-€20.1m
Equity
€68,740
2024 · €62.7m-€62.6m
Cash
€70,685
2024 · €3,656+€67,030
Balance sheet total
€70,706
2024 · €64.0m-€64.0m
Largest movements
Assets
- Financial fixed assets -€64.0m
down €64.0m (-100%), from €64.0m to €0
Equity and liabilities
- Profit (loss) carried forward -€62.6m
down €62.6m (-100.0%), from €62.6m to €540
- Debts after one year -€1.3m
down €1.3m (-100%), from €1.3m to €0
Income statement
- Financial charges +€19.8m
up €19.8m (+7,958%), from €249,122 to €20.1m
of which Non-recurring financial charges: +€20.1m
- Financial income -€258,657
down €258,657 (-100.0%), from €258,657 to €1
- Gross operating margin -€4,955
new in 2025: -€4,955
- Services and other goods -€4,807
no longer reported in 2025 (was €4,807)
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€4,729
Other operating items
-€148
Financial income
-€258,657
Financial charges
-€19.8m
Result 2025
-€20.1m
lowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€20.1m
Investment
+€64.0m
Financing
-€43.9m
Cash 2024
€3,656
From operations (derived)
-€20.1m
Net result for the year
-€20.1m
Smaller working-capital items
+€131
Investment (derived)
+€64.0m
Investment in fixed assets (net)
+€64.0m
Financing
-€43.9m
Debts after one year
-€1.3m
Contributions, distributions and other
-€42.5m
Cash 2025
€70,685
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €64,028,181 | €70,706 | -€64.0m | -99.9% |
| Fixed assets | 21/28 | €64,024,525 | €0 | -€64.0m | -100% |
| Financial fixed assets | 28 | €64,024,525 | €0 | -€64.0m | -100% |
| Affiliated companies | 280/1 | €64,024,525 | - | -€64.0m | |
| Participating interests | 280 | €64,024,525 | - | -€64.0m | |
| Current assets | 29/58 | €3,656 | €70,706 | +€67,050 | +1,834% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | - | €21 | +€21 | |
| Other amounts receivable | 41 | - | €21 | +€21 | |
| Cash at bank and in hand | 54/58 | €3,656 | €70,685 | +€67,030 | +1,833% |
| Total equity and liabilities | 10/49 | €64,028,181 | €70,706 | -€64.0m | -99.9% |
| Equity | 10/15 | €62,687,366 | €68,740 | -€62.6m | -99.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €62,619,166 | €540 | -€62.6m | -100.0% |
| Amounts payable | 17/49 | €1,340,815 | €1,966 | -€1.3m | -99.9% |
| Amounts payable after more than one year | 17 | €1,339,000 | €0 | -€1.3m | -100% |
| Financial debts | 170/4 | €1,339,000 | €0 | -€1.3m | -100% |
| Other loans | 174 | €1,339,000 | - | -€1.3m | |
| Amounts payable within one year | 42/48 | €847 | €1,966 | +€1,119 | +132% |
| Trade debts | 44 | €847 | €1,966 | +€1,119 | +132% |
| Suppliers | 440/4 | €847 | €1,966 | +€1,119 | +132% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €968 | €0 | -€968 | -100% |
| Operating charges | 60/66A | €4,807 | - | -€4,807 | |
| Services and other goods | 61 | €4,807 | - | -€4,807 | |
| Other operating charges | 640/8 | €0 | - | = | |
| Gross operating margin | 9900 | - | -€4,955 | -€4,955 | |
| Operating profit (loss) | 9901 | -€4,807 | -€4,955 | -€148 | -3.1% |
| Financial income | 75/76B | €258,657 | €1 | -€258,657 | -100.0% |
| Recurring financial income | 75 | €258,657 | €1 | -€258,657 | -100.0% |
| Income from current assets | 751 | €258,657 | - | -€258,657 | |
| Financial charges | 65/66B | €249,122 | €20,073,672 | +€19.8m | +7,958% |
| Recurring financial charges | 65 | €249,122 | €435 | -€248,686 | -99.8% |
| Debt charges | 650 | €248,657 | - | -€248,657 | |
| Other financial charges | 652/9 | €464 | - | -€464 | |
| Non-recurring financial charges | 66B | - | €20,073,237 | +€20.1m | |
| Profit (loss) for the period before taxes | 9903 | €4,729 | -€20,078,626 | -€20.1m | |
| Profit (loss) for the period | 9904 | €4,729 | -€20,078,626 | -€20.1m | |
| Profit (loss) for the period to be appropriated | 9905 | €4,729 | -€20,078,626 | -€20.1m |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.