LACE-UP: what changed
Two financial 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.
LACE-UP
Largest movements
- Tangible fixed assets +€45,385
new in 2025: €45,385
- Cash +€7,317
up €7,317 (+58.3%), from €12,561 to €19,879
mainly Debts after one year (+€29,333) and Net result for the year (+€22,749)
- Stocks and contracts +€2,518
up €2,518 (+5.7%), from €44,488 to €47,006
- Receivables within one year -€2,464
down €2,464 (-25.1%), from €9,802 to €7,338
of which Other amounts receivable: -€1,728
- Deferred charges and accrued income +€1,346
up €1,346 (+1,001%), from €134 to €1,481
- Debts after one year +€29,333
new in 2025: €29,333
- Reserves +€22,749
up €22,749 (+299%), from €7,615 to €30,364
of which Distributable reserves: +€22,749
- Current portion of long-term debt +€7,197
up €7,197 (+896%), from €803 to €8,000
- Tax, wage and social debts -€3,610
down €3,610 (-23.9%), from €15,094 to €11,484
of which Remuneration and social security: -€9,053
- Other debts -€3,562
down €3,562 (-20.8%), from €17,109 to €13,547
- Staff costs -€20,448
down €20,448 (-58.3%), from €35,099 to €14,651
- Gross operating margin +€8,515
up €8,515 (+18.4%), from €46,378 to €54,893
- Other operating charges +€4,656
up €4,656 (+331%), from €1,406 to €6,062
- Depreciation +€4,456
up €4,456 (+581%), from €767 to €5,222
- Taxes +€1,703
up €1,703 (+242%), from €704 to €2,407
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.
Derived cash bridge
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 | €67,088 | €121,088 | +€53,999 | +80.5% |
| Fixed assets | 21/28 | €103 | €45,385 | +€45,282 | +44,027% |
| Intangible fixed assets | 21 | €103 | - | -€103 | |
| Tangible fixed assets | 22/27 | - | €45,385 | +€45,385 | |
| Furniture and vehicles | 24 | - | €45,385 | +€45,385 | |
| Current assets | 29/58 | €66,986 | €75,703 | +€8,717 | +13.0% |
| Stocks and contracts in progress | 3 | €44,488 | €47,006 | +€2,518 | +5.7% |
| Stocks | 30/36 | €44,488 | €47,006 | +€2,518 | +5.7% |
| Amounts receivable within one year | 40/41 | €9,802 | €7,338 | -€2,464 | -25.1% |
| Trade receivables | 40 | €4,786 | €4,049 | -€737 | -15.4% |
| Other amounts receivable | 41 | €5,016 | €3,289 | -€1,728 | -34.4% |
| Cash at bank and in hand | 54/58 | €12,561 | €19,879 | +€7,317 | +58.3% |
| Deferred charges and accrued income | 490/1 | €134 | €1,481 | +€1,346 | +1,001% |
| Total equity and liabilities | 10/49 | €67,088 | €121,088 | +€53,999 | +80.5% |
| Equity | 10/15 | €15,694 | €38,443 | +€22,749 | +145% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €7,615 | €30,364 | +€22,749 | +299% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €5,755 | €28,504 | +€22,749 | +395% |
| Profit (loss) carried forward | 14 | €1,879 | €1,879 | = | 0.0% |
| Amounts payable | 17/49 | €51,395 | €82,645 | +€31,251 | +60.8% |
| Amounts payable after more than one year | 17 | - | €29,333 | +€29,333 | |
| Financial debts | 170/4 | - | €29,333 | +€29,333 | |
| Amounts payable within one year | 42/48 | €51,395 | €53,312 | +€1,917 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €803 | €8,000 | +€7,197 | +896% |
| Trade debts | 44 | €18,389 | €18,601 | +€212 | +1.2% |
| Suppliers | 440/4 | €18,389 | €18,601 | +€212 | +1.2% |
| Advances received on contracts in progress | 46 | - | €1,680 | +€1,680 | |
| Taxes, remuneration and social security | 45 | €15,094 | €11,484 | -€3,610 | -23.9% |
| Taxes | 450/3 | €3,610 | €9,053 | +€5,443 | +151% |
| Remuneration and social security | 454/9 | €11,483 | €2,430 | -€9,053 | -78.8% |
| Other amounts payable | 47/48 | €17,109 | €13,547 | -€3,562 | -20.8% |
| Non-recurring operating income | 76A | - | €10,820 | +€10,820 | |
| Remuneration, social security and pensions | 62 | €35,099 | €14,651 | -€20,448 | -58.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €767 | €5,222 | +€4,456 | +581% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€69 | €504 | +€573 | |
| Other operating charges | 640/8 | €1,406 | €6,062 | +€4,656 | +331% |
| Gross operating margin | 9900 | €46,378 | €54,893 | +€8,515 | +18.4% |
| Operating profit (loss) | 9901 | €9,175 | €28,453 | +€19,278 | +210% |
| Financial income | 75/76B | €166 | €167 | +€1 | +0.7% |
| Recurring financial income | 75 | €166 | €167 | +€1 | +0.7% |
| Financial charges | 65/66B | €2,883 | €3,464 | +€581 | +20.2% |
| Recurring financial charges | 65 | €2,883 | €3,464 | +€581 | +20.2% |
| Profit (loss) for the period before taxes | 9903 | €6,458 | €25,156 | +€18,697 | +290% |
| Income taxes | 67/77 | €704 | €2,407 | +€1,703 | +242% |
| Profit (loss) for the period | 9904 | €5,755 | €22,749 | +€16,994 | +295% |
| Profit (loss) for the period to be appropriated | 9905 | €5,755 | €22,749 | +€16,994 | +295% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.