Lady Log: 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.
Lady Log
Largest movements
- Tangible fixed assets +€102,335
up €102,335 (+72.9%), from €140,320 to €242,655
of which Assets under construction and advance payments: +€104,805
- Cash -€50,678
down €50,678 (-91.6%), from €55,335 to €4,657
mainly Investment in fixed assets (net) (-€110,668) and Contributions, distributions and other (-€55,488)
- Receivables within one year +€24,704
up €24,704 (+735.9%), from €3,357 to €28,061
of which Trade receivables: +€20,397
- Intangible fixed assets -€7,000
down €7,000 (-30.8%), from €22,750 to €15,750
- Debts after one year +€88,942
up €88,942 (+114.6%), from €77,644 to €166,586
- Reserves -€25,000
down €25,000 (-63.8%), from €39,167 to €14,167
- Other debts -€13,935
down €13,935 (-23.7%), from €58,824 to €44,888
- Trade debts +€8,446
up €8,446 (+138.2%), from €6,114 to €14,560
- Current portion of long-term debt +€7,287
up €7,287 (+74.1%), from €9,841 to €17,128
- Gross operating margin -€78,691
down €78,691 (-46.3%), from €170,006 to €91,315
- Other operating charges -€16,548
down €16,548 (-96.2%), from €17,193 to €645
- Depreciation -€10,940
down €10,940 (-41.6%), from €26,273 to €15,333
- Taxes -€5,803
down €5,803 (-14.5%), from €40,000 to €34,197
- Financial charges -€2,666
down €2,666 (-32.6%), from €8,169 to €5,503
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 | €264,261 | €333,621 | +€69,361 | +26.2% |
| Fixed assets | 21/28 | €205,568 | €300,903 | +€95,335 | +46.4% |
| Intangible fixed assets | 21 | €22,750 | €15,750 | -€7,000 | -30.8% |
| Tangible fixed assets | 22/27 | €140,320 | €242,655 | +€102,335 | +72.9% |
| Land and buildings | 22 | €120,509 | €122,970 | +€2,461 | +2.0% |
| Plant, machinery and equipment | 23 | - | €1,543 | +€1,543 | |
| Furniture and vehicles | 24 | €19,811 | €13,337 | -€6,474 | -32.7% |
| Assets under construction and advance payments | 27 | - | €104,805 | +€104,805 | |
| Financial fixed assets | 28 | €42,498 | €42,498 | = | 0.0% |
| Current assets | 29/58 | €58,692 | €32,718 | -€25,974 | -44.3% |
| Amounts receivable within one year | 40/41 | €3,357 | €28,061 | +€24,704 | +735.9% |
| Trade receivables | 40 | €1,894 | €22,291 | +€20,397 | +1077.1% |
| Other amounts receivable | 41 | €1,463 | €5,770 | +€4,306 | +294.2% |
| Cash at bank and in hand | 54/58 | €55,335 | €4,657 | -€50,678 | -91.6% |
| Total equity and liabilities | 10/49 | €264,261 | €333,621 | +€69,361 | +26.2% |
| Equity | 10/15 | €110,311 | €90,459 | -€19,852 | -18.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €39,167 | €14,167 | -€25,000 | -63.8% |
| Distributable reserves | 133 | €39,167 | €14,167 | -€25,000 | -63.8% |
| Profit (loss) carried forward | 14 | €52,544 | €57,692 | +€5,148 | +9.8% |
| Amounts payable | 17/49 | €153,950 | €243,162 | +€89,212 | +57.9% |
| Amounts payable after more than one year | 17 | €77,644 | €166,586 | +€88,942 | +114.6% |
| Financial debts | 170/4 | €77,644 | €166,586 | +€88,942 | +114.6% |
| Amounts payable within one year | 42/48 | €76,306 | €76,576 | +€270 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €9,841 | €17,128 | +€7,287 | +74.1% |
| Trade debts | 44 | €6,114 | €14,560 | +€8,446 | +138.2% |
| Suppliers | 440/4 | €6,114 | €14,560 | +€8,446 | +138.2% |
| Taxes, remuneration and social security | 45 | €1,528 | - | -€1,528 | |
| Taxes | 450/3 | €1,528 | - | -€1,528 | |
| Other amounts payable | 47/48 | €58,824 | €44,888 | -€13,935 | -23.7% |
| Non-recurring operating income | 76A | €24,958 | - | -€24,958 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,273 | €15,333 | -€10,940 | -41.6% |
| Other operating charges | 640/8 | €17,193 | €645 | -€16,548 | -96.2% |
| Gross operating margin | 9900 | €170,006 | €91,315 | -€78,691 | -46.3% |
| Operating profit (loss) | 9901 | €126,539 | €75,337 | -€51,202 | -40.5% |
| Financial charges | 65/66B | €8,169 | €5,503 | -€2,666 | -32.6% |
| Recurring financial charges | 65 | €8,169 | €5,503 | -€2,666 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | €118,370 | €69,834 | -€48,537 | -41.0% |
| Income taxes | 67/77 | €40,000 | €34,197 | -€5,803 | -14.5% |
| Profit (loss) for the period | 9904 | €78,370 | €35,636 | -€42,734 | -54.5% |
| Profit (loss) for the period to be appropriated | 9905 | €78,370 | €35,636 | -€42,734 | -54.5% |
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 10 October 2026 via checked.be.