LAEBENS BART: 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.
LAEBENS BART
Largest movements
- Stocks and contracts -€273,466
down €273,466 (-73.7%), from €371,035 to €97,570
- Cash +€264,395
up €264,395 (+349.9%), from €75,553 to €339,948
mainly Stocks and contracts (+€273,466) and Net result for the year (+€158,507)
- Tangible fixed assets -€34,784
down €34,784 (-12.7%), from €273,750 to €238,966
of which Land and buildings: -€19,343
- Receivables within one year -€14,074
down €14,074 (-37.7%), from €37,302 to €23,228
of which Other amounts receivable: -€14,185
- Debts after one year -€158,448
down €158,448 (-59.3%), from €267,284 to €108,837
of which Other amounts payable: -€133,110
- Reserves +€74,849
up €74,849 (+20.9%), from €357,562 to €432,412
- Tax, wage and social debts +€53,155
up €53,155 (+242.1%), from €21,952 to €75,106
of which Taxes: +€52,982
- Other debts -€22,020
down €22,020 (-61.6%), from €35,768 to €13,749
- Current portion of long-term debt -€9,031
down €9,031 (-26.3%), from €34,368 to €25,337
- Gross operating margin +€167,100
up €167,100 (+79.4%), from €210,471 to €377,572
- Taxes +€55,651
up €55,651 (+316.4%), from €17,591 to €73,242
- Financial charges -€10,784
down €10,784 (-71.6%), from €15,062 to €4,278
- Staff costs +€7,070
up €7,070 (+7.5%), from €94,545 to €101,615
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 | €768,079 | €711,608 | -€56,471 | -7.4% |
| Fixed assets | 21/28 | €273,774 | €238,991 | -€34,784 | -12.7% |
| Tangible fixed assets | 22/27 | €273,750 | €238,966 | -€34,784 | -12.7% |
| Land and buildings | 22 | €245,913 | €226,570 | -€19,343 | -7.9% |
| Plant, machinery and equipment | 23 | €5,626 | €3,527 | -€2,099 | -37.3% |
| Furniture and vehicles | 24 | €22,211 | €8,869 | -€13,342 | -60.1% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €494,304 | €472,617 | -€21,688 | -4.4% |
| Stocks and contracts in progress | 3 | €371,035 | €97,570 | -€273,466 | -73.7% |
| Stocks | 30/36 | €371,035 | €97,570 | -€273,466 | -73.7% |
| Amounts receivable within one year | 40/41 | €37,302 | €23,228 | -€14,074 | -37.7% |
| Trade receivables | 40 | €4,283 | €4,395 | +€112 | +2.6% |
| Other amounts receivable | 41 | €33,019 | €18,834 | -€14,185 | -43.0% |
| Cash at bank and in hand | 54/58 | €75,553 | €339,948 | +€264,395 | +349.9% |
| Deferred charges and accrued income | 490/1 | €10,413 | €11,871 | +€1,457 | +14.0% |
| Total equity and liabilities | 10/49 | €768,079 | €711,608 | -€56,471 | -7.4% |
| Equity | 10/15 | €377,562 | €452,412 | +€74,849 | +19.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €357,562 | €432,412 | +€74,849 | +20.9% |
| Distributable reserves | 133 | €357,562 | €432,412 | +€74,849 | +20.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €390,517 | €259,196 | -€131,320 | -33.6% |
| Amounts payable after more than one year | 17 | €267,284 | €108,837 | -€158,448 | -59.3% |
| Financial debts | 170/4 | €127,169 | €101,832 | -€25,337 | -19.9% |
| Other amounts payable | 178/9 | €140,115 | €7,005 | -€133,110 | -95.0% |
| Amounts payable within one year | 42/48 | €123,232 | €150,359 | +€27,127 | +22.0% |
| Current portion of amounts payable after more than one year | 42 | €34,368 | €25,337 | -€9,031 | -26.3% |
| Financial debts | 43 | €3,755 | €3,851 | +€96 | +2.6% |
| Credit institutions | 430/8 | €3,755 | €3,851 | +€96 | +2.6% |
| Trade debts | 44 | €27,388 | €32,122 | +€4,733 | +17.3% |
| Suppliers | 440/4 | €27,388 | €32,122 | +€4,733 | +17.3% |
| Advances received on contracts in progress | 46 | €0 | €194 | +€194 | |
| Taxes, remuneration and social security | 45 | €21,952 | €75,106 | +€53,155 | +242.1% |
| Taxes | 450/3 | €8,822 | €61,805 | +€52,982 | +600.6% |
| Remuneration and social security | 454/9 | €13,129 | €13,302 | +€172 | +1.3% |
| Other amounts payable | 47/48 | €35,768 | €13,749 | -€22,020 | -61.6% |
| Remuneration, social security and pensions | 62 | €94,545 | €101,615 | +€7,070 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,432 | €34,784 | -€1,648 | -4.5% |
| Other operating charges | 640/8 | €5,125 | €5,241 | +€117 | +2.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €210,471 | €377,572 | +€167,100 | +79.4% |
| Operating profit (loss) | 9901 | €74,370 | €235,932 | +€161,562 | +217.2% |
| Financial income | 75/76B | €115 | €95 | -€20 | -17.5% |
| Recurring financial income | 75 | €115 | €95 | -€20 | -17.5% |
| Financial charges | 65/66B | €15,062 | €4,278 | -€10,784 | -71.6% |
| Recurring financial charges | 65 | €15,062 | €4,278 | -€10,784 | -71.6% |
| Profit (loss) for the period before taxes | 9903 | €59,423 | €231,749 | +€172,325 | +290.0% |
| Income taxes | 67/77 | €17,591 | €73,242 | +€55,651 | +316.4% |
| Profit (loss) for the period | 9904 | €41,832 | €158,507 | +€116,675 | +278.9% |
| Profit (loss) for the period to be appropriated | 9905 | €41,832 | €158,507 | +€116,675 | +278.9% |
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 6 October 2026 via checked.be.