LAME DUCK: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
LAME DUCK
Largest movements
- Current investments +€1.0m
new in 2025: €1.0m
- Tangible fixed assets +€344,303
new in 2025: €344,303
- Reserves +€1.4m
new in 2025: €1.4m
- Short-term financial debts +€286,000
new in 2025: €286,000
- Profit (loss) carried forward -€240,448
down €240,448 (-17.7%), from €1.4m to €1.1m
- Debts after one year -€116,887
down €116,887 (-1.4%), from €8.1m to €8.0m
- Financial income -€167,125
down €167,125 (-12.2%), from €1.4m to €1.2m
- Other operating charges +€41,143
up €41,143 (+4,624%), from €890 to €42,032
- Gross operating margin -€27,480
down €27,480 (-689%), from -€3,988 to -€31,468
- Depreciation +€3,151
up €3,151 (+684%), from €461 to €3,612
- Financial charges +€1,550
up €1,550 (+1,883%), from €82 to €1,632
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,462,216 | €10,761,871 | +€1.3m | +13.7% |
| Formation expenses | 20 | €792 | €1,092 | +€300 | +37.8% |
| Fixed assets | 21/28 | €8,808,000 | €9,152,303 | +€344,303 | +3.9% |
| Tangible fixed assets | 22/27 | - | €344,303 | +€344,303 | |
| Land and buildings | 22 | - | €344,303 | +€344,303 | |
| Financial fixed assets | 28 | €8,808,000 | €8,808,000 | = | 0.0% |
| Current assets | 29/58 | €653,424 | €1,608,476 | +€955,053 | +146% |
| Amounts receivable within one year | 40/41 | €450,000 | €450,000 | = | 0.0% |
| Other amounts receivable | 41 | €450,000 | €450,000 | = | 0.0% |
| Current investments | 50/53 | - | €1,000,000 | +€1.0m | |
| Cash at bank and in hand | 54/58 | €203,424 | €157,962 | -€45,461 | -22.3% |
| Deferred charges and accrued income | 490/1 | - | €514 | +€514 | |
| Total equity and liabilities | 10/49 | €9,462,216 | €10,761,871 | +€1.3m | +13.7% |
| Equity | 10/15 | €1,371,304 | €2,492,559 | +€1.1m | +81.8% |
| Contributions | 10/11 | €9,600 | €9,600 | = | 0.0% |
| Reserves | 13 | - | €1,361,704 | +€1.4m | |
| Distributable reserves | 133 | - | €1,361,704 | +€1.4m | |
| Profit (loss) carried forward | 14 | €1,361,704 | €1,121,256 | -€240,448 | -17.7% |
| Amounts payable | 17/49 | €8,090,912 | €8,269,311 | +€178,399 | +2.2% |
| Amounts payable after more than one year | 17 | €8,090,875 | €7,973,989 | -€116,887 | -1.4% |
| Financial debts | 170/4 | €8,090,875 | €7,973,989 | -€116,887 | -1.4% |
| Amounts payable within one year | 42/48 | €37 | €294,102 | +€294,066 | +798,874% |
| Financial debts | 43 | - | €286,000 | +€286,000 | |
| Credit institutions | 430/8 | - | €286,000 | +€286,000 | |
| Trade debts | 44 | €37 | €8,102 | +€8,066 | +21,911% |
| Suppliers | 440/4 | €37 | €8,102 | +€8,066 | +21,911% |
| Accrued charges and deferred income | 492/3 | - | €1,220 | +€1,220 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €461 | €3,612 | +€3,151 | +684% |
| Other operating charges | 640/8 | €890 | €42,032 | +€41,143 | +4,624% |
| Gross operating margin | 9900 | -€3,988 | -€31,468 | -€27,480 | -689% |
| Operating profit (loss) | 9901 | -€5,339 | -€77,112 | -€71,774 | -1,344% |
| Financial income | 75/76B | €1,367,125 | €1,200,000 | -€167,125 | -12.2% |
| Recurring financial income | 75 | €1,367,125 | €1,200,000 | -€167,125 | -12.2% |
| Financial charges | 65/66B | €82 | €1,632 | +€1,550 | +1,883% |
| Recurring financial charges | 65 | €82 | €1,632 | +€1,550 | +1,883% |
| Profit (loss) for the period before taxes | 9903 | €1,361,704 | €1,121,256 | -€240,448 | -17.7% |
| Profit (loss) for the period | 9904 | €1,361,704 | €1,121,256 | -€240,448 | -17.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,361,704 | €1,121,256 | -€240,448 | -17.7% |
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 1 November 2026 via checked.be.