Landel: 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.
Landel
Largest movements
- Stocks and contracts -€204,968
down €204,968 (-16.7%), from €1.2m to €1.0m
- Receivables within one year -€71,830
down €71,830 (-7.0%), from €1.0m to €953,100
of which Trade receivables: -€152,917
- Cash +€45,918
up €45,918 (+2,246%), from €2,044 to €47,962
mainly Stocks and contracts (+€204,968) and Tax, wage and social debts (+€87,679)
- Trade debts -€257,004
down €257,004 (-88.6%), from €290,076 to €33,072
- Tax, wage and social debts +€87,679
up €87,679 (+21.1%), from €415,793 to €503,472
- Profit (loss) carried forward -€41,575
down €41,575 (-2.1%), from €1.9m to €1.9m
- Other operating charges -€141,720
down €141,720 (-96.2%), from €147,294 to €5,573
- Taxes +€92,787
up €92,787 (+28,754%), from €323 to €93,110
- Gross operating margin -€77,192
down €77,192 (-56.4%), from €136,891 to €59,699
- Write-downs +€22,830
no longer reported in 2025 (was -€22,830)
- Financial income -€9,819
down €9,819 (-61.4%), from €15,993 to €6,174
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 | €2,726,920 | €2,491,021 | -€235,900 | -8.7% |
| Fixed assets | 21/28 | €467,055 | €462,951 | -€4,104 | -0.9% |
| Tangible fixed assets | 22/27 | €17,055 | €12,951 | -€4,104 | -24.1% |
| Plant, machinery and equipment | 23 | €171 | - | -€171 | |
| Furniture and vehicles | 24 | €16,883 | €12,951 | -€3,933 | -23.3% |
| Financial fixed assets | 28 | €450,000 | €450,000 | = | 0.0% |
| Current assets | 29/58 | €2,259,865 | €2,028,070 | -€231,795 | -10.3% |
| Stocks and contracts in progress | 3 | €1,230,604 | €1,025,636 | -€204,968 | -16.7% |
| Stocks | 30/36 | €1,230,604 | €1,025,636 | -€204,968 | -16.7% |
| Amounts receivable within one year | 40/41 | €1,024,930 | €953,100 | -€71,830 | -7.0% |
| Trade receivables | 40 | €389,624 | €236,707 | -€152,917 | -39.2% |
| Other amounts receivable | 41 | €635,306 | €716,394 | +€81,087 | +12.8% |
| Cash at bank and in hand | 54/58 | €2,044 | €47,962 | +€45,918 | +2,246% |
| Deferred charges and accrued income | 490/1 | €2,287 | €1,373 | -€915 | -40.0% |
| Total equity and liabilities | 10/49 | €2,726,920 | €2,491,021 | -€235,900 | -8.7% |
| Equity | 10/15 | €1,962,131 | €1,920,556 | -€41,575 | -2.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Capital | 10 | €18,592 | €18,592 | = | 0.0% |
| Issued capital | 100 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Legal reserve | 130 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,941,680 | €1,900,105 | -€41,575 | -2.1% |
| Amounts payable | 17/49 | €764,789 | €570,464 | -€194,324 | -25.4% |
| Amounts payable after more than one year | 17 | €58,920 | €33,920 | -€25,000 | -42.4% |
| Other amounts payable | 178/9 | €58,920 | €33,920 | -€25,000 | -42.4% |
| Amounts payable within one year | 42/48 | €705,869 | €536,544 | -€169,324 | -24.0% |
| Trade debts | 44 | €290,076 | €33,072 | -€257,004 | -88.6% |
| Suppliers | 440/4 | €290,076 | €33,072 | -€257,004 | -88.6% |
| Taxes, remuneration and social security | 45 | €415,793 | €503,472 | +€87,679 | +21.1% |
| Taxes | 450/3 | €415,793 | €503,472 | +€87,679 | +21.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,181 | €4,104 | -€77 | -1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€22,830 | - | +€22,830 | |
| Other operating charges | 640/8 | €147,294 | €5,573 | -€141,720 | -96.2% |
| Gross operating margin | 9900 | €136,891 | €59,699 | -€77,192 | -56.4% |
| Operating profit (loss) | 9901 | €8,246 | €50,021 | +€41,775 | +507% |
| Financial income | 75/76B | €15,993 | €6,174 | -€9,819 | -61.4% |
| Recurring financial income | 75 | €15,993 | €6,174 | -€9,819 | -61.4% |
| Financial charges | 65/66B | €680 | €4,660 | +€3,980 | +586% |
| Recurring financial charges | 65 | €680 | €4,660 | +€3,980 | +586% |
| Profit (loss) for the period before taxes | 9903 | €23,559 | €51,535 | +€27,976 | +119% |
| Income taxes | 67/77 | €323 | €93,110 | +€92,787 | +28,754% |
| Profit (loss) for the period | 9904 | €23,237 | -€41,575 | -€64,812 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,237 | -€41,575 | -€64,812 |
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 30 October 2026 via checked.be.