LANDELO: 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.
LANDELO
Largest movements
- Tangible fixed assets -€272,393
down €272,393 (-49.7%), from €548,018 to €275,625
of which Furniture and vehicles: -€260,824
- Receivables after one year +€150,727
new in 2025: €150,727
- Cash +€46,200
up €46,200 (+244.6%), from €18,887 to €65,087
mainly Investment in fixed assets (net) (+€263,174) and Net result for the year (+€141,681)
- Receivables within one year -€17,280
down €17,280 (-87.0%), from €19,862 to €2,582
of which Trade receivables: -€19,862
- Profit (loss) carried forward -€53,319
down €53,319 (-98.4%), from €54,178 to €858
- Current portion of long-term debt -€24,468
down €24,468 (-66.4%), from €36,857 to €12,389
- Other debts -€17,093
down €17,093 (-8.0%), from €213,479 to €196,386
- Depreciation -€23,208
down €23,208 (-71.6%), from €32,426 to €9,218
- Gross operating margin +€9,075
up €9,075 (+8.8%), from €103,273 to €112,348
- Financial income +€7,232
up €7,232 (+9.2%), from €78,488 to €85,719
- Taxes -€7,050
down €7,050 (-23.9%), from €29,468 to €22,418
- Staff costs -€1,600
down €1,600 (-45.5%), from €3,520 to €1,920
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 | €1,341,481 | €1,248,899 | -€92,582 | -6.9% |
| Fixed assets | 21/28 | €1,301,413 | €1,029,020 | -€272,393 | -20.9% |
| Tangible fixed assets | 22/27 | €548,018 | €275,625 | -€272,393 | -49.7% |
| Land and buildings | 22 | €284,813 | €275,625 | -€9,188 | -3.2% |
| Plant, machinery and equipment | 23 | €2,382 | €0 | -€2,382 | -100.0% |
| Furniture and vehicles | 24 | €260,824 | €0 | -€260,824 | -100.0% |
| Financial fixed assets | 28 | €753,395 | €753,395 | = | 0.0% |
| Current assets | 29/58 | €40,068 | €219,879 | +€179,811 | +448.8% |
| Amounts receivable after more than one year | 29 | - | €150,727 | +€150,727 | |
| Trade receivables | 290 | - | €150,727 | +€150,727 | |
| Amounts receivable within one year | 40/41 | €19,862 | €2,582 | -€17,280 | -87.0% |
| Trade receivables | 40 | €19,862 | €0 | -€19,862 | -100.0% |
| Other amounts receivable | 41 | €0 | €2,582 | +€2,582 | |
| Cash at bank and in hand | 54/58 | €18,887 | €65,087 | +€46,200 | +244.6% |
| Deferred charges and accrued income | 490/1 | €1,320 | €1,483 | +€163 | +12.4% |
| Total equity and liabilities | 10/49 | €1,341,481 | €1,248,899 | -€92,582 | -6.9% |
| Equity | 10/15 | €1,060,589 | €1,007,270 | -€53,319 | -5.0% |
| Contributions | 10/11 | €651,395 | €651,395 | = | 0.0% |
| Reserves | 13 | €355,016 | €355,016 | = | 0.0% |
| Distributable reserves | 133 | €355,016 | €355,016 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,178 | €858 | -€53,319 | -98.4% |
| Amounts payable | 17/49 | €280,892 | €241,629 | -€39,263 | -14.0% |
| Amounts payable after more than one year | 17 | €12,389 | €0 | -€12,389 | -100.0% |
| Financial debts | 170/4 | €12,389 | €0 | -€12,389 | -100.0% |
| Amounts payable within one year | 42/48 | €268,503 | €241,629 | -€26,873 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €36,857 | €12,389 | -€24,468 | -66.4% |
| Trade debts | 44 | €4,261 | €6,015 | +€1,754 | +41.2% |
| Suppliers | 440/4 | €4,261 | €6,015 | +€1,754 | +41.2% |
| Taxes, remuneration and social security | 45 | €13,905 | €26,839 | +€12,934 | +93.0% |
| Taxes | 450/3 | €13,905 | €21,361 | +€7,456 | +53.6% |
| Remuneration and social security | 454/9 | €0 | €5,478 | +€5,478 | |
| Other amounts payable | 47/48 | €213,479 | €196,386 | -€17,093 | -8.0% |
| Non-recurring operating income | 76A | - | €9,396 | +€9,396 | |
| Remuneration, social security and pensions | 62 | €3,520 | €1,920 | -€1,600 | -45.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,426 | €9,218 | -€23,208 | -71.6% |
| Other operating charges | 640/8 | €6,423 | €6,434 | +€11 | +0.2% |
| Non-recurring operating charges | 66A | - | €15,482 | +€15,482 | |
| Gross operating margin | 9900 | €103,273 | €112,348 | +€9,075 | +8.8% |
| Operating profit (loss) | 9901 | €60,904 | €79,294 | +€18,390 | +30.2% |
| Financial income | 75/76B | €78,488 | €85,719 | +€7,232 | +9.2% |
| Recurring financial income | 75 | €78,488 | €85,719 | +€7,232 | +9.2% |
| Financial charges | 65/66B | €1,163 | €914 | -€249 | -21.4% |
| Recurring financial charges | 65 | €1,163 | €914 | -€249 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €138,228 | €164,099 | +€25,871 | +18.7% |
| Income taxes | 67/77 | €29,468 | €22,418 | -€7,050 | -23.9% |
| Profit (loss) for the period | 9904 | €108,760 | €141,681 | +€32,921 | +30.3% |
| Profit (loss) for the period to be appropriated | 9905 | €108,760 | €141,681 | +€32,921 | +30.3% |
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.