LANDMARKS: 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.
LANDMARKS
Largest movements
- Cash -€80,362
down €80,362 (-78.9%), from €101,808 to €21,446
mainly Receivables within one year (-€62,666) and Net result for the year (-€53,099)
- Receivables within one year +€62,666
up €62,666 (+42.5%), from €147,467 to €210,133
of which Trade receivables: +€45,949
- Current investments -€47,504
down €47,504 (-23.6%), from €200,901 to €153,397
- Deferred charges and accrued income +€18,727
up €18,727 (+363.6%), from €5,151 to €23,878
- Tangible fixed assets -€5,065
down €5,065 (-31.3%), from €16,194 to €11,129
of which Plant, machinery and equipment: -€3,087
- Profit (loss) carried forward -€53,099
down €53,099 (-79.4%), from €66,910 to €13,811
- Accrued charges and deferred income -€20,714
down €20,714 (-63.9%), from €32,392 to €11,678
- Tax, wage and social debts +€18,219
up €18,219 (+50.4%), from €36,164 to €54,383
of which Taxes: +€9,133
- Staff costs +€132,026
up €132,026 (+66.0%), from €199,916 to €331,942
- Gross operating margin +€29,252
up €29,252 (+11.3%), from €259,924 to €289,176
- Taxes -€15,919
down €15,919 (-98.9%), from €16,094 to €175
- Depreciation +€3,186
up €3,186 (+43.9%), from €7,252 to €10,438
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 | €487,700 | €433,626 | -€54,074 | -11.1% |
| Fixed assets | 21/28 | €32,374 | €24,773 | -€7,601 | -23.5% |
| Intangible fixed assets | 21 | €6,819 | €4,283 | -€2,537 | -37.2% |
| Tangible fixed assets | 22/27 | €16,194 | €11,129 | -€5,065 | -31.3% |
| Plant, machinery and equipment | 23 | €11,433 | €8,345 | -€3,087 | -27.0% |
| Furniture and vehicles | 24 | €3,219 | €2,407 | -€811 | -25.2% |
| Other tangible fixed assets | 26 | €1,542 | €376 | -€1,166 | -75.6% |
| Financial fixed assets | 28 | €9,361 | €9,361 | = | 0.0% |
| Current assets | 29/58 | €455,326 | €408,854 | -€46,473 | -10.2% |
| Amounts receivable within one year | 40/41 | €147,467 | €210,133 | +€62,666 | +42.5% |
| Trade receivables | 40 | €139,052 | €185,001 | +€45,949 | +33.0% |
| Other amounts receivable | 41 | €8,414 | €25,132 | +€16,717 | +198.7% |
| Current investments | 50/53 | €200,901 | €153,397 | -€47,504 | -23.6% |
| Cash at bank and in hand | 54/58 | €101,808 | €21,446 | -€80,362 | -78.9% |
| Deferred charges and accrued income | 490/1 | €5,151 | €23,878 | +€18,727 | +363.6% |
| Total equity and liabilities | 10/49 | €487,700 | €433,626 | -€54,074 | -11.1% |
| Equity | 10/15 | €338,632 | €285,533 | -€53,099 | -15.7% |
| Contributions | 10/11 | €262,000 | €262,000 | = | 0.0% |
| Capital | 10 | €262,000 | €262,000 | = | 0.0% |
| Issued capital | 100 | €262,000 | €262,000 | = | 0.0% |
| Reserves | 13 | €9,722 | €9,722 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,722 | €9,722 | = | 0.0% |
| Legal reserve | 130 | €9,722 | €9,722 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,910 | €13,811 | -€53,099 | -79.4% |
| Amounts payable | 17/49 | €149,069 | €148,094 | -€975 | -0.7% |
| Amounts payable within one year | 42/48 | €116,677 | €136,416 | +€19,739 | +16.9% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €80,512 | €82,032 | +€1,520 | +1.9% |
| Suppliers | 440/4 | €80,512 | €82,032 | +€1,520 | +1.9% |
| Taxes, remuneration and social security | 45 | €36,164 | €54,383 | +€18,219 | +50.4% |
| Taxes | 450/3 | €14,119 | €23,252 | +€9,133 | +64.7% |
| Remuneration and social security | 454/9 | €22,045 | €31,131 | +€9,086 | +41.2% |
| Accrued charges and deferred income | 492/3 | €32,392 | €11,678 | -€20,714 | -63.9% |
| Non-recurring operating income | 76A | €0 | €2,884 | +€2,884 | |
| Remuneration, social security and pensions | 62 | €199,916 | €331,942 | +€132,026 | +66.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,252 | €10,438 | +€3,186 | +43.9% |
| Other operating charges | 640/8 | €1,410 | €1,633 | +€222 | +15.8% |
| Gross operating margin | 9900 | €259,924 | €289,176 | +€29,252 | +11.3% |
| Operating profit (loss) | 9901 | €51,346 | -€54,836 | -€106,182 | |
| Financial income | 75/76B | €1,576 | €3,363 | +€1,787 | +113.4% |
| Recurring financial income | 75 | €1,576 | €3,363 | +€1,787 | +113.4% |
| Financial charges | 65/66B | €1,528 | €1,451 | -€76 | -5.0% |
| Recurring financial charges | 65 | €1,528 | €1,451 | -€76 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €51,394 | -€52,924 | -€104,318 | |
| Income taxes | 67/77 | €16,094 | €175 | -€15,919 | -98.9% |
| Profit (loss) for the period | 9904 | €35,300 | -€53,099 | -€88,399 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,300 | -€53,099 | -€88,399 |
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 3 October 2026 via checked.be.