LANDSER: 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.
LANDSER
Largest movements
- Financial fixed assets +€400,000
new in 2025: €400,000
- Cash +€24,105
up €24,105 (+33.1%), from €72,777 to €96,882
mainly Debts after one year (+€341,001) and Net result for the year (+€55,090)
- Receivables within one year +€14,004
up €14,004 (+42.3%), from €33,083 to €47,087
of which Trade receivables: +€11,857
- Debts after one year +€341,001
new in 2025: €341,001
- Profit (loss) carried forward +€55,090
up €55,090 (+61.3%), from €89,856 to €144,946
- Tax, wage and social debts +€20,544
up €20,544 (+240.2%), from €8,553 to €29,098
- Current portion of long-term debt +€19,513
new in 2025: €19,513
- Gross operating margin +€33,629
up €33,629 (+75.4%), from €44,591 to €78,220
- Taxes +€6,599
up €6,599 (+79.3%), from €8,318 to €14,917
- Financial charges +€3,387
up €3,387 (+159.6%), from €2,123 to €5,510
- Depreciation +€1,172
up €1,172 (+180.2%), from €650 to €1,822
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 | €121,028 | €558,146 | +€437,118 | +361.2% |
| Fixed assets | 21/28 | €14,095 | €412,273 | +€398,178 | +2824.9% |
| Tangible fixed assets | 22/27 | €14,095 | €12,273 | -€1,822 | -12.9% |
| Furniture and vehicles | 24 | €3,120 | €2,425 | -€695 | -22.3% |
| Other tangible fixed assets | 26 | €10,975 | €9,848 | -€1,127 | -10.3% |
| Financial fixed assets | 28 | - | €400,000 | +€400,000 | |
| Current assets | 29/58 | €106,933 | €145,873 | +€38,940 | +36.4% |
| Amounts receivable within one year | 40/41 | €33,083 | €47,087 | +€14,004 | +42.3% |
| Trade receivables | 40 | €10,889 | €22,746 | +€11,857 | +108.9% |
| Other amounts receivable | 41 | €22,193 | €24,340 | +€2,147 | +9.7% |
| Cash at bank and in hand | 54/58 | €72,777 | €96,882 | +€24,105 | +33.1% |
| Deferred charges and accrued income | 490/1 | €1,073 | €1,904 | +€831 | +77.5% |
| Total equity and liabilities | 10/49 | €121,028 | €558,146 | +€437,118 | +361.2% |
| Equity | 10/15 | €92,856 | €147,946 | +€55,090 | +59.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €89,856 | €144,946 | +€55,090 | +61.3% |
| Amounts payable | 17/49 | €28,172 | €410,200 | +€382,028 | +1356.1% |
| Amounts payable after more than one year | 17 | - | €341,001 | +€341,001 | |
| Financial debts | 170/4 | - | €341,001 | +€341,001 | |
| Amounts payable within one year | 42/48 | €28,172 | €69,198 | +€41,027 | +145.6% |
| Current portion of amounts payable after more than one year | 42 | - | €19,513 | +€19,513 | |
| Trade debts | 44 | €14,871 | €15,368 | +€497 | +3.3% |
| Suppliers | 440/4 | €14,871 | €15,368 | +€497 | +3.3% |
| Taxes, remuneration and social security | 45 | €8,553 | €29,098 | +€20,544 | +240.2% |
| Taxes | 450/3 | €8,553 | €29,098 | +€20,544 | +240.2% |
| Other amounts payable | 47/48 | €4,747 | €5,219 | +€472 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €650 | €1,822 | +€1,172 | +180.2% |
| Other operating charges | 640/8 | €1,351 | €881 | -€469 | -34.7% |
| Gross operating margin | 9900 | €44,591 | €78,220 | +€33,629 | +75.4% |
| Operating profit (loss) | 9901 | €42,590 | €75,516 | +€32,927 | +77.3% |
| Financial income | 75/76B | €3 | €0 | -€3 | -96.2% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -96.2% |
| Financial charges | 65/66B | €2,123 | €5,510 | +€3,387 | +159.6% |
| Recurring financial charges | 65 | €2,123 | €5,510 | +€3,387 | +159.6% |
| Profit (loss) for the period before taxes | 9903 | €40,471 | €70,007 | +€29,536 | +73.0% |
| Income taxes | 67/77 | €8,318 | €14,917 | +€6,599 | +79.3% |
| Profit (loss) for the period | 9904 | €32,153 | €55,090 | +€22,937 | +71.3% |
| Profit (loss) for the period to be appropriated | 9905 | €32,153 | €55,090 | +€22,937 | +71.3% |
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 30 September 2026 via checked.be.