LANDSHEERE: 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.
LANDSHEERE
Largest movements
- Cash +€53,883
up €53,883 (+25.9%), from €208,142 to €262,025
mainly Depreciation (+€37,476) and Receivables within one year (+€29,306)
- Tangible fixed assets -€37,476
down €37,476 (-75.9%), from €49,356 to €11,880
of which Plant, machinery and equipment: -€33,316
- Receivables within one year -€29,306
down €29,306 (-20.8%), from €140,601 to €111,294
of which Trade receivables: -€16,488
- Current portion of long-term debt -€26,240
down €26,240 (-100%), from €26,240 to €0
- Reserves +€12,653
up €12,653 (+5.9%), from €215,583 to €228,236
of which Distributable reserves: +€12,653
- Tax, wage and social debts +€10,946
up €10,946 (+281%), from €3,889 to €14,835
of which Taxes: +€6,713
- Trade debts -€7,105
down €7,105 (-28.5%), from €24,948 to €17,843
- Staff costs -€21,644
down €21,644 (-14.9%), from €145,013 to €123,368
- Gross operating margin -€19,295
down €19,295 (-9.2%), from €208,754 to €189,458
- Depreciation -€9,006
down €9,006 (-19.4%), from €46,482 to €37,476
- Taxes +€4,248
up €4,248 (+368%), from €1,155 to €5,403
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 | €551,706 | €539,504 | -€12,202 | -2.2% |
| Fixed assets | 21/28 | €49,356 | €11,880 | -€37,476 | -75.9% |
| Tangible fixed assets | 22/27 | €49,356 | €11,880 | -€37,476 | -75.9% |
| Land and buildings | 22 | €14,524 | €10,621 | -€3,903 | -26.9% |
| Plant, machinery and equipment | 23 | €33,316 | €0 | -€33,316 | -100% |
| Furniture and vehicles | 24 | €1,515 | €1,259 | -€256 | -16.9% |
| Current assets | 29/58 | €502,350 | €527,624 | +€25,274 | +5.0% |
| Stocks and contracts in progress | 3 | €151,615 | €151,615 | = | 0.0% |
| Stocks | 30/36 | €151,615 | €151,615 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €140,601 | €111,294 | -€29,306 | -20.8% |
| Trade receivables | 40 | €111,680 | €95,192 | -€16,488 | -14.8% |
| Other amounts receivable | 41 | €28,921 | €16,103 | -€12,818 | -44.3% |
| Cash at bank and in hand | 54/58 | €208,142 | €262,025 | +€53,883 | +25.9% |
| Deferred charges and accrued income | 490/1 | €1,993 | €2,690 | +€698 | +35.0% |
| Total equity and liabilities | 10/49 | €551,706 | €539,504 | -€12,202 | -2.2% |
| Equity | 10/15 | €290,583 | €303,236 | +€12,653 | +4.4% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €215,583 | €228,236 | +€12,653 | +5.9% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €208,083 | €220,736 | +€12,653 | +6.1% |
| Amounts payable | 17/49 | €261,123 | €236,268 | -€24,855 | -9.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €261,123 | €236,268 | -€24,855 | -9.5% |
| Current portion of amounts payable after more than one year | 42 | €26,240 | €0 | -€26,240 | -100% |
| Trade debts | 44 | €24,948 | €17,843 | -€7,105 | -28.5% |
| Suppliers | 440/4 | €24,948 | €17,843 | -€7,105 | -28.5% |
| Taxes, remuneration and social security | 45 | €3,889 | €14,835 | +€10,946 | +281% |
| Taxes | 450/3 | - | €6,713 | +€6,713 | |
| Remuneration and social security | 454/9 | €3,889 | €8,121 | +€4,233 | +109% |
| Other amounts payable | 47/48 | €206,047 | €203,591 | -€2,456 | -1.2% |
| Non-recurring operating income | 76A | €3,123 | €0 | -€3,123 | -100% |
| Remuneration, social security and pensions | 62 | €145,013 | €123,368 | -€21,644 | -14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,482 | €37,476 | -€9,006 | -19.4% |
| Other operating charges | 640/8 | €868 | €31 | -€837 | -96.5% |
| Non-recurring operating charges | 66A | - | €10,011 | +€10,011 | |
| Gross operating margin | 9900 | €208,754 | €189,458 | -€19,295 | -9.2% |
| Operating profit (loss) | 9901 | €16,392 | €18,573 | +€2,181 | +13.3% |
| Financial income | 75/76B | €5 | €0 | -€5 | -100% |
| Recurring financial income | 75 | €5 | €0 | -€5 | -100% |
| Financial charges | 65/66B | €927 | €518 | -€409 | -44.1% |
| Recurring financial charges | 65 | €927 | €518 | -€409 | -44.1% |
| Profit (loss) for the period before taxes | 9903 | €15,470 | €18,055 | +€2,586 | +16.7% |
| Income taxes | 67/77 | €1,155 | €5,403 | +€4,248 | +368% |
| Profit (loss) for the period | 9904 | €14,315 | €12,653 | -€1,662 | -11.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,315 | €12,653 | -€1,662 | -11.6% |
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 13 October 2026 via checked.be.