LAO: 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.
LAO
Largest movements
- Receivables within one year -€18,019
down €18,019 (-22.5%), from €80,047 to €62,028
of which Other amounts receivable: -€19,783
- Cash +€3,084
up €3,084 (+30.6%), from €10,076 to €13,160
mainly Net result for the year (+€69,257) and Receivables within one year (+€18,019)
- Tangible fixed assets -€2,332
down €2,332 (-45.8%), from €5,094 to €2,762
- Other debts -€11,670
no longer reported in 2025 (was €11,670)
- Tax, wage and social debts -€3,985
down €3,985 (-5.7%), from €69,985 to €66,000
- Debts after one year -€2,126
down €2,126 (-92.2%), from €2,305 to €179
- Gross operating margin +€5,348
up €5,348 (+6.4%), from €83,822 to €89,170
- Taxes -€986
down €986 (-4.3%), from €23,191 to €22,206
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 | €95,552 | €78,031 | -€17,521 | -18.3% |
| Fixed assets | 21/28 | €5,175 | €2,843 | -€2,332 | -45.1% |
| Tangible fixed assets | 22/27 | €5,094 | €2,762 | -€2,332 | -45.8% |
| Furniture and vehicles | 24 | €5,094 | €2,762 | -€2,332 | -45.8% |
| Financial fixed assets | 28 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €90,377 | €75,188 | -€15,189 | -16.8% |
| Amounts receivable within one year | 40/41 | €80,047 | €62,028 | -€18,019 | -22.5% |
| Trade receivables | 40 | €2,285 | €4,050 | +€1,765 | +77.2% |
| Other amounts receivable | 41 | €77,762 | €57,978 | -€19,783 | -25.4% |
| Cash at bank and in hand | 54/58 | €10,076 | €13,160 | +€3,084 | +30.6% |
| Deferred charges and accrued income | 490/1 | €254 | - | -€254 | |
| Total equity and liabilities | 10/49 | €95,552 | €78,031 | -€17,521 | -18.3% |
| Equity | 10/15 | €2,886 | €2,886 | = | 0.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €386 | €386 | = | 0.0% |
| Distributable reserves | 133 | €386 | €386 | = | 0.0% |
| Amounts payable | 17/49 | €92,666 | €75,145 | -€17,521 | -18.9% |
| Amounts payable after more than one year | 17 | €2,305 | €179 | -€2,126 | -92.2% |
| Financial debts | 170/4 | €2,305 | €179 | -€2,126 | -92.2% |
| Amounts payable within one year | 42/48 | €90,361 | €74,966 | -€15,395 | -17.0% |
| Current portion of amounts payable after more than one year | 42 | €2,084 | €2,126 | +€42 | +2.0% |
| Trade debts | 44 | €6,621 | €6,840 | +€219 | +3.3% |
| Suppliers | 440/4 | €6,621 | €6,840 | +€219 | +3.3% |
| Taxes, remuneration and social security | 45 | €69,985 | €66,000 | -€3,985 | -5.7% |
| Taxes | 450/3 | €69,985 | €66,000 | -€3,985 | -5.7% |
| Other amounts payable | 47/48 | €11,670 | - | -€11,670 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,332 | €2,332 | = | 0.0% |
| Gross operating margin | 9900 | €83,822 | €89,170 | +€5,348 | +6.4% |
| Operating profit (loss) | 9901 | €81,489 | €86,838 | +€5,348 | +6.6% |
| Financial income | 75/76B | €4,499 | €4,957 | +€458 | +10.2% |
| Recurring financial income | 75 | €4,499 | €4,957 | +€458 | +10.2% |
| Financial charges | 65/66B | €244 | €332 | +€89 | +36.3% |
| Recurring financial charges | 65 | €244 | €332 | +€89 | +36.3% |
| Profit (loss) for the period before taxes | 9903 | €85,744 | €91,462 | +€5,718 | +6.7% |
| Income taxes | 67/77 | €23,191 | €22,206 | -€986 | -4.3% |
| Profit (loss) for the period | 9904 | €62,553 | €69,257 | +€6,704 | +10.7% |
| Profit (loss) for the period to be appropriated | 9905 | €62,553 | €69,257 | +€6,704 | +10.7% |
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 15 October 2026 via checked.be.