LAO-tree: 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.
LAO-tree
Largest movements
- Receivables within one year -€9,365
down €9,365 (-14.5%), from €64,783 to €55,418
of which Trade receivables: -€18,959
- Tangible fixed assets -€9,197
down €9,197 (-2.5%), from €373,781 to €364,584
of which Plant, machinery and equipment: -€14,876
- Cash +€5,859
up €5,859 (+20.4%), from €28,781 to €34,640
mainly Depreciation (+€115,885) and Current portion of long-term debt (+€90,786)
- Current portion of long-term debt +€90,786
up €90,786 (+371.3%), from €24,453 to €115,239
- Other debts -€48,564
down €48,564 (-17.2%), from €282,487 to €233,923
- Debts after one year -€35,239
down €35,239 (-24.4%), from €144,530 to €109,292
- Tax, wage and social debts -€18,768
down €18,768 (-64.0%), from €29,346 to €10,578
of which Taxes: -€16,059
- Profit (loss) carried forward -€11,539
down €11,539 (-15.1%), from -€76,366 to -€87,904
- Gross operating margin +€66,769
up €66,769 (+108.9%), from €61,318 to €128,088
- Depreciation +€10,960
up €10,960 (+10.4%), from €104,925 to €115,885
- Staff costs -€10,664
down €10,664 (-50.0%), from €21,317 to €10,653
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 | €469,898 | €455,593 | -€14,306 | -3.0% |
| Fixed assets | 21/28 | €374,036 | €364,839 | -€9,197 | -2.5% |
| Tangible fixed assets | 22/27 | €373,781 | €364,584 | -€9,197 | -2.5% |
| Plant, machinery and equipment | 23 | €172,457 | €157,581 | -€14,876 | -8.6% |
| Furniture and vehicles | 24 | €179,671 | €177,172 | -€2,499 | -1.4% |
| Leasing and similar rights | 25 | €16,907 | €25,769 | +€8,862 | +52.4% |
| Other tangible fixed assets | 26 | €4,746 | €4,062 | -€685 | -14.4% |
| Financial fixed assets | 28 | €255 | €255 | = | 0.0% |
| Current assets | 29/58 | €95,862 | €90,754 | -€5,108 | -5.3% |
| Amounts receivable within one year | 40/41 | €64,783 | €55,418 | -€9,365 | -14.5% |
| Trade receivables | 40 | €57,533 | €38,574 | -€18,959 | -33.0% |
| Other amounts receivable | 41 | €7,250 | €16,844 | +€9,594 | +132.3% |
| Cash at bank and in hand | 54/58 | €28,781 | €34,640 | +€5,859 | +20.4% |
| Deferred charges and accrued income | 490/1 | €2,299 | €696 | -€1,603 | -69.7% |
| Total equity and liabilities | 10/49 | €469,898 | €455,593 | -€14,306 | -3.0% |
| Equity | 10/15 | -€13,366 | -€21,608 | -€8,243 | -61.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €60,000 | €63,296 | +€3,296 | +5.5% |
| Non-distributable reserves | 130/1 | - | €3,296 | +€3,296 | |
| Other | 1319 | - | €3,296 | +€3,296 | |
| Distributable reserves | 133 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€76,366 | -€87,904 | -€11,539 | -15.1% |
| Amounts payable | 17/49 | €483,264 | €477,201 | -€6,063 | -1.3% |
| Amounts payable after more than one year | 17 | €144,530 | €109,292 | -€35,239 | -24.4% |
| Financial debts | 170/4 | €144,530 | €109,292 | -€35,239 | -24.4% |
| Amounts payable within one year | 42/48 | €338,734 | €367,910 | +€29,176 | +8.6% |
| Current portion of amounts payable after more than one year | 42 | €24,453 | €115,239 | +€90,786 | +371.3% |
| Trade debts | 44 | €2,447 | €8,170 | +€5,723 | +233.9% |
| Suppliers | 440/4 | €2,447 | €8,170 | +€5,723 | +233.9% |
| Taxes, remuneration and social security | 45 | €29,346 | €10,578 | -€18,768 | -64.0% |
| Taxes | 450/3 | €24,744 | €8,685 | -€16,059 | -64.9% |
| Remuneration and social security | 454/9 | €4,602 | €1,893 | -€2,709 | -58.9% |
| Other amounts payable | 47/48 | €282,487 | €233,923 | -€48,564 | -17.2% |
| Remuneration, social security and pensions | 62 | €21,317 | €10,653 | -€10,664 | -50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,925 | €115,885 | +€10,960 | +10.4% |
| Other operating charges | 640/8 | €2,858 | €3,005 | +€147 | +5.1% |
| Gross operating margin | 9900 | €61,318 | €128,088 | +€66,769 | +108.9% |
| Operating profit (loss) | 9901 | -€67,782 | -€1,456 | +€66,326 | +97.9% |
| Financial income | 75/76B | €102 | €10 | -€92 | -90.2% |
| Recurring financial income | 75 | €102 | €10 | -€92 | -90.2% |
| Financial charges | 65/66B | €7,069 | €6,617 | -€452 | -6.4% |
| Recurring financial charges | 65 | €7,069 | €6,617 | -€452 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | -€74,749 | -€8,063 | +€66,686 | +89.2% |
| Income taxes | 67/77 | €2,873 | €3,476 | +€603 | +21.0% |
| Profit (loss) for the period | 9904 | -€77,622 | -€11,539 | +€66,083 | +85.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€77,622 | -€11,539 | +€66,083 | +85.1% |
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 7 October 2026 via checked.be.