LAPWING 21: 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.
LAPWING 21
Largest movements
- Receivables within one year +€27,102
up €27,102 (+41.0%), from €66,071 to €93,173
of which Trade receivables: +€15,125
- Cash +€17,406
up €17,406 (+11.7%), from €148,740 to €166,146
mainly Other debts (+€308,305) and Depreciation (+€5,484)
- Deferred charges and accrued income -€4,630
down €4,630 (-13.0%), from €35,501 to €30,871
- Other debts +€308,305
up €308,305, from €0 to €308,305
- Reserves -€239,645
down €239,645 (-92.7%), from €258,591 to €18,946
- Tax, wage and social debts -€26,126
down €26,126 (-79.1%), from €33,030 to €6,904
- Gross operating margin -€168,029
down €168,029 (-91.1%), from €184,420 to €16,391
- Taxes -€35,093
down €35,093 (-90.8%), from €38,664 to €3,572
- Financial charges +€2,835
up €2,835 (+97.2%), from €2,918 to €5,753
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 | €300,208 | €341,461 | +€41,253 | +13.7% |
| Fixed assets | 21/28 | €49,896 | €51,271 | +€1,376 | +2.8% |
| Tangible fixed assets | 22/27 | €9,895 | €11,270 | +€1,376 | +13.9% |
| Land and buildings | 22 | €3,264 | €1,638 | -€1,627 | -49.8% |
| Plant, machinery and equipment | 23 | €3,183 | €3,767 | +€584 | +18.3% |
| Furniture and vehicles | 24 | €3,447 | €5,866 | +€2,419 | +70.2% |
| Financial fixed assets | 28 | €40,001 | €40,001 | = | 0.0% |
| Current assets | 29/58 | €250,312 | €290,190 | +€39,878 | +15.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €66,071 | €93,173 | +€27,102 | +41.0% |
| Trade receivables | 40 | €0 | €15,125 | +€15,125 | |
| Other amounts receivable | 41 | €66,071 | €78,048 | +€11,977 | +18.1% |
| Cash at bank and in hand | 54/58 | €148,740 | €166,146 | +€17,406 | +11.7% |
| Deferred charges and accrued income | 490/1 | €35,501 | €30,871 | -€4,630 | -13.0% |
| Total equity and liabilities | 10/49 | €300,208 | €341,461 | +€41,253 | +13.7% |
| Equity | 10/15 | €264,591 | €24,946 | -€239,645 | -90.6% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €258,591 | €18,946 | -€239,645 | -92.7% |
| Distributable reserves | 133 | €258,591 | €18,946 | -€239,645 | -92.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €35,617 | €316,515 | +€280,898 | +788.7% |
| Amounts payable within one year | 42/48 | €35,617 | €316,428 | +€280,811 | +788.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €2,587 | €1,219 | -€1,368 | -52.9% |
| Suppliers | 440/4 | €2,587 | €1,219 | -€1,368 | -52.9% |
| Taxes, remuneration and social security | 45 | €33,030 | €6,904 | -€26,126 | -79.1% |
| Taxes | 450/3 | €33,030 | €6,904 | -€26,126 | -79.1% |
| Other amounts payable | 47/48 | €0 | €308,305 | +€308,305 | |
| Accrued charges and deferred income | 492/3 | - | €87 | +€87 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,656 | €5,484 | +€829 | +17.8% |
| Other operating charges | 640/8 | €1,573 | €1,487 | -€86 | -5.5% |
| Non-recurring operating charges | 66A | €14,678 | €0 | -€14,678 | -100.0% |
| Gross operating margin | 9900 | €184,420 | €16,391 | -€168,029 | -91.1% |
| Operating profit (loss) | 9901 | €163,514 | €9,420 | -€154,094 | -94.2% |
| Financial income | 75/76B | €126 | €0 | -€126 | -100.0% |
| Recurring financial income | 75 | €126 | €0 | -€126 | -100.0% |
| Financial charges | 65/66B | €2,918 | €5,753 | +€2,835 | +97.2% |
| Recurring financial charges | 65 | €2,918 | €5,753 | +€2,835 | +97.2% |
| Profit (loss) for the period before taxes | 9903 | €160,721 | €3,667 | -€157,055 | -97.7% |
| Income taxes | 67/77 | €38,664 | €3,572 | -€35,093 | -90.8% |
| Profit (loss) for the period | 9904 | €122,057 | €95 | -€121,962 | -99.9% |
| Profit (loss) for the period to be appropriated | 9905 | €122,057 | €95 | -€121,962 | -99.9% |
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 12 October 2026 via checked.be.