LAUREL: 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.
LAUREL
Largest movements
- Cash -€162,438
down €162,438 (-90.1%), from €180,305 to €17,867
mainly Investment in fixed assets (net) (-€118,951) and Debts after one year (-€92,264)
- Tangible fixed assets +€61,626
up €61,626 (+3.4%), from €1.8m to €1.8m
of which Plant, machinery and equipment: +€113,049
- Receivables within one year +€51,610
up €51,610 (+28.6%), from €180,320 to €231,930
of which Other amounts receivable: +€56,474
- Debts after one year -€92,264
down €92,264 (-12.1%), from €764,233 to €671,969
of which Financial debts: -€92,213
- Gross operating margin -€372,608
down €372,608 (-85.1%), from €437,767 to €65,159
- Depreciation -€20,255
down €20,255 (-26.1%), from €77,581 to €57,325
- Other operating charges -€5,665
down €5,665 (-50.2%), from €11,285 to €5,621
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 | €2,149,320 | €2,100,005 | -€49,314 | -2.3% |
| Fixed assets | 21/28 | €1,787,271 | €1,848,897 | +€61,626 | +3.4% |
| Tangible fixed assets | 22/27 | €1,787,271 | €1,848,897 | +€61,626 | +3.4% |
| Land and buildings | 22 | €1,779,274 | €1,728,851 | -€50,423 | -2.8% |
| Plant, machinery and equipment | 23 | €3,304 | €116,352 | +€113,049 | +3,422% |
| Furniture and vehicles | 24 | €4,694 | €3,694 | -€1,000 | -21.3% |
| Current assets | 29/58 | €362,048 | €251,108 | -€110,940 | -30.6% |
| Amounts receivable within one year | 40/41 | €180,320 | €231,930 | +€51,610 | +28.6% |
| Trade receivables | 40 | €6,245 | €1,381 | -€4,864 | -77.9% |
| Other amounts receivable | 41 | €174,075 | €230,549 | +€56,474 | +32.4% |
| Cash at bank and in hand | 54/58 | €180,305 | €17,867 | -€162,438 | -90.1% |
| Deferred charges and accrued income | 490/1 | €1,423 | €1,312 | -€111 | -7.8% |
| Total equity and liabilities | 10/49 | €2,149,320 | €2,100,005 | -€49,314 | -2.3% |
| Equity | 10/15 | €795,270 | €779,664 | -€15,606 | -2.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €660,000 | €660,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,270 | €57,664 | -€15,606 | -21.3% |
| Amounts payable | 17/49 | €1,354,050 | €1,320,342 | -€33,709 | -2.5% |
| Amounts payable after more than one year | 17 | €764,233 | €671,969 | -€92,264 | -12.1% |
| Financial debts | 170/4 | €759,252 | €667,039 | -€92,213 | -12.1% |
| Other amounts payable | 178/9 | €4,981 | €4,930 | -€51 | -1.0% |
| Amounts payable within one year | 42/48 | €589,817 | €643,293 | +€53,475 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €82,814 | €99,723 | +€16,909 | +20.4% |
| Trade debts | 44 | €6,352 | €23,238 | +€16,885 | +266% |
| Suppliers | 440/4 | €6,352 | €23,238 | +€16,885 | +266% |
| Taxes, remuneration and social security | 45 | €5,831 | €6,125 | +€294 | +5.0% |
| Taxes | 450/3 | €5,831 | €6,125 | +€294 | +5.0% |
| Other amounts payable | 47/48 | €494,820 | €514,207 | +€19,387 | +3.9% |
| Accrued charges and deferred income | 492/3 | - | €5,080 | +€5,080 | |
| Non-recurring operating income | 76A | €340,712 | - | -€340,712 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,581 | €57,325 | -€20,255 | -26.1% |
| Other operating charges | 640/8 | €11,285 | €5,621 | -€5,665 | -50.2% |
| Gross operating margin | 9900 | €437,767 | €65,159 | -€372,608 | -85.1% |
| Operating profit (loss) | 9901 | €348,901 | €2,213 | -€346,688 | -99.4% |
| Financial income | 75/76B | - | €732 | +€732 | |
| Recurring financial income | 75 | - | €732 | +€732 | |
| Financial charges | 65/66B | €22,251 | €18,551 | -€3,700 | -16.6% |
| Recurring financial charges | 65 | €22,251 | €18,551 | -€3,700 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €326,650 | -€15,606 | -€342,256 | |
| Income taxes | 67/77 | €1,875 | €0 | -€1,875 | -100.0% |
| Profit (loss) for the period | 9904 | €324,776 | -€15,606 | -€340,381 | |
| Profit (loss) for the period to be appropriated | 9905 | €324,776 | -€15,606 | -€340,381 |
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.