LAWGICAL: 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.
LAWGICAL
Largest movements
- Tangible fixed assets +€273,703
up €273,703 (+41.9%), from €652,753 to €926,456
of which Assets under construction and advance payments: +€288,831
- Cash -€83,142
down €83,142 (-33.6%), from €247,235 to €164,092
mainly Investment in fixed assets (net) (-€289,961) and Tax, wage and social debts (-€13,269)
- Receivables after one year -€28,198
down €28,198 (-50.0%), from €56,395 to €28,198
- Debts after one year +€127,724
up €127,724 (+21.8%), from €584,815 to €712,539
- Reserves +€48,428
up €48,428 (+14.5%), from €333,715 to €382,143
- Tax, wage and social debts -€13,269
down €13,269 (-53.2%), from €24,963 to €11,694
- Gross operating margin -€47,843
down €47,843 (-30.4%), from €157,307 to €109,464
- Taxes -€11,389
down €11,389 (-45.0%), from €25,325 to €13,936
- Financial charges +€9,310
up €9,310 (+54.1%), from €17,216 to €26,526
- Other operating charges -€2,665
down €2,665 (-39.4%), from €6,760 to €4,095
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 | €982,543 | €1,139,482 | +€156,939 | +16.0% |
| Formation expenses | 20 | €276 | €55 | -€221 | -80.1% |
| Fixed assets | 21/28 | €652,753 | €926,456 | +€273,703 | +41.9% |
| Tangible fixed assets | 22/27 | €652,753 | €926,456 | +€273,703 | +41.9% |
| Land and buildings | 22 | €342,255 | €337,880 | -€4,375 | -1.3% |
| Plant, machinery and equipment | 23 | €456 | €980 | +€524 | +115% |
| Furniture and vehicles | 24 | €23,220 | €11,943 | -€11,277 | -48.6% |
| Assets under construction and advance payments | 27 | €286,821 | €575,652 | +€288,831 | +101% |
| Current assets | 29/58 | €329,514 | €212,971 | -€116,543 | -35.4% |
| Amounts receivable after more than one year | 29 | €56,395 | €28,198 | -€28,198 | -50.0% |
| Other amounts receivable | 291 | €56,395 | €28,198 | -€28,198 | -50.0% |
| Amounts receivable within one year | 40/41 | €25,885 | €20,190 | -€5,695 | -22.0% |
| Trade receivables | 40 | €25,885 | €20,082 | -€5,803 | -22.4% |
| Other amounts receivable | 41 | €0 | €108 | +€108 | |
| Cash at bank and in hand | 54/58 | €247,235 | €164,092 | -€83,142 | -33.6% |
| Deferred charges and accrued income | 490/1 | €0 | €492 | +€492 | |
| Total equity and liabilities | 10/49 | €982,543 | €1,139,482 | +€156,939 | +16.0% |
| Equity | 10/15 | €334,715 | €383,143 | +€48,428 | +14.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €333,715 | €382,143 | +€48,428 | +14.5% |
| Distributable reserves | 133 | €333,715 | €382,143 | +€48,428 | +14.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €647,828 | €756,339 | +€108,511 | +16.7% |
| Amounts payable after more than one year | 17 | €584,815 | €712,539 | +€127,724 | +21.8% |
| Financial debts | 170/4 | €584,815 | €712,539 | +€127,724 | +21.8% |
| Amounts payable within one year | 42/48 | €62,299 | €42,535 | -€19,764 | -31.7% |
| Current portion of amounts payable after more than one year | 42 | €28,445 | €29,534 | +€1,090 | +3.8% |
| Trade debts | 44 | €7,335 | €1,307 | -€6,028 | -82.2% |
| Suppliers | 440/4 | €7,335 | €1,307 | -€6,028 | -82.2% |
| Taxes, remuneration and social security | 45 | €24,963 | €11,694 | -€13,269 | -53.2% |
| Taxes | 450/3 | €24,963 | €11,694 | -€13,269 | -53.2% |
| Other amounts payable | 47/48 | €1,557 | €0 | -€1,557 | -100% |
| Accrued charges and deferred income | 492/3 | €714 | €1,265 | +€551 | +77.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,808 | €16,479 | -€1,330 | -7.5% |
| Other operating charges | 640/8 | €6,760 | €4,095 | -€2,665 | -39.4% |
| Gross operating margin | 9900 | €157,307 | €109,464 | -€47,843 | -30.4% |
| Operating profit (loss) | 9901 | €132,739 | €88,890 | -€43,848 | -33.0% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €17,216 | €26,526 | +€9,310 | +54.1% |
| Recurring financial charges | 65 | €17,216 | €26,526 | +€9,310 | +54.1% |
| Profit (loss) for the period before taxes | 9903 | €115,522 | €62,364 | -€53,158 | -46.0% |
| Income taxes | 67/77 | €25,325 | €13,936 | -€11,389 | -45.0% |
| Profit (loss) for the period | 9904 | €90,198 | €48,428 | -€41,770 | -46.3% |
| Profit (loss) for the period to be appropriated | 9905 | €90,198 | €48,428 | -€41,770 | -46.3% |
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.