LAY: 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.
LAY
Largest movements
- Tangible fixed assets -€54,770
down €54,770 (-20.8%), from €263,569 to €208,799
of which Land and buildings: -€53,852
- Receivables within one year +€54,573
up €54,573 (+33.0%), from €165,227 to €219,800
- Financial fixed assets +€20,000
up €20,000 (+329.7%), from €6,067 to €26,067
- Reserves +€67,590
up €67,590 (+34.3%), from €197,018 to €264,608
of which Distributable reserves: +€67,590
- Debts after one year -€40,255
down €40,255 (-32.0%), from €125,672 to €85,418
- Tax, wage and social debts -€12,583
down €12,583 (-23.6%), from €53,210 to €40,628
of which Remuneration and social security: -€47,710
- Gross operating margin +€83,988
up €83,988 (+43.5%), from €192,937 to €276,925
- Taxes +€64,047
up €64,047 (+320.2%), from €20,000 to €84,047
- Staff costs -€12,645
down €12,645 (-91.0%), from €13,899 to €1,254
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 | €749,596 | €765,083 | +€15,487 | +2.1% |
| Fixed assets | 21/28 | €269,636 | €234,866 | -€34,770 | -12.9% |
| Tangible fixed assets | 22/27 | €263,569 | €208,799 | -€54,770 | -20.8% |
| Land and buildings | 22 | €232,180 | €178,328 | -€53,852 | -23.2% |
| Plant, machinery and equipment | 23 | €27,599 | €27,918 | +€319 | +1.2% |
| Furniture and vehicles | 24 | €3,791 | €2,553 | -€1,238 | -32.7% |
| Financial fixed assets | 28 | €6,067 | €26,067 | +€20,000 | +329.7% |
| Current assets | 29/58 | €479,960 | €530,218 | +€50,258 | +10.5% |
| Amounts receivable within one year | 40/41 | €165,227 | €219,800 | +€54,573 | +33.0% |
| Other amounts receivable | 41 | €165,227 | €219,800 | +€54,573 | +33.0% |
| Cash at bank and in hand | 54/58 | €313,784 | €310,418 | -€3,366 | -1.1% |
| Deferred charges and accrued income | 490/1 | €949 | - | -€949 | |
| Total equity and liabilities | 10/49 | €749,596 | €765,083 | +€15,487 | +2.1% |
| Equity | 10/15 | €515,877 | €583,467 | +€67,590 | +13.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €197,018 | €264,608 | +€67,590 | +34.3% |
| Tax-exempt reserves | 132 | €26,343 | €26,343 | = | 0.0% |
| Distributable reserves | 133 | €170,675 | €238,265 | +€67,590 | +39.6% |
| Profit (loss) carried forward | 14 | €300,267 | €300,267 | = | 0.0% |
| Amounts payable | 17/49 | €233,719 | €181,616 | -€52,103 | -22.3% |
| Amounts payable after more than one year | 17 | €125,672 | €85,418 | -€40,255 | -32.0% |
| Financial debts | 170/4 | €125,672 | €85,418 | -€40,255 | -32.0% |
| Amounts payable within one year | 42/48 | €108,046 | €96,199 | -€11,848 | -11.0% |
| Current portion of amounts payable after more than one year | 42 | €52,040 | €52,622 | +€583 | +1.1% |
| Trade debts | 44 | €2,796 | €2,948 | +€152 | +5.4% |
| Suppliers | 440/4 | €2,796 | €2,948 | +€152 | +5.4% |
| Taxes, remuneration and social security | 45 | €53,210 | €40,628 | -€12,583 | -23.6% |
| Taxes | 450/3 | €5,500 | €40,628 | +€35,128 | +638.7% |
| Remuneration and social security | 454/9 | €47,710 | - | -€47,710 | |
| Remuneration, social security and pensions | 62 | €13,899 | €1,254 | -€12,645 | -91.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,381 | €66,770 | +€390 | +0.6% |
| Other operating charges | 640/8 | €5,027 | €5,756 | +€729 | +14.5% |
| Gross operating margin | 9900 | €192,937 | €276,925 | +€83,988 | +43.5% |
| Operating profit (loss) | 9901 | €107,630 | €203,145 | +€95,515 | +88.7% |
| Financial charges | 65/66B | €5,278 | €2,811 | -€2,467 | -46.7% |
| Recurring financial charges | 65 | €5,278 | €2,811 | -€2,467 | -46.7% |
| Profit (loss) for the period before taxes | 9903 | €102,353 | €200,334 | +€97,981 | +95.7% |
| Income taxes | 67/77 | €20,000 | €84,047 | +€64,047 | +320.2% |
| Profit (loss) for the period | 9904 | €82,353 | €116,287 | +€33,934 | +41.2% |
| Profit (loss) for the period to be appropriated | 9905 | €82,353 | €116,287 | +€33,934 | +41.2% |
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 4 October 2026 via checked.be.