LB&O: 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.
LB&O
Largest movements
- Receivables within one year -€49,136
down €49,136 (-11.5%), from €428,559 to €379,423
of which Other amounts receivable: -€51,053
- Cash -€22,982
down €22,982 (-99.5%), from €23,102 to €120
mainly Debts after one year (-€95,546) and Net result for the year (-€32,933)
- Tangible fixed assets -€20,736
down €20,736 (-10.1%), from €205,186 to €184,450
of which Plant, machinery and equipment: -€22,705
- Debts after one year -€95,546
down €95,546 (-66.2%), from €144,272 to €48,726
- Short-term financial debts +€40,353
up €40,353 (+32.3%), from €125,000 to €165,353
- Profit (loss) carried forward -€32,933
new in 2025: -€32,933
- Current portion of long-term debt -€11,823
down €11,823 (-10.3%), from €115,172 to €103,349
- Gross operating margin -€186,302
down €186,302 (-98.9%), from €188,405 to €2,103
- Financial income +€12,837
up €12,837 (+5911.7%), from €217 to €13,055
- Taxes -€10,590
no longer reported in 2025 (was €10,590)
- Financial charges -€7,191
down €7,191 (-35.0%), from €20,553 to €13,362
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 | €662,861 | €567,021 | -€95,840 | -14.5% |
| Fixed assets | 21/28 | €205,761 | €184,450 | -€21,311 | -10.4% |
| Intangible fixed assets | 21 | €575 | - | -€575 | |
| Tangible fixed assets | 22/27 | €205,186 | €184,450 | -€20,736 | -10.1% |
| Land and buildings | 22 | €8,879 | €18,239 | +€9,360 | +105.4% |
| Plant, machinery and equipment | 23 | €162,407 | €139,702 | -€22,705 | -14.0% |
| Furniture and vehicles | 24 | €33,899 | €26,509 | -€7,390 | -21.8% |
| Current assets | 29/58 | €457,100 | €382,571 | -€74,529 | -16.3% |
| Amounts receivable within one year | 40/41 | €428,559 | €379,423 | -€49,136 | -11.5% |
| Trade receivables | 40 | €5,637 | €7,554 | +€1,917 | +34.0% |
| Other amounts receivable | 41 | €422,922 | €371,868 | -€51,053 | -12.1% |
| Cash at bank and in hand | 54/58 | €23,102 | €120 | -€22,982 | -99.5% |
| Deferred charges and accrued income | 490/1 | €5,440 | €3,028 | -€2,411 | -44.3% |
| Total equity and liabilities | 10/49 | €662,861 | €567,021 | -€95,840 | -14.5% |
| Equity | 10/15 | €229,734 | €196,801 | -€32,933 | -14.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €129,734 | €129,734 | = | 0.0% |
| Distributable reserves | 133 | €129,734 | €129,734 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€32,933 | -€32,933 | |
| Amounts payable | 17/49 | €433,127 | €370,220 | -€62,907 | -14.5% |
| Amounts payable after more than one year | 17 | €144,272 | €48,726 | -€95,546 | -66.2% |
| Financial debts | 170/4 | €144,272 | €48,726 | -€95,546 | -66.2% |
| Amounts payable within one year | 42/48 | €288,171 | €320,369 | +€32,197 | +11.2% |
| Current portion of amounts payable after more than one year | 42 | €115,172 | €103,349 | -€11,823 | -10.3% |
| Financial debts | 43 | €125,000 | €165,353 | +€40,353 | +32.3% |
| Credit institutions | 430/8 | €125,000 | €165,353 | +€40,353 | +32.3% |
| Trade debts | 44 | €36,935 | €35,689 | -€1,246 | -3.4% |
| Suppliers | 440/4 | €36,935 | €35,689 | -€1,246 | -3.4% |
| Taxes, remuneration and social security | 45 | €11,064 | €11,164 | +€100 | +0.9% |
| Taxes | 450/3 | €11,064 | €11,164 | +€100 | +0.9% |
| Other amounts payable | 47/48 | - | €4,813 | +€4,813 | |
| Accrued charges and deferred income | 492/3 | €684 | €1,125 | +€442 | +64.6% |
| Remuneration, social security and pensions | 62 | €2,358 | €1,336 | -€1,022 | -43.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,562 | €32,043 | -€519 | -1.6% |
| Other operating charges | 640/8 | €2,970 | €1,350 | -€1,620 | -54.5% |
| Non-recurring operating charges | 66A | €428 | - | -€428 | |
| Gross operating margin | 9900 | €188,405 | €2,103 | -€186,302 | -98.9% |
| Operating profit (loss) | 9901 | €150,088 | -€32,626 | -€182,714 | |
| Financial income | 75/76B | €217 | €13,055 | +€12,837 | +5911.7% |
| Recurring financial income | 75 | €217 | €13,055 | +€12,837 | +5911.7% |
| Financial charges | 65/66B | €20,553 | €13,362 | -€7,191 | -35.0% |
| Recurring financial charges | 65 | €20,553 | €13,362 | -€7,191 | -35.0% |
| Profit (loss) for the period before taxes | 9903 | €129,752 | -€32,933 | -€162,685 | |
| Income taxes | 67/77 | €10,590 | - | -€10,590 | |
| Profit (loss) for the period | 9904 | €119,162 | -€32,933 | -€152,095 | |
| Profit (loss) for the period to be appropriated | 9905 | €119,162 | -€32,933 | -€152,095 |
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 3 October 2026 via checked.be.