LBAO: 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.
LBAO
Largest movements
- Tangible fixed assets +€341,550
up €341,550 (+13.8%), from €2.5m to €2.8m
of which Plant, machinery and equipment: +€390,904
- Cash -€70,541
down €70,541 (-71.0%), from €99,337 to €28,795
mainly Investment in fixed assets (net) (-€550,684) and Other debts (-€44,832)
- Debts after one year +€217,960
up €217,960 (+15.7%), from €1.4m to €1.6m
- Trade debts +€70,430
up €70,430 (+402.5%), from €17,498 to €87,929
- Other debts -€44,832
down €44,832 (-3.4%), from €1.3m to €1.3m
- Current portion of long-term debt +€37,445
up €37,445 (+38.8%), from €96,533 to €133,978
- Gross operating margin +€192,422
up €192,422 (+97.0%), from €198,295 to €390,717
- Financial charges +€78,827
up €78,827 (+187.7%), from €42,002 to €120,829
- Depreciation +€52,152
up €52,152 (+33.2%), from €156,982 to €209,134
- Staff costs +€26,394
new in 2025: €26,394
- Other operating charges -€7,838
down €7,838 (-22.6%), from €34,745 to €26,906
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 | €2,582,100 | €2,876,581 | +€294,481 | +11.4% |
| Fixed assets | 21/28 | €2,482,764 | €2,824,313 | +€341,550 | +13.8% |
| Tangible fixed assets | 22/27 | €2,482,764 | €2,824,313 | +€341,550 | +13.8% |
| Land and buildings | 22 | €1,470,231 | €1,420,877 | -€49,354 | -3.4% |
| Plant, machinery and equipment | 23 | €1,012,533 | €1,403,437 | +€390,904 | +38.6% |
| Current assets | 29/58 | €99,337 | €52,268 | -€47,069 | -47.4% |
| Amounts receivable within one year | 40/41 | - | €23,473 | +€23,473 | |
| Trade receivables | 40 | - | €23,473 | +€23,473 | |
| Cash at bank and in hand | 54/58 | €99,337 | €28,795 | -€70,541 | -71.0% |
| Total equity and liabilities | 10/49 | €2,582,100 | €2,876,581 | +€294,481 | +11.4% |
| Equity | 10/15 | -€258,613 | -€251,160 | +€7,453 | +2.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€273,613 | -€266,160 | +€7,453 | +2.7% |
| Amounts payable | 17/49 | €2,840,713 | €3,127,741 | +€287,028 | +10.1% |
| Amounts payable after more than one year | 17 | €1,391,590 | €1,609,550 | +€217,960 | +15.7% |
| Financial debts | 170/4 | €1,391,590 | €1,609,550 | +€217,960 | +15.7% |
| Amounts payable within one year | 42/48 | €1,449,123 | €1,518,191 | +€69,068 | +4.8% |
| Current portion of amounts payable after more than one year | 42 | €96,533 | €133,978 | +€37,445 | +38.8% |
| Trade debts | 44 | €17,498 | €87,929 | +€70,430 | +402.5% |
| Suppliers | 440/4 | €17,498 | €87,929 | +€70,430 | +402.5% |
| Taxes, remuneration and social security | 45 | - | €6,024 | +€6,024 | |
| Taxes | 450/3 | - | €4,957 | +€4,957 | |
| Remuneration and social security | 454/9 | - | €1,067 | +€1,067 | |
| Other amounts payable | 47/48 | €1,335,092 | €1,290,261 | -€44,832 | -3.4% |
| Remuneration, social security and pensions | 62 | - | €26,394 | +€26,394 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €156,982 | €209,134 | +€52,152 | +33.2% |
| Other operating charges | 640/8 | €34,745 | €26,906 | -€7,838 | -22.6% |
| Gross operating margin | 9900 | €198,295 | €390,717 | +€192,422 | +97.0% |
| Operating profit (loss) | 9901 | €6,569 | €128,282 | +€121,713 | +1852.9% |
| Financial charges | 65/66B | €42,002 | €120,829 | +€78,827 | +187.7% |
| Recurring financial charges | 65 | €42,002 | €120,829 | +€78,827 | +187.7% |
| Profit (loss) for the period before taxes | 9903 | -€35,433 | €7,453 | +€42,886 | |
| Profit (loss) for the period | 9904 | -€35,433 | €7,453 | +€42,886 | |
| Profit (loss) for the period to be appropriated | 9905 | -€35,433 | €7,453 | +€42,886 |
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.