LBF PROJECTS: 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.
LBF PROJECTS
Largest movements
- Stocks and contracts +€922,265
up €922,265 (+179.3%), from €514,361 to €1.4m
- Cash -€25,650
down €25,650 (-25.4%), from €101,136 to €75,486
mainly Stocks and contracts (-€922,265) and Net result for the year (-€27,061)
- Financial fixed assets +€24,400
new in 2025: €24,400
- Short-term financial debts +€948,000
up €948,000 (+563.6%), from €168,200 to €1.1m
of which Other loans: +€658,000
- Profit (loss) carried forward -€27,061
down €27,061 (-731.8%), from -€3,698 to -€30,758
- Gross operating margin -€22,670
down €22,670, from €5,580 to -€17,090
- Financial charges -€15,730
down €15,730 (-71.0%), from €22,149 to €6,420
- Other operating charges +€288
up €288 (+8.8%), from €3,263 to €3,551
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 | €690,497 | €1,617,594 | +€927,097 | +134.3% |
| Fixed assets | 21/28 | - | €24,400 | +€24,400 | |
| Financial fixed assets | 28 | - | €24,400 | +€24,400 | |
| Current assets | 29/58 | €690,497 | €1,593,194 | +€902,697 | +130.7% |
| Stocks and contracts in progress | 3 | €514,361 | €1,436,627 | +€922,265 | +179.3% |
| Stocks | 30/36 | €514,361 | €1,436,627 | +€922,265 | +179.3% |
| Amounts receivable within one year | 40/41 | €75,000 | €80,658 | +€5,658 | +7.5% |
| Other amounts receivable | 41 | €75,000 | €80,658 | +€5,658 | +7.5% |
| Cash at bank and in hand | 54/58 | €101,136 | €75,486 | -€25,650 | -25.4% |
| Deferred charges and accrued income | 490/1 | - | €424 | +€424 | |
| Total equity and liabilities | 10/49 | €690,497 | €1,617,594 | +€927,097 | +134.3% |
| Equity | 10/15 | €71,302 | €44,242 | -€27,061 | -38.0% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,698 | -€30,758 | -€27,061 | -731.8% |
| Amounts payable | 17/49 | €619,195 | €1,573,353 | +€954,158 | +154.1% |
| Amounts payable after more than one year | 17 | €442,963 | €437,076 | -€5,888 | -1.3% |
| Financial debts | 170/4 | €442,963 | €437,076 | -€5,888 | -1.3% |
| Amounts payable within one year | 42/48 | €176,231 | €1,136,277 | +€960,046 | +544.8% |
| Current portion of amounts payable after more than one year | 42 | €5,655 | €5,888 | +€232 | +4.1% |
| Financial debts | 43 | €168,200 | €1,116,200 | +€948,000 | +563.6% |
| Credit institutions | 430/8 | €0 | €290,000 | +€290,000 | |
| Other loans | 439 | €168,200 | €826,200 | +€658,000 | +391.2% |
| Trade debts | 44 | €2,316 | €14,129 | +€11,813 | +510.1% |
| Suppliers | 440/4 | €2,316 | €14,129 | +€11,813 | +510.1% |
| Other amounts payable | 47/48 | €61 | €61 | = | 0.0% |
| Other operating charges | 640/8 | €3,263 | €3,551 | +€288 | +8.8% |
| Gross operating margin | 9900 | €5,580 | -€17,090 | -€22,670 | |
| Operating profit (loss) | 9901 | €2,317 | -€20,641 | -€22,958 | |
| Financial income | 75/76B | €99 | €0 | -€99 | -100.0% |
| Recurring financial income | 75 | €99 | €0 | -€99 | -100.0% |
| Financial charges | 65/66B | €22,149 | €6,420 | -€15,730 | -71.0% |
| Recurring financial charges | 65 | €22,149 | €6,420 | -€15,730 | -71.0% |
| Profit (loss) for the period before taxes | 9903 | -€19,733 | -€27,061 | -€7,328 | -37.1% |
| Profit (loss) for the period | 9904 | -€19,733 | -€27,061 | -€7,328 | -37.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,733 | -€27,061 | -€7,328 | -37.1% |
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.