LBN: 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.
LBN
Largest movements
- Tangible fixed assets +€355,975
up €355,975 (+163%), from €218,889 to €574,864
of which Leasing and similar rights: +€303,328
- Receivables within one year +€75,998
up €75,998 (+23.4%), from €324,194 to €400,191
of which Trade receivables: +€69,101
- Cash +€21,411
up €21,411 (+82.2%), from €26,039 to €47,450
mainly Debts after one year (+€502,046) and Contributions, distributions and other (+€200,000)
- Profit (loss) carried forward -€560,542
down €560,542 (-125%), from -€449,970 to -€1.0m
- Debts after one year +€502,046
up €502,046 (+93.5%), from €537,059 to €1.0m
of which Financial debts: +€265,046
- Contributions +€200,000
up €200,000 (+65.4%), from €306,000 to €506,000
- Trade debts +€151,064
up €151,064 (+121%), from €125,097 to €276,160
- Current portion of long-term debt +€56,678
up €56,678 (+154%), from €36,879 to €93,558
- Gross operating margin -€163,718
down €163,718, from €110,690 to -€53,028
- Depreciation +€49,724
up €49,724 (+122%), from €40,746 to €90,470
- Financial charges +€15,977
up €15,977 (+54.1%), from €29,544 to €45,520
- Staff costs +€15,022
up €15,022 (+4.4%), from €340,065 to €355,087
- Write-downs +€5,947
up €5,947, from €0 to €5,947
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 | €645,225 | €1,110,980 | +€465,755 | +72.2% |
| Fixed assets | 21/28 | €237,748 | €600,937 | +€363,189 | +153% |
| Intangible fixed assets | 21 | €17,844 | €25,058 | +€7,213 | +40.4% |
| Tangible fixed assets | 22/27 | €218,889 | €574,864 | +€355,975 | +163% |
| Plant, machinery and equipment | 23 | €160,720 | €204,430 | +€43,710 | +27.2% |
| Furniture and vehicles | 24 | €759 | €8,337 | +€7,579 | +999% |
| Leasing and similar rights | 25 | €57,100 | €360,428 | +€303,328 | +531% |
| Other tangible fixed assets | 26 | €310 | €1,669 | +€1,359 | +438% |
| Financial fixed assets | 28 | €1,015 | €1,015 | = | 0.0% |
| Current assets | 29/58 | €407,476 | €510,043 | +€102,567 | +25.2% |
| Stocks and contracts in progress | 3 | €46,918 | €51,129 | +€4,211 | +9.0% |
| Stocks | 30/36 | €46,918 | €51,129 | +€4,211 | +9.0% |
| Amounts receivable within one year | 40/41 | €324,194 | €400,191 | +€75,998 | +23.4% |
| Trade receivables | 40 | €123,151 | €192,252 | +€69,101 | +56.1% |
| Other amounts receivable | 41 | €201,043 | €207,939 | +€6,897 | +3.4% |
| Cash at bank and in hand | 54/58 | €26,039 | €47,450 | +€21,411 | +82.2% |
| Deferred charges and accrued income | 490/1 | €10,326 | €11,273 | +€947 | +9.2% |
| Total equity and liabilities | 10/49 | €645,225 | €1,110,980 | +€465,755 | +72.2% |
| Equity | 10/15 | -€143,970 | -€504,512 | -€360,542 | -250% |
| Contributions | 10/11 | €306,000 | €506,000 | +€200,000 | +65.4% |
| Profit (loss) carried forward | 14 | -€449,970 | -€1,010,512 | -€560,542 | -125% |
| Amounts payable | 17/49 | €789,195 | €1,615,492 | +€826,297 | +105% |
| Amounts payable after more than one year | 17 | €537,059 | €1,039,105 | +€502,046 | +93.5% |
| Financial debts | 170/4 | €187,059 | €452,105 | +€265,046 | +142% |
| Other amounts payable | 178/9 | €350,000 | €587,000 | +€237,000 | +67.7% |
| Amounts payable within one year | 42/48 | €249,088 | €573,812 | +€324,724 | +130% |
| Current portion of amounts payable after more than one year | 42 | €36,879 | €93,558 | +€56,678 | +154% |
| Financial debts | 43 | €50,000 | €95,000 | +€45,000 | +90.0% |
| Credit institutions | 430/8 | €50,000 | €95,000 | +€45,000 | +90.0% |
| Trade debts | 44 | €125,097 | €276,160 | +€151,064 | +121% |
| Suppliers | 440/4 | €125,097 | €276,160 | +€151,064 | +121% |
| Taxes, remuneration and social security | 45 | €29,571 | €45,791 | +€16,220 | +54.9% |
| Taxes | 450/3 | €0 | €1,603 | +€1,603 | |
| Remuneration and social security | 454/9 | €29,571 | €44,189 | +€14,617 | +49.4% |
| Other amounts payable | 47/48 | €7,541 | €63,303 | +€55,762 | +739% |
| Accrued charges and deferred income | 492/3 | €3,048 | €2,575 | -€474 | -15.5% |
| Remuneration, social security and pensions | 62 | €340,065 | €355,087 | +€15,022 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,746 | €90,470 | +€49,724 | +122% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €5,947 | +€5,947 | |
| Other operating charges | 640/8 | €13,285 | €12,268 | -€1,016 | -7.7% |
| Gross operating margin | 9900 | €110,690 | -€53,028 | -€163,718 | |
| Operating profit (loss) | 9901 | -€283,406 | -€516,801 | -€233,394 | -82.4% |
| Financial income | 75/76B | €12 | €2,854 | +€2,842 | +23,292% |
| Recurring financial income | 75 | €12 | €2,854 | +€2,842 | +23,292% |
| Financial charges | 65/66B | €29,544 | €45,520 | +€15,977 | +54.1% |
| Recurring financial charges | 65 | €29,544 | €45,520 | +€15,977 | +54.1% |
| Profit (loss) for the period before taxes | 9903 | -€312,938 | -€559,467 | -€246,530 | -78.8% |
| Income taxes | 67/77 | €0 | €1,074 | +€1,074 | |
| Profit (loss) for the period | 9904 | -€312,938 | -€560,542 | -€247,604 | -79.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€312,938 | -€560,542 | -€247,604 | -79.1% |
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 13 October 2026 via checked.be.