LBR & Partners: 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.
LBR & Partners
Largest movements
- Stocks and contracts -€3.6m
down €3.6m (-100%), from €3.6m to €0
- Cash +€2.4m
up €2.4m (+1,742%), from €137,247 to €2.5m
mainly Stocks and contracts (+€3.6m) and Investment in fixed assets (net) (+€1.0m)
- Tangible fixed assets -€1.1m
down €1.1m (-91.1%), from €1.2m to €102,736
of which Plant, machinery and equipment: -€674,672
- Receivables within one year +€392,916
up €392,916 (+93.4%), from €420,649 to €813,565
of which Other amounts receivable: +€725,316
- Short-term financial debts -€1.0m
down €1.0m (-100%), from €1.0m to €0
- Debts after one year -€607,104
down €607,104 (-98.4%), from €616,823 to €9,719
- Reserves +€153,074
up €153,074 (+5.5%), from €2.8m to €2.9m
of which Distributable reserves: +€153,074
- Current portion of long-term debt -€147,710
down €147,710 (-83.9%), from €176,106 to €28,395
- Trade debts -€123,381
down €123,381 (-77.2%), from €159,788 to €36,407
- Gross operating margin -€409,983
down €409,983 (-35.3%), from €1.2m to €750,091
- Staff costs -€367,131
down €367,131 (-43.8%), from €838,173 to €471,043
- Depreciation -€200,797
down €200,797 (-85.4%), from €235,247 to €34,450
- Financial charges -€68,959
down €68,959 (-32.6%), from €211,789 to €142,829
- Taxes +€43,846
up €43,846 (+3,085%), from €1,421 to €45,268
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 | €5,321,158 | €3,449,617 | -€1.9m | -35.2% |
| Fixed assets | 21/28 | €1,171,191 | €103,332 | -€1.1m | -91.2% |
| Intangible fixed assets | 21 | €14,236 | €0 | -€14,236 | -100% |
| Tangible fixed assets | 22/27 | €1,156,359 | €102,736 | -€1.1m | -91.1% |
| Plant, machinery and equipment | 23 | €674,672 | €0 | -€674,672 | -100% |
| Furniture and vehicles | 24 | €219,322 | €102,736 | -€116,586 | -53.2% |
| Other tangible fixed assets | 26 | €262,365 | €0 | -€262,365 | -100% |
| Financial fixed assets | 28 | €596 | €596 | = | 0.0% |
| Current assets | 29/58 | €4,149,966 | €3,346,285 | -€803,682 | -19.4% |
| Stocks and contracts in progress | 3 | €3,584,417 | €0 | -€3.6m | -100% |
| Stocks | 30/36 | €3,584,417 | €0 | -€3.6m | -100% |
| Amounts receivable within one year | 40/41 | €420,649 | €813,565 | +€392,916 | +93.4% |
| Trade receivables | 40 | €412,037 | €79,637 | -€332,400 | -80.7% |
| Other amounts receivable | 41 | €8,612 | €733,928 | +€725,316 | +8,422% |
| Cash at bank and in hand | 54/58 | €137,247 | €2,528,456 | +€2.4m | +1,742% |
| Deferred charges and accrued income | 490/1 | €7,654 | €4,263 | -€3,390 | -44.3% |
| Total equity and liabilities | 10/49 | €5,321,158 | €3,449,617 | -€1.9m | -35.2% |
| Equity | 10/15 | €3,194,308 | €3,347,382 | +€153,074 | +4.8% |
| Contributions | 10/11 | €425,000 | €425,000 | = | 0.0% |
| Capital | 10 | €425,000 | €425,000 | = | 0.0% |
| Issued capital | 100 | €425,000 | €425,000 | = | 0.0% |
| Reserves | 13 | €2,769,308 | €2,922,382 | +€153,074 | +5.5% |
| Non-distributable reserves | 130/1 | €44,621 | €44,621 | = | 0.0% |
| Legal reserve | 130 | €44,621 | €44,621 | = | 0.0% |
| Tax-exempt reserves | 132 | €54,051 | €54,051 | = | 0.0% |
| Distributable reserves | 133 | €2,670,635 | €2,823,709 | +€153,074 | +5.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,126,850 | €102,235 | -€2.0m | -95.2% |
| Amounts payable after more than one year | 17 | €616,823 | €9,719 | -€607,104 | -98.4% |
| Financial debts | 170/4 | €616,823 | €9,719 | -€607,104 | -98.4% |
| Amounts payable within one year | 42/48 | €1,508,736 | €92,193 | -€1.4m | -93.9% |
| Current portion of amounts payable after more than one year | 42 | €176,106 | €28,395 | -€147,710 | -83.9% |
| Financial debts | 43 | €1,000,000 | €0 | -€1.0m | -100% |
| Credit institutions | 430/8 | €1,000,000 | €0 | -€1.0m | -100% |
| Trade debts | 44 | €159,788 | €36,407 | -€123,381 | -77.2% |
| Suppliers | 440/4 | €159,788 | €36,407 | -€123,381 | -77.2% |
| Taxes, remuneration and social security | 45 | €122,842 | €27,391 | -€95,452 | -77.7% |
| Taxes | 450/3 | €48,650 | €12,288 | -€36,362 | -74.7% |
| Remuneration and social security | 454/9 | €74,192 | €15,102 | -€59,090 | -79.6% |
| Other amounts payable | 47/48 | €50,000 | €0 | -€50,000 | -100% |
| Accrued charges and deferred income | 492/3 | €1,291 | €323 | -€968 | -75.0% |
| Non-recurring operating income | 76A | €27,500 | €39,894 | +€12,394 | +45.1% |
| Remuneration, social security and pensions | 62 | €838,173 | €471,043 | -€367,131 | -43.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €235,247 | €34,450 | -€200,797 | -85.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,067 | -€1,067 | -€2,135 | |
| Other operating charges | 640/8 | €36,457 | €36,785 | +€328 | +0.9% |
| Gross operating margin | 9900 | €1,160,073 | €750,091 | -€409,983 | -35.3% |
| Operating profit (loss) | 9901 | €49,129 | €208,880 | +€159,752 | +325% |
| Financial income | 75/76B | €138,067 | €132,291 | -€5,776 | -4.2% |
| Recurring financial income | 75 | €138,067 | €132,291 | -€5,776 | -4.2% |
| Financial charges | 65/66B | €211,789 | €142,829 | -€68,959 | -32.6% |
| Recurring financial charges | 65 | €211,789 | €142,829 | -€68,959 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | -€24,593 | €198,342 | +€222,935 | |
| Income taxes | 67/77 | €1,421 | €45,268 | +€43,846 | +3,085% |
| Profit (loss) for the period | 9904 | -€26,015 | €153,074 | +€179,089 | |
| Profit (loss) for the period to be appropriated | 9905 | -€26,015 | €153,074 | +€179,089 |
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 23 October 2026 via checked.be.