LC & DV: 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.
LC & DV
Largest movements
- Stocks and contracts +€60,500
up €60,500 (+16.8%), from €360,500 to €421,000
- Deferred charges and accrued income +€17,309
new in 2025: €17,309
- Trade debts +€99,335
up €99,335 (+87.2%), from €113,859 to €213,194
- Debts after one year +€96,833
up €96,833 (+92.9%), from €104,179 to €201,012
- Other debts -€93,398
down €93,398 (-45.2%), from €206,457 to €113,059
- Short-term financial debts +€76,116
up €76,116 (+34.9%), from €217,794 to €293,911
- Current portion of long-term debt -€46,567
down €46,567 (-81.3%), from €57,293 to €10,726
- Staff costs +€37,763
up €37,763 (+8.7%), from €433,957 to €471,720
- Depreciation -€36,079
down €36,079 (-58.5%), from €61,647 to €25,569
- Other operating charges +€31,570
up €31,570 (+4812.0%), from €656 to €32,226
- Gross operating margin -€15,769
down €15,769 (-2.7%), from €583,556 to €567,788
- Taxes +€14,775
up €14,775 (+351.2%), from €4,207 to €18,981
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 | €873,618 | €949,953 | +€76,335 | +8.7% |
| Fixed assets | 21/28 | €273,515 | €264,369 | -€9,147 | -3.3% |
| Tangible fixed assets | 22/27 | €273,175 | €264,029 | -€9,147 | -3.3% |
| Land and buildings | 22 | €19,546 | €17,977 | -€1,569 | -8.0% |
| Plant, machinery and equipment | 23 | €123,953 | €159,581 | +€35,629 | +28.7% |
| Furniture and vehicles | 24 | €38,464 | €49,228 | +€10,764 | +28.0% |
| Leasing and similar rights | 25 | €91,213 | €37,243 | -€53,970 | -59.2% |
| Financial fixed assets | 28 | €340 | €340 | = | 0.0% |
| Current assets | 29/58 | €600,102 | €685,584 | +€85,482 | +14.2% |
| Stocks and contracts in progress | 3 | €360,500 | €421,000 | +€60,500 | +16.8% |
| Stocks | 30/36 | €360,500 | €421,000 | +€60,500 | +16.8% |
| Amounts receivable within one year | 40/41 | €239,602 | €243,625 | +€4,023 | +1.7% |
| Trade receivables | 40 | €81,930 | €70,869 | -€11,061 | -13.5% |
| Other amounts receivable | 41 | €157,672 | €172,755 | +€15,084 | +9.6% |
| Cash at bank and in hand | 54/58 | - | €3,650 | +€3,650 | |
| Deferred charges and accrued income | 490/1 | - | €17,309 | +€17,309 | |
| Total equity and liabilities | 10/49 | €873,618 | €949,953 | +€76,335 | +8.7% |
| Equity | 10/15 | €105,021 | €81,569 | -€23,452 | -22.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €14,890 | €14,890 | = | 0.0% |
| Distributable reserves | 133 | €14,890 | €14,890 | = | 0.0% |
| Profit (loss) carried forward | 14 | €70,131 | €46,679 | -€23,452 | -33.4% |
| Amounts payable | 17/49 | €768,597 | €868,384 | +€99,787 | +13.0% |
| Amounts payable after more than one year | 17 | €104,179 | €201,012 | +€96,833 | +92.9% |
| Financial debts | 170/4 | €104,179 | €201,012 | +€96,833 | +92.9% |
| Amounts payable within one year | 42/48 | €664,418 | €667,371 | +€2,954 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €57,293 | €10,726 | -€46,567 | -81.3% |
| Financial debts | 43 | €217,794 | €293,911 | +€76,116 | +34.9% |
| Credit institutions | 430/8 | €217,794 | €293,911 | +€76,116 | +34.9% |
| Trade debts | 44 | €113,859 | €213,194 | +€99,335 | +87.2% |
| Suppliers | 440/4 | €113,859 | €213,194 | +€99,335 | +87.2% |
| Taxes, remuneration and social security | 45 | €69,015 | €36,482 | -€32,533 | -47.1% |
| Taxes | 450/3 | €41,128 | €252 | -€40,876 | -99.4% |
| Remuneration and social security | 454/9 | €27,887 | €36,230 | +€8,343 | +29.9% |
| Other amounts payable | 47/48 | €206,457 | €113,059 | -€93,398 | -45.2% |
| Remuneration, social security and pensions | 62 | €433,957 | €471,720 | +€37,763 | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,647 | €25,569 | -€36,079 | -58.5% |
| Other operating charges | 640/8 | €656 | €32,226 | +€31,570 | +4812.0% |
| Gross operating margin | 9900 | €583,556 | €567,788 | -€15,769 | -2.7% |
| Operating profit (loss) | 9901 | €87,296 | €38,273 | -€49,023 | -56.2% |
| Financial income | 75/76B | €174 | €17 | -€158 | -90.5% |
| Recurring financial income | 75 | €174 | €17 | -€158 | -90.5% |
| Financial charges | 65/66B | €34,077 | €42,760 | +€8,683 | +25.5% |
| Recurring financial charges | 65 | €34,077 | €42,760 | +€8,683 | +25.5% |
| Profit (loss) for the period before taxes | 9903 | €53,393 | -€4,471 | -€57,864 | |
| Income taxes | 67/77 | €4,207 | €18,981 | +€14,775 | +351.2% |
| Profit (loss) for the period | 9904 | €49,187 | -€23,452 | -€72,639 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,187 | -€23,452 | -€72,639 |
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 30 September 2026 via checked.be.