LD 4: 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.
LD 4
Largest movements
- Cash +€55,045
up €55,045 (+1062.2%), from €5,182 to €60,227
mainly Contributions, distributions and other (+€79,917) and Depreciation (+€21,708)
- Tangible fixed assets -€20,303
down €20,303 (-12.9%), from €157,733 to €137,429
of which Land and buildings: -€13,016
- Receivables within one year +€8,079
up €8,079 (+322.6%), from €2,504 to €10,583
of which Trade receivables: +€5,752
- Formation expenses +€6,015
up €6,015 (+540.2%), from €1,114 to €7,129
- Stocks and contracts +€3,997
up €3,997 (+229.1%), from €1,745 to €5,742
- Contributions +€85,000
up €85,000 (+1700.0%), from €5,000 to €90,000
- Profit (loss) carried forward -€27,519
down €27,519 (-33.2%), from -€82,950 to -€110,469
- Debts after one year -€14,286
down €14,286 (-11.9%), from €120,412 to €106,126
- Current portion of long-term debt +€9,124
up €9,124 (+39.3%), from €23,214 to €32,339
- Trade debts +€6,739
up €6,739 (+48.6%), from €13,864 to €20,603
- Gross operating margin +€20,058
up €20,058, from -€19,607 to €450
- Depreciation +€1,829
up €1,829 (+9.2%), from €19,879 to €21,708
- Financial charges +€869
up €869 (+8.6%), from €10,075 to €10,943
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 | €173,516 | €223,430 | +€49,914 | +28.8% |
| Formation expenses | 20 | €1,114 | €7,129 | +€6,015 | +540.2% |
| Fixed assets | 21/28 | €161,417 | €138,204 | -€23,212 | -14.4% |
| Intangible fixed assets | 21 | €1,025 | €605 | -€420 | -41.0% |
| Tangible fixed assets | 22/27 | €157,733 | €137,429 | -€20,303 | -12.9% |
| Land and buildings | 22 | €126,583 | €113,567 | -€13,016 | -10.3% |
| Plant, machinery and equipment | 23 | €26,963 | €21,067 | -€5,896 | -21.9% |
| Furniture and vehicles | 24 | €4,187 | €2,795 | -€1,391 | -33.2% |
| Financial fixed assets | 28 | €2,659 | €170 | -€2,489 | -93.6% |
| Current assets | 29/58 | €10,986 | €78,097 | +€67,111 | +610.9% |
| Stocks and contracts in progress | 3 | €1,745 | €5,742 | +€3,997 | +229.1% |
| Stocks | 30/36 | €1,745 | €5,742 | +€3,997 | +229.1% |
| Amounts receivable within one year | 40/41 | €2,504 | €10,583 | +€8,079 | +322.6% |
| Trade receivables | 40 | €1,283 | €7,035 | +€5,752 | +448.3% |
| Other amounts receivable | 41 | €1,221 | €3,548 | +€2,327 | +190.6% |
| Cash at bank and in hand | 54/58 | €5,182 | €60,227 | +€55,045 | +1062.2% |
| Deferred charges and accrued income | 490/1 | €1,555 | €1,545 | -€10 | -0.6% |
| Total equity and liabilities | 10/49 | €173,516 | €223,430 | +€49,914 | +28.8% |
| Equity | 10/15 | -€39,532 | €12,866 | +€52,398 | |
| Contributions | 10/11 | €5,000 | €90,000 | +€85,000 | +1700.0% |
| Profit (loss) carried forward | 14 | -€82,950 | -€110,469 | -€27,519 | -33.2% |
| Investment grants | 15 | €38,418 | €33,335 | -€5,083 | -13.2% |
| Amounts payable | 17/49 | €213,048 | €210,564 | -€2,484 | -1.2% |
| Amounts payable after more than one year | 17 | €120,412 | €106,126 | -€14,286 | -11.9% |
| Financial debts | 170/4 | €120,412 | €106,126 | -€14,286 | -11.9% |
| Amounts payable within one year | 42/48 | €89,292 | €101,178 | +€11,886 | +13.3% |
| Current portion of amounts payable after more than one year | 42 | €23,214 | €32,339 | +€9,124 | +39.3% |
| Financial debts | 43 | €42,344 | €39,382 | -€2,962 | -7.0% |
| Credit institutions | 430/8 | €42,344 | €39,382 | -€2,962 | -7.0% |
| Trade debts | 44 | €13,864 | €20,603 | +€6,739 | +48.6% |
| Suppliers | 440/4 | €13,864 | €20,603 | +€6,739 | +48.6% |
| Taxes, remuneration and social security | 45 | €241 | €333 | +€92 | +38.0% |
| Taxes | 450/3 | €241 | €333 | +€92 | +38.0% |
| Other amounts payable | 47/48 | €9,628 | €8,522 | -€1,107 | -11.5% |
| Accrued charges and deferred income | 492/3 | €3,344 | €3,259 | -€85 | -2.5% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,879 | €21,708 | +€1,829 | +9.2% |
| Other operating charges | 640/8 | €494 | €435 | -€58 | -11.8% |
| Gross operating margin | 9900 | -€19,607 | €450 | +€20,058 | |
| Operating profit (loss) | 9901 | -€39,980 | -€21,693 | +€18,287 | +45.7% |
| Financial income | 75/76B | €5,103 | €5,118 | +€15 | +0.3% |
| Recurring financial income | 75 | €5,103 | €5,118 | +€15 | +0.3% |
| Financial charges | 65/66B | €10,075 | €10,943 | +€869 | +8.6% |
| Recurring financial charges | 65 | €10,075 | €10,943 | +€869 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | -€44,952 | -€27,519 | +€17,433 | +38.8% |
| Profit (loss) for the period | 9904 | -€44,952 | -€27,519 | +€17,433 | +38.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€44,952 | -€27,519 | +€17,433 | +38.8% |
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 1 October 2026 via checked.be.