LD20: 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.
LD20
Largest movements
- Receivables within one year +€128,487
up €128,487 (+33.3%), from €385,459 to €513,946
of which Other amounts receivable: +€131,113
- Tangible fixed assets -€53,394
down €53,394 (-4.6%), from €1.2m to €1.1m
of which Land and buildings: -€31,054
- Reserves +€112,008
up €112,008 (+8.9%), from €1.3m to €1.4m
- Debts after one year -€43,082
down €43,082 (-6.0%), from €716,673 to €673,591
- Tax, wage and social debts +€22,155
up €22,155 (+3746.9%), from €591 to €22,746
of which Taxes: +€22,155
- Gross operating margin -€235,535
down €235,535 (-55.4%), from €424,815 to €189,280
- Taxes -€58,642
down €58,642 (-63.5%), from €92,280 to €33,638
- Financial income +€21,638
up €21,638 (+185.1%), from €11,687 to €33,324
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 | €2,030,592 | €2,119,290 | +€88,698 | +4.4% |
| Fixed assets | 21/28 | €1,166,568 | €1,113,173 | -€53,394 | -4.6% |
| Tangible fixed assets | 22/27 | €1,166,032 | €1,112,638 | -€53,394 | -4.6% |
| Land and buildings | 22 | €1,100,126 | €1,069,073 | -€31,054 | -2.8% |
| Furniture and vehicles | 24 | €65,906 | €43,565 | -€22,341 | -33.9% |
| Financial fixed assets | 28 | €536 | €536 | = | 0.0% |
| Current assets | 29/58 | €864,024 | €1,006,117 | +€142,093 | +16.4% |
| Amounts receivable after more than one year | 29 | €450,000 | €450,000 | = | 0.0% |
| Other amounts receivable | 291 | €450,000 | €450,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €385,459 | €513,946 | +€128,487 | +33.3% |
| Trade receivables | 40 | €32,943 | €30,317 | -€2,626 | -8.0% |
| Other amounts receivable | 41 | €352,516 | €483,629 | +€131,113 | +37.2% |
| Cash at bank and in hand | 54/58 | €27,216 | €37,890 | +€10,674 | +39.2% |
| Deferred charges and accrued income | 490/1 | €1,349 | €4,281 | +€2,932 | +217.4% |
| Total equity and liabilities | 10/49 | €2,030,592 | €2,119,290 | +€88,698 | +4.4% |
| Equity | 10/15 | €1,260,679 | €1,372,687 | +€112,008 | +8.9% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €1,258,179 | €1,370,187 | +€112,008 | +8.9% |
| Distributable reserves | 133 | €1,258,179 | €1,370,187 | +€112,008 | +8.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €769,914 | €746,604 | -€23,310 | -3.0% |
| Amounts payable after more than one year | 17 | €716,673 | €673,591 | -€43,082 | -6.0% |
| Financial debts | 170/4 | €716,673 | €673,591 | -€43,082 | -6.0% |
| Amounts payable within one year | 42/48 | €53,240 | €73,012 | +€19,772 | +37.1% |
| Current portion of amounts payable after more than one year | 42 | €42,610 | €43,082 | +€472 | +1.1% |
| Financial debts | 43 | €44 | €0 | -€44 | -100.0% |
| Other loans | 439 | €44 | €0 | -€44 | -100.0% |
| Trade debts | 44 | €9,994 | €7,184 | -€2,810 | -28.1% |
| Suppliers | 440/4 | €9,994 | €7,184 | -€2,810 | -28.1% |
| Taxes, remuneration and social security | 45 | €591 | €22,746 | +€22,155 | +3746.9% |
| Taxes | 450/3 | €591 | €22,746 | +€22,155 | +3746.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,255 | €53,394 | +€1,140 | +2.2% |
| Other operating charges | 640/8 | €12,682 | €8,479 | -€4,202 | -33.1% |
| Gross operating margin | 9900 | €424,815 | €189,280 | -€235,535 | -55.4% |
| Operating profit (loss) | 9901 | €359,878 | €127,406 | -€232,472 | -64.6% |
| Financial income | 75/76B | €11,687 | €33,324 | +€21,638 | +185.1% |
| Recurring financial income | 75 | €11,687 | €33,324 | +€21,638 | +185.1% |
| Financial charges | 65/66B | €13,512 | €15,084 | +€1,572 | +11.6% |
| Recurring financial charges | 65 | €13,512 | €15,084 | +€1,572 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | €358,053 | €145,647 | -€212,407 | -59.3% |
| Income taxes | 67/77 | €92,280 | €33,638 | -€58,642 | -63.5% |
| Profit (loss) for the period | 9904 | €265,773 | €112,008 | -€153,765 | -57.9% |
| Profit (loss) for the period to be appropriated | 9905 | €265,773 | €112,008 | -€153,765 | -57.9% |
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 6 October 2026 via checked.be.