LD3: 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.
LD3
Largest movements
- Cash +€181,184
up €181,184 (+243.5%), from €74,406 to €255,589
mainly Current investments (+€144,852) and Depreciation (+€131,518)
- Current investments -€144,852
down €144,852 (-26.5%), from €546,798 to €401,945
- Tangible fixed assets -€125,131
down €125,131 (-4.0%), from €3.1m to €3.0m
of which Land and buildings: -€117,906
- Receivables within one year -€103,771
down €103,771 (-27.8%), from €373,711 to €269,940
of which Other amounts receivable: -€57,666
- Debts within one year -€102,195
down €102,195 (-33.2%), from €307,478 to €205,283
of which Trade debts: -€76,686
- Investment grants -€74,762
down €74,762 (-2.5%), from €3.0m to €2.9m
- Gross operating margin +€181,789
up €181,789 (+19.5%), from €932,072 to €1.1m
- Staff costs +€129,266
up €129,266 (+15.8%), from €818,404 to €947,669
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 | €4,137,365 | €3,946,262 | -€191,103 | -4.6% |
| Fixed assets | 21/28 | €3,132,797 | €3,007,666 | -€125,131 | -4.0% |
| Tangible fixed assets | 22/27 | €3,132,797 | €3,007,666 | -€125,131 | -4.0% |
| Land and buildings | 22 | €3,082,350 | €2,964,444 | -€117,906 | -3.8% |
| Plant, machinery and equipment | 23 | €35,595 | €27,790 | -€7,804 | -21.9% |
| Furniture and vehicles | 24 | €14,853 | €13,921 | -€931 | -6.3% |
| Assets under construction and advance payments | 27 | - | €1,510 | +€1,510 | |
| Current assets | 29/58 | €1,004,568 | €938,596 | -€65,972 | -6.6% |
| Stocks and contracts in progress | 3 | €3,973 | €4,648 | +€675 | +17.0% |
| Stocks | 30/36 | €3,973 | €4,648 | +€675 | +17.0% |
| Amounts receivable within one year | 40/41 | €373,711 | €269,940 | -€103,771 | -27.8% |
| Trade receivables | 40 | €122,723 | €76,618 | -€46,105 | -37.6% |
| Other amounts receivable | 41 | €250,988 | €193,322 | -€57,666 | -23.0% |
| Current investments | 50/53 | €546,798 | €401,945 | -€144,852 | -26.5% |
| Cash at bank and in hand | 54/58 | €74,406 | €255,589 | +€181,184 | +243.5% |
| Deferred charges and accrued income | 490/1 | €5,680 | €6,473 | +€792 | +14.0% |
| Total equity and liabilities | 10/49 | €4,137,365 | €3,946,262 | -€191,103 | -4.6% |
| Equity | 10/15 | €3,811,917 | €3,739,901 | -€72,016 | -1.9% |
| Contributions | 10/11 | €20,365 | €20,365 | = | 0.0% |
| Capital | 10 | €20,365 | €20,365 | = | 0.0% |
| Reserves | 13 | €801,931 | €801,931 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,269 | -€7,523 | +€2,746 | +26.7% |
| Investment grants | 15 | €2,999,890 | €2,925,128 | -€74,762 | -2.5% |
| Amounts payable | 17/49 | €325,448 | €206,361 | -€119,087 | -36.6% |
| Amounts payable within one year | 42/48 | €307,478 | €205,283 | -€102,195 | -33.2% |
| Trade debts | 44 | €153,543 | €76,856 | -€76,686 | -49.9% |
| Suppliers | 440/4 | €153,543 | €76,856 | -€76,686 | -49.9% |
| Taxes, remuneration and social security | 45 | €105,902 | €102,021 | -€3,881 | -3.7% |
| Taxes | 450/3 | €19,659 | €242 | -€19,417 | -98.8% |
| Remuneration and social security | 454/9 | €86,243 | €101,780 | +€15,537 | +18.0% |
| Accrued charges and deferred income | 492/3 | €17,970 | €1,078 | -€16,892 | -94.0% |
| Non-recurring operating income | 76A | €5,350 | €26,519 | +€21,169 | +395.7% |
| Remuneration, social security and pensions | 62 | €818,404 | €947,669 | +€129,266 | +15.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132,015 | €131,518 | -€497 | -0.4% |
| Other operating charges | 640/8 | €26,206 | €29,563 | +€3,358 | +12.8% |
| Non-recurring operating charges | 66A | €32,635 | €1,584 | -€31,051 | -95.1% |
| Gross operating margin | 9900 | €932,072 | €1,113,861 | +€181,789 | +19.5% |
| Operating profit (loss) | 9901 | -€77,186 | €3,527 | +€80,713 | |
| Financial income | 75/76B | €9,626 | €923 | -€8,703 | -90.4% |
| Recurring financial income | 75 | €9,626 | €923 | -€8,703 | -90.4% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €1,189 | €1,704 | +€515 | +43.3% |
| Recurring financial charges | 65 | €1,189 | €1,704 | +€515 | +43.3% |
| Profit (loss) for the period before taxes | 9903 | -€68,749 | €2,746 | +€71,495 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€68,749 | €2,746 | +€71,495 | |
| Profit (loss) for the period to be appropriated | 9905 | -€68,749 | €2,746 | +€71,495 |
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 2 October 2026 via checked.be.