LE 26: 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.
LE 26
Largest movements
- Tangible fixed assets +€540,384
up €540,384 (+285.4%), from €189,369 to €729,753
of which Other tangible fixed assets: +€537,847
- Deferred charges and accrued income -€161,625
down €161,625 (-28.0%), from €577,493 to €415,867
- Receivables within one year +€42,486
up €42,486 (+208.2%), from €20,408 to €62,893
of which Trade receivables: +€42,486
- Debts within one year +€338,631
up €338,631 (+75.2%), from €450,365 to €788,996
- Debts after one year +€329,784
new in 2025: €329,784
- Accrued charges and deferred income -€212,128
down €212,128 (-57.9%), from €366,230 to €154,102
- Investment grants -€42,484
down €42,484 (-10.2%), from €415,901 to €373,417
- Gross operating margin +€272,693
up €272,693 (+14.8%), from €1.8m to €2.1m
- Staff costs +€172,544
up €172,544 (+9.6%), from €1.8m to €2.0m
- Depreciation +€37,996
up €37,996 (+74.4%), from €51,097 to €89,092
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 | €1,193,881 | €1,595,815 | +€401,935 | +33.7% |
| Formation expenses | 20 | €86,011 | €76,454 | -€9,557 | -11.1% |
| Fixed assets | 21/28 | €190,369 | €730,783 | +€540,414 | +283.9% |
| Tangible fixed assets | 22/27 | €189,369 | €729,753 | +€540,384 | +285.4% |
| Furniture and vehicles | 24 | €36,060 | €38,597 | +€2,537 | +7.0% |
| Other tangible fixed assets | 26 | €153,309 | €691,156 | +€537,847 | +350.8% |
| Financial fixed assets | 28 | €1,000 | €1,030 | +€30 | +3.0% |
| Current assets | 29/58 | €917,501 | €788,579 | -€128,923 | -14.1% |
| Amounts receivable within one year | 40/41 | €20,408 | €62,893 | +€42,486 | +208.2% |
| Trade receivables | 40 | €15,906 | €58,392 | +€42,486 | +267.1% |
| Other amounts receivable | 41 | €4,501 | €4,501 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €319,601 | €309,819 | -€9,783 | -3.1% |
| Deferred charges and accrued income | 490/1 | €577,493 | €415,867 | -€161,625 | -28.0% |
| Total equity and liabilities | 10/49 | €1,193,881 | €1,595,815 | +€401,935 | +33.7% |
| Equity | 10/15 | €377,286 | €322,933 | -€54,353 | -14.4% |
| Profit (loss) carried forward | 14 | -€38,616 | -€50,484 | -€11,868 | -30.7% |
| Investment grants | 15 | €415,901 | €373,417 | -€42,484 | -10.2% |
| Amounts payable | 17/49 | €816,595 | €1,272,882 | +€456,287 | +55.9% |
| Amounts payable after more than one year | 17 | - | €329,784 | +€329,784 | |
| Financial debts | 170/4 | - | €329,784 | +€329,784 | |
| Amounts payable within one year | 42/48 | €450,365 | €788,996 | +€338,631 | +75.2% |
| Current portion of amounts payable after more than one year | 42 | - | €20,216 | +€20,216 | |
| Trade debts | 44 | €56,249 | €84,909 | +€28,660 | +51.0% |
| Suppliers | 440/4 | €56,249 | €84,909 | +€28,660 | +51.0% |
| Taxes, remuneration and social security | 45 | €202,804 | €280,791 | +€77,987 | +38.5% |
| Taxes | 450/3 | €420 | €4 | -€416 | -99.0% |
| Remuneration and social security | 454/9 | €202,384 | €280,787 | +€78,402 | +38.7% |
| Accrued charges and deferred income | 492/3 | €366,230 | €154,102 | -€212,128 | -57.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €479,261 | €471,420 | -€7,841 | -1.6% |
| Remuneration, social security and pensions | 62 | €1,788,738 | €1,961,281 | +€172,544 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,097 | €89,092 | +€37,996 | +74.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,886 | - | -€3,886 | |
| Other operating charges | 640/8 | €14,788 | €30,422 | +€15,634 | +105.7% |
| Non-recurring operating charges | 66A | €8,966 | €37,470 | +€28,504 | +317.9% |
| Gross operating margin | 9900 | €1,839,614 | €2,112,306 | +€272,693 | +14.8% |
| Operating profit (loss) | 9901 | -€27,861 | -€5,960 | +€21,901 | +78.6% |
| Financial income | 75/76B | €372 | €833 | +€462 | +124.3% |
| Recurring financial income | 75 | €372 | €833 | +€462 | +124.3% |
| Financial charges | 65/66B | €225 | €6,742 | +€6,517 | +2894.6% |
| Recurring financial charges | 65 | €225 | €6,742 | +€6,517 | +2894.6% |
| Profit (loss) for the period before taxes | 9903 | -€27,714 | -€11,868 | +€15,846 | +57.2% |
| Profit (loss) for the period | 9904 | -€27,714 | -€11,868 | +€15,846 | +57.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,714 | -€11,868 | +€15,846 | +57.2% |
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 7 October 2026 via checked.be.