LE 34: what changed
Two financial 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 34
Largest movements
- Tangible fixed assets -€451,027
down €451,027 (-14.4%), from €3.1m to €2.7m
of which Other tangible fixed assets: -€322,711
- Receivables within one year +€364,519
up €364,519 (+145%), from €250,679 to €615,198
of which Other amounts receivable: +€497,646
- Cash -€333,346
down €333,346 (-43.7%), from €762,058 to €428,712
mainly Receivables within one year (-€364,519) and Other debts (-€340,069)
- Other debts -€340,069
down €340,069 (-35.3%), from €962,046 to €621,977
- Trade debts +€275,635
up €275,635 (+237%), from €116,388 to €392,023
- Profit (loss) carried forward -€191,195
down €191,195 (-9.1%), from -€2.1m to -€2.3m
- Debts after one year -€180,410
down €180,410 (-7.7%), from €2.3m to €2.2m
- Revaluation surpluses -€88,910
down €88,910 (-5.3%), from €1.7m to €1.6m
- Gross operating margin -€69,139
down €69,139 (-8.0%), from €859,017 to €789,878
- Financial charges -€51,667
down €51,667 (-39.1%), from €132,117 to €80,450
- Other operating charges -€12,112
down €12,112 (-34.8%), from €34,764 to €22,652
- Staff costs -€9,760
down €9,760 (-2.1%), from €460,154 to €450,394
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.
Derived cash bridge
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 | €4,176,744 | €3,727,954 | -€448,791 | -10.7% |
| Fixed assets | 21/28 | €3,125,831 | €2,674,803 | -€451,027 | -14.4% |
| Tangible fixed assets | 22/27 | €3,125,831 | €2,674,803 | -€451,027 | -14.4% |
| Land and buildings | 22 | €2,325,282 | €2,212,373 | -€112,910 | -4.9% |
| Plant, machinery and equipment | 23 | €10,518 | €4,378 | -€6,140 | -58.4% |
| Furniture and vehicles | 24 | €42,040 | €32,773 | -€9,267 | -22.0% |
| Other tangible fixed assets | 26 | €747,991 | €425,279 | -€322,711 | -43.1% |
| Current assets | 29/58 | €1,050,914 | €1,053,151 | +€2,237 | +0.2% |
| Amounts receivable within one year | 40/41 | €250,679 | €615,198 | +€364,519 | +145% |
| Trade receivables | 40 | €141,302 | €8,175 | -€133,127 | -94.2% |
| Other amounts receivable | 41 | €109,377 | €607,023 | +€497,646 | +455% |
| Cash at bank and in hand | 54/58 | €762,058 | €428,712 | -€333,346 | -43.7% |
| Deferred charges and accrued income | 490/1 | €38,177 | €9,241 | -€28,936 | -75.8% |
| Total equity and liabilities | 10/49 | €4,176,744 | €3,727,954 | -€448,791 | -10.7% |
| Equity | 10/15 | €319,288 | €89,724 | -€229,565 | -71.9% |
| Contributions | 10/11 | €90,840 | €90,840 | = | 0.0% |
| Revaluation surpluses | 12 | €1,689,282 | €1,600,373 | -€88,910 | -5.3% |
| Reserves | 13 | €542,542 | €631,451 | +€88,910 | +16.4% |
| Non-distributable reserves | 130/1 | €9,084 | €9,084 | = | 0.0% |
| Reserves not available under the articles | 1311 | €9,084 | €9,084 | = | 0.0% |
| Distributable reserves | 133 | €533,458 | €622,367 | +€88,910 | +16.7% |
| Profit (loss) carried forward | 14 | -€2,096,477 | -€2,287,672 | -€191,195 | -9.1% |
| Investment grants | 15 | €93,101 | €54,732 | -€38,369 | -41.2% |
| Amounts payable | 17/49 | €3,857,456 | €3,638,230 | -€219,226 | -5.7% |
| Amounts payable after more than one year | 17 | €2,337,540 | €2,157,130 | -€180,410 | -7.7% |
| Financial debts | 170/4 | €2,337,540 | €2,157,130 | -€180,410 | -7.7% |
| Amounts payable within one year | 42/48 | €1,515,017 | €1,460,118 | -€54,898 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €208,525 | €193,134 | -€15,391 | -7.4% |
| Financial debts | 43 | €75,960 | €98,522 | +€22,562 | +29.7% |
| Credit institutions | 430/8 | €75,960 | €98,522 | +€22,562 | +29.7% |
| Trade debts | 44 | €116,388 | €392,023 | +€275,635 | +237% |
| Suppliers | 440/4 | €116,388 | €392,023 | +€275,635 | +237% |
| Advances received on contracts in progress | 46 | - | €7,300 | +€7,300 | |
| Taxes, remuneration and social security | 45 | €152,098 | €147,163 | -€4,935 | -3.2% |
| Taxes | 450/3 | €18,488 | €28,648 | +€10,160 | +55.0% |
| Remuneration and social security | 454/9 | €133,610 | €118,515 | -€15,095 | -11.3% |
| Other amounts payable | 47/48 | €962,046 | €621,977 | -€340,069 | -35.3% |
| Accrued charges and deferred income | 492/3 | €4,900 | €20,981 | +€16,082 | +328% |
| Remuneration, social security and pensions | 62 | €460,154 | €450,394 | -€9,760 | -2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €464,397 | €464,890 | +€493 | +0.1% |
| Other operating charges | 640/8 | €34,764 | €22,652 | -€12,112 | -34.8% |
| Non-recurring operating charges | 66A | €31,865 | - | -€31,865 | |
| Gross operating margin | 9900 | €859,017 | €789,878 | -€69,139 | -8.0% |
| Operating profit (loss) | 9901 | -€132,163 | -€148,058 | -€15,895 | -12.0% |
| Financial income | 75/76B | €38,396 | €38,404 | +€7 | 0.0% |
| Recurring financial income | 75 | €38,396 | €38,404 | +€7 | 0.0% |
| Financial charges | 65/66B | €132,117 | €80,450 | -€51,667 | -39.1% |
| Recurring financial charges | 65 | €132,117 | €80,450 | -€51,667 | -39.1% |
| Profit (loss) for the period before taxes | 9903 | -€225,883 | -€190,104 | +€35,779 | +15.8% |
| Income taxes | 67/77 | €5,580 | €1,091 | -€4,489 | -80.4% |
| Profit (loss) for the period | 9904 | -€231,463 | -€191,195 | +€40,268 | +17.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€231,463 | -€191,195 | +€40,268 | +17.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.