LEARGEST: 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.
What changed
LEARGEST
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€28,373
2024 · -€86,041+€114,415
Equity
€630,364
2024 · €603,588+€26,775
Cash
€28,953
2024 · €38,980-€10,028
Balance sheet total
€2.5m
2024 · €2.4m+€27,172
Largest movements
Assets
- Tangible fixed assets +€55,891
up €55,891 (+3.0%), from €1.8m to €1.9m
of which Plant, machinery and equipment: +€112,518
- Receivables within one year -€42,335
down €42,335 (-8.8%), from €479,352 to €437,016
of which Trade receivables: -€101,566
Equity and liabilities
- Debts after one year -€51,985
down €51,985 (-3.8%), from €1.4m to €1.3m
of which Financial debts: -€51,985
- Profit (loss) carried forward +€30,928
up €30,928 (+201.9%), from €15,317 to €46,245
- Other debts +€30,751
up €30,751 (+18.7%), from €164,747 to €195,498
Income statement
- Depreciation -€93,357
down €93,357 (-61.1%), from €152,723 to €59,366
- Gross operating margin +€55,143
up €55,143 (+34.9%), from €158,064 to €213,207
- Write-downs +€47,472
up €47,472, from €0 to €47,472
- Staff costs -€20,343
down €20,343 (-77.9%), from €26,122 to €5,779
- Financial charges +€8,746
up €8,746 (+12.6%), from €69,561 to €78,307
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.
Result 2024
-€86,041
Gross operating margin
+€55,143
Staff costs
+€20,343
Depreciation
+€93,357
Write-downs
-€47,472
Other operating charges
+€1,642
Other operating items
-€201
Financial income
+€349
Financial charges
-€8,746
Result 2025
€28,373
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.
From operations
+€155,243
Investment
-€115,257
Financing
-€50,015
Cash 2024
€38,980
From operations (derived)
+€155,243
Net result for the year
+€28,373
Depreciation
+€59,366
Receivables within one year
+€42,335
Deferred charges and accrued income
-€23,644
Provisions
-€1,315
Trade debts
+€7,813
Tax, wage and social debts
-€4,411
Other debts
+€30,751
Accrued charges and deferred income
+€15,975
Investment (derived)
-€115,257
Investment in fixed assets (net)
-€115,257
Financing
-€50,015
Debts after one year
-€51,985
Current portion of long-term debt
+€3,417
Short-term financial debts
+€152
Contributions, distributions and other
-€1,598
Cash 2025
€28,953
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,426,949 | €2,454,121 | +€27,172 | +1.1% |
| Fixed assets | 21/28 | €1,833,032 | €1,888,922 | +€55,891 | +3.0% |
| Tangible fixed assets | 22/27 | €1,832,959 | €1,888,849 | +€55,891 | +3.0% |
| Land and buildings | 22 | €1,826,253 | €1,769,751 | -€56,502 | -3.1% |
| Plant, machinery and equipment | 23 | €1,440 | €113,958 | +€112,518 | +7813.8% |
| Other tangible fixed assets | 26 | €5,266 | €5,140 | -€126 | -2.4% |
| Financial fixed assets | 28 | €73 | €73 | = | 0.0% |
| Current assets | 29/58 | €593,917 | €565,198 | -€28,719 | -4.8% |
| Amounts receivable within one year | 40/41 | €479,352 | €437,016 | -€42,335 | -8.8% |
| Trade receivables | 40 | €164,236 | €62,671 | -€101,566 | -61.8% |
| Other amounts receivable | 41 | €315,115 | €374,346 | +€59,230 | +18.8% |
| Cash at bank and in hand | 54/58 | €38,980 | €28,953 | -€10,028 | -25.7% |
| Deferred charges and accrued income | 490/1 | €75,585 | €99,230 | +€23,644 | +31.3% |
| Total equity and liabilities | 10/49 | €2,426,949 | €2,454,121 | +€27,172 | +1.1% |
| Equity | 10/15 | €603,588 | €630,364 | +€26,775 | +4.4% |
| Contributions | 10/11 | €491,000 | €491,000 | = | 0.0% |
| Capital | 10 | €491,000 | €491,000 | = | 0.0% |
| Issued capital | 100 | €491,000 | €491,000 | = | 0.0% |
| Reserves | 13 | €89,975 | €87,420 | -€2,555 | -2.8% |
| Non-distributable reserves | 130/1 | €49,100 | €49,100 | = | 0.0% |
| Legal reserve | 130 | €49,100 | €49,100 | = | 0.0% |
| Tax-exempt reserves | 132 | €40,875 | €38,320 | -€2,555 | -6.3% |
| Profit (loss) carried forward | 14 | €15,317 | €46,245 | +€30,928 | +201.9% |
| Investment grants | 15 | €7,297 | €5,699 | -€1,598 | -21.9% |
| Provisions and deferred taxes | 16 | €21,047 | €19,732 | -€1,315 | -6.3% |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Other liabilities and charges | 164/5 | €0 | - | = | |
| Deferred taxes | 168 | €21,047 | €19,732 | -€1,315 | -6.3% |
| Amounts payable | 17/49 | €1,802,313 | €1,804,025 | +€1,712 | +0.1% |
| Amounts payable after more than one year | 17 | €1,369,777 | €1,317,792 | -€51,985 | -3.8% |
| Financial debts | 170/4 | €1,364,819 | €1,312,834 | -€51,985 | -3.8% |
| Other amounts payable | 178/9 | €4,958 | €4,958 | = | 0.0% |
| Amounts payable within one year | 42/48 | €409,378 | €447,100 | +€37,722 | +9.2% |
| Current portion of amounts payable after more than one year | 42 | €50,125 | €53,541 | +€3,417 | +6.8% |
| Financial debts | 43 | €4,095 | €4,247 | +€152 | +3.7% |
| Credit institutions | 430/8 | €4,095 | €4,247 | +€152 | +3.7% |
| Trade debts | 44 | €182,192 | €190,006 | +€7,813 | +4.3% |
| Suppliers | 440/4 | €182,192 | €190,006 | +€7,813 | +4.3% |
| Taxes, remuneration and social security | 45 | €8,218 | €3,808 | -€4,411 | -53.7% |
| Taxes | 450/3 | €444 | €414 | -€30 | -6.8% |
| Remuneration and social security | 454/9 | €7,774 | €3,394 | -€4,381 | -56.3% |
| Other amounts payable | 47/48 | €164,747 | €195,498 | +€30,751 | +18.7% |
| Accrued charges and deferred income | 492/3 | €23,158 | €39,133 | +€15,975 | +69.0% |
| Non-recurring operating income | 76A | €48,932 | €0 | -€48,932 | -100.0% |
| Remuneration, social security and pensions | 62 | €26,122 | €5,779 | -€20,343 | -77.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €152,723 | €59,366 | -€93,357 | -61.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €47,472 | +€47,472 | |
| Other operating charges | 640/8 | €23,563 | €21,921 | -€1,642 | -7.0% |
| Non-recurring operating charges | 66A | €0 | €201 | +€201 | |
| Gross operating margin | 9900 | €158,064 | €213,207 | +€55,143 | +34.9% |
| Operating profit (loss) | 9901 | -€44,344 | €78,469 | +€122,812 | |
| Financial income | 75/76B | €26,548 | €26,896 | +€349 | +1.3% |
| Recurring financial income | 75 | €26,548 | €26,896 | +€349 | +1.3% |
| Financial charges | 65/66B | €69,561 | €78,307 | +€8,746 | +12.6% |
| Recurring financial charges | 65 | €69,561 | €78,307 | +€8,746 | +12.6% |
| Profit (loss) for the period before taxes | 9903 | -€87,357 | €27,058 | +€114,415 | |
| Transfer from deferred taxes | 780 | €1,315 | €1,315 | +€0 | 0.0% |
| Profit (loss) for the period | 9904 | -€86,041 | €28,373 | +€114,415 | |
| Transfer from tax-exempt reserves | 789 | €2,555 | €2,555 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€83,486 | €30,928 | +€114,415 |
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 9 October 2026 via checked.be.