Led@: 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.
Led@
Largest movements
- Receivables within one year +€17,127
up €17,127 (+221.6%), from €7,728 to €24,855
of which Trade receivables: +€18,517
- Tangible fixed assets -€6,623
down €6,623 (-7.8%), from €85,391 to €78,768
of which Furniture and vehicles: -€5,635
- Cash +€3,879
up €3,879 (+42.5%), from €9,130 to €13,009
mainly Depreciation (+€17,722) and Trade debts (+€17,098)
- Intangible fixed assets +€2,882
up €2,882 (+4781.5%), from €60 to €2,942
- Deferred charges and accrued income -€1,760
down €1,760 (-100.0%), from €1,760 to €0
- Trade debts +€17,098
up €17,098 (+189.8%), from €9,009 to €26,107
- Debts after one year -€15,839
down €15,839 (-26.4%), from €60,059 to €44,220
- Current portion of long-term debt +€8,279
up €8,279 (+68.4%), from €12,097 to €20,376
- Profit (loss) carried forward +€7,448
up €7,448 (+52.5%), from -€14,194 to -€6,747
- Short-term financial debts -€4,880
down €4,880 (-100.0%), from €4,880 to €0
- Depreciation +€3,472
up €3,472 (+24.4%), from €14,250 to €17,722
- Gross operating margin +€2,004
up €2,004 (+6.8%), from €29,663 to €31,667
- Financial charges +€1,734
up €1,734 (+74.8%), from €2,318 to €4,052
- Other operating charges +€608
up €608 (+38.9%), from €1,563 to €2,171
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 | €113,079 | €129,531 | +€16,452 | +14.5% |
| Fixed assets | 21/28 | €85,951 | €82,210 | -€3,742 | -4.4% |
| Intangible fixed assets | 21 | €60 | €2,942 | +€2,882 | +4781.5% |
| Tangible fixed assets | 22/27 | €85,391 | €78,768 | -€6,623 | -7.8% |
| Plant, machinery and equipment | 23 | €50,959 | €49,970 | -€989 | -1.9% |
| Furniture and vehicles | 24 | €34,432 | €28,797 | -€5,635 | -16.4% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €27,128 | €47,321 | +€20,193 | +74.4% |
| Stocks and contracts in progress | 3 | €8,510 | €9,457 | +€948 | +11.1% |
| Stocks | 30/36 | €8,510 | €9,457 | +€948 | +11.1% |
| Amounts receivable within one year | 40/41 | €7,728 | €24,855 | +€17,127 | +221.6% |
| Trade receivables | 40 | €3,769 | €22,286 | +€18,517 | +491.2% |
| Other amounts receivable | 41 | €3,958 | €2,569 | -€1,389 | -35.1% |
| Cash at bank and in hand | 54/58 | €9,130 | €13,009 | +€3,879 | +42.5% |
| Deferred charges and accrued income | 490/1 | €1,760 | €0 | -€1,760 | -100.0% |
| Total equity and liabilities | 10/49 | €113,079 | €129,531 | +€16,452 | +14.5% |
| Equity | 10/15 | -€11,194 | -€3,747 | +€7,448 | +66.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,194 | -€6,747 | +€7,448 | +52.5% |
| Amounts payable | 17/49 | €124,273 | €133,278 | +€9,004 | +7.2% |
| Amounts payable after more than one year | 17 | €60,059 | €44,220 | -€15,839 | -26.4% |
| Financial debts | 170/4 | €60,059 | €44,220 | -€15,839 | -26.4% |
| Amounts payable within one year | 42/48 | €64,075 | €88,510 | +€24,435 | +38.1% |
| Current portion of amounts payable after more than one year | 42 | €12,097 | €20,376 | +€8,279 | +68.4% |
| Financial debts | 43 | €4,880 | €0 | -€4,880 | -100.0% |
| Credit institutions | 430/8 | €4,880 | €0 | -€4,880 | -100.0% |
| Trade debts | 44 | €9,009 | €26,107 | +€17,098 | +189.8% |
| Suppliers | 440/4 | €9,009 | €26,107 | +€17,098 | +189.8% |
| Taxes, remuneration and social security | 45 | €368 | €4,966 | +€4,597 | +1248.6% |
| Taxes | 450/3 | €368 | €4,966 | +€4,597 | +1248.6% |
| Other amounts payable | 47/48 | €37,720 | €37,061 | -€659 | -1.7% |
| Accrued charges and deferred income | 492/3 | €140 | €548 | +€408 | +291.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,250 | €17,722 | +€3,472 | +24.4% |
| Other operating charges | 640/8 | €1,563 | €2,171 | +€608 | +38.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €29,663 | €31,667 | +€2,004 | +6.8% |
| Operating profit (loss) | 9901 | €13,850 | €11,774 | -€2,076 | -15.0% |
| Financial income | 75/76B | €0 | €20 | +€20 | +4905.0% |
| Recurring financial income | 75 | €0 | €20 | +€20 | +4905.0% |
| Financial charges | 65/66B | €2,318 | €4,052 | +€1,734 | +74.8% |
| Recurring financial charges | 65 | €2,318 | €4,052 | +€1,734 | +74.8% |
| Profit (loss) for the period before taxes | 9903 | €11,532 | €7,742 | -€3,790 | -32.9% |
| Income taxes | 67/77 | €308 | €294 | -€14 | -4.5% |
| Profit (loss) for the period | 9904 | €11,224 | €7,448 | -€3,776 | -33.6% |
| Profit (loss) for the period to be appropriated | 9905 | €11,224 | €7,448 | -€3,776 | -33.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.