LED ETUDE: 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.
LED ETUDE
Largest movements
- Receivables within one year -€117,281
down €117,281 (-72.0%), from €162,801 to €45,520
- Cash +€42,477
up €42,477 (+101%), from €41,875 to €84,352
mainly Net result for the year (+€356,828) and Receivables within one year (+€117,281)
- Deferred charges and accrued income -€10,907
down €10,907 (-51.7%), from €21,114 to €10,207
- Reserves -€203,172
down €203,172 (-80.3%), from €252,891 to €49,719
- Other debts +€100,894
up €100,894 (+55.9%), from €180,500 to €281,394
- Tax, wage and social debts +€15,369
up €15,369 (+78.8%), from €19,500 to €34,869
- Gross operating margin +€136,538
up €136,538 (+39.6%), from €344,479 to €481,017
- Taxes +€32,631
up €32,631 (+37.2%), from €87,738 to €120,369
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 | €459,901 | €373,228 | -€86,673 | -18.8% |
| Fixed assets | 21/28 | €234,111 | €233,149 | -€961 | -0.4% |
| Tangible fixed assets | 22/27 | €2,330 | €1,368 | -€961 | -41.3% |
| Furniture and vehicles | 24 | €2,330 | €1,368 | -€961 | -41.3% |
| Financial fixed assets | 28 | €231,781 | €231,781 | = | 0.0% |
| Current assets | 29/58 | €225,790 | €140,079 | -€85,711 | -38.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €162,801 | €45,520 | -€117,281 | -72.0% |
| Other amounts receivable | 41 | €162,801 | €45,520 | -€117,281 | -72.0% |
| Cash at bank and in hand | 54/58 | €41,875 | €84,352 | +€42,477 | +101% |
| Deferred charges and accrued income | 490/1 | €21,114 | €10,207 | -€10,907 | -51.7% |
| Total equity and liabilities | 10/49 | €459,901 | €373,228 | -€86,673 | -18.8% |
| Equity | 10/15 | €257,891 | €54,719 | -€203,172 | -78.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €252,891 | €49,719 | -€203,172 | -80.3% |
| Distributable reserves | 133 | €252,891 | €49,719 | -€203,172 | -80.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €202,010 | €318,509 | +€116,499 | +57.7% |
| Amounts payable within one year | 42/48 | €202,010 | €318,509 | +€116,499 | +57.7% |
| Trade debts | 44 | €2,010 | €2,246 | +€236 | +11.8% |
| Suppliers | 440/4 | €2,010 | €2,246 | +€236 | +11.8% |
| Taxes, remuneration and social security | 45 | €19,500 | €34,869 | +€15,369 | +78.8% |
| Taxes | 450/3 | €19,500 | €34,869 | +€15,369 | +78.8% |
| Other amounts payable | 47/48 | €180,500 | €281,394 | +€100,894 | +55.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €493 | €961 | +€468 | +95.0% |
| Other operating charges | 640/8 | €1,096 | €1,303 | +€207 | +18.9% |
| Gross operating margin | 9900 | €344,479 | €481,017 | +€136,538 | +39.6% |
| Operating profit (loss) | 9901 | €342,891 | €478,753 | +€135,863 | +39.6% |
| Financial income | 75/76B | €4,222 | €0 | -€4,222 | -100.0% |
| Recurring financial income | 75 | €4,222 | €0 | -€4,222 | -100.0% |
| Financial charges | 65/66B | €3,081 | €1,557 | -€1,524 | -49.5% |
| Recurring financial charges | 65 | €3,081 | €1,557 | -€1,524 | -49.5% |
| Profit (loss) for the period before taxes | 9903 | €344,031 | €477,196 | +€133,165 | +38.7% |
| Income taxes | 67/77 | €87,738 | €120,369 | +€32,631 | +37.2% |
| Profit (loss) for the period | 9904 | €256,293 | €356,828 | +€100,535 | +39.2% |
| Profit (loss) for the period to be appropriated | 9905 | €256,293 | €356,828 | +€100,535 | +39.2% |
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 23 October 2026 via checked.be.