LED EXPRESS: 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 EXPRESS
Largest movements
- Receivables within one year -€66,759
down €66,759 (-42.2%), from €158,318 to €91,560
of which Trade receivables: -€45,409
- Tangible fixed assets +€44,172
up €44,172 (+17.6%), from €250,504 to €294,676
of which Furniture and vehicles: +€56,258
- Cash +€37,606
up €37,606 (+273%), from €13,777 to €51,383
mainly Depreciation (+€83,222) and Net result for the year (+€71,826)
- Reserves +€71,826
up €71,826 (+67.4%), from €106,613 to €178,439
of which Distributable reserves: +€71,826
- Trade debts -€56,094
down €56,094 (-92.2%), from €60,844 to €4,749
- Debts after one year -€50,540
down €50,540 (-24.3%), from €207,666 to €157,126
- Short-term financial debts +€26,045
new in 2025: €26,045
- Tax, wage and social debts +€24,402
up €24,402 (+9,321%), from €262 to €24,664
- Gross operating margin +€69,286
up €69,286 (+36.3%), from €190,872 to €260,158
- Staff costs -€65,530
down €65,530 (-55.5%), from €118,150 to €52,620
- Depreciation +€44,945
up €44,945 (+117%), from €38,277 to €83,222
- Taxes +€33,318
up €33,318 (+3,128%), from €1,065 to €34,383
- Financial charges -€3,166
down €3,166 (-16.6%), from €19,107 to €15,941
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 | €438,069 | €453,012 | +€14,942 | +3.4% |
| Fixed assets | 21/28 | €258,455 | €302,627 | +€44,172 | +17.1% |
| Tangible fixed assets | 22/27 | €250,504 | €294,676 | +€44,172 | +17.6% |
| Plant, machinery and equipment | 23 | €217,895 | €205,809 | -€12,086 | -5.5% |
| Furniture and vehicles | 24 | €32,609 | €88,867 | +€56,258 | +173% |
| Financial fixed assets | 28 | €7,951 | €7,951 | = | 0.0% |
| Current assets | 29/58 | €179,615 | €150,385 | -€29,229 | -16.3% |
| Amounts receivable within one year | 40/41 | €158,318 | €91,560 | -€66,759 | -42.2% |
| Trade receivables | 40 | €113,708 | €68,299 | -€45,409 | -39.9% |
| Other amounts receivable | 41 | €44,610 | €23,261 | -€21,349 | -47.9% |
| Cash at bank and in hand | 54/58 | €13,777 | €51,383 | +€37,606 | +273% |
| Deferred charges and accrued income | 490/1 | €7,519 | €7,442 | -€77 | -1.0% |
| Total equity and liabilities | 10/49 | €438,069 | €453,012 | +€14,942 | +3.4% |
| Equity | 10/15 | €168,602 | €240,428 | +€71,826 | +42.6% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €106,613 | €178,439 | +€71,826 | +67.4% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €100,416 | €172,242 | +€71,826 | +71.5% |
| Profit (loss) carried forward | 14 | €16 | €16 | = | 0.0% |
| Amounts payable | 17/49 | €269,467 | €212,584 | -€56,884 | -21.1% |
| Amounts payable after more than one year | 17 | €207,666 | €157,126 | -€50,540 | -24.3% |
| Financial debts | 170/4 | €207,666 | €157,126 | -€50,540 | -24.3% |
| Amounts payable within one year | 42/48 | €61,802 | €55,458 | -€6,344 | -10.3% |
| Financial debts | 43 | - | €26,045 | +€26,045 | |
| Credit institutions | 430/8 | - | €26,045 | +€26,045 | |
| Trade debts | 44 | €60,844 | €4,749 | -€56,094 | -92.2% |
| Suppliers | 440/4 | €60,844 | €4,749 | -€56,094 | -92.2% |
| Taxes, remuneration and social security | 45 | €262 | €24,664 | +€24,402 | +9,321% |
| Taxes | 450/3 | €262 | €24,664 | +€24,402 | +9,321% |
| Other amounts payable | 47/48 | €696 | - | -€696 | |
| Remuneration, social security and pensions | 62 | €118,150 | €52,620 | -€65,530 | -55.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,277 | €83,222 | +€44,945 | +117% |
| Other operating charges | 640/8 | €2,157 | €2,805 | +€648 | +30.0% |
| Non-recurring operating charges | 66A | €2,954 | €340 | -€2,614 | -88.5% |
| Gross operating margin | 9900 | €190,872 | €260,158 | +€69,286 | +36.3% |
| Operating profit (loss) | 9901 | €29,335 | €121,171 | +€91,836 | +313% |
| Financial income | 75/76B | €1,488 | €979 | -€509 | -34.2% |
| Recurring financial income | 75 | €1,488 | €979 | -€509 | -34.2% |
| Financial charges | 65/66B | €19,107 | €15,941 | -€3,166 | -16.6% |
| Recurring financial charges | 65 | €19,107 | €15,941 | -€3,166 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €11,716 | €106,209 | +€94,493 | +807% |
| Income taxes | 67/77 | €1,065 | €34,383 | +€33,318 | +3,128% |
| Profit (loss) for the period | 9904 | €10,651 | €71,826 | +€61,175 | +574% |
| Profit (loss) for the period to be appropriated | 9905 | €10,651 | €71,826 | +€61,175 | +574% |
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 21 October 2026 via checked.be.