LEDLINES: 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.
LEDLINES
Largest movements
- Cash +€231,458
up €231,458 (+498.4%), from €46,441 to €277,899
mainly Receivables within one year (+€179,676) and Trade debts (+€171,661)
- Receivables within one year -€179,676
down €179,676 (-14.0%), from €1.3m to €1.1m
of which Other amounts receivable: -€132,210
- Stocks and contracts +€148,283
up €148,283 (+13.3%), from €1.1m to €1.3m
- Tangible fixed assets +€73,838
up €73,838 (+109.3%), from €67,582 to €141,420
of which Other tangible fixed assets: +€67,693
- Trade debts +€171,661
up €171,661 (+33.0%), from €520,097 to €691,758
- Debts after one year +€99,597
up €99,597 (+15.2%), from €653,988 to €753,585
- Current portion of long-term debt +€43,820
up €43,820 (+369.4%), from €11,863 to €55,683
- Tax, wage and social debts -€40,569
down €40,569 (-13.2%), from €307,048 to €266,479
of which Taxes: -€74,177
- Staff costs +€339,436
up €339,436 (+43.0%), from €790,140 to €1.1m
- Gross operating margin +€100,417
up €100,417 (+8.5%), from €1.2m to €1.3m
- Financial charges +€75,021
up €75,021 (+100.7%), from €74,501 to €149,522
- Taxes -€71,129
down €71,129 (-78.8%), from €90,233 to €19,104
- Financial income +€26,461
up €26,461 (+57.8%), from €45,807 to €72,268
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 | €2,537,369 | €2,820,385 | +€283,017 | +11.2% |
| Fixed assets | 21/28 | €80,578 | €156,803 | +€76,225 | +94.6% |
| Intangible fixed assets | 21 | €686 | €15,383 | +€14,696 | +2140.9% |
| Tangible fixed assets | 22/27 | €67,582 | €141,420 | +€73,838 | +109.3% |
| Plant, machinery and equipment | 23 | €21,599 | €16,296 | -€5,302 | -24.5% |
| Furniture and vehicles | 24 | €10,436 | €21,884 | +€11,448 | +109.7% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €35,547 | €103,240 | +€67,693 | +190.4% |
| Financial fixed assets | 28 | €12,310 | €0 | -€12,310 | -100.0% |
| Current assets | 29/58 | €2,456,790 | €2,663,582 | +€206,792 | +8.4% |
| Stocks and contracts in progress | 3 | €1,118,603 | €1,266,886 | +€148,283 | +13.3% |
| Stocks | 30/36 | €1,118,603 | €1,266,886 | +€148,283 | +13.3% |
| Amounts receivable within one year | 40/41 | €1,280,609 | €1,100,933 | -€179,676 | -14.0% |
| Trade receivables | 40 | €1,107,649 | €1,060,183 | -€47,466 | -4.3% |
| Other amounts receivable | 41 | €172,960 | €40,750 | -€132,210 | -76.4% |
| Cash at bank and in hand | 54/58 | €46,441 | €277,899 | +€231,458 | +498.4% |
| Deferred charges and accrued income | 490/1 | €11,137 | €17,864 | +€6,727 | +60.4% |
| Total equity and liabilities | 10/49 | €2,537,369 | €2,820,385 | +€283,017 | +11.2% |
| Equity | 10/15 | €491,018 | €504,737 | +€13,720 | +2.8% |
| Contributions | 10/11 | €9,300 | €9,300 | = | 0.0% |
| Reserves | 13 | €56,815 | €56,815 | = | 0.0% |
| Distributable reserves | 133 | €56,815 | €56,815 | = | 0.0% |
| Profit (loss) carried forward | 14 | €424,902 | €438,622 | +€13,720 | +3.2% |
| Amounts payable | 17/49 | €2,046,351 | €2,315,648 | +€269,297 | +13.2% |
| Amounts payable after more than one year | 17 | €653,988 | €753,585 | +€99,597 | +15.2% |
| Financial debts | 170/4 | €653,988 | €753,585 | +€99,597 | +15.2% |
| Amounts payable within one year | 42/48 | €1,389,008 | €1,539,511 | +€150,504 | +10.8% |
| Current portion of amounts payable after more than one year | 42 | €11,863 | €55,683 | +€43,820 | +369.4% |
| Financial debts | 43 | €550,000 | €525,000 | -€25,000 | -4.5% |
| Credit institutions | 430/8 | €550,000 | €525,000 | -€25,000 | -4.5% |
| Trade debts | 44 | €520,097 | €691,758 | +€171,661 | +33.0% |
| Suppliers | 440/4 | €520,097 | €691,758 | +€171,661 | +33.0% |
| Advances received on contracts in progress | 46 | - | €592 | +€592 | |
| Taxes, remuneration and social security | 45 | €307,048 | €266,479 | -€40,569 | -13.2% |
| Taxes | 450/3 | €216,945 | €142,768 | -€74,177 | -34.2% |
| Remuneration and social security | 454/9 | €90,102 | €123,711 | +€33,608 | +37.3% |
| Other amounts payable | 47/48 | €0 | €0 | = | |
| Accrued charges and deferred income | 492/3 | €3,355 | €22,552 | +€19,197 | +572.2% |
| Remuneration, social security and pensions | 62 | €790,140 | €1,129,576 | +€339,436 | +43.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,530 | €22,929 | +€399 | +1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €9,697 | +€9,697 | |
| Other operating charges | 640/8 | €7,125 | €7,554 | +€428 | +6.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,179,417 | €1,279,834 | +€100,417 | +8.5% |
| Operating profit (loss) | 9901 | €359,622 | €110,078 | -€249,544 | -69.4% |
| Financial income | 75/76B | €45,807 | €72,268 | +€26,461 | +57.8% |
| Recurring financial income | 75 | €45,807 | €72,268 | +€26,461 | +57.8% |
| Financial charges | 65/66B | €74,501 | €149,522 | +€75,021 | +100.7% |
| Recurring financial charges | 65 | €74,501 | €149,522 | +€75,021 | +100.7% |
| Profit (loss) for the period before taxes | 9903 | €330,928 | €32,824 | -€298,105 | -90.1% |
| Income taxes | 67/77 | €90,233 | €19,104 | -€71,129 | -78.8% |
| Profit (loss) for the period | 9904 | €240,695 | €13,720 | -€226,976 | -94.3% |
| Profit (loss) for the period to be appropriated | 9905 | €240,695 | €13,720 | -€226,976 | -94.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.