LEDS2SEE: 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.
LEDS2SEE
Largest movements
- Receivables within one year -€39,199
down €39,199 (-44.4%), from €88,368 to €49,170
of which Other amounts receivable: -€47,319
- Cash +€36,668
up €36,668 (+36.4%), from €100,811 to €137,479
mainly Net result for the year (+€67,789) and Receivables within one year (+€39,199)
- Tangible fixed assets -€6,825
down €6,825 (-10.5%), from €65,185 to €58,360
of which Land and buildings: -€6,055
- Debts after one year -€8,496
down €8,496 (-19.6%), from €43,241 to €34,744
- Tax, wage and social debts -€8,288
down €8,288 (-43.4%), from €19,080 to €10,792
- Profit (loss) carried forward +€7,789
up €7,789 (+9.2%), from €84,853 to €92,642
- Gross operating margin -€16,689
down €16,689 (-31.4%), from €53,172 to €36,483
- Financial charges -€3,328
down €3,328 (-76.0%), from €4,378 to €1,050
- Taxes -€2,950
down €2,950 (-32.1%), from €9,195 to €6,244
- Depreciation -€2,445
down €2,445 (-24.7%), from €9,886 to €7,441
- Financial income -€897
down €897 (-1.8%), from €50,897 to €50,000
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 | €314,994 | €304,660 | -€10,334 | -3.3% |
| Fixed assets | 21/28 | €123,701 | €116,260 | -€7,441 | -6.0% |
| Intangible fixed assets | 21 | €616 | - | -€616 | |
| Tangible fixed assets | 22/27 | €65,185 | €58,360 | -€6,825 | -10.5% |
| Land and buildings | 22 | €62,043 | €55,988 | -€6,055 | -9.8% |
| Furniture and vehicles | 24 | €91 | - | -€91 | |
| Other tangible fixed assets | 26 | €3,050 | €2,372 | -€678 | -22.2% |
| Financial fixed assets | 28 | €57,900 | €57,900 | = | 0.0% |
| Current assets | 29/58 | €191,292 | €188,400 | -€2,893 | -1.5% |
| Stocks and contracts in progress | 3 | €1,655 | €1,655 | = | 0.0% |
| Stocks | 30/36 | €1,655 | €1,655 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €88,368 | €49,170 | -€39,199 | -44.4% |
| Trade receivables | 40 | €37,294 | €45,414 | +€8,120 | +21.8% |
| Other amounts receivable | 41 | €51,075 | €3,756 | -€47,319 | -92.6% |
| Cash at bank and in hand | 54/58 | €100,811 | €137,479 | +€36,668 | +36.4% |
| Deferred charges and accrued income | 490/1 | €458 | €96 | -€362 | -79.1% |
| Total equity and liabilities | 10/49 | €314,994 | €304,660 | -€10,334 | -3.3% |
| Equity | 10/15 | €105,313 | €113,102 | +€7,789 | +7.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €84,853 | €92,642 | +€7,789 | +9.2% |
| Amounts payable | 17/49 | €209,681 | €191,558 | -€18,123 | -8.6% |
| Amounts payable after more than one year | 17 | €43,241 | €34,744 | -€8,496 | -19.6% |
| Financial debts | 170/4 | €43,241 | €34,744 | -€8,496 | -19.6% |
| Amounts payable within one year | 42/48 | €166,016 | €156,390 | -€9,626 | -5.8% |
| Current portion of amounts payable after more than one year | 42 | €8,349 | €8,496 | +€147 | +1.8% |
| Trade debts | 44 | - | €1,376 | +€1,376 | |
| Suppliers | 440/4 | - | €1,376 | +€1,376 | |
| Taxes, remuneration and social security | 45 | €19,080 | €10,792 | -€8,288 | -43.4% |
| Taxes | 450/3 | €19,080 | €10,792 | -€8,288 | -43.4% |
| Other amounts payable | 47/48 | €138,587 | €135,726 | -€2,861 | -2.1% |
| Accrued charges and deferred income | 492/3 | €424 | €424 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,886 | €7,441 | -€2,445 | -24.7% |
| Other operating charges | 640/8 | €3,849 | €3,958 | +€110 | +2.8% |
| Gross operating margin | 9900 | €53,172 | €36,483 | -€16,689 | -31.4% |
| Operating profit (loss) | 9901 | €39,437 | €25,083 | -€14,354 | -36.4% |
| Financial income | 75/76B | €50,897 | €50,000 | -€897 | -1.8% |
| Recurring financial income | 75 | €50,897 | €50,000 | -€897 | -1.8% |
| Financial charges | 65/66B | €4,378 | €1,050 | -€3,328 | -76.0% |
| Recurring financial charges | 65 | €4,378 | €1,050 | -€3,328 | -76.0% |
| Profit (loss) for the period before taxes | 9903 | €85,956 | €74,033 | -€11,923 | -13.9% |
| Income taxes | 67/77 | €9,195 | €6,244 | -€2,950 | -32.1% |
| Profit (loss) for the period | 9904 | €76,762 | €67,789 | -€8,973 | -11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €76,762 | €67,789 | -€8,973 | -11.7% |
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 13 October 2026 via checked.be.