LEDSPECIALIST: 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.
LEDSPECIALIST
Largest movements
- Tangible fixed assets -€25,310
down €25,310 (-26.1%), from €96,886 to €71,576
of which Furniture and vehicles: -€26,713
- Receivables within one year +€23,583
up €23,583 (+55.5%), from €42,519 to €66,102
of which Trade receivables: +€20,647
- Cash +€12,706
up €12,706 (+2,738%), from €464 to €13,171
mainly Other debts (+€35,545) and Net result for the year (+€19,108)
- Other debts +€35,545
up €35,545 (+450%), from €7,905 to €43,449
- Reserves -€26,628
down €26,628 (-26.9%), from €98,998 to €72,370
- Tax, wage and social debts +€12,414
up €12,414 (+479%), from €2,594 to €15,009
- Debts after one year -€6,547
down €6,547 (-74.5%), from €8,790 to €2,243
- Trade debts -€5,621
down €5,621 (-48.6%), from €11,555 to €5,934
- Other operating charges -€54,181
down €54,181 (-97.5%), from €55,552 to €1,371
- Gross operating margin -€26,106
down €26,106 (-36.9%), from €70,746 to €44,640
- Taxes +€7,306
up €7,306 (+320%), from €2,282 to €9,589
- Depreciation +€4,900
up €4,900 (+54.5%), from €8,987 to €13,887
- Financial income -€985
down €985 (-97.0%), from €1,016 to €31
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 | €157,364 | €166,842 | +€9,478 | +6.0% |
| Fixed assets | 21/28 | €96,886 | €71,576 | -€25,310 | -26.1% |
| Tangible fixed assets | 22/27 | €96,886 | €71,576 | -€25,310 | -26.1% |
| Plant, machinery and equipment | 23 | €1,384 | €2,787 | +€1,403 | +101% |
| Furniture and vehicles | 24 | €95,501 | €68,788 | -€26,713 | -28.0% |
| Current assets | 29/58 | €60,478 | €95,266 | +€34,788 | +57.5% |
| Stocks and contracts in progress | 3 | €17,199 | €15,566 | -€1,633 | -9.5% |
| Stocks | 30/36 | €17,199 | €15,566 | -€1,633 | -9.5% |
| Amounts receivable within one year | 40/41 | €42,519 | €66,102 | +€23,583 | +55.5% |
| Trade receivables | 40 | €32,861 | €53,508 | +€20,647 | +62.8% |
| Other amounts receivable | 41 | €9,658 | €12,594 | +€2,936 | +30.4% |
| Cash at bank and in hand | 54/58 | €464 | €13,171 | +€12,706 | +2,738% |
| Deferred charges and accrued income | 490/1 | €296 | €427 | +€131 | +44.3% |
| Total equity and liabilities | 10/49 | €157,364 | €166,842 | +€9,478 | +6.0% |
| Equity | 10/15 | €117,548 | €90,920 | -€26,628 | -22.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €98,998 | €72,370 | -€26,628 | -26.9% |
| Distributable reserves | 133 | €98,998 | €72,370 | -€26,628 | -26.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €39,815 | €75,922 | +€36,107 | +90.7% |
| Amounts payable after more than one year | 17 | €8,790 | €2,243 | -€6,547 | -74.5% |
| Financial debts | 170/4 | €8,790 | €2,243 | -€6,547 | -74.5% |
| Amounts payable within one year | 42/48 | €30,901 | €70,939 | +€40,038 | +130% |
| Current portion of amounts payable after more than one year | 42 | €8,847 | €6,547 | -€2,300 | -26.0% |
| Trade debts | 44 | €11,555 | €5,934 | -€5,621 | -48.6% |
| Suppliers | 440/4 | €11,555 | €5,934 | -€5,621 | -48.6% |
| Taxes, remuneration and social security | 45 | €2,594 | €15,009 | +€12,414 | +479% |
| Taxes | 450/3 | €2,594 | €15,009 | +€12,414 | +479% |
| Other amounts payable | 47/48 | €7,905 | €43,449 | +€35,545 | +450% |
| Accrued charges and deferred income | 492/3 | €123 | €2,740 | +€2,616 | +2,121% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,987 | €13,887 | +€4,900 | +54.5% |
| Other operating charges | 640/8 | €55,552 | €1,371 | -€54,181 | -97.5% |
| Gross operating margin | 9900 | €70,746 | €44,640 | -€26,106 | -36.9% |
| Operating profit (loss) | 9901 | €6,207 | €29,382 | +€23,175 | +373% |
| Financial income | 75/76B | €1,016 | €31 | -€985 | -97.0% |
| Recurring financial income | 75 | €1,016 | €31 | -€985 | -97.0% |
| Financial charges | 65/66B | €1,096 | €717 | -€379 | -34.6% |
| Recurring financial charges | 65 | €1,096 | €717 | -€379 | -34.6% |
| Profit (loss) for the period before taxes | 9903 | €6,127 | €28,697 | +€22,569 | +368% |
| Income taxes | 67/77 | €2,282 | €9,589 | +€7,306 | +320% |
| Profit (loss) for the period | 9904 | €3,845 | €19,108 | +€15,263 | +397% |
| Profit (loss) for the period to be appropriated | 9905 | €3,845 | €19,108 | +€15,263 | +397% |
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.