LEFO: 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.
What changed
LEFO
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€279,661
2024 · €8,641+€271,020
Equity
€602,290
2024 · €330,824+€271,466
Cash
€32,244
2024 · €19,909+€12,335
Balance sheet total
€999,749
2024 · €653,627+€346,121
Largest movements
Assets
- Current investments +€400,000
new in 2025: €400,000
- Tangible fixed assets -€68,814
down €68,814 (-11.0%), from €624,052 to €555,238
of which Land and buildings: -€67,727
- Cash +€12,335
up €12,335 (+62.0%), from €19,909 to €32,244
mainly Net result for the year (+€279,661) and Provisions (+€83,275)
Equity and liabilities
- Reserves +€271,466
up €271,466 (+89.8%), from €302,205 to €573,670
of which Tax-exempt reserves: +€259,045
- Provisions +€83,275
up €83,275 (+98.6%), from €84,471 to €167,746
- Debts after one year -€20,647
down €20,647 (-28.2%), from €73,255 to €52,608
Income statement
- Gross operating margin +€359,664
up €359,664 (+484%), from €74,263 to €433,927
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.
Result 2024
€8,641
Gross operating margin
+€359,664
Depreciation
+€595
Other operating charges
-€144
Financial income
+€1,326
Financial charges
-€697
Taxes
+€2,259
Deferred taxes and other
-€91,983
Result 2025
€279,661
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€426,122
Investment
-€383,477
Financing
-€30,311
Cash 2024
€19,909
From operations (derived)
+€426,122
Net result for the year
+€279,661
Depreciation
+€52,290
Receivables within one year
-€2,259
Deferred charges and accrued income
-€341
Provisions
+€83,275
Trade debts
+€1,280
Other debts
+€9,205
Accrued charges and deferred income
+€3,011
Investment (derived)
-€383,477
Investment in fixed assets (net)
+€16,523
Current investments
-€400,000
Financing
-€30,311
Debts after one year
-€20,647
Current portion of long-term debt
-€1,468
Contributions, distributions and other
-€8,195
Cash 2025
€32,244
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €653,627 | €999,749 | +€346,121 | +53.0% |
| Fixed assets | 21/28 | €624,052 | €555,238 | -€68,814 | -11.0% |
| Tangible fixed assets | 22/27 | €624,052 | €555,238 | -€68,814 | -11.0% |
| Land and buildings | 22 | €621,679 | €553,952 | -€67,727 | -10.9% |
| Plant, machinery and equipment | 23 | €1,117 | €760 | -€358 | -32.0% |
| Furniture and vehicles | 24 | €1,256 | €527 | -€729 | -58.0% |
| Current assets | 29/58 | €29,575 | €444,510 | +€414,935 | +1,403% |
| Amounts receivable within one year | 40/41 | €1,706 | €3,965 | +€2,259 | +132% |
| Other amounts receivable | 41 | €1,706 | €3,965 | +€2,259 | +132% |
| Current investments | 50/53 | - | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €19,909 | €32,244 | +€12,335 | +62.0% |
| Deferred charges and accrued income | 490/1 | €7,960 | €8,301 | +€341 | +4.3% |
| Total equity and liabilities | 10/49 | €653,627 | €999,749 | +€346,121 | +53.0% |
| Equity | 10/15 | €330,824 | €602,290 | +€271,466 | +82.1% |
| Contributions | 10/11 | €28,619 | €28,619 | = | 0.0% |
| Reserves | 13 | €302,205 | €573,670 | +€271,466 | +89.8% |
| Tax-exempt reserves | 132 | €163,973 | €423,018 | +€259,045 | +158% |
| Distributable reserves | 133 | €138,232 | €150,652 | +€12,420 | +9.0% |
| Provisions and deferred taxes | 16 | €84,471 | €167,746 | +€83,275 | +98.6% |
| Deferred taxes | 168 | €84,471 | €167,746 | +€83,275 | +98.6% |
| Amounts payable | 17/49 | €238,332 | €229,713 | -€8,620 | -3.6% |
| Amounts payable after more than one year | 17 | €73,255 | €52,608 | -€20,647 | -28.2% |
| Financial debts | 170/4 | €73,255 | €52,608 | -€20,647 | -28.2% |
| Amounts payable within one year | 42/48 | €156,535 | €165,552 | +€9,017 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €22,115 | €20,647 | -€1,468 | -6.6% |
| Trade debts | 44 | €18,981 | €20,262 | +€1,280 | +6.7% |
| Suppliers | 440/4 | €18,981 | €20,262 | +€1,280 | +6.7% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €115,438 | €124,643 | +€9,205 | +8.0% |
| Accrued charges and deferred income | 492/3 | €8,543 | €11,554 | +€3,011 | +35.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,886 | €52,290 | -€595 | -1.1% |
| Other operating charges | 640/8 | €12,012 | €12,156 | +€144 | +1.2% |
| Gross operating margin | 9900 | €74,263 | €433,927 | +€359,664 | +484% |
| Operating profit (loss) | 9901 | €9,365 | €369,481 | +€360,116 | +3,845% |
| Financial income | 75/76B | €411 | €1,737 | +€1,326 | +323% |
| Recurring financial income | 75 | €411 | €1,737 | +€1,326 | +323% |
| Financial charges | 65/66B | €9,745 | €10,442 | +€697 | +7.2% |
| Recurring financial charges | 65 | €9,745 | €10,442 | +€697 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | €31 | €360,776 | +€360,744 | +1,151,435% |
| Transfer from deferred taxes | 780 | €16,903 | €16,903 | = | 0.0% |
| Transfer to deferred taxes | 680 | - | €91,983 | +€91,983 | |
| Income taxes | 67/77 | €8,294 | €6,035 | -€2,259 | -27.2% |
| Profit (loss) for the period | 9904 | €8,641 | €279,661 | +€271,020 | +3,137% |
| Transfer from tax-exempt reserves | 789 | €8,708 | €8,708 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €275,948 | +€275,948 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,348 | €12,420 | -€4,928 | -28.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.