LES 3 MA: 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.
LES 3 MA
Largest movements
- Cash +€24,301
up €24,301 (+14.3%), from €169,967 to €194,268
mainly Net result for the year (+€167,804) and Depreciation (+€8,803)
- Receivables within one year +€20,406
up €20,406 (+22.2%), from €91,887 to €112,293
of which Trade receivables: +€20,267
- Reserves +€136,550
up €136,550 (+14.2%), from €962,034 to €1.1m
of which Distributable reserves: +€136,550
- Profit (loss) carried forward -€71,074
no longer reported in 2025 (was €71,074)
- Other debts -€32,156
no longer reported in 2025 (was €32,156)
- Gross operating margin +€15,822
up €15,822 (+6.8%), from €231,236 to €247,059
- Taxes +€4,417
up €4,417 (+6.5%), from €68,063 to €72,480
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 | €1,090,726 | €1,128,004 | +€37,278 | +3.4% |
| Fixed assets | 21/28 | €30,699 | €21,896 | -€8,803 | -28.7% |
| Tangible fixed assets | 22/27 | €30,699 | €21,896 | -€8,803 | -28.7% |
| Plant, machinery and equipment | 23 | €897 | €413 | -€485 | -54.0% |
| Furniture and vehicles | 24 | €28,315 | €19,996 | -€8,318 | -29.4% |
| Other tangible fixed assets | 26 | €1,487 | €1,487 | = | 0.0% |
| Current assets | 29/58 | €1,060,027 | €1,106,108 | +€46,081 | +4.3% |
| Amounts receivable within one year | 40/41 | €91,887 | €112,293 | +€20,406 | +22.2% |
| Trade receivables | 40 | €83,887 | €104,154 | +€20,267 | +24.2% |
| Other amounts receivable | 41 | €8,000 | €8,139 | +€139 | +1.7% |
| Current investments | 50/53 | €796,722 | €799,012 | +€2,290 | +0.3% |
| Cash at bank and in hand | 54/58 | €169,967 | €194,268 | +€24,301 | +14.3% |
| Deferred charges and accrued income | 490/1 | €1,450 | €534 | -€916 | -63.2% |
| Total equity and liabilities | 10/49 | €1,090,726 | €1,128,004 | +€37,278 | +3.4% |
| Equity | 10/15 | €1,045,513 | €1,110,990 | +€65,477 | +6.3% |
| Contributions | 10/11 | €12,405 | €12,405 | = | 0.0% |
| Reserves | 13 | €962,034 | €1,098,584 | +€136,550 | +14.2% |
| Non-distributable reserves | 130/1 | €2,480 | €2,480 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,480 | €2,480 | = | 0.0% |
| Distributable reserves | 133 | €959,554 | €1,096,104 | +€136,550 | +14.2% |
| Profit (loss) carried forward | 14 | €71,074 | - | -€71,074 | |
| Amounts payable | 17/49 | €45,213 | €17,014 | -€28,199 | -62.4% |
| Amounts payable within one year | 42/48 | €45,213 | €17,014 | -€28,199 | -62.4% |
| Trade debts | 44 | €2,521 | €89 | -€2,432 | -96.5% |
| Suppliers | 440/4 | €2,521 | €89 | -€2,432 | -96.5% |
| Taxes, remuneration and social security | 45 | €10,536 | €16,926 | +€6,389 | +60.6% |
| Taxes | 450/3 | €10,536 | €16,926 | +€6,389 | +60.6% |
| Other amounts payable | 47/48 | €32,156 | - | -€32,156 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,821 | €8,803 | -€18 | -0.2% |
| Other operating charges | 640/8 | - | €63 | +€63 | |
| Gross operating margin | 9900 | €231,236 | €247,059 | +€15,822 | +6.8% |
| Operating profit (loss) | 9901 | €222,415 | €238,192 | +€15,777 | +7.1% |
| Financial income | 75/76B | €3,307 | €2,299 | -€1,008 | -30.5% |
| Recurring financial income | 75 | €3,307 | €2,299 | -€1,008 | -30.5% |
| Financial charges | 65/66B | €190 | €207 | +€17 | +8.9% |
| Recurring financial charges | 65 | €190 | €207 | +€17 | +8.9% |
| Profit (loss) for the period before taxes | 9903 | €225,533 | €240,284 | +€14,752 | +6.5% |
| Income taxes | 67/77 | €68,063 | €72,480 | +€4,417 | +6.5% |
| Profit (loss) for the period | 9904 | €157,469 | €167,804 | +€10,335 | +6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €157,469 | €167,804 | +€10,335 | +6.6% |
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 25 October 2026 via checked.be.