LESFER: 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.
LESFER
Largest movements
- Financial fixed assets -€6.0m
down €6.0m (-28.4%), from €21.2m to €15.2m
- Receivables within one year +€1.1m
up €1.1m (+749.1%), from €147,098 to €1.2m
of which Other amounts receivable: +€1.2m
- Intangible fixed assets +€745,107
new in 2025: €745,107
- Other debts -€2.8m
down €2.8m (-90.6%), from €3.1m to €290,677
- Debts after one year -€1.0m
down €1.0m (-9.4%), from €10.6m to €9.6m
of which Financial debts: -€1.0m
- Profit (loss) carried forward -€320,809
down €320,809 (-22.6%), from €1.4m to €1.1m
- Financial income -€1.6m
down €1.6m (-98.0%), from €1.7m to €33,482
- Depreciation +€180,606
up €180,606 (+13804.9%), from €1,308 to €181,914
- Turnover -€90,000
down €90,000 (-33.3%), from €270,000 to €180,000
- Services and other goods -€81,547
down €81,547 (-32.7%), from €249,328 to €167,781
- Financial charges -€67,535
down €67,535 (-26.8%), from €252,013 to €184,477
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 | €21,390,413 | €17,251,680 | -€4.1m | -19.3% |
| Formation expenses | 20 | €2,258 | €1,545 | -€713 | -31.6% |
| Fixed assets | 21/28 | €21,213,267 | €15,941,165 | -€5.3m | -24.9% |
| Intangible fixed assets | 21 | - | €745,107 | +€745,107 | |
| Tangible fixed assets | 22/27 | - | €9,393 | +€9,393 | |
| Furniture and vehicles | 24 | - | €9,393 | +€9,393 | |
| Financial fixed assets | 28 | €21,213,267 | €15,186,666 | -€6.0m | -28.4% |
| Affiliated companies | 280/1 | €21,213,267 | €15,186,666 | -€6.0m | -28.4% |
| Participating interests | 280 | €21,213,267 | €15,186,666 | -€6.0m | -28.4% |
| Current assets | 29/58 | €174,888 | €1,308,970 | +€1.1m | +648.5% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €147,098 | €1,249,004 | +€1.1m | +749.1% |
| Trade receivables | 40 | €147,098 | €18,150 | -€128,948 | -87.7% |
| Other amounts receivable | 41 | - | €1,230,854 | +€1.2m | |
| Cash at bank and in hand | 54/58 | €27,791 | €59,966 | +€32,175 | +115.8% |
| Total equity and liabilities | 10/49 | €21,390,413 | €17,251,680 | -€4.1m | -19.3% |
| Equity | 10/15 | €6,648,792 | €6,327,983 | -€320,809 | -4.8% |
| Contributions | 10/11 | €5,231,600 | €5,231,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,417,192 | €1,096,383 | -€320,809 | -22.6% |
| Amounts payable | 17/49 | €14,741,621 | €10,923,697 | -€3.8m | -25.9% |
| Amounts payable after more than one year | 17 | €10,625,000 | €9,625,000 | -€1.0m | -9.4% |
| Financial debts | 170/4 | €10,250,000 | €9,250,000 | -€1.0m | -9.8% |
| Credit institutions | 173 | €5,000,000 | €4,000,000 | -€1.0m | -20.0% |
| Other loans | 174 | €5,250,000 | €5,250,000 | = | 0.0% |
| Other amounts payable | 178/9 | €375,000 | €375,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,111,816 | €1,298,649 | -€2.8m | -68.4% |
| Current portion of amounts payable after more than one year | 42 | €1,000,000 | €1,000,000 | = | 0.0% |
| Trade debts | 44 | €12,768 | €0 | -€12,768 | -100.0% |
| Suppliers | 440/4 | €12,768 | €0 | -€12,768 | -100.0% |
| Taxes, remuneration and social security | 45 | €11,571 | €7,972 | -€3,599 | -31.1% |
| Taxes | 450/3 | €11,571 | €7,972 | -€3,599 | -31.1% |
| Other amounts payable | 47/48 | €3,087,477 | €290,677 | -€2.8m | -90.6% |
| Accrued charges and deferred income | 492/3 | €4,806 | €48 | -€4,758 | -99.0% |
| Operating income | 70/76A | €270,000 | €180,000 | -€90,000 | -33.3% |
| Turnover | 70 | €270,000 | €180,000 | -€90,000 | -33.3% |
| Operating charges | 60/66A | €250,795 | €349,813 | +€99,018 | +39.5% |
| Services and other goods | 61 | €249,328 | €167,781 | -€81,547 | -32.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,308 | €181,914 | +€180,606 | +13804.9% |
| Other operating charges | 640/8 | €159 | €118 | -€41 | -25.8% |
| Operating profit (loss) | 9901 | €19,205 | -€169,813 | -€189,018 | |
| Financial income | 75/76B | €1,650,000 | €33,482 | -€1.6m | -98.0% |
| Recurring financial income | 75 | €1,650,000 | €33,482 | -€1.6m | -98.0% |
| Income from financial fixed assets | 750 | €1,650,000 | €0 | -€1.7m | -100.0% |
| Income from current assets | 751 | - | €33,482 | +€33,482 | |
| Financial charges | 65/66B | €252,013 | €184,477 | -€67,535 | -26.8% |
| Recurring financial charges | 65 | €252,013 | €184,477 | -€67,535 | -26.8% |
| Debt charges | 650 | €250,540 | €183,180 | -€67,360 | -26.9% |
| Other financial charges | 652/9 | €1,473 | €1,297 | -€176 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €1,417,192 | -€320,809 | -€1.7m | |
| Profit (loss) for the period | 9904 | €1,417,192 | -€320,809 | -€1.7m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,417,192 | -€320,809 | -€1.7m |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.