LEX: 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.
LEX
Largest movements
- Cash -€135,409
down €135,409 (-54.1%), from €250,423 to €115,013
mainly Contributions, distributions and other (-€141,176) and Receivables within one year (-€85,869)
- Receivables within one year +€85,869
up €85,869 (+215.7%), from €39,815 to €125,685
of which Other amounts receivable: +€54,992
- Tangible fixed assets +€13,295
up €13,295 (+37.9%), from €35,036 to €48,331
of which Other tangible fixed assets: +€24,804
- Reserves -€109,841
down €109,841 (-51.2%), from €214,357 to €104,516
- Current portion of long-term debt +€30,039
up €30,039 (+382.2%), from €7,860 to €37,899
- Trade debts +€21,051
up €21,051 (+299.1%), from €7,038 to €28,090
- Debts after one year +€14,255
up €14,255 (+84.7%), from €16,826 to €31,082
- Tax, wage and social debts +€8,312
up €8,312 (+10.9%), from €76,130 to €84,442
of which Taxes: +€7,203
- Gross operating margin -€160,890
down €160,890 (-58.3%), from €275,914 to €115,025
- Taxes -€37,494
down €37,494 (-70.2%), from €53,420 to €15,926
- Staff costs +€16,719
up €16,719 (+76.7%), from €21,788 to €38,507
- Financial charges +€8,934
up €8,934 (+207.4%), from €4,307 to €13,241
- Other operating charges -€6,988
down €6,988 (-66.7%), from €10,483 to €3,495
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 | €325,274 | €289,029 | -€36,245 | -11.1% |
| Fixed assets | 21/28 | €35,036 | €48,331 | +€13,295 | +37.9% |
| Tangible fixed assets | 22/27 | €35,036 | €48,331 | +€13,295 | +37.9% |
| Plant, machinery and equipment | 23 | €11,349 | €7,890 | -€3,459 | -30.5% |
| Furniture and vehicles | 24 | €23,687 | €15,637 | -€8,050 | -34.0% |
| Other tangible fixed assets | 26 | - | €24,804 | +€24,804 | |
| Current assets | 29/58 | €290,238 | €240,698 | -€49,540 | -17.1% |
| Amounts receivable within one year | 40/41 | €39,815 | €125,685 | +€85,869 | +215.7% |
| Trade receivables | 40 | €33,236 | €64,113 | +€30,877 | +92.9% |
| Other amounts receivable | 41 | €6,579 | €61,571 | +€54,992 | +835.9% |
| Cash at bank and in hand | 54/58 | €250,423 | €115,013 | -€135,409 | -54.1% |
| Total equity and liabilities | 10/49 | €325,274 | €289,029 | -€36,245 | -11.1% |
| Equity | 10/15 | €217,357 | €107,516 | -€109,841 | -50.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €214,357 | €104,516 | -€109,841 | -51.2% |
| Distributable reserves | 133 | €214,357 | €104,516 | -€109,841 | -51.2% |
| Amounts payable | 17/49 | €107,917 | €181,512 | +€73,596 | +68.2% |
| Amounts payable after more than one year | 17 | €16,826 | €31,082 | +€14,255 | +84.7% |
| Financial debts | 170/4 | €16,826 | €31,082 | +€14,255 | +84.7% |
| Amounts payable within one year | 42/48 | €91,090 | €150,431 | +€59,340 | +65.1% |
| Current portion of amounts payable after more than one year | 42 | €7,860 | €37,899 | +€30,039 | +382.2% |
| Trade debts | 44 | €7,038 | €28,090 | +€21,051 | +299.1% |
| Suppliers | 440/4 | €7,038 | €28,090 | +€21,051 | +299.1% |
| Taxes, remuneration and social security | 45 | €76,130 | €84,442 | +€8,312 | +10.9% |
| Taxes | 450/3 | €72,902 | €80,105 | +€7,203 | +9.9% |
| Remuneration and social security | 454/9 | €3,228 | €4,337 | +€1,109 | +34.4% |
| Other amounts payable | 47/48 | €62 | - | -€62 | |
| Remuneration, social security and pensions | 62 | €21,788 | €38,507 | +€16,719 | +76.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,120 | €13,154 | +€34 | +0.3% |
| Other operating charges | 640/8 | €10,483 | €3,495 | -€6,988 | -66.7% |
| Gross operating margin | 9900 | €275,914 | €115,025 | -€160,890 | -58.3% |
| Operating profit (loss) | 9901 | €230,524 | €59,869 | -€170,655 | -74.0% |
| Financial income | 75/76B | €228 | €632 | +€405 | +177.7% |
| Recurring financial income | 75 | €228 | €632 | +€405 | +177.7% |
| Financial charges | 65/66B | €4,307 | €13,241 | +€8,934 | +207.4% |
| Recurring financial charges | 65 | €4,307 | €13,241 | +€8,934 | +207.4% |
| Profit (loss) for the period before taxes | 9903 | €226,445 | €47,261 | -€179,184 | -79.1% |
| Income taxes | 67/77 | €53,420 | €15,926 | -€37,494 | -70.2% |
| Profit (loss) for the period | 9904 | €173,025 | €31,335 | -€141,690 | -81.9% |
| Profit (loss) for the period to be appropriated | 9905 | €173,025 | €31,335 | -€141,690 | -81.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.