LEX FORUM: 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.
LEX FORUM
Largest movements
- Receivables within one year +€45,680
up €45,680 (+68.9%), from €66,303 to €111,983
of which Other amounts receivable: +€26,221
- Deferred charges and accrued income +€45,448
up €45,448 (+1,365%), from €3,329 to €48,778
- Tangible fixed assets -€16,248
down €16,248 (-3.7%), from €433,294 to €417,046
of which Land and buildings: -€13,948
- Reserves +€91,540
up €91,540 (+23.2%), from €394,812 to €486,352
- Trade debts +€41,097
up €41,097 (+247%), from €16,655 to €57,752
- Other debts -€22,174
down €22,174 (-73.2%), from €30,299 to €8,125
- Tax, wage and social debts -€17,383
down €17,383 (-27.8%), from €62,500 to €45,117
- Debts after one year -€13,894
down €13,894 (-10.1%), from €138,207 to €124,314
- Gross operating margin +€81,969
up €81,969 (+42.0%), from €195,278 to €277,247
- Taxes +€70,700
up €70,700 (+130%), from €54,277 to €124,977
- Financial charges -€3,225
down €3,225 (-19.4%), from €16,620 to €13,395
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 | €765,620 | €831,666 | +€66,047 | +8.6% |
| Fixed assets | 21/28 | €433,386 | €417,046 | -€16,340 | -3.8% |
| Tangible fixed assets | 22/27 | €433,294 | €417,046 | -€16,248 | -3.7% |
| Land and buildings | 22 | €392,569 | €378,621 | -€13,948 | -3.6% |
| Plant, machinery and equipment | 23 | €16,230 | €11,975 | -€4,255 | -26.2% |
| Furniture and vehicles | 24 | €24,495 | €26,450 | +€1,955 | +8.0% |
| Financial fixed assets | 28 | €93 | - | -€93 | |
| Current assets | 29/58 | €332,233 | €414,620 | +€82,387 | +24.8% |
| Stocks and contracts in progress | 3 | €4,847 | - | -€4,847 | |
| Stocks | 30/36 | €4,847 | - | -€4,847 | |
| Amounts receivable within one year | 40/41 | €66,303 | €111,983 | +€45,680 | +68.9% |
| Trade receivables | 40 | €18,978 | €38,436 | +€19,459 | +103% |
| Other amounts receivable | 41 | €47,325 | €73,547 | +€26,221 | +55.4% |
| Cash at bank and in hand | 54/58 | €257,754 | €253,859 | -€3,894 | -1.5% |
| Deferred charges and accrued income | 490/1 | €3,329 | €48,778 | +€45,448 | +1,365% |
| Total equity and liabilities | 10/49 | €765,620 | €831,666 | +€66,047 | +8.6% |
| Equity | 10/15 | €483,400 | €574,954 | +€91,554 | +18.9% |
| Contributions | 10/11 | €19,088 | €19,088 | = | 0.0% |
| Reserves | 13 | €394,812 | €486,352 | +€91,540 | +23.2% |
| Distributable reserves | 133 | €394,812 | €486,352 | +€91,540 | +23.2% |
| Profit (loss) carried forward | 14 | €69,500 | €69,514 | +€14 | 0.0% |
| Amounts payable | 17/49 | €282,219 | €256,712 | -€25,507 | -9.0% |
| Amounts payable after more than one year | 17 | €138,207 | €124,314 | -€13,894 | -10.1% |
| Financial debts | 170/4 | €138,207 | €124,314 | -€13,894 | -10.1% |
| Amounts payable within one year | 42/48 | €123,348 | €124,888 | +€1,540 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €13,894 | €13,894 | = | 0.0% |
| Trade debts | 44 | €16,655 | €57,752 | +€41,097 | +247% |
| Suppliers | 440/4 | €16,655 | €57,752 | +€41,097 | +247% |
| Taxes, remuneration and social security | 45 | €62,500 | €45,117 | -€17,383 | -27.8% |
| Taxes | 450/3 | €62,500 | €45,117 | -€17,383 | -27.8% |
| Other amounts payable | 47/48 | €30,299 | €8,125 | -€22,174 | -73.2% |
| Accrued charges and deferred income | 492/3 | €20,665 | €7,511 | -€13,154 | -63.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,422 | €20,535 | +€114 | +0.6% |
| Other operating charges | 640/8 | €4,488 | €3,725 | -€763 | -17.0% |
| Gross operating margin | 9900 | €195,278 | €277,247 | +€81,969 | +42.0% |
| Operating profit (loss) | 9901 | €170,369 | €252,987 | +€82,618 | +48.5% |
| Financial income | 75/76B | €2,046 | €2,399 | +€353 | +17.3% |
| Recurring financial income | 75 | €2,046 | €2,399 | +€353 | +17.3% |
| Financial charges | 65/66B | €16,620 | €13,395 | -€3,225 | -19.4% |
| Recurring financial charges | 65 | €16,620 | €13,395 | -€3,225 | -19.4% |
| Profit (loss) for the period before taxes | 9903 | €155,794 | €241,991 | +€86,197 | +55.3% |
| Income taxes | 67/77 | €54,277 | €124,977 | +€70,700 | +130% |
| Profit (loss) for the period | 9904 | €101,517 | €117,014 | +€15,497 | +15.3% |
| Profit (loss) for the period to be appropriated | 9905 | €101,517 | €117,014 | +€15,497 | +15.3% |
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.