LGD: 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.
LGD
Largest movements
- Tangible fixed assets +€113,949
up €113,949 (+13.8%), from €824,931 to €938,880
- Other debts +€56,430
up €56,430 (+11.5%), from €490,056 to €546,486
- Trade debts +€36,343
up €36,343 (+58.2%), from €62,403 to €98,747
- Short-term financial debts +€34,215
up €34,215 (+196.4%), from €17,423 to €51,638
- Debts after one year -€20,849
down €20,849 (-4.8%), from €434,323 to €413,474
- Gross operating margin -€9,268
down €9,268 (-13.8%), from €66,914 to €57,647
- Depreciation +€5,478
up €5,478 (+27.0%), from €20,322 to €25,800
- Other operating charges -€4,572
down €4,572 (-71.0%), from €6,441 to €1,869
- Financial charges -€3,149
down €3,149 (-10.6%), from €29,751 to €26,602
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 | €940,477 | €1,051,742 | +€111,265 | +11.8% |
| Fixed assets | 21/28 | €824,931 | €938,880 | +€113,949 | +13.8% |
| Tangible fixed assets | 22/27 | €824,931 | €938,880 | +€113,949 | +13.8% |
| Land and buildings | 22 | €824,931 | €938,880 | +€113,949 | +13.8% |
| Current assets | 29/58 | €115,546 | €112,862 | -€2,684 | -2.3% |
| Stocks and contracts in progress | 3 | €110,769 | €107,493 | -€3,276 | -3.0% |
| Stocks | 30/36 | €110,769 | €107,493 | -€3,276 | -3.0% |
| Amounts receivable within one year | 40/41 | - | €521 | +€521 | |
| Other amounts receivable | 41 | - | €521 | +€521 | |
| Cash at bank and in hand | 54/58 | €1,800 | €1,813 | +€13 | +0.7% |
| Deferred charges and accrued income | 490/1 | €2,977 | €3,036 | +€59 | +2.0% |
| Total equity and liabilities | 10/49 | €940,477 | €1,051,742 | +€111,265 | +11.8% |
| Equity | 10/15 | -€90,984 | -€87,608 | +€3,376 | +3.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€190,984 | -€187,608 | +€3,376 | +1.8% |
| Amounts payable | 17/49 | €1,031,460 | €1,139,350 | +€107,889 | +10.5% |
| Amounts payable after more than one year | 17 | €434,323 | €413,474 | -€20,849 | -4.8% |
| Financial debts | 170/4 | €434,323 | €413,474 | -€20,849 | -4.8% |
| Amounts payable within one year | 42/48 | €597,137 | €725,876 | +€128,739 | +21.6% |
| Current portion of amounts payable after more than one year | 42 | €19,866 | €21,125 | +€1,259 | +6.3% |
| Financial debts | 43 | €17,423 | €51,638 | +€34,215 | +196.4% |
| Credit institutions | 430/8 | €17,423 | €51,638 | +€34,215 | +196.4% |
| Trade debts | 44 | €62,403 | €98,747 | +€36,343 | +58.2% |
| Suppliers | 440/4 | €62,403 | €98,747 | +€36,343 | +58.2% |
| Taxes, remuneration and social security | 45 | €7,389 | €7,881 | +€492 | +6.7% |
| Taxes | 450/3 | €7,389 | €7,881 | +€492 | +6.7% |
| Other amounts payable | 47/48 | €490,056 | €546,486 | +€56,430 | +11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,322 | €25,800 | +€5,478 | +27.0% |
| Other operating charges | 640/8 | €6,441 | €1,869 | -€4,572 | -71.0% |
| Gross operating margin | 9900 | €66,914 | €57,647 | -€9,268 | -13.8% |
| Operating profit (loss) | 9901 | €40,152 | €29,978 | -€10,174 | -25.3% |
| Financial income | 75/76B | €456 | - | -€456 | |
| Recurring financial income | 75 | €456 | - | -€456 | |
| Financial charges | 65/66B | €29,751 | €26,602 | -€3,149 | -10.6% |
| Recurring financial charges | 65 | €29,751 | €26,602 | -€3,149 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €10,856 | €3,376 | -€7,480 | -68.9% |
| Profit (loss) for the period | 9904 | €10,856 | €3,376 | -€7,480 | -68.9% |
| Profit (loss) for the period to be appropriated | 9905 | €10,856 | €3,376 | -€7,480 | -68.9% |
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 4 October 2026 via checked.be.