LH TSIEN: 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.
LH TSIEN
Largest movements
- Cash -€28,448
down €28,448 (-78.3%), from €36,339 to €7,891
mainly Investment in fixed assets (net) (-€52,194) and Debts after one year (-€50,759)
- Debts after one year -€50,759
down €50,759 (-10.3%), from €493,162 to €442,404
- Reserves +€39,500
up €39,500 (+22.1%), from €178,460 to €217,960
- Trade debts -€16,284
down €16,284 (-59.5%), from €27,347 to €11,063
- Gross operating margin +€112,532
up €112,532 (+65.9%), from €170,865 to €283,397
- Taxes +€32,296
up €32,296 (+1,463%), from €2,207 to €34,504
- Depreciation +€5,079
up €5,079 (+10.8%), from €47,225 to €52,304
- Staff costs -€4,538
down €4,538 (-4.5%), from €101,643 to €97,105
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 | €827,737 | €802,115 | -€25,621 | -3.1% |
| Fixed assets | 21/28 | €739,023 | €738,913 | -€110 | 0.0% |
| Tangible fixed assets | 22/27 | €736,185 | €736,076 | -€110 | 0.0% |
| Land and buildings | 22 | €720,536 | €715,422 | -€5,114 | -0.7% |
| Plant, machinery and equipment | 23 | €2,850 | €7,276 | +€4,426 | +155% |
| Furniture and vehicles | 24 | €7,799 | €8,377 | +€578 | +7.4% |
| Other tangible fixed assets | 26 | €5,000 | €5,000 | = | 0.0% |
| Financial fixed assets | 28 | €2,837 | €2,837 | = | 0.0% |
| Current assets | 29/58 | €88,714 | €63,202 | -€25,511 | -28.8% |
| Amounts receivable within one year | 40/41 | €47,561 | €48,857 | +€1,296 | +2.7% |
| Other amounts receivable | 41 | €47,561 | €48,857 | +€1,296 | +2.7% |
| Cash at bank and in hand | 54/58 | €36,339 | €7,891 | -€28,448 | -78.3% |
| Deferred charges and accrued income | 490/1 | €4,813 | €6,454 | +€1,641 | +34.1% |
| Total equity and liabilities | 10/49 | €827,737 | €802,115 | -€25,621 | -3.1% |
| Equity | 10/15 | €241,597 | €281,117 | +€39,519 | +16.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €178,460 | €217,960 | +€39,500 | +22.1% |
| Non-distributable reserves | 130/1 | €178,460 | €217,960 | +€39,500 | +22.1% |
| Reserves not available under the articles | 1311 | €178,460 | €217,960 | +€39,500 | +22.1% |
| Profit (loss) carried forward | 14 | €50,737 | €50,757 | +€19 | 0.0% |
| Amounts payable | 17/49 | €586,139 | €520,999 | -€65,141 | -11.1% |
| Amounts payable after more than one year | 17 | €493,162 | €442,404 | -€50,759 | -10.3% |
| Financial debts | 170/4 | €493,162 | €442,404 | -€50,759 | -10.3% |
| Amounts payable within one year | 42/48 | €92,977 | €78,595 | -€14,382 | -15.5% |
| Current portion of amounts payable after more than one year | 42 | €55,726 | €57,283 | +€1,556 | +2.8% |
| Financial debts | 43 | - | €70 | +€70 | |
| Credit institutions | 430/8 | - | €70 | +€70 | |
| Trade debts | 44 | €27,347 | €11,063 | -€16,284 | -59.5% |
| Suppliers | 440/4 | €27,347 | €11,063 | -€16,284 | -59.5% |
| Taxes, remuneration and social security | 45 | €9,904 | €10,180 | +€276 | +2.8% |
| Remuneration and social security | 454/9 | €9,904 | €10,180 | +€276 | +2.8% |
| Remuneration, social security and pensions | 62 | €101,643 | €97,105 | -€4,538 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,225 | €52,304 | +€5,079 | +10.8% |
| Other operating charges | 640/8 | €1,861 | €2,022 | +€161 | +8.7% |
| Gross operating margin | 9900 | €170,865 | €283,397 | +€112,532 | +65.9% |
| Operating profit (loss) | 9901 | €20,137 | €131,966 | +€111,829 | +555% |
| Financial income | 75/76B | €2,357 | €1,694 | -€663 | -28.1% |
| Recurring financial income | 75 | €2,357 | €1,694 | -€663 | -28.1% |
| Financial charges | 65/66B | €19,170 | €18,637 | -€533 | -2.8% |
| Recurring financial charges | 65 | €19,170 | €18,637 | -€533 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | €3,324 | €115,023 | +€111,699 | +3,360% |
| Income taxes | 67/77 | €2,207 | €34,504 | +€32,296 | +1,463% |
| Profit (loss) for the period | 9904 | €1,117 | €80,519 | +€79,403 | +7,111% |
| Profit (loss) for the period to be appropriated | 9905 | €1,117 | €80,519 | +€79,403 | +7,111% |
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 27 October 2026 via checked.be.