LIAISON: 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.
LIAISON
Largest movements
- Receivables within one year -€155,595
down €155,595 (-72.8%), from €213,679 to €58,084
of which Trade receivables: -€172,716
- Tangible fixed assets -€43,301
down €43,301 (-3.5%), from €1.2m to €1.2m
of which Land and buildings: -€40,545
- Profit (loss) carried forward -€127,080
down €127,080, from €8,897 to -€118,182
- Debts after one year -€52,029
down €52,029 (-10.6%), from €492,774 to €440,745
- Other debts -€43,639
down €43,639 (-1.4%), from €3.0m to €3.0m
- Gross operating margin -€205,272
down €205,272, from €147,647 to -€57,625
- Staff costs -€10,301
down €10,301 (-31.9%), from €32,254 to €21,953
- Financial charges -€7,655
down €7,655 (-94.3%), from €8,119 to €465
- Other operating charges -€4,573
down €4,573 (-55.0%), from €8,310 to €3,737
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 | €3,971,593 | €3,751,026 | -€220,566 | -5.6% |
| Fixed assets | 21/28 | €3,682,546 | €3,639,245 | -€43,301 | -1.2% |
| Tangible fixed assets | 22/27 | €1,232,546 | €1,189,245 | -€43,301 | -3.5% |
| Land and buildings | 22 | €1,148,786 | €1,108,241 | -€40,545 | -3.5% |
| Plant, machinery and equipment | 23 | €236 | - | -€236 | |
| Furniture and vehicles | 24 | €8,524 | €6,004 | -€2,520 | -29.6% |
| Assets under construction and advance payments | 27 | €75,000 | €75,000 | = | 0.0% |
| Financial fixed assets | 28 | €2,450,000 | €2,450,000 | = | 0.0% |
| Current assets | 29/58 | €289,047 | €111,782 | -€177,265 | -61.3% |
| Stocks and contracts in progress | 3 | €37,200 | €37,200 | = | 0.0% |
| Stocks | 30/36 | €37,200 | €37,200 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €213,679 | €58,084 | -€155,595 | -72.8% |
| Trade receivables | 40 | €213,679 | €40,963 | -€172,716 | -80.8% |
| Other amounts receivable | 41 | - | €17,121 | +€17,121 | |
| Cash at bank and in hand | 54/58 | €38,168 | €16,498 | -€21,670 | -56.8% |
| Total equity and liabilities | 10/49 | €3,971,593 | €3,751,026 | -€220,566 | -5.6% |
| Equity | 10/15 | €428,857 | €301,778 | -€127,080 | -29.6% |
| Contributions | 10/11 | €418,600 | €418,600 | = | 0.0% |
| Contributions outside capital | 11 | €418,600 | €418,600 | = | 0.0% |
| Other | 1109/19 | €418,600 | €418,600 | = | 0.0% |
| Reserves | 13 | €1,360 | €1,360 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,360 | €1,360 | = | 0.0% |
| Other | 1319 | €1,360 | €1,360 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,897 | -€118,182 | -€127,080 | |
| Amounts payable | 17/49 | €3,542,735 | €3,449,249 | -€93,486 | -2.6% |
| Amounts payable after more than one year | 17 | €492,774 | €440,745 | -€52,029 | -10.6% |
| Other amounts payable | 178/9 | €492,774 | €440,745 | -€52,029 | -10.6% |
| Amounts payable within one year | 42/48 | €3,049,961 | €3,008,504 | -€41,457 | -1.4% |
| Trade debts | 44 | €23,344 | €28,461 | +€5,117 | +21.9% |
| Suppliers | 440/4 | €23,344 | €28,461 | +€5,117 | +21.9% |
| Taxes, remuneration and social security | 45 | €3,507 | €572 | -€2,935 | -83.7% |
| Taxes | 450/3 | €3,382 | - | -€3,382 | |
| Remuneration and social security | 454/9 | €125 | €572 | +€447 | +357% |
| Other amounts payable | 47/48 | €3,023,110 | €2,979,471 | -€43,639 | -1.4% |
| Remuneration, social security and pensions | 62 | €32,254 | €21,953 | -€10,301 | -31.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,028 | €43,301 | -€727 | -1.7% |
| Other operating charges | 640/8 | €8,310 | €3,737 | -€4,573 | -55.0% |
| Gross operating margin | 9900 | €147,647 | -€57,625 | -€205,272 | |
| Operating profit (loss) | 9901 | €63,055 | -€126,615 | -€189,670 | |
| Financial charges | 65/66B | €8,119 | €465 | -€7,655 | -94.3% |
| Recurring financial charges | 65 | €8,119 | €465 | -€7,655 | -94.3% |
| Profit (loss) for the period before taxes | 9903 | €54,936 | -€127,080 | -€182,015 | |
| Profit (loss) for the period | 9904 | €54,936 | -€127,080 | -€182,015 | |
| Profit (loss) for the period to be appropriated | 9905 | €54,936 | -€127,080 | -€182,015 |
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 26 October 2026 via checked.be.