LIEDAVID: 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.
LIEDAVID
Largest movements
- Receivables within one year +€159,675
up €159,675 (+35.5%), from €449,601 to €609,276
of which Other amounts receivable: +€253,150
- Tangible fixed assets -€69,821
down €69,821 (-4.8%), from €1.5m to €1.4m
of which Assets under construction and advance payments: -€302,906
- Financial fixed assets -€61,500
down €61,500 (-98.3%), from €62,582 to €1,082
- Cash +€25,740
up €25,740 (+33845.8%), from €76 to €25,816
mainly Net result for the year (+€148,582) and Investment in fixed assets (net) (+€111,248)
- Profit (loss) carried forward +€148,582
up €148,582, from -€138,323 to €10,260
- Debts after one year -€85,092
down €85,092 (-14.5%), from €586,506 to €501,414
of which Financial debts: -€85,092
- Trade debts -€26,091
down €26,091 (-11.6%), from €224,885 to €198,794
- Accrued charges and deferred income +€25,594
new in 2025: €25,594
- Financial income +€177,057
up €177,057 (+89972.7%), from €197 to €177,254
of which Non-recurring financial income: +€176,144
- Gross operating margin -€20,249
down €20,249 (-10.5%), from €193,304 to €173,055
- Staff costs -€15,599
down €15,599 (-10.6%), from €147,413 to €131,814
- Financial charges +€14,134
up €14,134 (+88.4%), from €15,992 to €30,126
- Depreciation +€11,482
up €11,482 (+133.6%), from €8,591 to €20,073
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 | €1,972,062 | €2,022,953 | +€50,891 | +2.6% |
| Fixed assets | 21/28 | €1,516,046 | €1,384,724 | -€131,321 | -8.7% |
| Tangible fixed assets | 22/27 | €1,453,464 | €1,383,643 | -€69,821 | -4.8% |
| Land and buildings | 22 | €1,130,924 | €1,352,160 | +€221,235 | +19.6% |
| Plant, machinery and equipment | 23 | €17,868 | €31,447 | +€13,579 | +76.0% |
| Furniture and vehicles | 24 | €1,766 | €36 | -€1,729 | -97.9% |
| Assets under construction and advance payments | 27 | €302,906 | €0 | -€302,906 | -100.0% |
| Financial fixed assets | 28 | €62,582 | €1,082 | -€61,500 | -98.3% |
| Current assets | 29/58 | €456,016 | €638,229 | +€182,212 | +40.0% |
| Amounts receivable within one year | 40/41 | €449,601 | €609,276 | +€159,675 | +35.5% |
| Trade receivables | 40 | €201,755 | €108,280 | -€93,475 | -46.3% |
| Other amounts receivable | 41 | €247,846 | €500,996 | +€253,150 | +102.1% |
| Cash at bank and in hand | 54/58 | €76 | €25,816 | +€25,740 | +33845.8% |
| Deferred charges and accrued income | 490/1 | €6,339 | €3,137 | -€3,202 | -50.5% |
| Total equity and liabilities | 10/49 | €1,972,062 | €2,022,953 | +€50,891 | +2.6% |
| Equity | 10/15 | €1,020,185 | €1,168,767 | +€148,582 | +14.6% |
| Contributions | 10/11 | €499,254 | €499,254 | = | 0.0% |
| Capital | 10 | €499,254 | €499,254 | = | 0.0% |
| Issued capital | 100 | €499,254 | €499,254 | = | 0.0% |
| Revaluation surpluses | 12 | €595,000 | €595,000 | = | 0.0% |
| Reserves | 13 | €64,253 | €64,253 | = | 0.0% |
| Non-distributable reserves | 130/1 | €49,925 | €49,925 | = | 0.0% |
| Legal reserve | 130 | €49,925 | €49,925 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,328 | €14,328 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€138,323 | €10,260 | +€148,582 | |
| Amounts payable | 17/49 | €951,877 | €854,186 | -€97,691 | -10.3% |
| Amounts payable after more than one year | 17 | €586,506 | €501,414 | -€85,092 | -14.5% |
| Financial debts | 170/4 | €586,506 | €501,414 | -€85,092 | -14.5% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €365,372 | €327,179 | -€38,193 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €81,518 | €80,092 | -€1,426 | -1.7% |
| Financial debts | 43 | €3,612 | €0 | -€3,612 | -100.0% |
| Credit institutions | 430/8 | €3,612 | €0 | -€3,612 | -100.0% |
| Trade debts | 44 | €224,885 | €198,794 | -€26,091 | -11.6% |
| Suppliers | 440/4 | €224,885 | €198,794 | -€26,091 | -11.6% |
| Advances received on contracts in progress | 46 | €8,000 | €8,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €35,655 | €27,888 | -€7,767 | -21.8% |
| Taxes | 450/3 | €24,336 | €9,512 | -€14,825 | -60.9% |
| Remuneration and social security | 454/9 | €11,319 | €18,376 | +€7,058 | +62.4% |
| Other amounts payable | 47/48 | €11,702 | €12,405 | +€703 | +6.0% |
| Accrued charges and deferred income | 492/3 | - | €25,594 | +€25,594 | |
| Non-recurring operating income | 76A | €0 | €27,165 | +€27,165 | |
| Remuneration, social security and pensions | 62 | €147,413 | €131,814 | -€15,599 | -10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,591 | €20,073 | +€11,482 | +133.6% |
| Other operating charges | 640/8 | €13,232 | €14,944 | +€1,712 | +12.9% |
| Non-recurring operating charges | 66A | €6,111 | €0 | -€6,111 | -100.0% |
| Gross operating margin | 9900 | €193,304 | €173,055 | -€20,249 | -10.5% |
| Operating profit (loss) | 9901 | €17,957 | €6,224 | -€11,733 | -65.3% |
| Financial income | 75/76B | €197 | €177,254 | +€177,057 | +89972.7% |
| Recurring financial income | 75 | €197 | €1,110 | +€913 | +464.2% |
| Non-recurring financial income | 76B | - | €176,144 | +€176,144 | |
| Financial charges | 65/66B | €15,992 | €30,126 | +€14,134 | +88.4% |
| Recurring financial charges | 65 | €15,992 | €30,126 | +€14,134 | +88.4% |
| Profit (loss) for the period before taxes | 9903 | €2,162 | €153,352 | +€151,190 | +6994.1% |
| Income taxes | 67/77 | €0 | €4,770 | +€4,770 | |
| Profit (loss) for the period | 9904 | €2,162 | €148,582 | +€146,421 | +6773.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,162 | €148,582 | +€146,421 | +6773.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.