LIEFS: 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.
LIEFS
Largest movements
- Tangible fixed assets -€7,390
down €7,390 (-4.8%), from €155,472 to €148,082
of which Land and buildings: -€6,495
- Debts after one year -€21,412
down €21,412 (-17.9%), from €119,887 to €98,475
- Other debts +€8,819
up €8,819 (+8.0%), from €109,933 to €118,752
- Profit (loss) carried forward +€5,815
up €5,815 (+8.4%), from -€69,426 to -€63,611
- Depreciation -€22,677
down €22,677 (-75.4%), from €30,067 to €7,390
- Gross operating margin +€4,971
up €4,971 (+32.2%), from €15,447 to €20,418
- Other operating charges -€536
down €536 (-18.1%), from €2,959 to €2,423
- Financial charges -€451
down €451 (-8.9%), from €5,078 to €4,626
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 | €335,782 | €330,375 | -€5,407 | -1.6% |
| Fixed assets | 21/28 | €155,472 | €148,082 | -€7,390 | -4.8% |
| Tangible fixed assets | 22/27 | €155,472 | €148,082 | -€7,390 | -4.8% |
| Land and buildings | 22 | €154,330 | €147,835 | -€6,495 | -4.2% |
| Plant, machinery and equipment | 23 | €598 | €247 | -€351 | -58.7% |
| Furniture and vehicles | 24 | €544 | €0 | -€544 | -100.0% |
| Current assets | 29/58 | €180,310 | €182,293 | +€1,983 | +1.1% |
| Amounts receivable within one year | 40/41 | €28,825 | €27,739 | -€1,085 | -3.8% |
| Trade receivables | 40 | €20,105 | €19,020 | -€1,085 | -5.4% |
| Other amounts receivable | 41 | €8,720 | €8,720 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €151,485 | €153,531 | +€2,046 | +1.4% |
| Deferred charges and accrued income | 490/1 | - | €1,022 | +€1,022 | |
| Total equity and liabilities | 10/49 | €335,782 | €330,375 | -€5,407 | -1.6% |
| Equity | 10/15 | €86,337 | €92,152 | +€5,815 | +6.7% |
| Contributions | 10/11 | €85,000 | €85,000 | = | 0.0% |
| Reserves | 13 | €70,763 | €70,763 | = | 0.0% |
| Distributable reserves | 133 | €70,763 | €70,763 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€69,426 | -€63,611 | +€5,815 | +8.4% |
| Amounts payable | 17/49 | €249,445 | €238,223 | -€11,222 | -4.5% |
| Amounts payable after more than one year | 17 | €119,887 | €98,475 | -€21,412 | -17.9% |
| Financial debts | 170/4 | €119,887 | €98,475 | -€21,412 | -17.9% |
| Amounts payable within one year | 42/48 | €129,558 | €139,748 | +€10,190 | +7.9% |
| Current portion of amounts payable after more than one year | 42 | €18,789 | €20,281 | +€1,492 | +7.9% |
| Trade debts | 44 | €698 | €551 | -€147 | -21.1% |
| Suppliers | 440/4 | €698 | €551 | -€147 | -21.1% |
| Taxes, remuneration and social security | 45 | €138 | €164 | +€26 | +19.1% |
| Taxes | 450/3 | €138 | €164 | +€26 | +19.1% |
| Other amounts payable | 47/48 | €109,933 | €118,752 | +€8,819 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,067 | €7,390 | -€22,677 | -75.4% |
| Other operating charges | 640/8 | €2,959 | €2,423 | -€536 | -18.1% |
| Gross operating margin | 9900 | €15,447 | €20,418 | +€4,971 | +32.2% |
| Operating profit (loss) | 9901 | -€17,580 | €10,605 | +€28,185 | |
| Financial charges | 65/66B | €5,078 | €4,626 | -€451 | -8.9% |
| Recurring financial charges | 65 | €5,078 | €4,626 | -€451 | -8.9% |
| Profit (loss) for the period before taxes | 9903 | -€22,657 | €5,979 | +€28,636 | |
| Income taxes | 67/77 | €138 | €164 | +€26 | +19.1% |
| Profit (loss) for the period | 9904 | -€22,795 | €5,815 | +€28,610 | |
| Profit (loss) for the period to be appropriated | 9905 | -€22,795 | €5,815 | +€28,610 |
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 8 October 2026 via checked.be.