LIEL: 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.
LIEL
Largest movements
- Tangible fixed assets -€63,520
down €63,520 (-53.2%), from €119,404 to €55,884
of which Furniture and vehicles: -€59,564
- Stocks and contracts +€44,291
up €44,291 (+120.3%), from €36,825 to €81,116
- Receivables within one year -€19,618
down €19,618 (-27.2%), from €72,073 to €52,455
of which Trade receivables: -€19,811
- Cash +€5,567
up €5,567 (+26662.5%), from €21 to €5,588
mainly Investment in fixed assets (net) (+€58,310) and Receivables within one year (+€19,618)
- Trade debts -€21,979
down €21,979 (-60.6%), from €36,284 to €14,304
- Other debts -€14,380
down €14,380 (-94.4%), from €15,237 to €857
- Debts after one year +€11,000
up €11,000 (+6.1%), from €179,000 to €190,000
of which Other amounts payable: +€15,000
- Profit (loss) carried forward -€5,444
down €5,444 (-38.0%), from -€14,330 to -€19,774
- Tax, wage and social debts -€3,719
down €3,719 (-44.7%), from €8,315 to €4,597
- Depreciation -€38,457
down €38,457 (-88.1%), from €43,668 to €5,210
- Financial charges -€8,122
down €8,122 (-87.5%), from €9,278 to €1,155
of which Non-recurring financial charges: -€7,830
- Gross operating margin -€2,635
down €2,635 (-11.2%), from €23,624 to €20,989
- Financial income +€695
up €695 (+122.8%), from €566 to €1,261
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 | €239,506 | €206,556 | -€32,950 | -13.8% |
| Fixed assets | 21/28 | €119,404 | €55,884 | -€63,520 | -53.2% |
| Tangible fixed assets | 22/27 | €119,404 | €55,884 | -€63,520 | -53.2% |
| Plant, machinery and equipment | 23 | €424 | €148 | -€277 | -65.2% |
| Furniture and vehicles | 24 | €100,932 | €41,367 | -€59,564 | -59.0% |
| Other tangible fixed assets | 26 | €18,048 | €14,369 | -€3,679 | -20.4% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €120,102 | €150,672 | +€30,570 | +25.5% |
| Amounts receivable after more than one year | 29 | €9,000 | €9,000 | = | 0.0% |
| Other amounts receivable | 291 | €9,000 | €9,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €36,825 | €81,116 | +€44,291 | +120.3% |
| Stocks | 30/36 | €36,825 | €81,116 | +€44,291 | +120.3% |
| Amounts receivable within one year | 40/41 | €72,073 | €52,455 | -€19,618 | -27.2% |
| Trade receivables | 40 | €72,070 | €52,259 | -€19,811 | -27.5% |
| Other amounts receivable | 41 | €3 | €196 | +€193 | +7433.5% |
| Cash at bank and in hand | 54/58 | €21 | €5,588 | +€5,567 | +26662.5% |
| Deferred charges and accrued income | 490/1 | €2,184 | €2,513 | +€330 | +15.1% |
| Total equity and liabilities | 10/49 | €239,506 | €206,556 | -€32,950 | -13.8% |
| Equity | 10/15 | €670 | -€4,774 | -€5,444 | |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,330 | -€19,774 | -€5,444 | -38.0% |
| Amounts payable | 17/49 | €238,836 | €211,330 | -€27,506 | -11.5% |
| Amounts payable after more than one year | 17 | €179,000 | €190,000 | +€11,000 | +6.1% |
| Financial debts | 170/4 | €179,000 | €175,000 | -€4,000 | -2.2% |
| Other amounts payable | 178/9 | - | €15,000 | +€15,000 | |
| Amounts payable within one year | 42/48 | €59,836 | €20,268 | -€39,568 | -66.1% |
| Financial debts | 43 | €0 | €510 | +€510 | |
| Credit institutions | 430/8 | €0 | €510 | +€510 | |
| Trade debts | 44 | €36,284 | €14,304 | -€21,979 | -60.6% |
| Suppliers | 440/4 | €36,284 | €14,304 | -€21,979 | -60.6% |
| Taxes, remuneration and social security | 45 | €8,315 | €4,597 | -€3,719 | -44.7% |
| Taxes | 450/3 | €8,315 | €4,597 | -€3,719 | -44.7% |
| Other amounts payable | 47/48 | €15,237 | €857 | -€14,380 | -94.4% |
| Accrued charges and deferred income | 492/3 | - | €1,062 | +€1,062 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,668 | €5,210 | -€38,457 | -88.1% |
| Other operating charges | 640/8 | €831 | €693 | -€139 | -16.7% |
| Non-recurring operating charges | 66A | - | €20,470 | +€20,470 | |
| Gross operating margin | 9900 | €23,624 | €20,989 | -€2,635 | -11.2% |
| Operating profit (loss) | 9901 | -€20,875 | -€5,384 | +€15,492 | +74.2% |
| Financial income | 75/76B | €566 | €1,261 | +€695 | +122.8% |
| Recurring financial income | 75 | €566 | €1,261 | +€695 | +122.8% |
| Financial charges | 65/66B | €9,278 | €1,155 | -€8,122 | -87.5% |
| Recurring financial charges | 65 | €1,448 | €1,155 | -€293 | -20.2% |
| Non-recurring financial charges | 66B | €7,830 | €0 | -€7,830 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€29,587 | -€5,278 | +€24,309 | +82.2% |
| Income taxes | 67/77 | €188 | €166 | -€23 | -12.1% |
| Profit (loss) for the period | 9904 | -€29,776 | -€5,444 | +€24,332 | +81.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,776 | -€5,444 | +€24,332 | +81.7% |
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 5 October 2026 via checked.be.