LIESA: 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.
LIESA
Largest movements
- Cash -€35,449
down €35,449 (-21.7%), from €163,596 to €128,147
mainly Contributions, distributions and other (-€96,429) and Tax, wage and social debts (-€17,820)
- Stocks and contracts -€19,153
down €19,153 (-35.8%), from €53,530 to €34,377
- Receivables within one year -€13,097
down €13,097 (-36.5%), from €35,865 to €22,767
of which Trade receivables: -€8,760
- Tangible fixed assets -€3,953
down €3,953 (-54.8%), from €7,210 to €3,257
of which Land and buildings: -€2,433
- Reserves -€46,879
down €46,879 (-27.3%), from €171,910 to €125,031
- Tax, wage and social debts -€17,820
down €17,820 (-55.0%), from €32,407 to €14,586
of which Taxes: -€16,089
- Short-term financial debts -€4,389
down €4,389 (-35.4%), from €12,389 to €8,000
- Trade debts -€3,211
down €3,211 (-7.6%), from €42,226 to €39,015
- Gross operating margin +€10,362
up €10,362 (+7.7%), from €134,714 to €145,076
- Taxes +€2,658
up €2,658 (+14.1%), from €18,843 to €21,501
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €279,492 | €207,052 | -€72,440 | -25.9% |
| Fixed assets | 21/28 | €20,570 | €16,686 | -€3,885 | -18.9% |
| Tangible fixed assets | 22/27 | €7,210 | €3,257 | -€3,953 | -54.8% |
| Land and buildings | 22 | €2,995 | €562 | -€2,433 | -81.2% |
| Plant, machinery and equipment | 23 | €4,215 | €2,696 | -€1,520 | -36.1% |
| Financial fixed assets | 28 | €13,360 | €13,428 | +€68 | +0.5% |
| Current assets | 29/58 | €258,921 | €190,366 | -€68,555 | -26.5% |
| Stocks and contracts in progress | 3 | €53,530 | €34,377 | -€19,153 | -35.8% |
| Stocks | 30/36 | €53,530 | €34,377 | -€19,153 | -35.8% |
| Amounts receivable within one year | 40/41 | €35,865 | €22,767 | -€13,097 | -36.5% |
| Trade receivables | 40 | €22,472 | €13,713 | -€8,760 | -39.0% |
| Other amounts receivable | 41 | €13,393 | €9,055 | -€4,338 | -32.4% |
| Cash at bank and in hand | 54/58 | €163,596 | €128,147 | -€35,449 | -21.7% |
| Deferred charges and accrued income | 490/1 | €5,930 | €5,074 | -€856 | -14.4% |
| Total equity and liabilities | 10/49 | €279,492 | €207,052 | -€72,440 | -25.9% |
| Equity | 10/15 | €190,510 | €143,631 | -€46,879 | -24.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €171,910 | €125,031 | -€46,879 | -27.3% |
| Distributable reserves | 133 | €171,910 | €125,031 | -€46,879 | -27.3% |
| Amounts payable | 17/49 | €88,982 | €63,421 | -€25,561 | -28.7% |
| Amounts payable within one year | 42/48 | €88,930 | €63,421 | -€25,509 | -28.7% |
| Financial debts | 43 | €12,389 | €8,000 | -€4,389 | -35.4% |
| Credit institutions | 430/8 | €12,389 | €8,000 | -€4,389 | -35.4% |
| Trade debts | 44 | €42,226 | €39,015 | -€3,211 | -7.6% |
| Suppliers | 440/4 | €42,226 | €39,015 | -€3,211 | -7.6% |
| Taxes, remuneration and social security | 45 | €32,407 | €14,586 | -€17,820 | -55.0% |
| Taxes | 450/3 | €23,834 | €7,745 | -€16,089 | -67.5% |
| Remuneration and social security | 454/9 | €8,572 | €6,842 | -€1,731 | -20.2% |
| Other amounts payable | 47/48 | €1,908 | €1,820 | -€88 | -4.6% |
| Accrued charges and deferred income | 492/3 | €52 | - | -€52 | |
| Remuneration, social security and pensions | 62 | €60,915 | €60,425 | -€490 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,220 | €3,953 | -€267 | -6.3% |
| Other operating charges | 640/8 | €5,563 | €5,532 | -€31 | -0.6% |
| Gross operating margin | 9900 | €134,714 | €145,076 | +€10,362 | +7.7% |
| Operating profit (loss) | 9901 | €64,016 | €75,166 | +€11,150 | +17.4% |
| Financial income | 75/76B | €873 | €909 | +€36 | +4.1% |
| Recurring financial income | 75 | €873 | €909 | +€36 | +4.1% |
| Financial charges | 65/66B | €5,569 | €5,024 | -€546 | -9.8% |
| Recurring financial charges | 65 | €5,569 | €5,024 | -€546 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €59,319 | €71,051 | +€11,732 | +19.8% |
| Income taxes | 67/77 | €18,843 | €21,501 | +€2,658 | +14.1% |
| Profit (loss) for the period | 9904 | €40,476 | €49,550 | +€9,074 | +22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €40,476 | €49,550 | +€9,074 | +22.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.