Liesenborgs: 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.
What changed
Liesenborgs
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€9,677
2024 · €20,817-€11,140
Equity
€565,661
2024 · €555,985+€9,677
Cash
€12,861
2024 · €17,760-€4,899
Balance sheet total
€1.5m
2024 · €1.5m+€10,061
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Other debts -€20,346
down €20,346 (-4.5%), from €447,930 to €427,584
Income statement
- Gross operating margin +€13,176
up €13,176 (+13.4%), from €98,506 to €111,682
- Financial charges +€10,281
up €10,281 (+41.1%), from €25,033 to €35,314
- Depreciation +€10,006
up €10,006 (+24.2%), from €41,333 to €51,339
- Financial income -€6,233
down €6,233 (-99.0%), from €6,293 to €60
- Other operating charges -€3,018
down €3,018 (-21.2%), from €14,247 to €11,230
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.
Result 2024
€20,817
Gross operating margin
+€13,176
Depreciation
-€10,006
Other operating charges
+€3,018
Financial income
-€6,233
Financial charges
-€10,281
Taxes
-€814
Result 2025
€9,677
raises the resultlowers the result
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.
From operations
+€51,938
Investment
-€61,863
Financing
+€5,026
Cash 2024
€17,760
From operations (derived)
+€51,938
Net result for the year
+€9,677
Depreciation
+€51,339
Receivables within one year
+€77
Deferred charges and accrued income
-€4,513
Provisions
-€191
Trade debts
+€14,790
Tax, wage and social debts
+€1,105
Other debts
-€20,346
Investment (derived)
-€61,863
Investment in fixed assets (net)
-€61,863
Financing
+€5,026
Debts after one year
-€8,113
Current portion of long-term debt
+€1,394
Short-term financial debts
+€11,745
Cash 2025
€12,861
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,495,210 | €1,505,271 | +€10,061 | +0.7% |
| Fixed assets | 21/28 | €1,205,932 | €1,216,455 | +€10,523 | +0.9% |
| Tangible fixed assets | 22/27 | €969,568 | €980,091 | +€10,523 | +1.1% |
| Land and buildings | 22 | €883,385 | €869,219 | -€14,166 | -1.6% |
| Plant, machinery and equipment | 23 | €62,117 | €57,582 | -€4,535 | -7.3% |
| Furniture and vehicles | 24 | €24,066 | €53,291 | +€29,224 | +121% |
| Financial fixed assets | 28 | €236,364 | €236,364 | = | 0.0% |
| Current assets | 29/58 | €289,279 | €288,816 | -€462 | -0.2% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €271,519 | €271,442 | -€77 | 0.0% |
| Trade receivables | 40 | €33,406 | €3,884 | -€29,522 | -88.4% |
| Other amounts receivable | 41 | €238,113 | €267,558 | +€29,445 | +12.4% |
| Cash at bank and in hand | 54/58 | €17,760 | €12,861 | -€4,899 | -27.6% |
| Deferred charges and accrued income | 490/1 | €0 | €4,513 | +€4,513 | |
| Total equity and liabilities | 10/49 | €1,495,210 | €1,505,271 | +€10,061 | +0.7% |
| Equity | 10/15 | €555,985 | €565,661 | +€9,677 | +1.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €423,842 | €433,519 | +€9,677 | +2.3% |
| Tax-exempt reserves | 132 | €15,165 | €14,402 | -€763 | -5.0% |
| Distributable reserves | 133 | €408,677 | €419,117 | +€10,440 | +2.6% |
| Profit (loss) carried forward | 14 | €113,550 | €113,550 | = | 0.0% |
| Provisions and deferred taxes | 16 | €3,791 | €3,600 | -€191 | -5.0% |
| Deferred taxes | 168 | €3,791 | €3,600 | -€191 | -5.0% |
| Amounts payable | 17/49 | €935,435 | €936,010 | +€575 | +0.1% |
| Amounts payable after more than one year | 17 | €446,653 | €438,539 | -€8,113 | -1.8% |
| Financial debts | 170/4 | €446,653 | €438,539 | -€8,113 | -1.8% |
| Amounts payable within one year | 42/48 | €488,782 | €497,470 | +€8,688 | +1.8% |
| Current portion of amounts payable after more than one year | 42 | €30,864 | €32,258 | +€1,394 | +4.5% |
| Financial debts | 43 | - | €11,745 | +€11,745 | |
| Other loans | 439 | - | €11,745 | +€11,745 | |
| Trade debts | 44 | €2,503 | €17,294 | +€14,790 | +591% |
| Suppliers | 440/4 | €2,503 | €17,294 | +€14,790 | +591% |
| Taxes, remuneration and social security | 45 | €7,485 | €8,590 | +€1,105 | +14.8% |
| Taxes | 450/3 | €7,485 | €8,590 | +€1,105 | +14.8% |
| Other amounts payable | 47/48 | €447,930 | €427,584 | -€20,346 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,333 | €51,339 | +€10,006 | +24.2% |
| Other operating charges | 640/8 | €14,247 | €11,230 | -€3,018 | -21.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €98,506 | €111,682 | +€13,176 | +13.4% |
| Operating profit (loss) | 9901 | €42,926 | €49,113 | +€6,188 | +14.4% |
| Financial income | 75/76B | €6,293 | €60 | -€6,233 | -99.0% |
| Recurring financial income | 75 | €6,293 | €60 | -€6,233 | -99.0% |
| Financial charges | 65/66B | €25,033 | €35,314 | +€10,281 | +41.1% |
| Recurring financial charges | 65 | €25,033 | €35,314 | +€10,281 | +41.1% |
| Profit (loss) for the period before taxes | 9903 | €24,186 | €13,859 | -€10,327 | -42.7% |
| Transfer from deferred taxes | 780 | €190 | €191 | +€0 | +0.2% |
| Income taxes | 67/77 | €3,560 | €4,373 | +€814 | +22.9% |
| Profit (loss) for the period | 9904 | €20,817 | €9,677 | -€11,140 | -53.5% |
| Transfer from tax-exempt reserves | 789 | €762 | €763 | +€2 | +0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €21,579 | €10,440 | -€11,139 | -51.6% |
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 30 October 2026 via checked.be.