LIETAER: 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.
LIETAER
Largest movements
- Tangible fixed assets -€175,209
down €175,209 (-7.7%), from €2.3m to €2.1m
of which Land and buildings: -€103,424
- Cash -€44,873
down €44,873 (-30.9%), from €145,234 to €100,361
mainly Debts after one year (-€214,044) and Trade debts (-€152,090)
- Stocks and contracts +€40,897
up €40,897 (+13.7%), from €299,152 to €340,049
- Debts after one year -€214,044
down €214,044 (-11.1%), from €1.9m to €1.7m
of which Financial debts: -€208,792
- Short-term financial debts +€170,000
up €170,000 (+50.0%), from €340,000 to €510,000
- Trade debts -€152,090
down €152,090 (-23.4%), from €648,799 to €496,709
- Current portion of long-term debt +€45,607
up €45,607 (+25.0%), from €182,129 to €227,736
- Other debts -€41,175
down €41,175 (-88.2%), from €46,665 to €5,490
- Depreciation +€50,959
up €50,959 (+20.2%), from €251,868 to €302,827
- Gross operating margin +€32,167
up €32,167 (+4.6%), from €695,452 to €727,619
- Staff costs +€28,715
up €28,715 (+9.9%), from €290,748 to €319,463
- Financial charges +€18,228
up €18,228 (+26.4%), from €69,030 to €87,258
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,034,855 | €3,834,906 | -€199,949 | -5.0% |
| Fixed assets | 21/28 | €2,600,017 | €2,414,170 | -€185,847 | -7.1% |
| Intangible fixed assets | 21 | €321,971 | €311,333 | -€10,638 | -3.3% |
| Tangible fixed assets | 22/27 | €2,278,034 | €2,102,825 | -€175,209 | -7.7% |
| Land and buildings | 22 | €1,852,214 | €1,748,790 | -€103,424 | -5.6% |
| Plant, machinery and equipment | 23 | €236,741 | €240,918 | +€4,177 | +1.8% |
| Furniture and vehicles | 24 | €189,079 | €113,117 | -€75,962 | -40.2% |
| Financial fixed assets | 28 | €12 | €12 | = | 0.0% |
| Current assets | 29/58 | €1,434,838 | €1,420,736 | -€14,102 | -1.0% |
| Stocks and contracts in progress | 3 | €299,152 | €340,049 | +€40,897 | +13.7% |
| Stocks | 30/36 | €299,152 | €340,049 | +€40,897 | +13.7% |
| Amounts receivable within one year | 40/41 | €988,779 | €973,022 | -€15,757 | -1.6% |
| Trade receivables | 40 | €755,281 | €759,807 | +€4,526 | +0.6% |
| Other amounts receivable | 41 | €233,498 | €213,215 | -€20,283 | -8.7% |
| Cash at bank and in hand | 54/58 | €145,234 | €100,361 | -€44,873 | -30.9% |
| Deferred charges and accrued income | 490/1 | €1,673 | €7,304 | +€5,631 | +337% |
| Total equity and liabilities | 10/49 | €4,034,855 | €3,834,906 | -€199,949 | -5.0% |
| Equity | 10/15 | €827,585 | €821,508 | -€6,077 | -0.7% |
| Contributions | 10/11 | €29,747 | €29,747 | = | 0.0% |
| Reserves | 13 | €305,900 | €304,300 | -€1,600 | -0.5% |
| Tax-exempt reserves | 132 | €32,925 | €31,325 | -€1,600 | -4.9% |
| Distributable reserves | 133 | €272,975 | €272,975 | = | 0.0% |
| Profit (loss) carried forward | 14 | €303,619 | €299,730 | -€3,889 | -1.3% |
| Investment grants | 15 | €188,319 | €187,731 | -€588 | -0.3% |
| Provisions and deferred taxes | 16 | €2,800 | €2,400 | -€400 | -14.3% |
| Deferred taxes | 168 | €2,800 | €2,400 | -€400 | -14.3% |
| Amounts payable | 17/49 | €3,204,470 | €3,010,998 | -€193,472 | -6.0% |
| Amounts payable after more than one year | 17 | €1,929,208 | €1,715,164 | -€214,044 | -11.1% |
| Financial debts | 170/4 | €1,708,637 | €1,499,845 | -€208,792 | -12.2% |
| Other amounts payable | 178/9 | €220,571 | €215,319 | -€5,252 | -2.4% |
| Amounts payable within one year | 42/48 | €1,275,262 | €1,295,834 | +€20,572 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €182,129 | €227,736 | +€45,607 | +25.0% |
| Financial debts | 43 | €340,000 | €510,000 | +€170,000 | +50.0% |
| Credit institutions | 430/8 | €340,000 | €510,000 | +€170,000 | +50.0% |
| Trade debts | 44 | €648,799 | €496,709 | -€152,090 | -23.4% |
| Suppliers | 440/4 | €648,799 | €496,709 | -€152,090 | -23.4% |
| Taxes, remuneration and social security | 45 | €57,669 | €55,899 | -€1,770 | -3.1% |
| Taxes | 450/3 | €6,418 | €8,815 | +€2,397 | +37.3% |
| Remuneration and social security | 454/9 | €51,251 | €47,084 | -€4,167 | -8.1% |
| Other amounts payable | 47/48 | €46,665 | €5,490 | -€41,175 | -88.2% |
| Non-recurring operating income | 76A | - | €7,726 | +€7,726 | |
| Remuneration, social security and pensions | 62 | €290,748 | €319,463 | +€28,715 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €251,868 | €302,827 | +€50,959 | +20.2% |
| Other operating charges | 640/8 | €25,093 | €23,752 | -€1,341 | -5.3% |
| Non-recurring operating charges | 66A | €28,023 | - | -€28,023 | |
| Gross operating margin | 9900 | €695,452 | €727,619 | +€32,167 | +4.6% |
| Operating profit (loss) | 9901 | €99,720 | €81,577 | -€18,143 | -18.2% |
| Financial income | 75/76B | €2,573 | €735 | -€1,838 | -71.4% |
| Recurring financial income | 75 | €2,573 | €735 | -€1,838 | -71.4% |
| Financial charges | 65/66B | €69,030 | €87,258 | +€18,228 | +26.4% |
| Recurring financial charges | 65 | €69,030 | €87,258 | +€18,228 | +26.4% |
| Profit (loss) for the period before taxes | 9903 | €33,263 | -€4,946 | -€38,209 | |
| Transfer from deferred taxes | 780 | €2,138 | €400 | -€1,738 | -81.3% |
| Income taxes | 67/77 | €6,272 | €943 | -€5,329 | -85.0% |
| Profit (loss) for the period | 9904 | €29,129 | -€5,489 | -€34,618 | |
| Transfer from tax-exempt reserves | 789 | €8,552 | €1,600 | -€6,952 | -81.3% |
| Profit (loss) for the period to be appropriated | 9905 | €37,681 | -€3,889 | -€41,570 |
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 31 October 2026 via checked.be.