LIETAERT: 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.
LIETAERT
Largest movements
- Cash +€57,776
up €57,776 (+922.8%), from €6,261 to €64,037
mainly Net result for the year (+€62,871) and Depreciation (+€15,486)
- Receivables within one year -€14,473
down €14,473 (-36.0%), from €40,210 to €25,737
of which Trade receivables: -€14,442
- Tangible fixed assets -€10,209
down €10,209 (-15.1%), from €67,437 to €57,228
of which Furniture and vehicles: -€9,548
- Reserves +€62,871
up €62,871 (+177.7%), from €35,376 to €98,247
- Other debts -€27,246
down €27,246 (-46.1%), from €59,094 to €31,848
- Gross operating margin +€38,066
up €38,066 (+65.0%), from €58,564 to €96,630
- Taxes +€8,011
up €8,011 (+87.3%), from €9,181 to €17,192
- Depreciation +€7,578
up €7,578 (+95.8%), from €7,908 to €15,486
- Write-downs -€5,569
no longer reported in 2025 (was €5,569)
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 | €116,928 | €151,777 | +€34,849 | +29.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €67,437 | €57,228 | -€10,209 | -15.1% |
| Tangible fixed assets | 22/27 | €67,437 | €57,228 | -€10,209 | -15.1% |
| Plant, machinery and equipment | 23 | €12,895 | €11,510 | -€1,385 | -10.7% |
| Furniture and vehicles | 24 | €48,688 | €39,140 | -€9,548 | -19.6% |
| Other tangible fixed assets | 26 | €5,854 | €6,579 | +€724 | +12.4% |
| Current assets | 29/58 | €49,492 | €94,549 | +€45,058 | +91.0% |
| Stocks and contracts in progress | 3 | €1,104 | €2,072 | +€969 | +87.8% |
| Stocks | 30/36 | €1,104 | €2,072 | +€969 | +87.8% |
| Amounts receivable within one year | 40/41 | €40,210 | €25,737 | -€14,473 | -36.0% |
| Trade receivables | 40 | €40,179 | €25,737 | -€14,442 | -35.9% |
| Other amounts receivable | 41 | €31 | - | -€31 | |
| Cash at bank and in hand | 54/58 | €6,261 | €64,037 | +€57,776 | +922.8% |
| Deferred charges and accrued income | 490/1 | €1,917 | €2,703 | +€786 | +41.0% |
| Total equity and liabilities | 10/49 | €116,928 | €151,777 | +€34,849 | +29.8% |
| Equity | 10/15 | €37,876 | €100,747 | +€62,871 | +166.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €35,376 | €98,247 | +€62,871 | +177.7% |
| Distributable reserves | 133 | €35,376 | €98,247 | +€62,871 | +177.7% |
| Amounts payable | 17/49 | €79,052 | €51,030 | -€28,022 | -35.4% |
| Amounts payable within one year | 42/48 | €79,052 | €51,025 | -€28,028 | -35.5% |
| Trade debts | 44 | €2,247 | €917 | -€1,330 | -59.2% |
| Suppliers | 440/4 | €2,247 | €917 | -€1,330 | -59.2% |
| Taxes, remuneration and social security | 45 | €17,711 | €18,260 | +€549 | +3.1% |
| Taxes | 450/3 | €17,711 | €18,260 | +€549 | +3.1% |
| Other amounts payable | 47/48 | €59,094 | €31,848 | -€27,246 | -46.1% |
| Accrued charges and deferred income | 492/3 | - | €5 | +€5 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,908 | €15,486 | +€7,578 | +95.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,569 | - | -€5,569 | |
| Other operating charges | 640/8 | €232 | €880 | +€649 | +280.2% |
| Gross operating margin | 9900 | €58,564 | €96,630 | +€38,066 | +65.0% |
| Operating profit (loss) | 9901 | €44,856 | €80,264 | +€35,408 | +78.9% |
| Financial income | 75/76B | €2 | €43 | +€41 | +2545.3% |
| Recurring financial income | 75 | €2 | €43 | +€41 | +2545.3% |
| Financial charges | 65/66B | €131 | €243 | +€112 | +85.5% |
| Recurring financial charges | 65 | €131 | €243 | +€112 | +85.5% |
| Profit (loss) for the period before taxes | 9903 | €44,726 | €80,063 | +€35,337 | +79.0% |
| Income taxes | 67/77 | €9,181 | €17,192 | +€8,011 | +87.3% |
| Profit (loss) for the period | 9904 | €35,546 | €62,871 | +€27,326 | +76.9% |
| Profit (loss) for the period to be appropriated | 9905 | €35,546 | €62,871 | +€27,326 | +76.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.