LIEVE: 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
LIEVE
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€130,946
2024 · €33,782+€97,164
Equity
€4.2m
2024 · €4.1m+€130,946
Cash
€416,827
2024 · €469,861-€53,033
Balance sheet total
€7.7m
2024 · €7.7m+€12,561
Largest movements
Assets
- Receivables after one year -€171,059
down €171,059 (-6.9%), from €2.5m to €2.3m
- Receivables within one year +€156,095
up €156,095 (+17.9%), from €871,244 to €1.0m
of which Other amounts receivable: +€146,362
- Financial fixed assets +€150,000
up €150,000 (+19.9%), from €754,025 to €904,025
Equity and liabilities
- Debts after one year -€204,734
down €204,734 (-10.4%), from €2.0m to €1.8m
- Reserves +€130,946
up €130,946 (+14.6%), from €895,780 to €1.0m
of which Tax-exempt reserves: +€122,518
- Other debts +€128,000
up €128,000 (+9.6%), from €1.3m to €1.5m
Income statement
- Gross operating margin +€115,150
up €115,150 (+47.9%), from €240,446 to €355,595
- Depreciation -€16,315
down €16,315 (-15.7%), from €104,183 to €87,868
- Financial charges -€10,455
down €10,455 (-7.3%), from €143,096 to €132,641
- Financial income -€6,234
down €6,234 (-8.9%), from €69,671 to €63,437
- Other operating charges -€5,726
down €5,726 (-29.0%), from €19,753 to €14,027
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
€33,782
Gross operating margin
+€115,150
Depreciation
+€16,315
Other operating charges
+€5,726
Financial income
-€6,234
Financial charges
+€10,455
Taxes
-€3,409
Deferred taxes and other
-€40,839
Result 2025
€130,946
raises the resultlowers the resultnot broken down further in the accounts
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
+€338,819
Investment
-€174,701
Financing
-€217,151
Cash 2024
€469,861
From operations (derived)
+€338,819
Net result for the year
+€130,946
Depreciation
+€87,868
Receivables after one year
+€171,059
Stocks and contracts
+€4,750
Receivables within one year
-€156,095
Deferred charges and accrued income
+€1,524
Provisions
+€40,839
Trade debts
-€7,602
Tax, wage and social debts
+€3,840
Other debts
+€128,000
Accrued charges and deferred income
-€66,311
Investment (derived)
-€174,701
Investment in fixed assets (net)
-€174,701
Financing
-€217,151
Debts after one year
-€204,734
Current portion of long-term debt
-€12,417
Cash 2025
€416,827
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,651,236 | €7,663,798 | +€12,561 | +0.2% |
| Fixed assets | 21/28 | €3,805,240 | €3,892,073 | +€86,833 | +2.3% |
| Tangible fixed assets | 22/27 | €3,051,215 | €2,988,048 | -€63,167 | -2.1% |
| Land and buildings | 22 | €3,006,482 | €2,958,096 | -€48,386 | -1.6% |
| Plant, machinery and equipment | 23 | €7,495 | €2,413 | -€5,082 | -67.8% |
| Furniture and vehicles | 24 | €37,239 | €27,539 | -€9,699 | -26.0% |
| Financial fixed assets | 28 | €754,025 | €904,025 | +€150,000 | +19.9% |
| Current assets | 29/58 | €3,845,996 | €3,771,725 | -€74,272 | -1.9% |
| Amounts receivable after more than one year | 29 | €2,468,903 | €2,297,844 | -€171,059 | -6.9% |
| Other amounts receivable | 291 | €2,468,903 | €2,297,844 | -€171,059 | -6.9% |
| Stocks and contracts in progress | 3 | €30,657 | €25,906 | -€4,750 | -15.5% |
| Stocks | 30/36 | €30,657 | €25,906 | -€4,750 | -15.5% |
| Amounts receivable within one year | 40/41 | €871,244 | €1,027,340 | +€156,095 | +17.9% |
| Trade receivables | 40 | €0 | €9,733 | +€9,733 | |
| Other amounts receivable | 41 | €871,244 | €1,017,607 | +€146,362 | +16.8% |
| Cash at bank and in hand | 54/58 | €469,861 | €416,827 | -€53,033 | -11.3% |
| Deferred charges and accrued income | 490/1 | €5,332 | €3,808 | -€1,524 | -28.6% |
| Total equity and liabilities | 10/49 | €7,651,236 | €7,663,798 | +€12,561 | +0.2% |
| Equity | 10/15 | €4,087,218 | €4,218,164 | +€130,946 | +3.2% |
| Contributions | 10/11 | €329,808 | €329,808 | = | 0.0% |
| Reserves | 13 | €895,780 | €1,026,726 | +€130,946 | +14.6% |
| Tax-exempt reserves | 132 | - | €122,518 | +€122,518 | |
| Distributable reserves | 133 | €895,780 | €904,208 | +€8,428 | +0.9% |
| Profit (loss) carried forward | 14 | €2,861,630 | €2,861,630 | = | 0.0% |
| Provisions and deferred taxes | 16 | - | €40,839 | +€40,839 | |
| Deferred taxes | 168 | - | €40,839 | +€40,839 | |
| Amounts payable | 17/49 | €3,564,018 | €3,404,794 | -€159,224 | -4.5% |
| Amounts payable after more than one year | 17 | €1,966,556 | €1,761,822 | -€204,734 | -10.4% |
| Financial debts | 170/4 | €1,966,556 | €1,761,822 | -€204,734 | -10.4% |
| Amounts payable within one year | 42/48 | €1,531,152 | €1,642,973 | +€111,821 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €160,194 | €147,778 | -€12,417 | -7.8% |
| Trade debts | 44 | €10,768 | €3,166 | -€7,602 | -70.6% |
| Suppliers | 440/4 | €10,768 | €3,166 | -€7,602 | -70.6% |
| Taxes, remuneration and social security | 45 | €24,773 | €28,613 | +€3,840 | +15.5% |
| Taxes | 450/3 | €24,773 | €28,613 | +€3,840 | +15.5% |
| Other amounts payable | 47/48 | €1,335,416 | €1,463,416 | +€128,000 | +9.6% |
| Accrued charges and deferred income | 492/3 | €66,311 | €0 | -€66,311 | -100% |
| Non-recurring operating income | 76A | €69,013 | €168,991 | +€99,978 | +145% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,183 | €87,868 | -€16,315 | -15.7% |
| Other operating charges | 640/8 | €19,753 | €14,027 | -€5,726 | -29.0% |
| Gross operating margin | 9900 | €240,446 | €355,595 | +€115,150 | +47.9% |
| Operating profit (loss) | 9901 | €116,509 | €253,700 | +€137,191 | +118% |
| Financial income | 75/76B | €69,671 | €63,437 | -€6,234 | -8.9% |
| Recurring financial income | 75 | €69,671 | €63,437 | -€6,234 | -8.9% |
| Financial charges | 65/66B | €143,096 | €132,641 | -€10,455 | -7.3% |
| Recurring financial charges | 65 | €143,096 | €132,641 | -€10,455 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €43,084 | €184,496 | +€141,412 | +328% |
| Transfer from deferred taxes | 780 | - | €1,408 | +€1,408 | |
| Transfer to deferred taxes | 680 | - | €42,248 | +€42,248 | |
| Income taxes | 67/77 | €9,302 | €12,710 | +€3,409 | +36.6% |
| Profit (loss) for the period | 9904 | €33,782 | €130,946 | +€97,164 | +288% |
| Transfer from tax-exempt reserves | 789 | - | €4,225 | +€4,225 | |
| Transfer to tax-exempt reserves | 689 | - | €126,743 | +€126,743 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,782 | €8,428 | -€25,355 | -75.1% |
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 19 October 2026 via checked.be.