LIGORA: 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.
LIGORA
Largest movements
- Tangible fixed assets +€18.6m
up €18.6m (+84.6%), from €22.0m to €40.6m
of which Assets under construction and advance payments: +€18.6m
- Receivables within one year +€5.2m
up €5.2m (+6,330%), from €82,822 to €5.3m
of which Other amounts receivable: +€5.1m
- Debts after one year +€12.1m
up €12.1m (+89.1%), from €13.6m to €25.7m
- Short-term financial debts +€6.7m
up €6.7m (+90.6%), from €7.3m to €14.0m
- Trade debts +€6.5m
up €6.5m (+733%), from €886,194 to €7.4m
- Profit (loss) carried forward -€972,946
down €972,946 (-418%), from -€232,570 to -€1.2m
- Gross operating margin -€576,842
down €576,842 (-763%), from -€75,587 to -€652,429
- Financial charges +€320,814
up €320,814 (+15,046%), from €2,132 to €322,946
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 | €22,089,398 | €46,290,924 | +€24.2m | +110% |
| Fixed assets | 21/28 | €21,985,205 | €40,605,674 | +€18.6m | +84.7% |
| Tangible fixed assets | 22/27 | €21,985,205 | €40,580,329 | +€18.6m | +84.6% |
| Land and buildings | 22 | €2,866,004 | €2,866,004 | = | 0.0% |
| Assets under construction and advance payments | 27 | €19,119,202 | €37,714,325 | +€18.6m | +97.3% |
| Financial fixed assets | 28 | - | €25,345 | +€25,345 | |
| Current assets | 29/58 | €104,193 | €5,685,250 | +€5.6m | +5,356% |
| Amounts receivable within one year | 40/41 | €82,822 | €5,325,681 | +€5.2m | +6,330% |
| Trade receivables | 40 | - | €132,022 | +€132,022 | |
| Other amounts receivable | 41 | €82,822 | €5,193,659 | +€5.1m | +6,171% |
| Cash at bank and in hand | 54/58 | €21,371 | €260,427 | +€239,056 | +1,119% |
| Deferred charges and accrued income | 490/1 | - | €99,142 | +€99,142 | |
| Total equity and liabilities | 10/49 | €22,089,398 | €46,290,924 | +€24.2m | +110% |
| Equity | 10/15 | €17,430 | -€955,516 | -€972,946 | |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€232,570 | -€1,205,516 | -€972,946 | -418% |
| Amounts payable | 17/49 | €22,071,968 | €47,246,440 | +€25.2m | +114% |
| Amounts payable after more than one year | 17 | €13,603,414 | €25,730,231 | +€12.1m | +89.1% |
| Other amounts payable | 178/9 | €13,603,414 | €25,730,231 | +€12.1m | +89.1% |
| Amounts payable within one year | 42/48 | €8,393,944 | €21,379,155 | +€13.0m | +155% |
| Current portion of amounts payable after more than one year | 42 | €162,750 | - | -€162,750 | |
| Financial debts | 43 | €7,345,000 | €14,000,000 | +€6.7m | +90.6% |
| Credit institutions | 430/8 | €7,345,000 | €14,000,000 | +€6.7m | +90.6% |
| Trade debts | 44 | €886,194 | €7,379,155 | +€6.5m | +733% |
| Suppliers | 440/4 | €886,194 | €7,379,155 | +€6.5m | +733% |
| Accrued charges and deferred income | 492/3 | €74,610 | €137,054 | +€62,444 | +83.7% |
| Other operating charges | 640/8 | €1,124 | €1,407 | +€283 | +25.2% |
| Gross operating margin | 9900 | -€75,587 | -€652,429 | -€576,842 | -763% |
| Operating profit (loss) | 9901 | -€76,711 | -€653,836 | -€577,125 | -752% |
| Financial income | 75/76B | €827 | €3,837 | +€3,009 | +364% |
| Recurring financial income | 75 | €827 | €3,837 | +€3,009 | +364% |
| Financial charges | 65/66B | €2,132 | €322,946 | +€320,814 | +15,046% |
| Recurring financial charges | 65 | €2,132 | €322,946 | +€320,814 | +15,046% |
| Profit (loss) for the period before taxes | 9903 | -€78,016 | -€972,946 | -€894,930 | -1,147% |
| Profit (loss) for the period | 9904 | -€78,016 | -€972,946 | -€894,930 | -1,147% |
| Profit (loss) for the period to be appropriated | 9905 | -€78,016 | -€972,946 | -€894,930 | -1,147% |
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 14 October 2026 via checked.be.