LIMINA: 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.
LIMINA
Largest movements
- Receivables within one year -€404,910
down €404,910 (-63.5%), from €637,169 to €232,259
of which Trade receivables: -€448,969
- Cash -€70,835
down €70,835 (-35.3%), from €200,604 to €129,769
mainly Trade debts (-€235,916) and Net result for the year (-€88,272)
- Trade debts -€235,916
down €235,916 (-59.9%), from €393,527 to €157,611
- Reserves -€88,272
down €88,272 (-52.0%), from €169,606 to €81,335
of which Distributable reserves: -€90,132
- Advances received -€63,594
down €63,594 (-94.0%), from €67,669 to €4,076
- Debts after one year -€35,771
down €35,771 (-24.9%), from €143,911 to €108,140
- Current portion of long-term debt -€27,284
down €27,284 (-43.3%), from €63,055 to €35,771
- Gross operating margin -€191,159
down €191,159 (-82.4%), from €231,961 to €40,802
- Staff costs -€83,026
down €83,026 (-51.6%), from €160,985 to €77,959
- Taxes -€11,842
down €11,842 (-95.1%), from €12,451 to €608
- Financial charges +€4,335
up €4,335 (+57.1%), from €7,591 to €11,926
of which Financial charges: +€8,619
- Depreciation +€3,529
up €3,529 (+32.7%), from €10,807 to €14,336
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 | €884,031 | €415,409 | -€468,623 | -53.0% |
| Fixed assets | 21/28 | €46,258 | €51,265 | +€5,006 | +10.8% |
| Tangible fixed assets | 22/27 | €46,258 | €51,265 | +€5,006 | +10.8% |
| Plant, machinery and equipment | 23 | €1,364 | €888 | -€476 | -34.9% |
| Furniture and vehicles | 24 | €44,894 | €50,377 | +€5,483 | +12.2% |
| Current assets | 29/58 | €837,773 | €364,144 | -€473,629 | -56.5% |
| Amounts receivable after more than one year | 29 | - | €2,116 | +€2,116 | |
| Other amounts receivable | 291 | - | €2,116 | +€2,116 | |
| Amounts receivable within one year | 40/41 | €637,169 | €232,259 | -€404,910 | -63.5% |
| Trade receivables | 40 | €579,190 | €130,222 | -€448,969 | -77.5% |
| Other amounts receivable | 41 | €57,978 | €102,038 | +€44,059 | +76.0% |
| Cash at bank and in hand | 54/58 | €200,604 | €129,769 | -€70,835 | -35.3% |
| Total equity and liabilities | 10/49 | €884,031 | €415,409 | -€468,623 | -53.0% |
| Equity | 10/15 | €188,206 | €99,935 | -€88,272 | -46.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €169,606 | €81,335 | -€88,272 | -52.0% |
| Non-distributable reserves | 130/1 | - | €1,860 | +€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €169,606 | €79,475 | -€90,132 | -53.1% |
| Amounts payable | 17/49 | €695,825 | €315,474 | -€380,351 | -54.7% |
| Amounts payable after more than one year | 17 | €143,911 | €108,140 | -€35,771 | -24.9% |
| Financial debts | 170/4 | €143,911 | €108,140 | -€35,771 | -24.9% |
| Amounts payable within one year | 42/48 | €551,914 | €207,333 | -€344,580 | -62.4% |
| Current portion of amounts payable after more than one year | 42 | €63,055 | €35,771 | -€27,284 | -43.3% |
| Financial debts | 43 | €1,143 | €1,706 | +€563 | +49.3% |
| Credit institutions | 430/8 | €1,143 | €1,706 | +€563 | +49.3% |
| Trade debts | 44 | €393,527 | €157,611 | -€235,916 | -59.9% |
| Suppliers | 440/4 | €393,527 | €157,611 | -€235,916 | -59.9% |
| Advances received on contracts in progress | 46 | €67,669 | €4,076 | -€63,594 | -94.0% |
| Taxes, remuneration and social security | 45 | €5,623 | €7,323 | +€1,700 | +30.2% |
| Taxes | 450/3 | €2,117 | €6,573 | +€4,455 | +210% |
| Remuneration and social security | 454/9 | €3,505 | €750 | -€2,755 | -78.6% |
| Other amounts payable | 47/48 | €20,896 | €847 | -€20,049 | -95.9% |
| Non-recurring operating income | 76A | €30,059 | €3,160 | -€26,898 | -89.5% |
| Remuneration, social security and pensions | 62 | €160,985 | €77,959 | -€83,026 | -51.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,807 | €14,336 | +€3,529 | +32.7% |
| Other operating charges | 640/8 | €4,272 | €4,179 | -€93 | -2.2% |
| Non-recurring operating charges | 66A | €173 | €20,589 | +€20,416 | +11,785% |
| Gross operating margin | 9900 | €231,961 | €40,802 | -€191,159 | -82.4% |
| Operating profit (loss) | 9901 | €55,724 | -€76,261 | -€131,984 | |
| Financial income | 75/76B | €3,217 | €524 | -€2,693 | -83.7% |
| Recurring financial income | 75 | €352 | €524 | +€172 | +48.7% |
| Non-recurring financial income | 76B | €2,865 | €0 | -€2,865 | -100% |
| Financial charges | 65/66B | €7,591 | €11,926 | +€4,335 | +57.1% |
| Recurring financial charges | 65 | €3,307 | €11,926 | +€8,619 | +261% |
| Non-recurring financial charges | 66B | €4,284 | €0 | -€4,284 | -100% |
| Profit (loss) for the period before taxes | 9903 | €51,349 | -€87,663 | -€139,013 | |
| Income taxes | 67/77 | €12,451 | €608 | -€11,842 | -95.1% |
| Profit (loss) for the period | 9904 | €38,899 | -€88,272 | -€127,170 | |
| Profit (loss) for the period to be appropriated | 9905 | €38,899 | -€88,272 | -€127,170 |
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 17 October 2026 via checked.be.