LIPAT: 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
LIPAT
NACE 70.100, Activities of head offices
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3,940
2024 · €6,826-€2,886
Equity
€785,512
2024 · €785,315+€197
Cash
€34,744
2024 · €19,773+€14,970
Balance sheet total
€2.0m
2024 · €2.1m-€78,914
Largest movements
Assets
- Tangible fixed assets -€88,356
down €88,356 (-4.4%), from €2.0m to €1.9m
of which Land and buildings: -€87,585
Equity and liabilities
- Debts after one year -€101,611
down €101,611 (-42.3%), from €240,140 to €138,528
Income statement
- Gross operating margin -€13,997
down €13,997 (-8.0%), from €175,941 to €161,944
- Write-downs -€8,000
no longer reported in 2025 (was €8,000)
- Financial charges -€3,523
down €3,523 (-9.9%), from €35,503 to €31,980
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
€6,826
Gross operating margin
-€13,997
Depreciation
-€797
Write-downs
+€8,000
Other operating charges
-€330
Financial charges
+€3,523
Taxes
+€717
Result 2025
€3,940
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.
From operations
+€123,974
Investment
-€2,150
Financing
-€106,853
Cash 2024
€19,773
From operations (derived)
+€123,974
Net result for the year
+€3,940
Depreciation
+€90,506
Receivables within one year
+€8,308
Deferred charges and accrued income
-€2,780
Trade debts
+€14,719
Tax, wage and social debts
-€4,357
Other debts
+€12,389
Accrued charges and deferred income
+€1,247
Investment (derived)
-€2,150
Investment in fixed assets (net)
-€2,150
Financing
-€106,853
Debts after one year
-€101,611
Short-term financial debts
-€1,499
Contributions, distributions and other
-€3,743
Cash 2025
€34,744
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,072,635 | €1,993,721 | -€78,914 | -3.8% |
| Fixed assets | 21/28 | €1,995,382 | €1,907,026 | -€88,356 | -4.4% |
| Tangible fixed assets | 22/27 | €1,995,382 | €1,907,026 | -€88,356 | -4.4% |
| Land and buildings | 22 | €1,993,402 | €1,905,817 | -€87,585 | -4.4% |
| Plant, machinery and equipment | 23 | €1,980 | €1,209 | -€771 | -38.9% |
| Current assets | 29/58 | €77,253 | €86,694 | +€9,442 | +12.2% |
| Amounts receivable within one year | 40/41 | €55,954 | €47,645 | -€8,308 | -14.8% |
| Trade receivables | 40 | €55,523 | €47,214 | -€8,308 | -15.0% |
| Other amounts receivable | 41 | €431 | €431 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €19,773 | €34,744 | +€14,970 | +75.7% |
| Deferred charges and accrued income | 490/1 | €1,526 | €4,305 | +€2,780 | +182.2% |
| Total equity and liabilities | 10/49 | €2,072,635 | €1,993,721 | -€78,914 | -3.8% |
| Equity | 10/15 | €785,315 | €785,512 | +€197 | 0.0% |
| Contributions | 10/11 | €700,000 | €700,000 | = | 0.0% |
| Capital | 10 | €700,000 | €700,000 | = | 0.0% |
| Issued capital | 100 | €700,000 | €700,000 | = | 0.0% |
| Reserves | 13 | €163,000 | €163,197 | +€197 | +0.1% |
| Non-distributable reserves | 130/1 | €11,000 | €11,197 | +€197 | +1.8% |
| Legal reserve | 130 | €11,000 | €11,197 | +€197 | +1.8% |
| Distributable reserves | 133 | €152,000 | €152,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€77,684 | -€77,684 | = | 0.0% |
| Amounts payable | 17/49 | €1,287,320 | €1,208,208 | -€79,111 | -6.1% |
| Amounts payable after more than one year | 17 | €240,140 | €138,528 | -€101,611 | -42.3% |
| Financial debts | 170/4 | €240,140 | €138,528 | -€101,611 | -42.3% |
| Amounts payable within one year | 42/48 | €1,025,381 | €1,046,634 | +€21,253 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €101,611 | €101,611 | = | 0.0% |
| Financial debts | 43 | €152,223 | €150,725 | -€1,499 | -1.0% |
| Credit institutions | 430/8 | €152,223 | €150,725 | -€1,499 | -1.0% |
| Trade debts | 44 | €4,236 | €18,956 | +€14,719 | +347.5% |
| Suppliers | 440/4 | €4,236 | €18,956 | +€14,719 | +347.5% |
| Taxes, remuneration and social security | 45 | €5,069 | €713 | -€4,357 | -85.9% |
| Taxes | 450/3 | €5,069 | €713 | -€4,357 | -85.9% |
| Other amounts payable | 47/48 | €762,240 | €774,630 | +€12,389 | +1.6% |
| Accrued charges and deferred income | 492/3 | €21,800 | €23,046 | +€1,247 | +5.7% |
| Non-recurring operating income | 76A | - | €3,620 | +€3,620 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,709 | €90,506 | +€797 | +0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,000 | - | -€8,000 | |
| Other operating charges | 640/8 | €33,835 | €34,165 | +€330 | +1.0% |
| Gross operating margin | 9900 | €175,941 | €161,944 | -€13,997 | -8.0% |
| Operating profit (loss) | 9901 | €44,398 | €37,273 | -€7,125 | -16.0% |
| Financial charges | 65/66B | €35,503 | €31,980 | -€3,523 | -9.9% |
| Recurring financial charges | 65 | €35,503 | €31,980 | -€3,523 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €8,895 | €5,293 | -€3,602 | -40.5% |
| Income taxes | 67/77 | €2,069 | €1,353 | -€717 | -34.6% |
| Profit (loss) for the period | 9904 | €6,826 | €3,940 | -€2,886 | -42.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,826 | €3,940 | -€2,886 | -42.3% |
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 10 October 2026 via checked.be.