LISARDE: 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.
LISARDE
Largest movements
- Tangible fixed assets +€59,282
up €59,282 (+17.8%), from €332,381 to €391,663
of which Land and buildings: +€72,016
- Receivables within one year +€24,949
up €24,949 (+598.7%), from €4,167 to €29,116
of which Trade receivables: +€25,858
- Stocks and contracts +€17,459
up €17,459 (+2.4%), from €737,666 to €755,125
- Cash +€17,141
up €17,141 (+33.6%), from €51,002 to €68,143
mainly Depreciation (+€90,439) and Debts after one year (+€80,023)
- Debts after one year +€80,023
up €80,023 (+13.7%), from €585,066 to €665,088
of which Financial debts: +€80,023
- Trade debts -€43,944
down €43,944 (-64.5%), from €68,106 to €24,162
- Reserves +€40,475
up €40,475 (+13.3%), from €303,601 to €344,076
of which Distributable reserves: +€40,475
- Tax, wage and social debts +€18,297
up €18,297 (+59.4%), from €30,786 to €49,082
of which Taxes: +€16,374
- Gross operating margin +€64,766
up €64,766 (+27.4%), from €236,649 to €301,415
- Staff costs +€25,495
up €25,495 (+29.9%), from €85,387 to €110,882
- Depreciation +€22,981
up €22,981 (+34.1%), from €67,457 to €90,439
- Financial charges -€6,357
down €6,357 (-14.2%), from €44,874 to €38,517
- Taxes +€5,572
up €5,572 (+41.3%), from €13,484 to €19,056
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 | €1,125,259 | €1,247,505 | +€122,246 | +10.9% |
| Fixed assets | 21/28 | €332,381 | €395,077 | +€62,696 | +18.9% |
| Intangible fixed assets | 21 | - | €1,914 | +€1,914 | |
| Tangible fixed assets | 22/27 | €332,381 | €391,663 | +€59,282 | +17.8% |
| Land and buildings | 22 | €212,049 | €284,065 | +€72,016 | +34.0% |
| Plant, machinery and equipment | 23 | €49,163 | €60,423 | +€11,260 | +22.9% |
| Furniture and vehicles | 24 | €71,169 | €47,175 | -€23,994 | -33.7% |
| Financial fixed assets | 28 | - | €1,500 | +€1,500 | |
| Current assets | 29/58 | €792,878 | €852,428 | +€59,550 | +7.5% |
| Stocks and contracts in progress | 3 | €737,666 | €755,125 | +€17,459 | +2.4% |
| Stocks | 30/36 | €737,666 | €755,125 | +€17,459 | +2.4% |
| Amounts receivable within one year | 40/41 | €4,167 | €29,116 | +€24,949 | +598.7% |
| Trade receivables | 40 | €3,258 | €29,116 | +€25,858 | +793.6% |
| Other amounts receivable | 41 | €909 | €0 | -€909 | -100.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €51,002 | €68,143 | +€17,141 | +33.6% |
| Deferred charges and accrued income | 490/1 | €42 | €44 | +€2 | +3.7% |
| Total equity and liabilities | 10/49 | €1,125,259 | €1,247,505 | +€122,246 | +10.9% |
| Equity | 10/15 | €365,601 | €406,076 | +€40,475 | +11.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €303,601 | €344,076 | +€40,475 | +13.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,857 | €7,857 | = | 0.0% |
| Distributable reserves | 133 | €289,544 | €330,020 | +€40,475 | +14.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €759,658 | €841,429 | +€81,771 | +10.8% |
| Amounts payable after more than one year | 17 | €585,066 | €665,088 | +€80,023 | +13.7% |
| Financial debts | 170/4 | €182,868 | €262,890 | +€80,023 | +43.8% |
| Other amounts payable | 178/9 | €402,198 | €402,198 | = | 0.0% |
| Amounts payable within one year | 42/48 | €126,788 | €124,269 | -€2,519 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €27,895 | €39,650 | +€11,755 | +42.1% |
| Trade debts | 44 | €68,106 | €24,162 | -€43,944 | -64.5% |
| Suppliers | 440/4 | €68,106 | €24,162 | -€43,944 | -64.5% |
| Advances received on contracts in progress | 46 | - | €11,373 | +€11,373 | |
| Taxes, remuneration and social security | 45 | €30,786 | €49,082 | +€18,297 | +59.4% |
| Taxes | 450/3 | €13,872 | €30,246 | +€16,374 | +118.0% |
| Remuneration and social security | 454/9 | €16,914 | €18,836 | +€1,922 | +11.4% |
| Accrued charges and deferred income | 492/3 | €47,805 | €52,072 | +€4,268 | +8.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €85,387 | €110,882 | +€25,495 | +29.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,457 | €90,439 | +€22,981 | +34.1% |
| Other operating charges | 640/8 | €6,594 | €11,104 | +€4,509 | +68.4% |
| Gross operating margin | 9900 | €236,649 | €301,415 | +€64,766 | +27.4% |
| Operating profit (loss) | 9901 | €77,210 | €88,990 | +€11,780 | +15.3% |
| Financial income | 75/76B | €13,984 | €12,068 | -€1,916 | -13.7% |
| Recurring financial income | 75 | €13,984 | €12,068 | -€1,916 | -13.7% |
| Financial charges | 65/66B | €44,874 | €38,517 | -€6,357 | -14.2% |
| Recurring financial charges | 65 | €44,874 | €38,517 | -€6,357 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €46,320 | €62,541 | +€16,221 | +35.0% |
| Income taxes | 67/77 | €13,484 | €19,056 | +€5,572 | +41.3% |
| Profit (loss) for the period | 9904 | €32,836 | €43,485 | +€10,649 | +32.4% |
| Profit (loss) for the period to be appropriated | 9905 | €32,836 | €43,485 | +€10,649 | +32.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.