LISAX: 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.
LISAX
Largest movements
- Tangible fixed assets -€381,322
down €381,322 (-6.9%), from €5.5m to €5.1m
- Cash +€198,153
up €198,153 (+46.1%), from €429,652 to €627,805
mainly Investment in fixed assets (net) (+€260,563) and Depreciation (+€120,759)
- Reserves -€132,475
down €132,475 (-5.1%), from €2.6m to €2.5m
of which Tax-exempt reserves: -€135,295
- Other debts +€81,864
up €81,864 (+9.0%), from €909,717 to €991,581
- Gross operating margin -€444,090
down €444,090 (-53.6%), from €827,768 to €383,678
- Financial charges -€33,188
down €33,188 (-16.2%), from €204,373 to €171,185
- Taxes +€17,714
up €17,714 (+56.6%), from €31,288 to €49,002
- Financial income -€16,999
down €16,999 (-44.0%), from €38,652 to €21,653
- Other operating charges -€9,555
down €9,555 (-22.1%), from €43,292 to €33,737
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 | €7,089,560 | €6,897,483 | -€192,077 | -2.7% |
| Fixed assets | 21/28 | €5,489,961 | €5,108,639 | -€381,322 | -6.9% |
| Tangible fixed assets | 22/27 | €5,489,961 | €5,108,639 | -€381,322 | -6.9% |
| Land and buildings | 22 | €5,489,961 | €5,108,639 | -€381,322 | -6.9% |
| Current assets | 29/58 | €1,599,599 | €1,788,844 | +€189,245 | +11.8% |
| Amounts receivable within one year | 40/41 | €60,926 | €41,052 | -€19,874 | -32.6% |
| Trade receivables | 40 | €3,630 | €3,630 | = | 0.0% |
| Other amounts receivable | 41 | €57,296 | €37,422 | -€19,874 | -34.7% |
| Current investments | 50/53 | €1,107,838 | €1,118,297 | +€10,459 | +0.9% |
| Cash at bank and in hand | 54/58 | €429,652 | €627,805 | +€198,153 | +46.1% |
| Deferred charges and accrued income | 490/1 | €1,183 | €1,689 | +€506 | +42.8% |
| Total equity and liabilities | 10/49 | €7,089,560 | €6,897,483 | -€192,077 | -2.7% |
| Equity | 10/15 | €3,431,365 | €3,233,712 | -€197,653 | -5.8% |
| Contributions | 10/11 | €818,049 | €752,869 | -€65,180 | -8.0% |
| Capital | 10 | €818,049 | €752,869 | -€65,180 | -8.0% |
| Issued capital | 100 | €818,049 | €752,869 | -€65,180 | -8.0% |
| Reserves | 13 | €2,613,317 | €2,480,842 | -€132,475 | -5.1% |
| Non-distributable reserves | 130/1 | €81,805 | €75,287 | -€6,518 | -8.0% |
| Legal reserve | 130 | €81,805 | €75,287 | -€6,518 | -8.0% |
| Tax-exempt reserves | 132 | €822,895 | €687,600 | -€135,295 | -16.4% |
| Distributable reserves | 133 | €1,708,616 | €1,717,956 | +€9,340 | +0.5% |
| Provisions and deferred taxes | 16 | €274,298 | €229,200 | -€45,098 | -16.4% |
| Deferred taxes | 168 | €274,298 | €229,200 | -€45,098 | -16.4% |
| Amounts payable | 17/49 | €3,383,896 | €3,434,571 | +€50,675 | +1.5% |
| Amounts payable after more than one year | 17 | €2,400,000 | €2,400,000 | = | 0.0% |
| Other amounts payable | 178/9 | €2,400,000 | €2,400,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €947,414 | €1,003,519 | +€56,105 | +5.9% |
| Trade debts | 44 | €34,697 | €11,182 | -€23,515 | -67.8% |
| Suppliers | 440/4 | €34,697 | €11,182 | -€23,515 | -67.8% |
| Taxes, remuneration and social security | 45 | €3,000 | €756 | -€2,244 | -74.8% |
| Taxes | 450/3 | €3,000 | €756 | -€2,244 | -74.8% |
| Other amounts payable | 47/48 | €909,717 | €991,581 | +€81,864 | +9.0% |
| Accrued charges and deferred income | 492/3 | €36,482 | €31,052 | -€5,430 | -14.9% |
| Non-recurring operating income | 76A | €412,225 | €0 | -€412,225 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,270 | €120,759 | -€2,511 | -2.0% |
| Other operating charges | 640/8 | €43,292 | €33,737 | -€9,555 | -22.1% |
| Gross operating margin | 9900 | €827,768 | €383,678 | -€444,090 | -53.6% |
| Operating profit (loss) | 9901 | €661,207 | €229,182 | -€432,025 | -65.3% |
| Financial income | 75/76B | €38,652 | €21,653 | -€16,999 | -44.0% |
| Recurring financial income | 75 | €38,652 | €21,653 | -€16,999 | -44.0% |
| Financial charges | 65/66B | €204,373 | €171,185 | -€33,188 | -16.2% |
| Recurring financial charges | 65 | €204,373 | €171,185 | -€33,188 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | €495,486 | €79,650 | -€415,836 | -83.9% |
| Transfer from deferred taxes | 780 | €8,080 | €28,707 | +€20,627 | +255.3% |
| Transfer to deferred taxes | 680 | €101,349 | €0 | -€101,349 | -100.0% |
| Income taxes | 67/77 | €31,288 | €49,002 | +€17,714 | +56.6% |
| Profit (loss) for the period | 9904 | €370,929 | €59,355 | -€311,574 | -84.0% |
| Transfer from tax-exempt reserves | 789 | €24,239 | €86,121 | +€61,882 | +255.3% |
| Transfer to tax-exempt reserves | 689 | €304,048 | €0 | -€304,048 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €91,120 | €145,476 | +€54,356 | +59.7% |
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 30 September 2026 via checked.be.