LISTAN: 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.
LISTAN
Largest movements
- Cash -€474,619
down €474,619 (-59.2%), from €801,989 to €327,370
mainly Current investments (-€439,964) and Investment in fixed assets (net) (-€71,699)
- Current investments +€439,964
up €439,964 (+52.6%), from €836,352 to €1.3m
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€83,994
down €83,994, from €52,830 to -€31,164
- Financial charges -€5,933
down €5,933 (-28.0%), from €21,151 to €15,219
- Other operating charges -€4,358
down €4,358 (-30.4%), from €14,332 to €9,973
- Depreciation +€3,201
up €3,201 (+4.4%), from €73,324 to €76,525
- Financial income -€1,943
down €1,943 (-1.7%), from €115,893 to €113,949
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 | €4,006,121 | €3,967,306 | -€38,815 | -1.0% |
| Fixed assets | 21/28 | €2,336,872 | €2,332,045 | -€4,827 | -0.2% |
| Tangible fixed assets | 22/27 | €2,154,405 | €2,150,245 | -€4,160 | -0.2% |
| Land and buildings | 22 | €2,153,524 | €2,149,554 | -€3,969 | -0.2% |
| Plant, machinery and equipment | 23 | €881 | €691 | -€191 | -21.6% |
| Financial fixed assets | 28 | €182,467 | €181,800 | -€667 | -0.4% |
| Current assets | 29/58 | €1,669,249 | €1,635,261 | -€33,988 | -2.0% |
| Amounts receivable within one year | 40/41 | €30,908 | €31,575 | +€667 | +2.2% |
| Other amounts receivable | 41 | €30,908 | €31,575 | +€667 | +2.2% |
| Current investments | 50/53 | €836,352 | €1,276,316 | +€439,964 | +52.6% |
| Cash at bank and in hand | 54/58 | €801,989 | €327,370 | -€474,619 | -59.2% |
| Total equity and liabilities | 10/49 | €4,006,121 | €3,967,306 | -€38,815 | -1.0% |
| Equity | 10/15 | €3,964,881 | €3,942,055 | -€22,826 | -0.6% |
| Contributions | 10/11 | €659,551 | €659,551 | = | 0.0% |
| Reserves | 13 | €3,480,625 | €3,480,625 | = | 0.0% |
| Non-distributable reserves | 130/1 | €251,285 | €251,285 | = | 0.0% |
| Reserves not available under the articles | 1311 | €251,285 | €251,285 | = | 0.0% |
| Distributable reserves | 133 | €3,229,340 | €3,229,340 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€175,296 | -€198,122 | -€22,826 | -13.0% |
| Amounts payable | 17/49 | €41,240 | €25,251 | -€15,989 | -38.8% |
| Amounts payable after more than one year | 17 | €13,948 | - | -€13,948 | |
| Financial debts | 170/4 | €13,948 | - | -€13,948 | |
| Amounts payable within one year | 42/48 | €27,293 | €25,251 | -€2,041 | -7.5% |
| Current portion of amounts payable after more than one year | 42 | €20,752 | €13,948 | -€6,804 | -32.8% |
| Trade debts | 44 | €574 | €8,024 | +€7,450 | +1297.7% |
| Suppliers | 440/4 | €574 | €8,024 | +€7,450 | +1297.7% |
| Taxes, remuneration and social security | 45 | €2,580 | - | -€2,580 | |
| Taxes | 450/3 | €2,580 | - | -€2,580 | |
| Other amounts payable | 47/48 | €3,387 | €3,280 | -€107 | -3.2% |
| Non-recurring operating income | 76A | €86,904 | - | -€86,904 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,324 | €76,525 | +€3,201 | +4.4% |
| Other operating charges | 640/8 | €14,332 | €9,973 | -€4,358 | -30.4% |
| Gross operating margin | 9900 | €52,830 | -€31,164 | -€83,994 | |
| Operating profit (loss) | 9901 | -€34,826 | -€117,663 | -€82,837 | -237.9% |
| Financial income | 75/76B | €115,893 | €113,949 | -€1,943 | -1.7% |
| Recurring financial income | 75 | €115,893 | €113,949 | -€1,943 | -1.7% |
| Financial charges | 65/66B | €21,151 | €15,219 | -€5,933 | -28.0% |
| Recurring financial charges | 65 | €21,151 | €15,219 | -€5,933 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | €59,915 | -€18,932 | -€78,847 | |
| Income taxes | 67/77 | €5,617 | €3,894 | -€1,723 | -30.7% |
| Profit (loss) for the period | 9904 | €54,298 | -€22,826 | -€77,124 | |
| Profit (loss) for the period to be appropriated | 9905 | €54,298 | -€22,826 | -€77,124 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.