Listho: 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.
Listho
Largest movements
- Cash -€45,035
down €45,035 (-78.5%), from €57,379 to €12,344
mainly Net result for the year (-€53,189) and Debts after one year (-€44,781)
- Receivables within one year -€27,183
down €27,183 (-58.4%), from €46,541 to €19,358
of which Trade receivables: -€19,917
- Intangible fixed assets -€18,821
down €18,821 (-13.0%), from €145,228 to €126,407
- Tangible fixed assets -€10,109
down €10,109 (-8.6%), from €118,154 to €108,045
of which Furniture and vehicles: -€7,221
- Profit (loss) carried forward -€53,189
new in 2025: -€53,189
- Debts after one year -€44,781
down €44,781 (-32.9%), from €136,028 to €91,247
- Other debts -€10,627
down €10,627 (-47.3%), from €22,462 to €11,836
- Trade debts +€8,371
up €8,371 (+31.6%), from €26,453 to €34,825
- Tax, wage and social debts -€6,711
down €6,711 (-10.0%), from €67,125 to €60,414
of which Taxes: -€3,780
- Gross operating margin -€130,536
down €130,536 (-36.3%), from €359,567 to €229,031
- Staff costs -€40,199
down €40,199 (-17.9%), from €224,294 to €184,095
- Financial charges +€25,297
up €25,297 (+379.1%), from €6,673 to €31,970
- Taxes -€15,300
down €15,300 (-97.8%), from €15,648 to €348
- Depreciation +€9,453
up €9,453 (+17.6%), from €53,614 to €63,068
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 | €431,030 | €327,055 | -€103,975 | -24.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €263,382 | €234,452 | -€28,931 | -11.0% |
| Intangible fixed assets | 21 | €145,228 | €126,407 | -€18,821 | -13.0% |
| Tangible fixed assets | 22/27 | €118,154 | €108,045 | -€10,109 | -8.6% |
| Plant, machinery and equipment | 23 | €103,509 | €100,621 | -€2,888 | -2.8% |
| Furniture and vehicles | 24 | €14,645 | €7,424 | -€7,221 | -49.3% |
| Current assets | 29/58 | €167,647 | €92,603 | -€75,044 | -44.8% |
| Stocks and contracts in progress | 3 | €60,698 | €60,698 | = | 0.0% |
| Stocks | 30/36 | €60,698 | €60,698 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €46,541 | €19,358 | -€27,183 | -58.4% |
| Trade receivables | 40 | €20,451 | €534 | -€19,917 | -97.4% |
| Other amounts receivable | 41 | €26,090 | €18,824 | -€7,266 | -27.9% |
| Cash at bank and in hand | 54/58 | €57,379 | €12,344 | -€45,035 | -78.5% |
| Deferred charges and accrued income | 490/1 | €3,030 | €204 | -€2,826 | -93.3% |
| Total equity and liabilities | 10/49 | €431,030 | €327,055 | -€103,975 | -24.1% |
| Equity | 10/15 | €88,753 | €35,564 | -€53,189 | -59.9% |
| Contributions | 10/11 | €34,000 | €34,000 | = | 0.0% |
| Reserves | 13 | €54,753 | €54,753 | = | 0.0% |
| Distributable reserves | 133 | €54,753 | €54,753 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€53,189 | -€53,189 | |
| Amounts payable | 17/49 | €342,276 | €291,490 | -€50,786 | -14.8% |
| Amounts payable after more than one year | 17 | €136,028 | €91,247 | -€44,781 | -32.9% |
| Financial debts | 170/4 | €136,028 | €91,247 | -€44,781 | -32.9% |
| Amounts payable within one year | 42/48 | €206,249 | €200,244 | -€6,005 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €90,209 | €93,169 | +€2,961 | +3.3% |
| Trade debts | 44 | €26,453 | €34,825 | +€8,371 | +31.6% |
| Suppliers | 440/4 | €26,453 | €34,825 | +€8,371 | +31.6% |
| Taxes, remuneration and social security | 45 | €67,125 | €60,414 | -€6,711 | -10.0% |
| Taxes | 450/3 | €47,348 | €43,568 | -€3,780 | -8.0% |
| Remuneration and social security | 454/9 | €19,776 | €16,846 | -€2,930 | -14.8% |
| Other amounts payable | 47/48 | €22,462 | €11,836 | -€10,627 | -47.3% |
| Non-recurring operating income | 76A | €5,402 | - | -€5,402 | |
| Remuneration, social security and pensions | 62 | €224,294 | €184,095 | -€40,199 | -17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,614 | €63,068 | +€9,453 | +17.6% |
| Other operating charges | 640/8 | €820 | €4,415 | +€3,595 | +438.3% |
| Non-recurring operating charges | 66A | €1,961 | - | -€1,961 | |
| Gross operating margin | 9900 | €359,567 | €229,031 | -€130,536 | -36.3% |
| Operating profit (loss) | 9901 | €78,878 | -€22,548 | -€101,425 | |
| Financial income | 75/76B | €1,518 | €1,677 | +€159 | +10.5% |
| Recurring financial income | 75 | €1,518 | €1,677 | +€159 | +10.5% |
| Financial charges | 65/66B | €6,673 | €31,970 | +€25,297 | +379.1% |
| Recurring financial charges | 65 | €6,673 | €31,970 | +€25,297 | +379.1% |
| Profit (loss) for the period before taxes | 9903 | €73,722 | -€52,841 | -€126,563 | |
| Income taxes | 67/77 | €15,648 | €348 | -€15,300 | -97.8% |
| Profit (loss) for the period | 9904 | €58,075 | -€53,189 | -€111,263 | |
| Profit (loss) for the period to be appropriated | 9905 | €58,075 | -€53,189 | -€111,263 |
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.