LISTIEN: 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.
LISTIEN
Largest movements
- Receivables within one year +€143,533
up €143,533 (+171.2%), from €83,854 to €227,387
of which Trade receivables: +€147,393
- Cash +€39,757
up €39,757 (+42.9%), from €92,634 to €132,391
mainly Trade debts (+€155,705) and Depreciation (+€63,399)
- Tangible fixed assets -€35,346
down €35,346 (-13.1%), from €270,573 to €235,228
of which Plant, machinery and equipment: -€18,759
- Stocks and contracts +€25,360
up €25,360 (+7.4%), from €340,611 to €365,971
- Trade debts +€155,705
up €155,705 (+244.2%), from €63,769 to €219,474
- Reserves +€62,884
up €62,884 (+25.7%), from €244,540 to €307,423
- Current portion of long-term debt -€59,368
down €59,368 (-58.3%), from €101,853 to €42,486
- Debts after one year +€17,514
up €17,514 (+29.0%), from €60,377 to €77,891
- Financial charges -€37,059
down €37,059 (-74.6%), from €49,661 to €12,601
- Financial income -€31,863
down €31,863 (-92.8%), from €34,352 to €2,489
- Gross operating margin +€9,378
up €9,378 (+3.8%), from €246,700 to €256,078
- Staff costs +€9,114
up €9,114 (+10.8%), from €84,017 to €93,131
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 | €788,697 | €961,817 | +€173,120 | +22.0% |
| Fixed assets | 21/28 | €270,573 | €235,228 | -€35,346 | -13.1% |
| Tangible fixed assets | 22/27 | €270,573 | €235,228 | -€35,346 | -13.1% |
| Land and buildings | 22 | €118,884 | €107,032 | -€11,851 | -10.0% |
| Plant, machinery and equipment | 23 | €96,654 | €77,895 | -€18,759 | -19.4% |
| Furniture and vehicles | 24 | €55,036 | €50,301 | -€4,735 | -8.6% |
| Current assets | 29/58 | €518,124 | €726,589 | +€208,466 | +40.2% |
| Stocks and contracts in progress | 3 | €340,611 | €365,971 | +€25,360 | +7.4% |
| Stocks | 30/36 | €340,611 | €365,971 | +€25,360 | +7.4% |
| Amounts receivable within one year | 40/41 | €83,854 | €227,387 | +€143,533 | +171.2% |
| Trade receivables | 40 | €79,192 | €226,585 | +€147,393 | +186.1% |
| Other amounts receivable | 41 | €4,661 | €802 | -€3,860 | -82.8% |
| Cash at bank and in hand | 54/58 | €92,634 | €132,391 | +€39,757 | +42.9% |
| Deferred charges and accrued income | 490/1 | €1,025 | €841 | -€184 | -18.0% |
| Total equity and liabilities | 10/49 | €788,697 | €961,817 | +€173,120 | +22.0% |
| Equity | 10/15 | €300,953 | €363,837 | +€62,884 | +20.9% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €244,540 | €307,423 | +€62,884 | +25.7% |
| Distributable reserves | 133 | €244,540 | €307,423 | +€62,884 | +25.7% |
| Profit (loss) carried forward | 14 | €6,414 | €6,414 | = | 0.0% |
| Amounts payable | 17/49 | €487,744 | €597,980 | +€110,236 | +22.6% |
| Amounts payable after more than one year | 17 | €60,377 | €77,891 | +€17,514 | +29.0% |
| Financial debts | 170/4 | €60,377 | €77,891 | +€17,514 | +29.0% |
| Amounts payable within one year | 42/48 | €427,367 | €520,089 | +€92,722 | +21.7% |
| Current portion of amounts payable after more than one year | 42 | €101,853 | €42,486 | -€59,368 | -58.3% |
| Financial debts | 43 | €230,000 | €230,000 | = | 0.0% |
| Credit institutions | 430/8 | €230,000 | €230,000 | = | 0.0% |
| Trade debts | 44 | €63,769 | €219,474 | +€155,705 | +244.2% |
| Suppliers | 440/4 | €63,769 | €219,474 | +€155,705 | +244.2% |
| Taxes, remuneration and social security | 45 | €22,896 | €19,831 | -€3,065 | -13.4% |
| Taxes | 450/3 | €8,771 | €7,021 | -€1,751 | -20.0% |
| Remuneration and social security | 454/9 | €14,125 | €12,810 | -€1,315 | -9.3% |
| Other amounts payable | 47/48 | €8,848 | €8,298 | -€550 | -6.2% |
| Non-recurring operating income | 76A | €522 | - | -€522 | |
| Remuneration, social security and pensions | 62 | €84,017 | €93,131 | +€9,114 | +10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,006 | €63,399 | +€1,393 | +2.2% |
| Other operating charges | 640/8 | €376 | - | -€376 | |
| Gross operating margin | 9900 | €246,700 | €256,078 | +€9,378 | +3.8% |
| Operating profit (loss) | 9901 | €100,301 | €99,548 | -€753 | -0.8% |
| Financial income | 75/76B | €34,352 | €2,489 | -€31,863 | -92.8% |
| Recurring financial income | 75 | €34,352 | €2,489 | -€31,863 | -92.8% |
| Financial charges | 65/66B | €49,661 | €12,601 | -€37,059 | -74.6% |
| Recurring financial charges | 65 | €49,661 | €12,601 | -€37,059 | -74.6% |
| Profit (loss) for the period before taxes | 9903 | €84,993 | €89,435 | +€4,443 | +5.2% |
| Income taxes | 67/77 | €25,545 | €26,552 | +€1,007 | +3.9% |
| Profit (loss) for the period | 9904 | €59,448 | €62,884 | +€3,436 | +5.8% |
| Profit (loss) for the period to be appropriated | 9905 | €59,448 | €62,884 | +€3,436 | +5.8% |
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.