LIVE LAUD: 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.
LIVE LAUD
Largest movements
- Receivables within one year +€2.3m
up €2.3m (+51.7%), from €4.4m to €6.6m
of which Trade receivables: +€2.4m
- Cash +€1.2m
up €1.2m (+102%), from €1.2m to €2.4m
mainly Short-term financial debts (+€1.5m) and Stocks and contracts (+€954,027)
- Stocks and contracts -€954,027
down €954,027 (-36.1%), from €2.6m to €1.7m
- Deferred charges and accrued income +€140,660
up €140,660 (+271%), from €51,957 to €192,617
- Short-term financial debts +€1.5m
new in 2025: €1.5m
- Tax, wage and social debts +€436,355
up €436,355 (+984%), from €44,346 to €480,701
of which Taxes: +€435,923
- Profit (loss) carried forward +€340,304
up €340,304 (+8.5%), from €4.0m to €4.4m
- Trade debts +€237,261
up €237,261 (+48.7%), from €487,206 to €724,467
- Gross operating margin +€764,938
up €764,938, from -€201,054 to €563,884
- Financial income +€485,597
up €485,597 (+4,321%), from €11,239 to €496,836
- Staff costs -€42,181
down €42,181 (-9.2%), from €460,496 to €418,315
- Provisions +€19,571
no longer reported in 2025 (was -€19,571)
- Financial charges +€12,251
up €12,251 (+8.8%), from €138,815 to €151,066
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.
Derived cash bridge
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 | €9,422,777 | €12,019,605 | +€2.6m | +27.6% |
| Fixed assets | 21/28 | €1,146,996 | €1,075,944 | -€71,052 | -6.2% |
| Intangible fixed assets | 21 | €95,888 | €64,273 | -€31,614 | -33.0% |
| Tangible fixed assets | 22/27 | €661,268 | €621,831 | -€39,437 | -6.0% |
| Land and buildings | 22 | €618,237 | €597,631 | -€20,606 | -3.3% |
| Plant, machinery and equipment | 23 | €2,179 | €1,635 | -€544 | -25.0% |
| Furniture and vehicles | 24 | €40,852 | €22,565 | -€18,287 | -44.8% |
| Financial fixed assets | 28 | €389,840 | €389,840 | = | 0.0% |
| Current assets | 29/58 | €8,275,781 | €10,943,660 | +€2.7m | +32.2% |
| Stocks and contracts in progress | 3 | €2,642,940 | €1,688,913 | -€954,027 | -36.1% |
| Contracts in progress | 37 | €2,642,940 | €1,688,913 | -€954,027 | -36.1% |
| Amounts receivable within one year | 40/41 | €4,382,699 | €6,646,832 | +€2.3m | +51.7% |
| Trade receivables | 40 | €278,209 | €2,703,520 | +€2.4m | +872% |
| Other amounts receivable | 41 | €4,104,490 | €3,943,313 | -€161,177 | -3.9% |
| Cash at bank and in hand | 54/58 | €1,198,185 | €2,415,299 | +€1.2m | +102% |
| Deferred charges and accrued income | 490/1 | €51,957 | €192,617 | +€140,660 | +271% |
| Total equity and liabilities | 10/49 | €9,422,777 | €12,019,605 | +€2.6m | +27.6% |
| Equity | 10/15 | €4,039,715 | €4,380,019 | +€340,304 | +8.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,112 | €4,112 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €2,252 | €4,112 | +€1,860 | +82.6% |
| Profit (loss) carried forward | 14 | €4,017,003 | €4,357,307 | +€340,304 | +8.5% |
| Amounts payable | 17/49 | €5,383,062 | €7,639,586 | +€2.3m | +41.9% |
| Amounts payable after more than one year | 17 | €438,825 | €433,815 | -€5,011 | -1.1% |
| Other amounts payable | 178/9 | €438,825 | €433,815 | -€5,011 | -1.1% |
| Amounts payable within one year | 42/48 | €4,944,237 | €7,201,804 | +€2.3m | +45.7% |
| Financial debts | 43 | - | €1,539,314 | +€1.5m | |
| Credit institutions | 430/8 | - | €1,539,314 | +€1.5m | |
| Trade debts | 44 | €487,206 | €724,467 | +€237,261 | +48.7% |
| Suppliers | 440/4 | €487,206 | €724,467 | +€237,261 | +48.7% |
| Taxes, remuneration and social security | 45 | €44,346 | €480,701 | +€436,355 | +984% |
| Taxes | 450/3 | €6,258 | €442,181 | +€435,923 | +6,966% |
| Remuneration and social security | 454/9 | €38,088 | €38,520 | +€432 | +1.1% |
| Other amounts payable | 47/48 | €4,412,685 | €4,457,322 | +€44,637 | +1.0% |
| Accrued charges and deferred income | 492/3 | - | €3,968 | +€3,968 | |
| Non-recurring operating income | 76A | €26,293 | - | -€26,293 | |
| Remuneration, social security and pensions | 62 | €460,496 | €418,315 | -€42,181 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,581 | €71,052 | +€5,471 | +8.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€19,571 | - | +€19,571 | |
| Other operating charges | 640/8 | €1,770 | €1,825 | +€54 | +3.1% |
| Non-recurring operating charges | 66A | - | €594 | +€594 | |
| Gross operating margin | 9900 | -€201,054 | €563,884 | +€764,938 | |
| Operating profit (loss) | 9901 | -€709,331 | €72,099 | +€781,429 | |
| Financial income | 75/76B | €11,239 | €496,836 | +€485,597 | +4,321% |
| Recurring financial income | 75 | €11,239 | €496,836 | +€485,597 | +4,321% |
| Financial charges | 65/66B | €138,815 | €151,066 | +€12,251 | +8.8% |
| Recurring financial charges | 65 | €138,815 | €151,066 | +€12,251 | +8.8% |
| Profit (loss) for the period before taxes | 9903 | -€836,907 | €417,868 | +€1.3m | |
| Income taxes | 67/77 | €1,036 | €2,564 | +€1,528 | +147% |
| Profit (loss) for the period | 9904 | -€837,943 | €415,304 | +€1.3m | |
| Profit (loss) for the period to be appropriated | 9905 | -€837,943 | €415,304 | +€1.3m |
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 20 October 2026 via checked.be.