LIWA: 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.
LIWA
Largest movements
- Cash +€23,605
up €23,605 (+54.4%), from €43,358 to €66,964
mainly Net result for the year (+€398,295)
- Reserves +€398,295
up €398,295 (+6650.9%), from €5,989 to €404,283
- Debts after one year -€345,454
down €345,454 (-26.4%), from €1.3m to €961,689
- Financial income +€337,500
new in 2025: €337,500
- Gross operating margin +€67,592
up €67,592 (+144.6%), from €46,760 to €114,352
- Taxes +€13,672
up €13,672 (+913.2%), from €1,497 to €15,169
- Depreciation -€2,304
down €2,304 (-100.0%), from €2,304 to €0
- Financial charges +€2,048
up €2,048 (+5.7%), from €36,221 to €38,269
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 | €2,305,458 | €2,334,167 | +€28,709 | +1.2% |
| Fixed assets | 21/28 | €2,250,000 | €2,250,000 | = | 0.0% |
| Financial fixed assets | 28 | €2,250,000 | €2,250,000 | = | 0.0% |
| Current assets | 29/58 | €55,458 | €84,167 | +€28,709 | +51.8% |
| Amounts receivable within one year | 40/41 | €12,100 | €17,204 | +€5,104 | +42.2% |
| Trade receivables | 40 | €12,100 | €12,372 | +€272 | +2.3% |
| Other amounts receivable | 41 | - | €4,831 | +€4,831 | |
| Cash at bank and in hand | 54/58 | €43,358 | €66,964 | +€23,605 | +54.4% |
| Total equity and liabilities | 10/49 | €2,305,458 | €2,334,167 | +€28,709 | +1.2% |
| Equity | 10/15 | €610,989 | €1,009,283 | +€398,295 | +65.2% |
| Contributions | 10/11 | €605,000 | €605,000 | = | 0.0% |
| Reserves | 13 | €5,989 | €404,283 | +€398,295 | +6650.9% |
| Distributable reserves | 133 | €5,989 | €404,283 | +€398,295 | +6650.9% |
| Amounts payable | 17/49 | €1,694,470 | €1,324,884 | -€369,586 | -21.8% |
| Amounts payable after more than one year | 17 | €1,307,143 | €961,689 | -€345,454 | -26.4% |
| Financial debts | 170/4 | €1,307,143 | €961,689 | -€345,454 | -26.4% |
| Amounts payable within one year | 42/48 | €352,133 | €348,576 | -€3,557 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €342,857 | €340,653 | -€2,205 | -0.6% |
| Trade debts | 44 | €303 | €272 | -€30 | -10.0% |
| Suppliers | 440/4 | €303 | €272 | -€30 | -10.0% |
| Taxes, remuneration and social security | 45 | €8,973 | €7,651 | -€1,322 | -14.7% |
| Taxes | 450/3 | €8,973 | €7,651 | -€1,322 | -14.7% |
| Accrued charges and deferred income | 492/3 | €35,194 | €14,619 | -€20,575 | -58.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,304 | €0 | -€2,304 | -100.0% |
| Other operating charges | 640/8 | €749 | €120 | -€629 | -84.0% |
| Gross operating margin | 9900 | €46,760 | €114,352 | +€67,592 | +144.6% |
| Operating profit (loss) | 9901 | €43,707 | €114,232 | +€70,526 | +161.4% |
| Financial income | 75/76B | - | €337,500 | +€337,500 | |
| Recurring financial income | 75 | - | €337,500 | +€337,500 | |
| Financial charges | 65/66B | €36,221 | €38,269 | +€2,048 | +5.7% |
| Recurring financial charges | 65 | €36,221 | €38,269 | +€2,048 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | €7,486 | €413,464 | +€405,978 | +5423.4% |
| Income taxes | 67/77 | €1,497 | €15,169 | +€13,672 | +913.2% |
| Profit (loss) for the period | 9904 | €5,989 | €398,295 | +€392,306 | +6550.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,989 | €398,295 | +€392,306 | +6550.9% |
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 7 October 2026 via checked.be.