Liwanca: what changed
What changed
Liwanca
NACE 43.320, Joinery installation
filed annual accounts (NBB)
Net result for the year
€19,077
2024 · €25,581-€6,504
Equity
€526,153
2024 · €507,076+€19,077
Cash
€33,433
2024 · €54,286-€20,853
Balance sheet total
€1.5m
2024 · €1.2m+€263,349
Largest movements
Assets
- Tangible fixed assets +€289,929
up €289,929 (+25.7%), from €1.1m to €1.4m
of which Land and buildings: +€276,740
- Cash -€20,853
down €20,853 (-38.4%), from €54,286 to €33,433
mainly Investment in fixed assets (net) (-€344,049) and Debts after one year (-€29,299)
Equity and liabilities
- Other debts +€127,444
up €127,444 (+47.8%), from €266,397 to €393,842
- Current portion of long-term debt +€120,480
up €120,480 (+418%), from €28,819 to €149,299
- Debts after one year -€29,299
down €29,299 (-11.3%), from €259,101 to €229,802
- Trade debts +€25,841
up €25,841 (+617%), from €4,186 to €30,027
- Accrued charges and deferred income +€19,732
up €19,732 (+1,133%), from €1,741 to €21,473
Income statement
- Financial charges +€26,306
up €26,306 (+498%), from €5,280 to €31,586
- Gross operating margin +€10,663
up €10,663 (+9.5%), from €112,041 to €122,704
- Provisions -€5,321
down €5,321 (-100%), from €5,321 to €0
- Taxes +€4,682
up €4,682 (+26.0%), from €18,020 to €22,703
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€25,581
Gross operating margin
+€10,663
Depreciation
-€565
Provisions
+€5,321
Other operating charges
+€882
Financial income
-€157
Financial charges
-€26,306
Taxes
-€4,682
Deferred taxes and other
+€8,342
Result 2025
€19,077
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€232,016
Investment
-€344,049
Financing
+€91,181
Cash 2024
€54,286
From operations (derived)
+€232,016
Net result for the year
+€19,077
Depreciation
+€54,121
Stocks and contracts
+€1,500
Receivables within one year
+€3,979
Deferred charges and accrued income
+€248
Provisions
-€12,941
Trade debts
+€25,841
Tax, wage and social debts
-€6,985
Other debts
+€127,444
Accrued charges and deferred income
+€19,732
Investment (derived)
-€344,049
Investment in fixed assets (net)
-€344,049
Financing
+€91,181
Debts after one year
-€29,299
Current portion of long-term debt
+€120,480
Cash 2025
€33,433
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,224,079 | €1,487,428 | +€263,349 | +21.5% |
| Fixed assets | 21/28 | €1,129,515 | €1,419,444 | +€289,929 | +25.7% |
| Tangible fixed assets | 22/27 | €1,129,515 | €1,419,444 | +€289,929 | +25.7% |
| Land and buildings | 22 | €1,087,530 | €1,364,271 | +€276,740 | +25.4% |
| Plant, machinery and equipment | 23 | €918 | €95 | -€824 | -89.7% |
| Furniture and vehicles | 24 | €41,067 | €22,939 | -€18,128 | -44.1% |
| Other tangible fixed assets | 26 | - | €32,140 | +€32,140 | |
| Current assets | 29/58 | €94,564 | €67,984 | -€26,580 | -28.1% |
| Stocks and contracts in progress | 3 | €1,500 | €0 | -€1,500 | -100% |
| Stocks | 30/36 | €1,500 | €0 | -€1,500 | -100% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €37,129 | €33,150 | -€3,979 | -10.7% |
| Trade receivables | 40 | €36,603 | €32,598 | -€4,005 | -10.9% |
| Other amounts receivable | 41 | €526 | €552 | +€26 | +5.0% |
| Cash at bank and in hand | 54/58 | €54,286 | €33,433 | -€20,853 | -38.4% |
| Deferred charges and accrued income | 490/1 | €1,648 | €1,400 | -€248 | -15.0% |
| Total equity and liabilities | 10/49 | €1,224,079 | €1,487,428 | +€263,349 | +21.5% |
| Equity | 10/15 | €507,076 | €526,153 | +€19,077 | +3.8% |
| Contributions | 10/11 | €70,650 | €70,650 | = | 0.0% |
| Capital | 10 | €70,650 | €0 | -€70,650 | -100% |
| Issued capital | 100 | €70,650 | €0 | -€70,650 | -100% |
| Contributions outside capital | 11 | - | €70,650 | +€70,650 | |
| Other | 1109/19 | - | €70,650 | +€70,650 | |
| Reserves | 13 | €436,426 | €455,503 | +€19,077 | +4.4% |
| Non-distributable reserves | 130/1 | €1,287 | €4,182 | +€2,895 | +225% |
| Legal reserve | 130 | €1,287 | €4,182 | +€2,895 | +225% |
| Tax-exempt reserves | 132 | €410,693 | €371,868 | -€38,824 | -9.5% |
| Distributable reserves | 133 | €24,447 | €79,453 | +€55,006 | +225% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €136,898 | €123,956 | -€12,941 | -9.5% |
| Deferred taxes | 168 | €136,898 | €123,956 | -€12,941 | -9.5% |
| Amounts payable | 17/49 | €580,106 | €837,319 | +€257,213 | +44.3% |
| Amounts payable after more than one year | 17 | €259,101 | €229,802 | -€29,299 | -11.3% |
| Financial debts | 170/4 | €259,101 | €229,802 | -€29,299 | -11.3% |
| Amounts payable within one year | 42/48 | €319,264 | €586,044 | +€266,781 | +83.6% |
| Current portion of amounts payable after more than one year | 42 | €28,819 | €149,299 | +€120,480 | +418% |
| Trade debts | 44 | €4,186 | €30,027 | +€25,841 | +617% |
| Suppliers | 440/4 | €4,186 | €30,027 | +€25,841 | +617% |
| Taxes, remuneration and social security | 45 | €19,861 | €12,876 | -€6,985 | -35.2% |
| Taxes | 450/3 | €19,861 | €12,876 | -€6,985 | -35.2% |
| Other amounts payable | 47/48 | €266,397 | €393,842 | +€127,444 | +47.8% |
| Accrued charges and deferred income | 492/3 | €1,741 | €21,473 | +€19,732 | +1,133% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,555 | €54,121 | +€565 | +1.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €5,321 | €0 | -€5,321 | -100% |
| Other operating charges | 640/8 | €9,041 | €8,159 | -€882 | -9.8% |
| Gross operating margin | 9900 | €112,041 | €122,704 | +€10,663 | +9.5% |
| Operating profit (loss) | 9901 | €44,124 | €60,424 | +€16,300 | +36.9% |
| Financial income | 75/76B | €157 | €0 | -€157 | -100% |
| Recurring financial income | 75 | €157 | €0 | -€157 | -100% |
| Financial charges | 65/66B | €5,280 | €31,586 | +€26,306 | +498% |
| Recurring financial charges | 65 | €5,280 | €31,586 | +€26,306 | +498% |
| Profit (loss) for the period before taxes | 9903 | €39,001 | €28,838 | -€10,163 | -26.1% |
| Transfer from deferred taxes | 780 | €4,599 | €12,941 | +€8,342 | +181% |
| Income taxes | 67/77 | €18,020 | €22,703 | +€4,682 | +26.0% |
| Profit (loss) for the period | 9904 | €25,581 | €19,077 | -€6,504 | -25.4% |
| Transfer from tax-exempt reserves | 789 | €13,798 | €38,824 | +€25,026 | +181% |
| Profit (loss) for the period to be appropriated | 9905 | €39,379 | €57,902 | +€18,523 | +47.0% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.