Liz-Art: 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.
Liz-Art
Largest movements
- Receivables within one year +€14,629
up €14,629 (+83.3%), from €17,569 to €32,197
of which Other amounts receivable: +€12,119
- Tangible fixed assets +€8,445
up €8,445 (+118%), from €7,173 to €15,618
of which Other tangible fixed assets: +€7,511
- Deferred charges and accrued income +€3,038
up €3,038 (+287%), from €1,057 to €4,095
- Cash -€1,480
down €1,480 (-30.5%), from €4,856 to €3,376
mainly Receivables within one year (-€14,629) and Investment in fixed assets (net) (-€13,742)
- Tax, wage and social debts +€8,699
up €8,699 (+101%), from €8,602 to €17,301
of which Taxes: +€8,174
- Reserves +€7,628
up €7,628 (+82.0%), from €9,298 to €16,926
- Trade debts +€4,688
up €4,688 (+53.5%), from €8,761 to €13,448
- Short-term financial debts +€2,310
new in 2025: €2,310
- Other debts +€995
new in 2025: €995
- Depreciation +€3,919
up €3,919 (+284%), from €1,379 to €5,298
- Gross operating margin +€2,549
up €2,549 (+14.3%), from €17,875 to €20,424
- Financial charges +€1,223
up €1,223 (+454%), from €269 to €1,492
- Other operating charges +€628
up €628 (+58.6%), from €1,072 to €1,700
- Taxes -€439
down €439 (-7.9%), from €5,571 to €5,132
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 | €30,655 | €55,287 | +€24,632 | +80.4% |
| Fixed assets | 21/28 | €7,173 | €15,618 | +€8,445 | +118% |
| Tangible fixed assets | 22/27 | €7,173 | €15,618 | +€8,445 | +118% |
| Plant, machinery and equipment | 23 | €6,354 | €7,521 | +€1,167 | +18.4% |
| Furniture and vehicles | 24 | €819 | €586 | -€233 | -28.4% |
| Other tangible fixed assets | 26 | - | €7,511 | +€7,511 | |
| Current assets | 29/58 | €23,482 | €39,669 | +€16,187 | +68.9% |
| Amounts receivable within one year | 40/41 | €17,569 | €32,197 | +€14,629 | +83.3% |
| Trade receivables | 40 | €11,171 | €13,681 | +€2,510 | +22.5% |
| Other amounts receivable | 41 | €6,398 | €18,517 | +€12,119 | +189% |
| Cash at bank and in hand | 54/58 | €4,856 | €3,376 | -€1,480 | -30.5% |
| Deferred charges and accrued income | 490/1 | €1,057 | €4,095 | +€3,038 | +287% |
| Total equity and liabilities | 10/49 | €30,655 | €55,287 | +€24,632 | +80.4% |
| Equity | 10/15 | €11,798 | €19,426 | +€7,628 | +64.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €9,298 | €16,926 | +€7,628 | +82.0% |
| Distributable reserves | 133 | €9,298 | €16,926 | +€7,628 | +82.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €18,857 | €35,861 | +€17,003 | +90.2% |
| Amounts payable after more than one year | 17 | - | €854 | +€854 | |
| Financial debts | 170/4 | - | €854 | +€854 | |
| Amounts payable within one year | 42/48 | €17,362 | €34,450 | +€17,088 | +98.4% |
| Current portion of amounts payable after more than one year | 42 | - | €396 | +€396 | |
| Financial debts | 43 | - | €2,310 | +€2,310 | |
| Credit institutions | 430/8 | - | €2,310 | +€2,310 | |
| Trade debts | 44 | €8,761 | €13,448 | +€4,688 | +53.5% |
| Suppliers | 440/4 | €8,761 | €13,448 | +€4,688 | +53.5% |
| Taxes, remuneration and social security | 45 | €8,602 | €17,301 | +€8,699 | +101% |
| Taxes | 450/3 | €8,602 | €16,776 | +€8,174 | +95.0% |
| Remuneration and social security | 454/9 | - | €525 | +€525 | |
| Other amounts payable | 47/48 | - | €995 | +€995 | |
| Accrued charges and deferred income | 492/3 | €1,495 | €557 | -€938 | -62.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,379 | €5,298 | +€3,919 | +284% |
| Other operating charges | 640/8 | €1,072 | €1,700 | +€628 | +58.6% |
| Gross operating margin | 9900 | €17,875 | €20,424 | +€2,549 | +14.3% |
| Operating profit (loss) | 9901 | €15,424 | €13,426 | -€1,998 | -13.0% |
| Financial income | 75/76B | €698 | €826 | +€128 | +18.3% |
| Recurring financial income | 75 | €698 | €826 | +€128 | +18.3% |
| Financial charges | 65/66B | €269 | €1,492 | +€1,223 | +454% |
| Recurring financial charges | 65 | €269 | €1,492 | +€1,223 | +454% |
| Profit (loss) for the period before taxes | 9903 | €15,853 | €12,761 | -€3,092 | -19.5% |
| Income taxes | 67/77 | €5,571 | €5,132 | -€439 | -7.9% |
| Profit (loss) for the period | 9904 | €10,282 | €7,628 | -€2,653 | -25.8% |
| Profit (loss) for the period to be appropriated | 9905 | €10,282 | €7,628 | -€2,653 | -25.8% |
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 26 October 2026 via checked.be.