LND: 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.
LND
Largest movements
- Tangible fixed assets -€44,858
down €44,858 (-4.4%), from €1.0m to €964,473
of which Land and buildings: -€35,325
- Cash +€32,746
up €32,746 (+11.1%), from €294,651 to €327,397
mainly Net result for the year (+€64,075) and Depreciation (+€44,858)
- Deferred charges and accrued income -€27,400
down €27,400 (-42.2%), from €64,999 to €37,599
- Current investments +€24,000
up €24,000 (+44.4%), from €54,000 to €78,000
- Receivables within one year +€15,182
new in 2025: €15,182
- Reserves +€60,000
up €60,000 (+33.3%), from €180,000 to €240,000
- Debts after one year -€41,153
down €41,153 (-18.8%), from €218,985 to €177,832
- Gross operating margin -€38,385
down €38,385 (-20.9%), from €183,660 to €145,275
- Taxes -€12,923
down €12,923 (-34.0%), from €38,037 to €25,114
- Depreciation +€2,356
up €2,356 (+5.5%), from €42,502 to €44,858
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 | €1,422,980 | €1,422,651 | -€329 | 0.0% |
| Fixed assets | 21/28 | €1,009,331 | €964,473 | -€44,858 | -4.4% |
| Tangible fixed assets | 22/27 | €1,009,331 | €964,473 | -€44,858 | -4.4% |
| Land and buildings | 22 | €981,870 | €946,545 | -€35,325 | -3.6% |
| Plant, machinery and equipment | 23 | €15,713 | €12,042 | -€3,671 | -23.4% |
| Furniture and vehicles | 24 | €11,748 | €5,886 | -€5,862 | -49.9% |
| Current assets | 29/58 | €413,649 | €458,178 | +€44,528 | +10.8% |
| Amounts receivable within one year | 40/41 | - | €15,182 | +€15,182 | |
| Other amounts receivable | 41 | - | €15,182 | +€15,182 | |
| Current investments | 50/53 | €54,000 | €78,000 | +€24,000 | +44.4% |
| Cash at bank and in hand | 54/58 | €294,651 | €327,397 | +€32,746 | +11.1% |
| Deferred charges and accrued income | 490/1 | €64,999 | €37,599 | -€27,400 | -42.2% |
| Total equity and liabilities | 10/49 | €1,422,980 | €1,422,651 | -€329 | 0.0% |
| Equity | 10/15 | €1,060,887 | €1,124,963 | +€64,075 | +6.0% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €180,000 | €240,000 | +€60,000 | +33.3% |
| Distributable reserves | 133 | €180,000 | €240,000 | +€60,000 | +33.3% |
| Profit (loss) carried forward | 14 | €866,627 | €870,703 | +€4,075 | +0.5% |
| Provisions and deferred taxes | 16 | €68,132 | €68,132 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €68,132 | €68,132 | = | 0.0% |
| Pensions and similar obligations | 160 | €68,132 | €68,132 | = | 0.0% |
| Amounts payable | 17/49 | €293,961 | €229,556 | -€64,405 | -21.9% |
| Amounts payable after more than one year | 17 | €218,985 | €177,832 | -€41,153 | -18.8% |
| Financial debts | 170/4 | €218,985 | €177,832 | -€41,153 | -18.8% |
| Amounts payable within one year | 42/48 | €73,005 | €50,535 | -€22,469 | -30.8% |
| Current portion of amounts payable after more than one year | 42 | €52,630 | €41,153 | -€11,478 | -21.8% |
| Trade debts | 44 | €1,779 | €2,854 | +€1,075 | +60.4% |
| Suppliers | 440/4 | €1,779 | €2,854 | +€1,075 | +60.4% |
| Taxes, remuneration and social security | 45 | €18,260 | €5,867 | -€12,393 | -67.9% |
| Taxes | 450/3 | €10,839 | €3,050 | -€7,789 | -71.9% |
| Remuneration and social security | 454/9 | €7,421 | €2,817 | -€4,604 | -62.0% |
| Other amounts payable | 47/48 | €335 | €662 | +€327 | +97.7% |
| Accrued charges and deferred income | 492/3 | €1,971 | €1,189 | -€783 | -39.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,502 | €44,858 | +€2,356 | +5.5% |
| Other operating charges | 640/8 | €6,131 | €6,866 | +€735 | +12.0% |
| Gross operating margin | 9900 | €183,660 | €145,275 | -€38,385 | -20.9% |
| Operating profit (loss) | 9901 | €135,027 | €93,551 | -€41,476 | -30.7% |
| Financial income | 75/76B | €826 | €987 | +€161 | +19.4% |
| Recurring financial income | 75 | €826 | €987 | +€161 | +19.4% |
| Financial charges | 65/66B | €5,980 | €5,349 | -€632 | -10.6% |
| Recurring financial charges | 65 | €5,980 | €5,349 | -€632 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €129,873 | €89,189 | -€40,684 | -31.3% |
| Income taxes | 67/77 | €38,037 | €25,114 | -€12,923 | -34.0% |
| Profit (loss) for the period | 9904 | €91,836 | €64,075 | -€27,761 | -30.2% |
| Profit (loss) for the period to be appropriated | 9905 | €91,836 | €64,075 | -€27,761 | -30.2% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.