LNDR: 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.
LNDR
Largest movements
- Cash +€90,213
up €90,213 (+161%), from €56,148 to €146,361
mainly Depreciation (+€93,698) and Net result for the year (+€41,906)
- Tangible fixed assets -€86,070
down €86,070 (-8.5%), from €1.0m to €921,745
of which Land and buildings: -€88,119
- Reserves +€234,316
up €234,316 (+28.6%), from €820,117 to €1.1m
of which Distributable reserves: +€246,282
- Profit (loss) carried forward -€192,410
down €192,410 (-54.9%), from €350,176 to €157,766
- Trade debts -€25,020
down €25,020 (-99.7%), from €25,097 to €77
- Gross operating margin +€42,827
up €42,827 (+35.7%), from €119,891 to €162,718
- Taxes +€13,486
up €13,486 (+141%), from €9,565 to €23,052
- Depreciation -€6,470
down €6,470 (-6.5%), from €100,167 to €93,698
- Other operating charges +€1,742
up €1,742 (+11.7%), from €14,879 to €16,620
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 | €1,325,269 | €1,334,470 | +€9,201 | +0.7% |
| Fixed assets | 21/28 | €1,007,914 | €921,844 | -€86,070 | -8.5% |
| Tangible fixed assets | 22/27 | €1,007,814 | €921,745 | -€86,070 | -8.5% |
| Land and buildings | 22 | €993,862 | €905,743 | -€88,119 | -8.9% |
| Plant, machinery and equipment | 23 | €4,580 | €1,943 | -€2,636 | -57.6% |
| Furniture and vehicles | 24 | €9,372 | €14,058 | +€4,686 | +50.0% |
| Financial fixed assets | 28 | €99 | €99 | = | 0.0% |
| Current assets | 29/58 | €317,355 | €412,626 | +€95,271 | +30.0% |
| Amounts receivable within one year | 40/41 | €11,207 | €16,265 | +€5,058 | +45.1% |
| Trade receivables | 40 | €11,207 | €11,648 | +€441 | +3.9% |
| Other amounts receivable | 41 | - | €4,617 | +€4,617 | |
| Current investments | 50/53 | €250,000 | €250,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €56,148 | €146,361 | +€90,213 | +161% |
| Total equity and liabilities | 10/49 | €1,325,269 | €1,334,470 | +€9,201 | +0.7% |
| Equity | 10/15 | €1,207,477 | €1,249,384 | +€41,906 | +3.5% |
| Contributions | 10/11 | €37,184 | €37,184 | = | 0.0% |
| Reserves | 13 | €820,117 | €1,054,433 | +€234,316 | +28.6% |
| Tax-exempt reserves | 132 | €116,283 | €104,317 | -€11,966 | -10.3% |
| Distributable reserves | 133 | €703,835 | €950,116 | +€246,282 | +35.0% |
| Profit (loss) carried forward | 14 | €350,176 | €157,766 | -€192,410 | -54.9% |
| Provisions and deferred taxes | 16 | €36,060 | €29,899 | -€6,161 | -17.1% |
| Deferred taxes | 168 | €36,060 | €29,899 | -€6,161 | -17.1% |
| Amounts payable | 17/49 | €81,731 | €55,188 | -€26,544 | -32.5% |
| Amounts payable within one year | 42/48 | €80,886 | €54,055 | -€26,832 | -33.2% |
| Trade debts | 44 | €25,097 | €77 | -€25,020 | -99.7% |
| Suppliers | 440/4 | €25,097 | €77 | -€25,020 | -99.7% |
| Taxes, remuneration and social security | 45 | €12,016 | €11,282 | -€734 | -6.1% |
| Taxes | 450/3 | €12,016 | €11,282 | -€734 | -6.1% |
| Other amounts payable | 47/48 | €43,774 | €42,696 | -€1,078 | -2.5% |
| Accrued charges and deferred income | 492/3 | €845 | €1,133 | +€288 | +34.1% |
| Non-recurring operating income | 76A | €1,628 | €200 | -€1,428 | -87.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,167 | €93,698 | -€6,470 | -6.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€33 | -€20 | +€13 | +39.4% |
| Other operating charges | 640/8 | €14,879 | €16,620 | +€1,742 | +11.7% |
| Gross operating margin | 9900 | €119,891 | €162,718 | +€42,827 | +35.7% |
| Operating profit (loss) | 9901 | €4,878 | €52,420 | +€47,542 | +975% |
| Financial income | 75/76B | €6,875 | €6,875 | = | 0.0% |
| Recurring financial income | 75 | €6,875 | €6,875 | = | 0.0% |
| Financial charges | 65/66B | €152 | €498 | +€346 | +227% |
| Recurring financial charges | 65 | €152 | €498 | +€346 | +227% |
| Profit (loss) for the period before taxes | 9903 | €11,601 | €58,797 | +€47,196 | +407% |
| Transfer from deferred taxes | 780 | €6,253 | €6,161 | -€91 | -1.5% |
| Income taxes | 67/77 | €9,565 | €23,052 | +€13,486 | +141% |
| Profit (loss) for the period | 9904 | €8,288 | €41,906 | +€33,618 | +406% |
| Transfer from tax-exempt reserves | 789 | €12,143 | €11,966 | -€177 | -1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €20,431 | €53,872 | +€33,441 | +164% |
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 18 October 2026 via checked.be.