LO - FINANCE: 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.
LO - FINANCE
Largest movements
- Intangible fixed assets -€197,903
down €197,903 (-11.8%), from €1.7m to €1.5m
- Deferred charges and accrued income +€137,100
up €137,100 (+622%), from €22,051 to €159,151
- Cash -€83,878
down €83,878 (-85.2%), from €98,411 to €14,533
mainly Debts after one year (-€285,396) and Current portion of long-term debt (-€140,065)
- Receivables within one year -€65,730
down €65,730 (-43.9%), from €149,565 to €83,835
of which Trade receivables: -€149,459
- Debts after one year -€285,396
down €285,396 (-21.2%), from €1.3m to €1.1m
- Current portion of long-term debt -€140,065
down €140,065 (-38.5%), from €364,221 to €224,156
- Other debts +€130,084
up €130,084, from €0 to €130,084
- Profit (loss) carried forward +€38,839
up €38,839 (+126%), from €30,875 to €69,714
- Trade debts +€31,582
up €31,582 (+47.4%), from €66,561 to €98,143
- Taxes -€43,496
down €43,496 (-62.4%), from €69,661 to €26,165
- Staff costs +€23,200
up €23,200 (+4.0%), from €574,362 to €597,563
- Gross operating margin -€20,910
down €20,910 (-1.9%), from €1.1m to €1.1m
- Financial charges -€12,336
down €12,336 (-17.0%), from €72,641 to €60,304
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 | €1,991,908 | €1,772,320 | -€219,588 | -11.0% |
| Fixed assets | 21/28 | €1,705,217 | €1,498,137 | -€207,080 | -12.1% |
| Intangible fixed assets | 21 | €1,683,802 | €1,485,899 | -€197,903 | -11.8% |
| Tangible fixed assets | 22/27 | €21,415 | €12,238 | -€9,177 | -42.9% |
| Plant, machinery and equipment | 23 | €2,587 | €4,549 | +€1,962 | +75.9% |
| Furniture and vehicles | 24 | €18,828 | €7,688 | -€11,139 | -59.2% |
| Current assets | 29/58 | €286,691 | €274,183 | -€12,508 | -4.4% |
| Amounts receivable within one year | 40/41 | €149,565 | €83,835 | -€65,730 | -43.9% |
| Trade receivables | 40 | €149,459 | €0 | -€149,459 | -100% |
| Other amounts receivable | 41 | €106 | €83,835 | +€83,729 | +78,685% |
| Current investments | 50/53 | €16,664 | €16,664 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €98,411 | €14,533 | -€83,878 | -85.2% |
| Deferred charges and accrued income | 490/1 | €22,051 | €159,151 | +€137,100 | +622% |
| Total equity and liabilities | 10/49 | €1,991,908 | €1,772,320 | -€219,588 | -11.0% |
| Equity | 10/15 | €67,999 | €106,838 | +€38,839 | +57.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €18,524 | €18,524 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,664 | €16,664 | = | 0.0% |
| Own shares acquired | 1312 | €16,664 | €16,664 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,875 | €69,714 | +€38,839 | +126% |
| Amounts payable | 17/49 | €1,923,909 | €1,665,482 | -€258,427 | -13.4% |
| Amounts payable after more than one year | 17 | €1,345,908 | €1,060,512 | -€285,396 | -21.2% |
| Financial debts | 170/4 | €1,345,908 | €1,060,512 | -€285,396 | -21.2% |
| Amounts payable within one year | 42/48 | €508,418 | €538,228 | +€29,810 | +5.9% |
| Current portion of amounts payable after more than one year | 42 | €364,221 | €224,156 | -€140,065 | -38.5% |
| Financial debts | 43 | - | €20,937 | +€20,937 | |
| Credit institutions | 430/8 | - | €20,937 | +€20,937 | |
| Trade debts | 44 | €66,561 | €98,143 | +€31,582 | +47.4% |
| Suppliers | 440/4 | €66,561 | €98,143 | +€31,582 | +47.4% |
| Taxes, remuneration and social security | 45 | €77,636 | €64,908 | -€12,728 | -16.4% |
| Taxes | 450/3 | €14,661 | €15,241 | +€580 | +4.0% |
| Remuneration and social security | 454/9 | €62,975 | €49,667 | -€13,308 | -21.1% |
| Other amounts payable | 47/48 | €0 | €130,084 | +€130,084 | |
| Accrued charges and deferred income | 492/3 | €69,583 | €66,742 | -€2,841 | -4.1% |
| Non-recurring operating income | 76A | - | €6,114 | +€6,114 | |
| Remuneration, social security and pensions | 62 | €574,362 | €597,563 | +€23,200 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €203,980 | €203,872 | -€108 | -0.1% |
| Other operating charges | 640/8 | €2,458 | €2,064 | -€395 | -16.1% |
| Non-recurring operating charges | 66A | €3,314 | €0 | -€3,314 | -100% |
| Gross operating margin | 9900 | €1,079,716 | €1,058,807 | -€20,910 | -1.9% |
| Operating profit (loss) | 9901 | €295,602 | €255,308 | -€40,294 | -13.6% |
| Financial income | 75/76B | €932 | €1 | -€932 | -99.9% |
| Recurring financial income | 75 | €932 | €1 | -€932 | -99.9% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €72,641 | €60,304 | -€12,336 | -17.0% |
| Recurring financial charges | 65 | €72,641 | €60,304 | -€12,336 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €223,894 | €195,004 | -€28,890 | -12.9% |
| Income taxes | 67/77 | €69,661 | €26,165 | -€43,496 | -62.4% |
| Profit (loss) for the period | 9904 | €154,233 | €168,839 | +€14,606 | +9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €154,233 | €168,839 | +€14,606 | +9.5% |
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 18 October 2026 via checked.be.