LO & TO: 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 & TO
Largest movements
- Cash -€37,345
down €37,345 (-30.1%), from €124,231 to €86,886
mainly Other debts (-€184,778) and Investment in fixed assets (net) (-€69,747)
- Tangible fixed assets -€30,006
down €30,006 (-5.1%), from €583,355 to €553,349
of which Plant, machinery and equipment: -€24,537
- Receivables within one year -€24,114
down €24,114 (-12.7%), from €189,722 to €165,608
of which Other amounts receivable: -€20,487
- Intangible fixed assets -€10,000
down €10,000 (-58.8%), from €17,000 to €7,000
- Other debts -€184,778
down €184,778 (-95.2%), from €194,050 to €9,272
- Trade debts +€77,821
up €77,821 (+109.1%), from €71,334 to €149,155
- Debts after one year +€54,937
up €54,937 (+25.2%), from €218,365 to €273,302
- Tax, wage and social debts -€40,667
down €40,667 (-21.7%), from €186,998 to €146,331
of which Remuneration and social security: -€28,532
- Accrued charges and deferred income -€24,000
no longer reported in 2025 (was €24,000)
- Staff costs +€67,976
up €67,976 (+8.9%), from €765,481 to €833,457
- Depreciation +€19,964
up €19,964 (+22.2%), from €89,789 to €109,753
- Other operating charges -€12,145
down €12,145 (-65.0%), from €18,678 to €6,533
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 | €916,281 | €814,817 | -€101,464 | -11.1% |
| Fixed assets | 21/28 | €600,355 | €560,349 | -€40,006 | -6.7% |
| Intangible fixed assets | 21 | €17,000 | €7,000 | -€10,000 | -58.8% |
| Tangible fixed assets | 22/27 | €583,355 | €553,349 | -€30,006 | -5.1% |
| Plant, machinery and equipment | 23 | €226,721 | €202,184 | -€24,537 | -10.8% |
| Furniture and vehicles | 24 | €167,673 | €156,885 | -€10,788 | -6.4% |
| Leasing and similar rights | 25 | €185,607 | €188,972 | +€3,365 | +1.8% |
| Other tangible fixed assets | 26 | €3,354 | €5,308 | +€1,954 | +58.3% |
| Current assets | 29/58 | €315,926 | €254,468 | -€61,458 | -19.5% |
| Stocks and contracts in progress | 3 | €1,973 | €1,973 | -€0 | 0.0% |
| Stocks | 30/36 | €1,973 | €1,973 | -€0 | 0.0% |
| Amounts receivable within one year | 40/41 | €189,722 | €165,608 | -€24,114 | -12.7% |
| Trade receivables | 40 | €9,439 | €5,812 | -€3,627 | -38.4% |
| Other amounts receivable | 41 | €180,283 | €159,796 | -€20,487 | -11.4% |
| Cash at bank and in hand | 54/58 | €124,231 | €86,886 | -€37,345 | -30.1% |
| Total equity and liabilities | 10/49 | €916,281 | €814,817 | -€101,464 | -11.1% |
| Equity | 10/15 | €25,216 | €47,092 | +€21,876 | +86.8% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,844 | €8,032 | +€21,876 | |
| Provisions and deferred taxes | 16 | €35,000 | €35,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €35,000 | €35,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €35,000 | €35,000 | = | 0.0% |
| Amounts payable | 17/49 | €856,065 | €732,724 | -€123,341 | -14.4% |
| Amounts payable after more than one year | 17 | €218,365 | €273,302 | +€54,937 | +25.2% |
| Financial debts | 170/4 | €218,365 | €273,302 | +€54,937 | +25.2% |
| Amounts payable within one year | 42/48 | €613,700 | €459,423 | -€154,277 | -25.1% |
| Current portion of amounts payable after more than one year | 42 | €161,318 | €154,665 | -€6,653 | -4.1% |
| Trade debts | 44 | €71,334 | €149,155 | +€77,821 | +109.1% |
| Suppliers | 440/4 | €71,334 | €149,155 | +€77,821 | +109.1% |
| Taxes, remuneration and social security | 45 | €186,998 | €146,331 | -€40,667 | -21.7% |
| Taxes | 450/3 | €64,450 | €52,315 | -€12,135 | -18.8% |
| Remuneration and social security | 454/9 | €122,548 | €94,016 | -€28,532 | -23.3% |
| Other amounts payable | 47/48 | €194,050 | €9,272 | -€184,778 | -95.2% |
| Accrued charges and deferred income | 492/3 | €24,000 | - | -€24,000 | |
| Remuneration, social security and pensions | 62 | €765,481 | €833,457 | +€67,976 | +8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,789 | €109,753 | +€19,964 | +22.2% |
| Other operating charges | 640/8 | €18,678 | €6,533 | -€12,145 | -65.0% |
| Gross operating margin | 9900 | €1,007,949 | €1,018,082 | +€10,133 | +1.0% |
| Operating profit (loss) | 9901 | €134,001 | €68,339 | -€65,662 | -49.0% |
| Financial income | 75/76B | €447 | €254 | -€193 | -43.1% |
| Recurring financial income | 75 | €447 | €254 | -€193 | -43.1% |
| Financial charges | 65/66B | €22,417 | €27,500 | +€5,083 | +22.7% |
| Recurring financial charges | 65 | €22,417 | €27,500 | +€5,083 | +22.7% |
| Profit (loss) for the period before taxes | 9903 | €112,031 | €41,094 | -€70,937 | -63.3% |
| Income taxes | 67/77 | €15,730 | €19,217 | +€3,487 | +22.2% |
| Profit (loss) for the period | 9904 | €96,301 | €21,877 | -€74,424 | -77.3% |
| Profit (loss) for the period to be appropriated | 9905 | €96,301 | €21,877 | -€74,424 | -77.3% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.