LO45: 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.
LO45
Largest movements
- Tangible fixed assets -€112,333
down €112,333 (-7.3%), from €1.5m to €1.4m
of which Land and buildings: -€110,368
- Cash +€75,934
up €75,934 (+253%), from €30,006 to €105,940
mainly Debts after one year (+€1.1m) and Depreciation (+€112,333)
- Debts after one year +€1.1m
up €1.1m (+62.7%), from €1.7m to €2.7m
- Current portion of long-term debt -€1.0m
down €1.0m (-100%), from €1.0m to €0
- Profit (loss) carried forward -€114,749
down €114,749 (-7.2%), from -€1.6m to -€1.7m
- Accrued charges and deferred income +€22,430
up €22,430 (+47.9%), from €46,819 to €69,249
- Financial charges -€69,450
down €69,450 (-43.3%), from €160,314 to €90,864
- Gross operating margin +€8,876
up €8,876 (+10.0%), from €89,106 to €97,982
- Depreciation -€6,834
down €6,834 (-5.7%), from €119,167 to €112,333
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 | €1,619,124 | €1,580,211 | -€38,913 | -2.4% |
| Fixed assets | 21/28 | €1,559,147 | €1,446,814 | -€112,333 | -7.2% |
| Tangible fixed assets | 22/27 | €1,543,220 | €1,430,887 | -€112,333 | -7.3% |
| Land and buildings | 22 | €1,524,967 | €1,414,599 | -€110,368 | -7.2% |
| Plant, machinery and equipment | 23 | €18,253 | €16,289 | -€1,965 | -10.8% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €15,927 | €15,927 | = | 0.0% |
| Current assets | 29/58 | €59,978 | €133,397 | +€73,419 | +122% |
| Amounts receivable within one year | 40/41 | €25,119 | €22,839 | -€2,279 | -9.1% |
| Trade receivables | 40 | €25,119 | €22,839 | -€2,279 | -9.1% |
| Cash at bank and in hand | 54/58 | €30,006 | €105,940 | +€75,934 | +253% |
| Deferred charges and accrued income | 490/1 | €4,853 | €4,617 | -€235 | -4.9% |
| Total equity and liabilities | 10/49 | €1,619,124 | €1,580,211 | -€38,913 | -2.4% |
| Equity | 10/15 | -€1,123,550 | -€1,238,299 | -€114,749 | -10.2% |
| Contributions | 10/11 | €450,000 | €450,000 | = | 0.0% |
| Capital | 10 | €450,000 | €450,000 | = | 0.0% |
| Issued capital | 100 | €450,000 | €450,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,583,550 | -€1,698,299 | -€114,749 | -7.2% |
| Amounts payable | 17/49 | €2,742,675 | €2,818,510 | +€75,835 | +2.8% |
| Amounts payable after more than one year | 17 | €1,678,399 | €2,730,434 | +€1.1m | +62.7% |
| Financial debts | 170/4 | €1,678,399 | €2,730,434 | +€1.1m | +62.7% |
| Amounts payable within one year | 42/48 | €1,017,457 | €18,827 | -€998,629 | -98.1% |
| Current portion of amounts payable after more than one year | 42 | €1,000,000 | €0 | -€1.0m | -100% |
| Trade debts | 44 | €16,587 | €17,066 | +€478 | +2.9% |
| Suppliers | 440/4 | €16,587 | €17,066 | +€478 | +2.9% |
| Taxes, remuneration and social security | 45 | €870 | €1,762 | +€892 | +103% |
| Taxes | 450/3 | €870 | €1,762 | +€892 | +103% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €46,819 | €69,249 | +€22,430 | +47.9% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,167 | €112,333 | -€6,834 | -5.7% |
| Other operating charges | 640/8 | €9,146 | €9,534 | +€388 | +4.2% |
| Gross operating margin | 9900 | €89,106 | €97,982 | +€8,876 | +10.0% |
| Operating profit (loss) | 9901 | -€39,206 | -€23,885 | +€15,321 | +39.1% |
| Financial charges | 65/66B | €160,314 | €90,864 | -€69,450 | -43.3% |
| Recurring financial charges | 65 | €160,314 | €90,864 | -€69,450 | -43.3% |
| Profit (loss) for the period before taxes | 9903 | -€199,520 | -€114,749 | +€84,772 | +42.5% |
| Profit (loss) for the period | 9904 | -€199,520 | -€114,749 | +€84,772 | +42.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€199,520 | -€114,749 | +€84,772 | +42.5% |
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 16 October 2026 via checked.be.