LOD: what changed
Two fiscal 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.
LOD
Largest movements
- Receivables within one year -€128,671
down €128,671 (-27.6%), from €466,077 to €337,406
of which Trade receivables: -€213,611
- Cash +€118,601
up €118,601 (+40.6%), from €292,366 to €410,967
- Profit (loss) carried forward +€106,804
up €106,804 (+63.1%), from €169,258 to €276,062
- Trade debts -€93,251
down €93,251 (-56.4%), from €165,289 to €72,037
- Tax, wage and social debts -€22,760
down €22,760 (-15.0%), from €152,070 to €129,311
of which Remuneration and social security: -€66,746
- Staff costs -€428,817
down €428,817 (-32.1%), from €1.3m to €904,992
- Gross operating margin -€238,413
down €238,413 (-17.9%), from €1.3m to €1.1m
- Taxes +€46,827
new in 2025: €46,827
- Financial charges -€30,058
down €30,058 (-77.9%), from €38,593 to €8,535
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €798,667 | €793,587 | -€5,080 | -0.6% |
| Fixed assets | 21/28 | €33,987 | €32,896 | -€1,091 | -3.2% |
| Tangible fixed assets | 22/27 | €33,987 | €32,896 | -€1,091 | -3.2% |
| Land and buildings | 22 | - | €16,427 | +€16,427 | |
| Plant, machinery and equipment | 23 | €18,856 | €9,136 | -€9,720 | -51.5% |
| Furniture and vehicles | 24 | €15,131 | €7,333 | -€7,797 | -51.5% |
| Current assets | 29/58 | €764,680 | €760,691 | -€3,989 | -0.5% |
| Amounts receivable within one year | 40/41 | €466,077 | €337,406 | -€128,671 | -27.6% |
| Trade receivables | 40 | €291,717 | €78,106 | -€213,611 | -73.2% |
| Other amounts receivable | 41 | €174,360 | €259,300 | +€84,940 | +48.7% |
| Cash at bank and in hand | 54/58 | €292,366 | €410,967 | +€118,601 | +40.6% |
| Deferred charges and accrued income | 490/1 | €6,237 | €12,318 | +€6,081 | +97.5% |
| Total equity and liabilities | 10/49 | €798,667 | €793,587 | -€5,080 | -0.6% |
| Equity | 10/15 | €469,258 | €576,062 | +€106,804 | +22.8% |
| Reserves | 13 | €300,000 | €300,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €169,258 | €276,062 | +€106,804 | +63.1% |
| Amounts payable | 17/49 | €329,409 | €217,525 | -€111,884 | -34.0% |
| Amounts payable within one year | 42/48 | €317,379 | €201,348 | -€116,031 | -36.6% |
| Trade debts | 44 | €165,289 | €72,037 | -€93,251 | -56.4% |
| Suppliers | 440/4 | €165,289 | €72,037 | -€93,251 | -56.4% |
| Taxes, remuneration and social security | 45 | €152,070 | €129,311 | -€22,760 | -15.0% |
| Taxes | 450/3 | €3,058 | €47,044 | +€43,986 | +1438.2% |
| Remuneration and social security | 454/9 | €149,012 | €82,266 | -€66,746 | -44.8% |
| Accrued charges and deferred income | 492/3 | €12,030 | €16,177 | +€4,148 | +34.5% |
| Non-recurring operating income | 76A | €110 | €67,858 | +€67,748 | +61332.4% |
| Remuneration, social security and pensions | 62 | €1,333,809 | €904,992 | -€428,817 | -32.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,734 | €14,571 | -€7,163 | -33.0% |
| Other operating charges | 640/8 | €2,119 | €9,126 | +€7,007 | +330.6% |
| Non-recurring operating charges | 66A | €350 | €600 | +€250 | +71.4% |
| Gross operating margin | 9900 | €1,331,907 | €1,093,494 | -€238,413 | -17.9% |
| Operating profit (loss) | 9901 | -€26,105 | €164,206 | +€190,311 | |
| Financial income | 75/76B | €110 | €274 | +€163 | +147.8% |
| Recurring financial income | 75 | €110 | €274 | +€163 | +147.8% |
| Financial charges | 65/66B | €38,593 | €8,535 | -€30,058 | -77.9% |
| Recurring financial charges | 65 | €38,593 | €8,535 | -€30,058 | -77.9% |
| Profit (loss) for the period before taxes | 9903 | -€64,587 | €155,944 | +€220,531 | |
| Income taxes | 67/77 | - | €46,827 | +€46,827 | |
| Profit (loss) for the period | 9904 | -€64,587 | €109,118 | +€173,705 | |
| Profit (loss) for the period to be appropriated | 9905 | -€64,587 | €109,118 | +€173,705 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.