Lode Desender: 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.
Lode Desender
Largest movements
- Tangible fixed assets +€616,302
up €616,302 (+85.2%), from €723,235 to €1.3m
of which Land and buildings: +€696,747
- Cash +€342,478
up €342,478 (+89.6%), from €382,320 to €724,798
mainly Debts after one year (+€637,617) and Net result for the year (+€517,225)
- Stocks and contracts +€148,487
up €148,487 (+19.1%), from €779,094 to €927,581
of which Contracts in progress: +€92,845
- Receivables within one year -€61,181
down €61,181 (-21.6%), from €283,266 to €222,085
of which Trade receivables: -€33,635
- Debts after one year +€637,617
up €637,617 (+154%), from €414,791 to €1.1m
- Reserves +€267,225
up €267,225 (+30.0%), from €889,531 to €1.2m
of which Distributable reserves: +€140,925
- Advances received -€105,128
down €105,128 (-50.1%), from €209,781 to €104,653
- Trade debts +€78,282
up €78,282 (+67.2%), from €116,496 to €194,778
- Other debts +€71,948
up €71,948 (+26.2%), from €275,000 to €346,948
- Depreciation -€47,727
down €47,727 (-24.9%), from €191,906 to €144,180
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 | €2,198,198 | €3,243,050 | +€1.0m | +47.5% |
| Fixed assets | 21/28 | €724,645 | €1,340,608 | +€615,964 | +85.0% |
| Tangible fixed assets | 22/27 | €723,235 | €1,339,537 | +€616,302 | +85.2% |
| Land and buildings | 22 | €515,042 | €1,211,789 | +€696,747 | +135% |
| Plant, machinery and equipment | 23 | €29,486 | €31,852 | +€2,366 | +8.0% |
| Furniture and vehicles | 24 | €88,428 | €61,057 | -€27,370 | -31.0% |
| Leasing and similar rights | 25 | €90,279 | €34,839 | -€55,440 | -61.4% |
| Financial fixed assets | 28 | €1,410 | €1,072 | -€339 | -24.0% |
| Current assets | 29/58 | €1,473,553 | €1,902,442 | +€428,889 | +29.1% |
| Stocks and contracts in progress | 3 | €779,094 | €927,581 | +€148,487 | +19.1% |
| Stocks | 30/36 | €703,739 | €759,381 | +€55,642 | +7.9% |
| Contracts in progress | 37 | €75,355 | €168,200 | +€92,845 | +123% |
| Amounts receivable within one year | 40/41 | €283,266 | €222,085 | -€61,181 | -21.6% |
| Trade receivables | 40 | €206,768 | €173,133 | -€33,635 | -16.3% |
| Other amounts receivable | 41 | €76,497 | €48,952 | -€27,546 | -36.0% |
| Cash at bank and in hand | 54/58 | €382,320 | €724,798 | +€342,478 | +89.6% |
| Deferred charges and accrued income | 490/1 | €28,873 | €27,978 | -€895 | -3.1% |
| Total equity and liabilities | 10/49 | €2,198,198 | €3,243,050 | +€1.0m | +47.5% |
| Equity | 10/15 | €908,131 | €1,175,356 | +€267,225 | +29.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €889,531 | €1,156,756 | +€267,225 | +30.0% |
| Tax-exempt reserves | 132 | €336,800 | €463,100 | +€126,300 | +37.5% |
| Distributable reserves | 133 | €552,731 | €693,656 | +€140,925 | +25.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,290,066 | €2,067,694 | +€777,627 | +60.3% |
| Amounts payable after more than one year | 17 | €414,791 | €1,052,408 | +€637,617 | +154% |
| Financial debts | 170/4 | €414,791 | €1,052,408 | +€637,617 | +154% |
| Amounts payable within one year | 42/48 | €875,275 | €1,015,286 | +€140,010 | +16.0% |
| Current portion of amounts payable after more than one year | 42 | €175,208 | €215,093 | +€39,885 | +22.8% |
| Financial debts | 43 | €0 | €25,247 | +€25,247 | |
| Credit institutions | 430/8 | €0 | €25,247 | +€25,247 | |
| Trade debts | 44 | €116,496 | €194,778 | +€78,282 | +67.2% |
| Suppliers | 440/4 | €116,496 | €194,778 | +€78,282 | +67.2% |
| Advances received on contracts in progress | 46 | €209,781 | €104,653 | -€105,128 | -50.1% |
| Taxes, remuneration and social security | 45 | €98,790 | €128,566 | +€29,776 | +30.1% |
| Taxes | 450/3 | €7,752 | €34,278 | +€26,525 | +342% |
| Remuneration and social security | 454/9 | €91,037 | €94,289 | +€3,251 | +3.6% |
| Other amounts payable | 47/48 | €275,000 | €346,948 | +€71,948 | +26.2% |
| Remuneration, social security and pensions | 62 | €1,200,848 | €1,194,081 | -€6,767 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €191,906 | €144,180 | -€47,727 | -24.9% |
| Other operating charges | 640/8 | €11,164 | €12,277 | +€1,113 | +10.0% |
| Gross operating margin | 9900 | €2,020,314 | €2,021,883 | +€1,569 | +0.1% |
| Operating profit (loss) | 9901 | €616,396 | €671,345 | +€54,950 | +8.9% |
| Financial income | 75/76B | €24,642 | €31,759 | +€7,117 | +28.9% |
| Recurring financial income | 75 | €24,642 | €31,759 | +€7,117 | +28.9% |
| Financial charges | 65/66B | €11,910 | €31,386 | +€19,476 | +164% |
| Recurring financial charges | 65 | €11,910 | €31,386 | +€19,476 | +164% |
| Profit (loss) for the period before taxes | 9903 | €629,128 | €671,718 | +€42,591 | +6.8% |
| Income taxes | 67/77 | €146,193 | €154,493 | +€8,300 | +5.7% |
| Profit (loss) for the period | 9904 | €482,935 | €517,225 | +€34,291 | +7.1% |
| Transfer to tax-exempt reserves | 689 | €88,800 | €126,300 | +€37,500 | +42.2% |
| Profit (loss) for the period to be appropriated | 9905 | €394,135 | €390,925 | -€3,209 | -0.8% |
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 15 October 2026 via checked.be.