LPDR: 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.
LPDR
Largest movements
- Tangible fixed assets +€2.3m
up €2.3m (+147.8%), from €1.5m to €3.8m
of which Other tangible fixed assets: +€1.8m
- Receivables after one year -€131,777
no longer reported in 2025 (was €131,777)
- Cash +€69,727
up €69,727 (+145.5%), from €47,909 to €117,636
mainly Debts after one year (+€1.4m) and Contributions, distributions and other (+€565,321)
- Stocks and contracts -€48,043
down €48,043 (-47.4%), from €101,356 to €53,313
- Debts after one year +€1.4m
up €1.4m (+82.4%), from €1.7m to €3.2m
of which Financial debts: +€1.2m
- Revaluation surpluses +€647,587
new in 2025: €647,587
- Profit (loss) carried forward -€218,168
down €218,168 (-81.2%), from -€268,774 to -€486,942
- Contributions +€150,000
up €150,000 (+91.7%), from €163,592 to €313,592
- Current portion of long-term debt +€129,947
up €129,947 (+102.4%), from €126,922 to €256,869
- Gross operating margin +€126,313
up €126,313 (+85.0%), from €148,626 to €274,938
- Depreciation +€65,238
up €65,238 (+57.4%), from €113,747 to €178,986
- Financial charges +€18,372
up €18,372 (+55.6%), from €33,064 to €51,436
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 | €1,856,499 | €4,049,475 | +€2.2m | +118.1% |
| Formation expenses | 20 | €6,237 | €6,011 | -€226 | -3.6% |
| Fixed assets | 21/28 | €1,540,078 | €3,815,981 | +€2.3m | +147.8% |
| Tangible fixed assets | 22/27 | €1,539,934 | €3,815,836 | +€2.3m | +147.8% |
| Land and buildings | 22 | €296,981 | €779,893 | +€482,911 | +162.6% |
| Plant, machinery and equipment | 23 | €108,659 | €138,639 | +€29,980 | +27.6% |
| Furniture and vehicles | 24 | €36,668 | €22,311 | -€14,357 | -39.2% |
| Other tangible fixed assets | 26 | €1,097,626 | €2,874,994 | +€1.8m | +161.9% |
| Financial fixed assets | 28 | €144 | €145 | +€1 | +0.7% |
| Current assets | 29/58 | €310,184 | €227,484 | -€82,701 | -26.7% |
| Amounts receivable after more than one year | 29 | €131,777 | - | -€131,777 | |
| Other amounts receivable | 291 | €131,777 | - | -€131,777 | |
| Stocks and contracts in progress | 3 | €101,356 | €53,313 | -€48,043 | -47.4% |
| Stocks | 30/36 | €101,356 | €53,313 | -€48,043 | -47.4% |
| Amounts receivable within one year | 40/41 | €29,142 | €44,180 | +€15,037 | +51.6% |
| Trade receivables | 40 | €29,142 | €44,180 | +€15,037 | +51.6% |
| Cash at bank and in hand | 54/58 | €47,909 | €117,636 | +€69,727 | +145.5% |
| Deferred charges and accrued income | 490/1 | - | €12,355 | +€12,355 | |
| Total equity and liabilities | 10/49 | €1,856,499 | €4,049,475 | +€2.2m | +118.1% |
| Equity | 10/15 | -€104,935 | €497,455 | +€602,389 | |
| Contributions | 10/11 | €163,592 | €313,592 | +€150,000 | +91.7% |
| Revaluation surpluses | 12 | - | €647,587 | +€647,587 | |
| Reserves | 13 | €248 | €23,218 | +€22,970 | +9266.2% |
| Non-distributable reserves | 130/1 | €248 | €248 | = | 0.0% |
| Reserves not available under the articles | 1311 | €248 | €248 | = | 0.0% |
| Distributable reserves | 133 | - | €22,970 | +€22,970 | |
| Profit (loss) carried forward | 14 | -€268,774 | -€486,942 | -€218,168 | -81.2% |
| Amounts payable | 17/49 | €1,961,434 | €3,552,021 | +€1.6m | +81.1% |
| Amounts payable after more than one year | 17 | €1,739,707 | €3,173,318 | +€1.4m | +82.4% |
| Financial debts | 170/4 | €1,405,184 | €2,557,204 | +€1.2m | +82.0% |
| Other amounts payable | 178/9 | €334,523 | €616,114 | +€281,591 | +84.2% |
| Amounts payable within one year | 42/48 | €221,727 | €378,703 | +€156,976 | +70.8% |
| Current portion of amounts payable after more than one year | 42 | €126,922 | €256,869 | +€129,947 | +102.4% |
| Trade debts | 44 | €89,910 | €62,201 | -€27,710 | -30.8% |
| Suppliers | 440/4 | €89,910 | €62,201 | -€27,710 | -30.8% |
| Taxes, remuneration and social security | 45 | €4,895 | €1,700 | -€3,195 | -65.3% |
| Taxes | 450/3 | €4,895 | €1,700 | -€3,195 | -65.3% |
| Other amounts payable | 47/48 | - | €57,933 | +€57,933 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €113,747 | €178,986 | +€65,238 | +57.4% |
| Other operating charges | 640/8 | €7,915 | €7,368 | -€547 | -6.9% |
| Gross operating margin | 9900 | €148,626 | €274,938 | +€126,313 | +85.0% |
| Operating profit (loss) | 9901 | €26,964 | €88,585 | +€61,621 | +228.5% |
| Financial income | 75/76B | €925 | €295 | -€630 | -68.1% |
| Recurring financial income | 75 | €925 | €295 | -€630 | -68.1% |
| Financial charges | 65/66B | €33,064 | €51,436 | +€18,372 | +55.6% |
| Recurring financial charges | 65 | €33,064 | €51,436 | +€18,372 | +55.6% |
| Profit (loss) for the period before taxes | 9903 | -€5,175 | €37,444 | +€42,619 | |
| Income taxes | 67/77 | €307 | €376 | +€68 | +22.3% |
| Profit (loss) for the period | 9904 | -€5,482 | €37,068 | +€42,551 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,482 | €37,068 | +€42,551 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.