LS-P: 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.
LS-P
Largest movements
- Cash +€88,440
up €88,440 (+578.4%), from €15,290 to €103,731
mainly Depreciation (+€65,338) and Net result for the year (+€47,248)
- Tangible fixed assets -€52,698
down €52,698 (-18.6%), from €283,137 to €230,439
- Receivables within one year -€28,961
down €28,961 (-36.3%), from €79,778 to €50,818
of which Trade receivables: -€30,296
- Reserves +€47,000
up €47,000 (+20.2%), from €232,506 to €279,506
- Debts after one year -€20,494
down €20,494 (-49.6%), from €41,345 to €20,851
- Current portion of long-term debt -€10,449
down €10,449 (-33.8%), from €30,943 to €20,494
- Tax, wage and social debts -€4,657
down €4,657 (-20.9%), from €22,233 to €17,577
of which Remuneration and social security: -€6,017
- Other debts -€4,379
down €4,379 (-20.3%), from €21,604 to €17,225
- Gross operating margin +€15,674
up €15,674 (+13.0%), from €120,348 to €136,022
- Depreciation +€4,952
up €4,952 (+8.2%), from €60,386 to €65,338
- Taxes +€3,945
up €3,945 (+26.7%), from €14,777 to €18,722
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 | €379,282 | €385,821 | +€6,539 | +1.7% |
| Fixed assets | 21/28 | €283,177 | €230,479 | -€52,698 | -18.6% |
| Tangible fixed assets | 22/27 | €283,137 | €230,439 | -€52,698 | -18.6% |
| Land and buildings | 22 | €82,934 | €78,782 | -€4,152 | -5.0% |
| Plant, machinery and equipment | 23 | €110,857 | €90,928 | -€19,929 | -18.0% |
| Furniture and vehicles | 24 | €60,284 | €36,015 | -€24,269 | -40.3% |
| Other tangible fixed assets | 26 | €29,062 | €24,715 | -€4,347 | -15.0% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €96,105 | €155,342 | +€59,237 | +61.6% |
| Amounts receivable within one year | 40/41 | €79,778 | €50,818 | -€28,961 | -36.3% |
| Trade receivables | 40 | €74,586 | €44,289 | -€30,296 | -40.6% |
| Other amounts receivable | 41 | €5,193 | €6,528 | +€1,335 | +25.7% |
| Cash at bank and in hand | 54/58 | €15,290 | €103,731 | +€88,440 | +578.4% |
| Deferred charges and accrued income | 490/1 | €1,036 | €794 | -€242 | -23.4% |
| Total equity and liabilities | 10/49 | €379,282 | €385,821 | +€6,539 | +1.7% |
| Equity | 10/15 | €250,521 | €297,768 | +€47,248 | +18.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €232,506 | €279,506 | +€47,000 | +20.2% |
| Distributable reserves | 133 | €232,506 | €279,506 | +€47,000 | +20.2% |
| Profit (loss) carried forward | 14 | -€586 | -€338 | +€248 | +42.3% |
| Amounts payable | 17/49 | €128,761 | €88,053 | -€40,708 | -31.6% |
| Amounts payable after more than one year | 17 | €41,345 | €20,851 | -€20,494 | -49.6% |
| Financial debts | 170/4 | €41,345 | €20,851 | -€20,494 | -49.6% |
| Amounts payable within one year | 42/48 | €87,416 | €67,201 | -€20,215 | -23.1% |
| Current portion of amounts payable after more than one year | 42 | €30,943 | €20,494 | -€10,449 | -33.8% |
| Financial debts | 43 | €7,577 | €7,569 | -€9 | -0.1% |
| Credit institutions | 430/8 | €7,577 | €7,569 | -€9 | -0.1% |
| Trade debts | 44 | €5,058 | €4,337 | -€721 | -14.3% |
| Suppliers | 440/4 | €5,058 | €4,337 | -€721 | -14.3% |
| Taxes, remuneration and social security | 45 | €22,233 | €17,577 | -€4,657 | -20.9% |
| Taxes | 450/3 | €13,447 | €14,808 | +€1,360 | +10.1% |
| Remuneration and social security | 454/9 | €8,786 | €2,769 | -€6,017 | -68.5% |
| Other amounts payable | 47/48 | €21,604 | €17,225 | -€4,379 | -20.3% |
| Non-recurring operating income | 76A | €12,000 | - | -€12,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,386 | €65,338 | +€4,952 | +8.2% |
| Other operating charges | 640/8 | €1,252 | €1,469 | +€217 | +17.3% |
| Gross operating margin | 9900 | €120,348 | €136,022 | +€15,674 | +13.0% |
| Operating profit (loss) | 9901 | €58,710 | €69,215 | +€10,505 | +17.9% |
| Financial income | 75/76B | €291 | €0 | -€291 | -100.0% |
| Recurring financial income | 75 | €291 | €0 | -€291 | -100.0% |
| Financial charges | 65/66B | €4,191 | €3,245 | -€946 | -22.6% |
| Recurring financial charges | 65 | €4,191 | €3,245 | -€946 | -22.6% |
| Profit (loss) for the period before taxes | 9903 | €54,810 | €65,970 | +€11,160 | +20.4% |
| Income taxes | 67/77 | €14,777 | €18,722 | +€3,945 | +26.7% |
| Profit (loss) for the period | 9904 | €40,033 | €47,248 | +€7,215 | +18.0% |
| Profit (loss) for the period to be appropriated | 9905 | €40,033 | €47,248 | +€7,215 | +18.0% |
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 6 October 2026 via checked.be.