LT&T: 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.
LT&T
Largest movements
- Tangible fixed assets +€361,393
up €361,393 (+467.7%), from €77,270 to €438,664
of which Land and buildings: +€368,117
- Receivables within one year -€14,298
down €14,298 (-43.6%), from €32,812 to €18,514
of which Other amounts receivable: -€12,435
- Cash -€7,987
down €7,987 (-53.2%), from €15,009 to €7,022
mainly Investment in fixed assets (net) (-€390,130) and Trade debts (-€2,251)
- Debts after one year +€276,769
new in 2025: €276,769
- Other debts +€35,842
up €35,842 (+43.8%), from €81,873 to €117,716
- Current portion of long-term debt +€15,231
new in 2025: €15,231
- Reserves +€9,929
up €9,929 (+48.7%), from €20,389 to €30,318
- Depreciation +€28,310
up €28,310 (+6626.2%), from €427 to €28,737
- Gross operating margin +€15,247
up €15,247 (+51.5%), from €29,624 to €44,872
- Taxes -€3,893
down €3,893 (-49.5%), from €7,858 to €3,965
- Other operating charges +€1,009
up €1,009 (+108.0%), from €934 to €1,943
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 | €125,092 | €464,888 | +€339,796 | +271.6% |
| Fixed assets | 21/28 | €77,270 | €438,664 | +€361,393 | +467.7% |
| Tangible fixed assets | 22/27 | €77,270 | €438,664 | +€361,393 | +467.7% |
| Land and buildings | 22 | - | €368,117 | +€368,117 | |
| Plant, machinery and equipment | 23 | €4,089 | €3,894 | -€194 | -4.8% |
| Furniture and vehicles | 24 | €73,182 | €66,652 | -€6,530 | -8.9% |
| Current assets | 29/58 | €47,821 | €26,224 | -€21,597 | -45.2% |
| Amounts receivable within one year | 40/41 | €32,812 | €18,514 | -€14,298 | -43.6% |
| Trade receivables | 40 | €16,119 | €14,255 | -€1,863 | -11.6% |
| Other amounts receivable | 41 | €16,694 | €4,259 | -€12,435 | -74.5% |
| Cash at bank and in hand | 54/58 | €15,009 | €7,022 | -€7,987 | -53.2% |
| Deferred charges and accrued income | 490/1 | - | €688 | +€688 | |
| Total equity and liabilities | 10/49 | €125,092 | €464,888 | +€339,796 | +271.6% |
| Equity | 10/15 | €24,389 | €34,318 | +€9,929 | +40.7% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €20,389 | €30,318 | +€9,929 | +48.7% |
| Distributable reserves | 133 | €20,389 | €30,318 | +€9,929 | +48.7% |
| Amounts payable | 17/49 | €100,703 | €430,570 | +€329,867 | +327.6% |
| Amounts payable after more than one year | 17 | - | €276,769 | +€276,769 | |
| Financial debts | 170/4 | - | €276,769 | +€276,769 | |
| Amounts payable within one year | 42/48 | €100,703 | €153,801 | +€53,098 | +52.7% |
| Current portion of amounts payable after more than one year | 42 | - | €15,231 | +€15,231 | |
| Trade debts | 44 | €10,694 | €8,442 | -€2,251 | -21.1% |
| Suppliers | 440/4 | €10,694 | €8,442 | -€2,251 | -21.1% |
| Taxes, remuneration and social security | 45 | €8,136 | €12,412 | +€4,276 | +52.6% |
| Taxes | 450/3 | €8,136 | €12,412 | +€4,276 | +52.6% |
| Other amounts payable | 47/48 | €81,873 | €117,716 | +€35,842 | +43.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €427 | €28,737 | +€28,310 | +6626.2% |
| Other operating charges | 640/8 | €934 | €1,943 | +€1,009 | +108.0% |
| Gross operating margin | 9900 | €29,624 | €44,872 | +€15,247 | +51.5% |
| Operating profit (loss) | 9901 | €28,263 | €14,192 | -€14,071 | -49.8% |
| Financial charges | 65/66B | €16 | €298 | +€281 | +1739.8% |
| Recurring financial charges | 65 | €16 | €298 | +€281 | +1739.8% |
| Profit (loss) for the period before taxes | 9903 | €28,247 | €13,894 | -€14,353 | -50.8% |
| Income taxes | 67/77 | €7,858 | €3,965 | -€3,893 | -49.5% |
| Profit (loss) for the period | 9904 | €20,389 | €9,929 | -€10,460 | -51.3% |
| Profit (loss) for the period to be appropriated | 9905 | €20,389 | €9,929 | -€10,460 | -51.3% |
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 7 October 2026 via checked.be.