LTD FINITIONS: 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.
LTD FINITIONS
Largest movements
- Receivables within one year -€161,857
down €161,857 (-45.3%), from €357,336 to €195,479
of which Trade receivables: -€156,104
- Deferred charges and accrued income +€19,538
up €19,538 (+320%), from €6,115 to €25,653
- Cash -€8,663
down €8,663 (-99.2%), from €8,736 to €72
mainly Net result for the year (-€126,450) and Investment in fixed assets (net) (-€34,844)
- Profit (loss) carried forward -€126,450
down €126,450, from €33,014 to -€93,436
- Other debts +€63,318
up €63,318 (+1,045%), from €6,061 to €69,379
- Debts after one year -€31,849
down €31,849 (-51.8%), from €61,435 to €29,587
- Trade debts -€25,692
down €25,692 (-9.7%), from €264,115 to €238,423
- Accrued charges and deferred income -€22,093
down €22,093 (-98.9%), from €22,343 to €250
- Gross operating margin -€178,647
down €178,647 (-46.1%), from €387,485 to €208,838
- Staff costs -€67,170
down €67,170 (-19.6%), from €343,191 to €276,022
- Financial charges +€8,018
up €8,018 (+192%), from €4,179 to €12,197
- Depreciation +€5,379
up €5,379 (+17.8%), from €30,182 to €35,561
- Other operating charges +€4,188
up €4,188 (+139%), from €3,011 to €7,199
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 | €472,696 | €320,996 | -€151,700 | -32.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €89,962 | €89,244 | -€718 | -0.8% |
| Intangible fixed assets | 21 | €3,750 | €0 | -€3,750 | -100% |
| Tangible fixed assets | 22/27 | €85,412 | €88,444 | +€3,032 | +3.6% |
| Plant, machinery and equipment | 23 | €14,568 | €19,190 | +€4,622 | +31.7% |
| Furniture and vehicles | 24 | €70,844 | €69,254 | -€1,590 | -2.2% |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €382,734 | €231,752 | -€150,982 | -39.4% |
| Stocks and contracts in progress | 3 | €10,547 | €10,547 | = | 0.0% |
| Stocks | 30/36 | €10,547 | €10,547 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €357,336 | €195,479 | -€161,857 | -45.3% |
| Trade receivables | 40 | €322,348 | €166,243 | -€156,104 | -48.4% |
| Other amounts receivable | 41 | €34,989 | €29,236 | -€5,753 | -16.4% |
| Cash at bank and in hand | 54/58 | €8,736 | €72 | -€8,663 | -99.2% |
| Deferred charges and accrued income | 490/1 | €6,115 | €25,653 | +€19,538 | +320% |
| Total equity and liabilities | 10/49 | €472,696 | €320,996 | -€151,700 | -32.1% |
| Equity | 10/15 | €41,070 | -€85,379 | -€126,450 | |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,014 | -€93,436 | -€126,450 | |
| Amounts payable | 17/49 | €431,625 | €406,375 | -€25,250 | -5.8% |
| Amounts payable after more than one year | 17 | €61,435 | €29,587 | -€31,849 | -51.8% |
| Financial debts | 170/4 | €61,435 | €29,587 | -€31,849 | -51.8% |
| Amounts payable within one year | 42/48 | €347,848 | €376,539 | +€28,691 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | €34,170 | €31,849 | -€2,321 | -6.8% |
| Financial debts | 43 | €0 | €991 | +€991 | |
| Credit institutions | 430/8 | €0 | €991 | +€991 | |
| Trade debts | 44 | €264,115 | €238,423 | -€25,692 | -9.7% |
| Suppliers | 440/4 | €264,115 | €238,423 | -€25,692 | -9.7% |
| Taxes, remuneration and social security | 45 | €43,502 | €35,898 | -€7,604 | -17.5% |
| Taxes | 450/3 | €1,292 | €1,163 | -€129 | -10.0% |
| Remuneration and social security | 454/9 | €42,209 | €34,734 | -€7,475 | -17.7% |
| Other amounts payable | 47/48 | €6,061 | €69,379 | +€63,318 | +1,045% |
| Accrued charges and deferred income | 492/3 | €22,343 | €250 | -€22,093 | -98.9% |
| Remuneration, social security and pensions | 62 | €343,191 | €276,022 | -€67,170 | -19.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,182 | €35,561 | +€5,379 | +17.8% |
| Other operating charges | 640/8 | €3,011 | €7,199 | +€4,188 | +139% |
| Non-recurring operating charges | 66A | - | €3,750 | +€3,750 | |
| Gross operating margin | 9900 | €387,485 | €208,838 | -€178,647 | -46.1% |
| Operating profit (loss) | 9901 | €11,100 | -€113,694 | -€124,794 | |
| Financial income | 75/76B | €0 | €2 | +€2 | |
| Recurring financial income | 75 | €0 | €2 | +€2 | |
| Financial charges | 65/66B | €4,179 | €12,197 | +€8,018 | +192% |
| Recurring financial charges | 65 | €4,179 | €12,197 | +€8,018 | +192% |
| Profit (loss) for the period before taxes | 9903 | €6,921 | -€125,889 | -€132,810 | |
| Income taxes | 67/77 | €164 | €560 | +€396 | +241% |
| Profit (loss) for the period | 9904 | €6,757 | -€126,450 | -€133,206 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,757 | -€126,450 | -€133,206 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.