LTF-Management: 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.
LTF-Management
Largest movements
- Cash +€59,478
up €59,478 (+120%), from €49,655 to €109,133
mainly Net result for the year (+€60,895) and Receivables within one year (+€11,670)
- Tangible fixed assets +€20,160
new in 2025: €20,160
- Receivables within one year -€11,670
down €11,670 (-98.4%), from €11,858 to €188
of which Trade receivables: -€11,858
- Reserves +€101,986
new in 2025: €101,986
- Profit (loss) carried forward -€41,092
no longer reported in 2025 (was €41,092)
- Tax, wage and social debts +€4,944
up €4,944 (+28.2%), from €17,543 to €22,487
- Trade debts +€2,396
up €2,396 (+713%), from €336 to €2,732
- Gross operating margin +€27,649
up €27,649 (+51.5%), from €53,719 to €81,368
- Taxes +€5,088
up €5,088 (+43.9%), from €11,584 to €16,671
- Depreciation +€2,635
new in 2025: €2,635
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 | €61,695 | €129,705 | +€68,010 | +110% |
| Fixed assets | 21/28 | - | €20,160 | +€20,160 | |
| Tangible fixed assets | 22/27 | - | €20,160 | +€20,160 | |
| Furniture and vehicles | 24 | - | €20,160 | +€20,160 | |
| Current assets | 29/58 | €61,695 | €109,546 | +€47,850 | +77.6% |
| Amounts receivable within one year | 40/41 | €11,858 | €188 | -€11,670 | -98.4% |
| Trade receivables | 40 | €11,858 | - | -€11,858 | |
| Other amounts receivable | 41 | - | €188 | +€188 | |
| Cash at bank and in hand | 54/58 | €49,655 | €109,133 | +€59,478 | +120% |
| Deferred charges and accrued income | 490/1 | €182 | €225 | +€43 | +23.6% |
| Total equity and liabilities | 10/49 | €61,695 | €129,705 | +€68,010 | +110% |
| Equity | 10/15 | €43,592 | €104,486 | +€60,895 | +140% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | - | €101,986 | +€101,986 | |
| Distributable reserves | 133 | - | €101,986 | +€101,986 | |
| Profit (loss) carried forward | 14 | €41,092 | - | -€41,092 | |
| Amounts payable | 17/49 | €18,104 | €25,219 | +€7,115 | +39.3% |
| Amounts payable within one year | 42/48 | €18,104 | €25,219 | +€7,115 | +39.3% |
| Trade debts | 44 | €336 | €2,732 | +€2,396 | +713% |
| Suppliers | 440/4 | €336 | €2,732 | +€2,396 | +713% |
| Taxes, remuneration and social security | 45 | €17,543 | €22,487 | +€4,944 | +28.2% |
| Taxes | 450/3 | €17,543 | €22,487 | +€4,944 | +28.2% |
| Other amounts payable | 47/48 | €225 | - | -€225 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,635 | +€2,635 | |
| Other operating charges | 640/8 | €453 | €806 | +€354 | +78.1% |
| Gross operating margin | 9900 | €53,719 | €81,368 | +€27,649 | +51.5% |
| Operating profit (loss) | 9901 | €53,266 | €77,926 | +€24,660 | +46.3% |
| Financial charges | 65/66B | €590 | €360 | -€231 | -39.1% |
| Recurring financial charges | 65 | €590 | €360 | -€231 | -39.1% |
| Profit (loss) for the period before taxes | 9903 | €52,675 | €77,566 | +€24,891 | +47.3% |
| Income taxes | 67/77 | €11,584 | €16,671 | +€5,088 | +43.9% |
| Profit (loss) for the period | 9904 | €41,092 | €60,895 | +€19,803 | +48.2% |
| Profit (loss) for the period to be appropriated | 9905 | €41,092 | €60,895 | +€19,803 | +48.2% |
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 13 October 2026 via checked.be.