LTH BOELAERT: 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.
LTH BOELAERT
Largest movements
- Tangible fixed assets +€59,891
up €59,891 (+78.1%), from €76,723 to €136,614
of which Furniture and vehicles: +€81,112
- Cash -€35,886
down €35,886 (-36.6%), from €98,132 to €62,246
- Receivables within one year -€19,426
down €19,426 (-76.8%), from €25,282 to €5,856
of which Other amounts receivable: -€16,067
- Other debts -€58,021
down €58,021 (-52.5%), from €110,521 to €52,500
- Debts after one year +€33,893
new in 2025: €33,893
- Reserves +€28,149
up €28,149 (+69.7%), from €40,370 to €68,520
of which Distributable reserves: +€28,149
- Trade debts -€4,727
down €4,727 (-66.3%), from €7,125 to €2,398
- Tax, wage and social debts +€4,603
up €4,603 (+27.0%), from €17,017 to €21,620
of which Taxes: +€3,603
- Gross operating margin -€31,820
down €31,820 (-33.3%), from €95,595 to €63,775
- Depreciation +€23,106
up €23,106 (+144%), from €16,022 to €39,128
- Taxes -€2,099
down €2,099 (-23.7%), from €8,842 to €6,743
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €200,137 | €204,716 | +€4,579 | +2.3% |
| Fixed assets | 21/28 | €76,723 | €136,614 | +€59,891 | +78.1% |
| Tangible fixed assets | 22/27 | €76,723 | €136,614 | +€59,891 | +78.1% |
| Land and buildings | 22 | €42,000 | €25,200 | -€16,800 | -40.0% |
| Plant, machinery and equipment | 23 | €884 | €9,036 | +€8,152 | +922% |
| Furniture and vehicles | 24 | €1,324 | €82,435 | +€81,112 | +6,129% |
| Other tangible fixed assets | 26 | €32,515 | €19,943 | -€12,572 | -38.7% |
| Current assets | 29/58 | €123,415 | €68,102 | -€55,313 | -44.8% |
| Amounts receivable within one year | 40/41 | €25,282 | €5,856 | -€19,426 | -76.8% |
| Trade receivables | 40 | €3,736 | €377 | -€3,359 | -89.9% |
| Other amounts receivable | 41 | €21,547 | €5,480 | -€16,067 | -74.6% |
| Cash at bank and in hand | 54/58 | €98,132 | €62,246 | -€35,886 | -36.6% |
| Total equity and liabilities | 10/49 | €200,137 | €204,716 | +€4,579 | +2.3% |
| Equity | 10/15 | €46,570 | €74,720 | +€28,149 | +60.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €40,370 | €68,520 | +€28,149 | +69.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €38,510 | €66,660 | +€28,149 | +73.1% |
| Amounts payable | 17/49 | €153,567 | €129,997 | -€23,571 | -15.3% |
| Amounts payable after more than one year | 17 | - | €33,893 | +€33,893 | |
| Financial debts | 170/4 | - | €33,893 | +€33,893 | |
| Amounts payable within one year | 42/48 | €153,567 | €96,104 | -€57,463 | -37.4% |
| Current portion of amounts payable after more than one year | 42 | €18,904 | €19,586 | +€682 | +3.6% |
| Trade debts | 44 | €7,125 | €2,398 | -€4,727 | -66.3% |
| Suppliers | 440/4 | €7,125 | €2,398 | -€4,727 | -66.3% |
| Taxes, remuneration and social security | 45 | €17,017 | €21,620 | +€4,603 | +27.0% |
| Taxes | 450/3 | €16,017 | €19,620 | +€3,603 | +22.5% |
| Remuneration and social security | 454/9 | €1,000 | €2,000 | +€1,000 | +100% |
| Other amounts payable | 47/48 | €110,521 | €52,500 | -€58,021 | -52.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,022 | €39,128 | +€23,106 | +144% |
| Other operating charges | 640/8 | €2,003 | €1,313 | -€690 | -34.4% |
| Gross operating margin | 9900 | €95,595 | €63,775 | -€31,820 | -33.3% |
| Operating profit (loss) | 9901 | €77,570 | €23,334 | -€54,236 | -69.9% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,528 | €2,230 | +€702 | +45.9% |
| Recurring financial charges | 65 | €1,528 | €2,230 | +€702 | +45.9% |
| Profit (loss) for the period before taxes | 9903 | €76,042 | €21,104 | -€54,938 | -72.2% |
| Income taxes | 67/77 | €8,842 | €6,743 | -€2,099 | -23.7% |
| Profit (loss) for the period | 9904 | €67,200 | €14,361 | -€52,839 | -78.6% |
| Profit (loss) for the period to be appropriated | 9905 | €67,200 | €14,361 | -€52,839 | -78.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.