LW: 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.
LW
Largest movements
- Tangible fixed assets -€12,015
down €12,015 (-53.6%), from €22,417 to €10,403
- Intangible fixed assets -€8,000
down €8,000 (-30.8%), from €26,000 to €18,000
- Receivables within one year +€3,146
up €3,146 (+20.1%), from €15,623 to €18,770
of which Trade receivables: +€3,425
- Cash +€2,899
up €2,899 (+4.2%), from €68,398 to €71,298
mainly Net result for the year (+€25,692) and Depreciation (+€20,015)
- Deferred charges and accrued income -€2,413
no longer reported in 2025 (was €2,413)
- Debts after one year -€8,409
down €8,409 (-53.5%), from €15,707 to €7,299
- Current portion of long-term debt -€6,860
down €6,860 (-44.9%), from €15,269 to €8,409
- Profit (loss) carried forward +€4,516
up €4,516 (+13.4%), from €33,627 to €38,143
- Other debts -€4,320
down €4,320 (-15.3%), from €28,158 to €23,838
- Trade debts -€2,938
down €2,938 (-25.4%), from €11,556 to €8,618
- Gross operating margin -€15,021
down €15,021 (-21.1%), from €71,337 to €56,316
- Depreciation -€2,658
down €2,658 (-11.7%), from €22,673 to €20,015
- Financial charges -€758
down €758 (-27.8%), from €2,732 to €1,973
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 | €135,850 | €119,468 | -€16,382 | -12.1% |
| Fixed assets | 21/28 | €48,417 | €28,403 | -€20,015 | -41.3% |
| Intangible fixed assets | 21 | €26,000 | €18,000 | -€8,000 | -30.8% |
| Tangible fixed assets | 22/27 | €22,417 | €10,403 | -€12,015 | -53.6% |
| Land and buildings | 22 | €11,787 | €7,305 | -€4,482 | -38.0% |
| Plant, machinery and equipment | 23 | €2,576 | €1,973 | -€604 | -23.4% |
| Furniture and vehicles | 24 | €5,462 | €1,125 | -€4,337 | -79.4% |
| Leasing and similar rights | 25 | €2,592 | - | -€2,592 | |
| Current assets | 29/58 | €87,433 | €91,065 | +€3,633 | +4.2% |
| Stocks and contracts in progress | 3 | €998 | €998 | = | 0.0% |
| Stocks | 30/36 | €998 | €998 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €15,623 | €18,770 | +€3,146 | +20.1% |
| Trade receivables | 40 | €15,345 | €18,770 | +€3,425 | +22.3% |
| Other amounts receivable | 41 | €279 | - | -€279 | |
| Cash at bank and in hand | 54/58 | €68,398 | €71,298 | +€2,899 | +4.2% |
| Deferred charges and accrued income | 490/1 | €2,413 | - | -€2,413 | |
| Total equity and liabilities | 10/49 | €135,850 | €119,468 | -€16,382 | -12.1% |
| Equity | 10/15 | €54,087 | €58,603 | +€4,516 | +8.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,627 | €38,143 | +€4,516 | +13.4% |
| Amounts payable | 17/49 | €81,763 | €60,865 | -€20,898 | -25.6% |
| Amounts payable after more than one year | 17 | €15,707 | €7,299 | -€8,409 | -53.5% |
| Financial debts | 170/4 | €15,707 | €7,299 | -€8,409 | -53.5% |
| Amounts payable within one year | 42/48 | €66,056 | €53,566 | -€12,489 | -18.9% |
| Current portion of amounts payable after more than one year | 42 | €15,269 | €8,409 | -€6,860 | -44.9% |
| Trade debts | 44 | €11,556 | €8,618 | -€2,938 | -25.4% |
| Suppliers | 440/4 | €11,556 | €8,618 | -€2,938 | -25.4% |
| Taxes, remuneration and social security | 45 | €11,072 | €12,701 | +€1,629 | +14.7% |
| Taxes | 450/3 | €5,777 | €12,701 | +€6,924 | +119.8% |
| Remuneration and social security | 454/9 | €5,295 | - | -€5,295 | |
| Other amounts payable | 47/48 | €28,158 | €23,838 | -€4,320 | -15.3% |
| Remuneration, social security and pensions | 62 | €290 | €284 | -€7 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,673 | €20,015 | -€2,658 | -11.7% |
| Other operating charges | 640/8 | €1,385 | €955 | -€430 | -31.1% |
| Gross operating margin | 9900 | €71,337 | €56,316 | -€15,021 | -21.1% |
| Operating profit (loss) | 9901 | €46,989 | €35,063 | -€11,926 | -25.4% |
| Financial income | 75/76B | €2 | €1 | -€0 | -18.4% |
| Recurring financial income | 75 | €2 | €1 | -€0 | -18.4% |
| Financial charges | 65/66B | €2,732 | €1,973 | -€758 | -27.8% |
| Recurring financial charges | 65 | €2,732 | €1,973 | -€758 | -27.8% |
| Profit (loss) for the period before taxes | 9903 | €44,258 | €33,091 | -€11,168 | -25.2% |
| Income taxes | 67/77 | €7,721 | €7,399 | -€323 | -4.2% |
| Profit (loss) for the period | 9904 | €36,537 | €25,692 | -€10,845 | -29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €36,537 | €25,692 | -€10,845 | -29.7% |
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 12 October 2026 via checked.be.