Massimo LAPIETRA: 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.
Massimo LAPIETRA
Largest movements
- Tangible fixed assets -€10,713
down €10,713 (-47.2%), from €22,711 to €11,998
of which Land and buildings: -€5,893
- Receivables within one year -€5,279
down €5,279 (-87.8%), from €6,013 to €735
of which Trade receivables: -€5,677
- Cash +€2,998
up €2,998, from €0 to €2,998
mainly Depreciation (+€10,713) and Receivables within one year (+€5,279)
- Deferred charges and accrued income -€608
down €608 (-35.6%), from €1,706 to €1,098
- Other debts -€9,732
down €9,732 (-54.7%), from €17,789 to €8,057
- Short-term financial debts -€3,908
no longer reported in 2025 (was €3,908)
- Profit (loss) carried forward +€395
up €395 (+6.6%), from -€6,000 to -€5,604
- Trade debts -€357
down €357 (-95.5%), from €373 to €17
- Gross operating margin +€23,265
up €23,265, from -€9,945 to €13,319
- Depreciation -€302
down €302 (-2.7%), from €11,015 to €10,713
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 | €30,431 | €16,829 | -€13,602 | -44.7% |
| Fixed assets | 21/28 | €22,711 | €11,998 | -€10,713 | -47.2% |
| Tangible fixed assets | 22/27 | €22,711 | €11,998 | -€10,713 | -47.2% |
| Land and buildings | 22 | €17,750 | €11,857 | -€5,893 | -33.2% |
| Plant, machinery and equipment | 23 | €150 | €9 | -€141 | -94.1% |
| Furniture and vehicles | 24 | €4,812 | €132 | -€4,680 | -97.3% |
| Current assets | 29/58 | €7,719 | €4,831 | -€2,888 | -37.4% |
| Amounts receivable within one year | 40/41 | €6,013 | €735 | -€5,279 | -87.8% |
| Trade receivables | 40 | €5,677 | - | -€5,677 | |
| Other amounts receivable | 41 | €336 | €735 | +€398 | +118% |
| Cash at bank and in hand | 54/58 | €0 | €2,998 | +€2,998 | |
| Deferred charges and accrued income | 490/1 | €1,706 | €1,098 | -€608 | -35.6% |
| Total equity and liabilities | 10/49 | €30,431 | €16,829 | -€13,602 | -44.7% |
| Equity | 10/15 | €8,360 | €8,756 | +€395 | +4.7% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,000 | -€5,604 | +€395 | +6.6% |
| Amounts payable | 17/49 | €22,070 | €8,073 | -€13,997 | -63.4% |
| Amounts payable within one year | 42/48 | €22,070 | €8,073 | -€13,997 | -63.4% |
| Financial debts | 43 | €3,908 | - | -€3,908 | |
| Credit institutions | 430/8 | €3,908 | - | -€3,908 | |
| Trade debts | 44 | €373 | €17 | -€357 | -95.5% |
| Suppliers | 440/4 | €373 | €17 | -€357 | -95.5% |
| Other amounts payable | 47/48 | €17,789 | €8,057 | -€9,732 | -54.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,015 | €10,713 | -€302 | -2.7% |
| Other operating charges | 640/8 | €1,723 | €1,834 | +€112 | +6.5% |
| Gross operating margin | 9900 | -€9,945 | €13,319 | +€23,265 | |
| Operating profit (loss) | 9901 | -€22,683 | €772 | +€23,455 | |
| Financial charges | 65/66B | €447 | €376 | -€71 | -15.9% |
| Recurring financial charges | 65 | €447 | €376 | -€71 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | -€23,131 | €395 | +€23,526 | |
| Profit (loss) for the period | 9904 | -€23,131 | €395 | +€23,526 | |
| Profit (loss) for the period to be appropriated | 9905 | -€23,131 | €395 | +€23,526 |
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 29 October 2026 via checked.be.