The LAB+: what changed
Two fiscal 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.
The LAB+
Largest movements
- Stocks and contracts +€111,701
up €111,701 (+170.2%), from €65,642 to €177,343
- Tangible fixed assets +€72,213
up €72,213 (+26.5%), from €273,007 to €345,220
of which Furniture and vehicles: +€93,474
- Receivables within one year +€56,155
up €56,155 (+63.4%), from €88,512 to €144,668
of which Other amounts receivable: +€85,455
- Cash +€44,501
up €44,501 (+185.1%), from €24,036 to €68,537
mainly Trade debts (+€108,710) and Other debts (+€80,794)
- Trade debts +€108,710
up €108,710 (+195.9%), from €55,505 to €164,215
- Other debts +€80,794
up €80,794 (+101.0%), from €79,962 to €160,755
- Tax, wage and social debts +€68,581
up €68,581 (+215.3%), from €31,860 to €100,441
of which Taxes: +€58,016
- Reserves +€38,364
up €38,364 (+34.3%), from €111,775 to €150,139
- Debts after one year -€13,244
down €13,244 (-10.2%), from €130,094 to €116,850
- Gross operating margin +€122,290
up €122,290 (+85.1%), from €143,785 to €266,075
- Staff costs +€47,382
up €47,382 (+65.9%), from €71,848 to €119,230
- Taxes +€19,850
up €19,850 (+1486.9%), from €1,335 to €21,185
- Other operating charges +€11,623
up €11,623 (+214.5%), from €5,419 to €17,042
- Depreciation -€8,965
down €8,965 (-18.1%), from €49,510 to €40,546
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 | €455,197 | €735,768 | +€280,571 | +61.6% |
| Fixed assets | 21/28 | €273,007 | €345,220 | +€72,213 | +26.5% |
| Tangible fixed assets | 22/27 | €273,007 | €345,220 | +€72,213 | +26.5% |
| Land and buildings | 22 | €147,258 | €142,758 | -€4,500 | -3.1% |
| Plant, machinery and equipment | 23 | - | €1,358 | +€1,358 | |
| Furniture and vehicles | 24 | €12,388 | €105,861 | +€93,474 | +754.6% |
| Other tangible fixed assets | 26 | €113,361 | €95,242 | -€18,119 | -16.0% |
| Current assets | 29/58 | €182,190 | €390,548 | +€208,358 | +114.4% |
| Stocks and contracts in progress | 3 | €65,642 | €177,343 | +€111,701 | +170.2% |
| Stocks | 30/36 | €65,642 | €177,343 | +€111,701 | +170.2% |
| Amounts receivable within one year | 40/41 | €88,512 | €144,668 | +€56,155 | +63.4% |
| Trade receivables | 40 | €42,301 | €13,001 | -€29,299 | -69.3% |
| Other amounts receivable | 41 | €46,212 | €131,666 | +€85,455 | +184.9% |
| Cash at bank and in hand | 54/58 | €24,036 | €68,537 | +€44,501 | +185.1% |
| Deferred charges and accrued income | 490/1 | €4,000 | €0 | -€4,000 | -100.0% |
| Total equity and liabilities | 10/49 | €455,197 | €735,768 | +€280,571 | +61.6% |
| Equity | 10/15 | €130,375 | €168,739 | +€38,364 | +29.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €111,775 | €150,139 | +€38,364 | +34.3% |
| Distributable reserves | 133 | €111,775 | €150,139 | +€38,364 | +34.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €324,823 | €567,029 | +€242,206 | +74.6% |
| Amounts payable after more than one year | 17 | €130,094 | €116,850 | -€13,244 | -10.2% |
| Financial debts | 170/4 | €130,094 | €116,850 | -€13,244 | -10.2% |
| Amounts payable within one year | 42/48 | €187,046 | €438,655 | +€251,609 | +134.5% |
| Current portion of amounts payable after more than one year | 42 | €12,720 | €13,244 | +€524 | +4.1% |
| Financial debts | 43 | €7,000 | €0 | -€7,000 | -100.0% |
| Credit institutions | 430/8 | €7,000 | €0 | -€7,000 | -100.0% |
| Trade debts | 44 | €55,505 | €164,215 | +€108,710 | +195.9% |
| Suppliers | 440/4 | €55,505 | €164,215 | +€108,710 | +195.9% |
| Taxes, remuneration and social security | 45 | €31,860 | €100,441 | +€68,581 | +215.3% |
| Taxes | 450/3 | €29,633 | €87,650 | +€58,016 | +195.8% |
| Remuneration and social security | 454/9 | €2,226 | €12,791 | +€10,565 | +474.5% |
| Other amounts payable | 47/48 | €79,962 | €160,755 | +€80,794 | +101.0% |
| Accrued charges and deferred income | 492/3 | €7,682 | €11,523 | +€3,841 | +50.0% |
| Non-recurring operating income | 76A | €2,975 | €0 | -€2,975 | -100.0% |
| Remuneration, social security and pensions | 62 | €71,848 | €119,230 | +€47,382 | +65.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,510 | €40,546 | -€8,965 | -18.1% |
| Other operating charges | 640/8 | €5,419 | €17,042 | +€11,623 | +214.5% |
| Gross operating margin | 9900 | €143,785 | €266,075 | +€122,290 | +85.1% |
| Operating profit (loss) | 9901 | €17,008 | €89,257 | +€72,250 | +424.8% |
| Financial income | 75/76B | €37 | €576 | +€540 | +1461.9% |
| Recurring financial income | 75 | €37 | €576 | +€540 | +1461.9% |
| Financial charges | 65/66B | €6,569 | €11,572 | +€5,003 | +76.2% |
| Recurring financial charges | 65 | €6,569 | €11,572 | +€5,003 | +76.2% |
| Profit (loss) for the period before taxes | 9903 | €10,476 | €78,262 | +€67,786 | +647.1% |
| Income taxes | 67/77 | €1,335 | €21,185 | +€19,850 | +1486.9% |
| Profit (loss) for the period | 9904 | €9,141 | €57,076 | +€47,936 | +524.4% |
| Profit (loss) for the period to be appropriated | 9905 | €9,141 | €57,076 | +€47,936 | +524.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.