THE LADS: 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.
THE LADS
Largest movements
- Receivables within one year +€46,964
up €46,964 (+24.3%), from €193,467 to €240,431
of which Other amounts receivable: +€84,778
- Receivables after one year -€35,000
no longer reported in 2025 (was €35,000)
- Tangible fixed assets +€26,198
up €26,198 (+223%), from €11,763 to €37,960
of which Land and buildings: +€35,000
- Cash +€11,519
up €11,519 (+31.0%), from €37,210 to €48,729
mainly Other debts (+€200,000) and Net result for the year (+€75,001)
- Financial fixed assets +€5,000
up €5,000 (+625%), from €800 to €5,800
- Other debts +€200,000
new in 2025: €200,000
- Reserves -€102,831
no longer reported in 2025 (was €102,831)
- Profit (loss) carried forward -€22,191
down €22,191 (-23.6%), from €94,097 to €71,906
- Tax, wage and social debts -€17,005
down €17,005 (-37.2%), from €45,771 to €28,766
of which Taxes: -€13,839
- Trade debts -€8,699
down €8,699 (-20.1%), from €43,270 to €34,571
- Staff costs -€19,074
down €19,074 (-48.0%), from €39,735 to €20,661
- Gross operating margin +€6,083
up €6,083 (+4.8%), from €127,177 to €133,260
- Financial income -€4,083
down €4,083 (-99.2%), from €4,116 to €33
- Financial charges -€2,838
down €2,838 (-72.9%), from €3,891 to €1,053
- Taxes -€1,794
down €1,794 (-7.6%), from €23,541 to €21,746
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 | €294,029 | €349,167 | +€55,138 | +18.8% |
| Fixed assets | 21/28 | €15,771 | €46,269 | +€30,498 | +193% |
| Intangible fixed assets | 21 | €3,208 | €2,508 | -€700 | -21.8% |
| Tangible fixed assets | 22/27 | €11,763 | €37,960 | +€26,198 | +223% |
| Land and buildings | 22 | - | €35,000 | +€35,000 | |
| Furniture and vehicles | 24 | €11,763 | €2,960 | -€8,802 | -74.8% |
| Financial fixed assets | 28 | €800 | €5,800 | +€5,000 | +625% |
| Current assets | 29/58 | €278,258 | €302,898 | +€24,640 | +8.9% |
| Amounts receivable after more than one year | 29 | €35,000 | - | -€35,000 | |
| Trade receivables | 290 | €35,000 | - | -€35,000 | |
| Stocks and contracts in progress | 3 | €12,431 | €12,486 | +€55 | +0.4% |
| Stocks | 30/36 | €12,431 | €12,486 | +€55 | +0.4% |
| Amounts receivable within one year | 40/41 | €193,467 | €240,431 | +€46,964 | +24.3% |
| Trade receivables | 40 | €85,596 | €47,782 | -€37,814 | -44.2% |
| Other amounts receivable | 41 | €107,871 | €192,649 | +€84,778 | +78.6% |
| Cash at bank and in hand | 54/58 | €37,210 | €48,729 | +€11,519 | +31.0% |
| Deferred charges and accrued income | 490/1 | €150 | €1,252 | +€1,103 | +736% |
| Total equity and liabilities | 10/49 | €294,029 | €349,167 | +€55,138 | +18.8% |
| Equity | 10/15 | €204,988 | €79,966 | -€125,022 | -61.0% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €102,831 | - | -€102,831 | |
| Distributable reserves | 133 | €102,831 | - | -€102,831 | |
| Profit (loss) carried forward | 14 | €94,097 | €71,906 | -€22,191 | -23.6% |
| Amounts payable | 17/49 | €89,040 | €269,201 | +€180,160 | +202% |
| Amounts payable within one year | 42/48 | €89,040 | €269,201 | +€180,160 | +202% |
| Current portion of amounts payable after more than one year | 42 | - | €5,864 | +€5,864 | |
| Trade debts | 44 | €43,270 | €34,571 | -€8,699 | -20.1% |
| Suppliers | 440/4 | €43,270 | €34,571 | -€8,699 | -20.1% |
| Taxes, remuneration and social security | 45 | €45,771 | €28,766 | -€17,005 | -37.2% |
| Taxes | 450/3 | €42,392 | €28,553 | -€13,839 | -32.6% |
| Remuneration and social security | 454/9 | €3,379 | €212 | -€3,166 | -93.7% |
| Other amounts payable | 47/48 | - | €200,000 | +€200,000 | |
| Remuneration, social security and pensions | 62 | €39,735 | €20,661 | -€19,074 | -48.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,629 | €5,489 | -€139 | -2.5% |
| Other operating charges | 640/8 | €2,452 | €1,440 | -€1,011 | -41.2% |
| Non-recurring operating charges | 66A | - | €7,901 | +€7,901 | |
| Gross operating margin | 9900 | €127,177 | €133,260 | +€6,083 | +4.8% |
| Operating profit (loss) | 9901 | €79,362 | €97,768 | +€18,407 | +23.2% |
| Financial income | 75/76B | €4,116 | €33 | -€4,083 | -99.2% |
| Recurring financial income | 75 | €4,116 | €33 | -€4,083 | -99.2% |
| Financial charges | 65/66B | €3,891 | €1,053 | -€2,838 | -72.9% |
| Recurring financial charges | 65 | €3,891 | €1,053 | -€2,838 | -72.9% |
| Profit (loss) for the period before taxes | 9903 | €79,586 | €96,747 | +€17,161 | +21.6% |
| Income taxes | 67/77 | €23,541 | €21,746 | -€1,794 | -7.6% |
| Profit (loss) for the period | 9904 | €56,046 | €75,001 | +€18,955 | +33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €56,046 | €75,001 | +€18,955 | +33.8% |
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 30 October 2026 via checked.be.