THE LIGHTHOUSE: 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 LIGHTHOUSE
Largest movements
- Receivables within one year -€157,993
down €157,993 (-39.0%), from €404,924 to €246,931
of which Other amounts receivable: -€147,680
- Tangible fixed assets -€23,671
down €23,671 (-2.1%), from €1.1m to €1.1m
of which Other tangible fixed assets: -€17,655
- Short-term financial debts -€149,273
down €149,273 (-37.3%), from €400,000 to €250,727
- Debts after one year -€21,602
down €21,602 (-4.1%), from €529,246 to €507,644
- Gross operating margin +€46,190
up €46,190 (+576.3%), from €8,015 to €54,205
- Other operating charges -€8,286
down €8,286 (-75.9%), from €10,924 to €2,638
- Financial charges +€7,167
up €7,167 (+33.7%), from €21,245 to €28,412
- Depreciation +€1,201
up €1,201 (+4.7%), from €25,808 to €27,009
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 | €1,550,197 | €1,370,365 | -€179,832 | -11.6% |
| Fixed assets | 21/28 | €1,123,757 | €1,100,086 | -€23,671 | -2.1% |
| Tangible fixed assets | 22/27 | €1,123,757 | €1,100,086 | -€23,671 | -2.1% |
| Land and buildings | 22 | €436,276 | €432,482 | -€3,795 | -0.9% |
| Plant, machinery and equipment | 23 | €12,161 | €11,641 | -€521 | -4.3% |
| Furniture and vehicles | 24 | €4,957 | €3,256 | -€1,701 | -34.3% |
| Other tangible fixed assets | 26 | €670,363 | €652,708 | -€17,655 | -2.6% |
| Current assets | 29/58 | €426,440 | €270,279 | -€156,161 | -36.6% |
| Amounts receivable within one year | 40/41 | €404,924 | €246,931 | -€157,993 | -39.0% |
| Trade receivables | 40 | €14,598 | €4,285 | -€10,313 | -70.6% |
| Other amounts receivable | 41 | €390,326 | €242,646 | -€147,680 | -37.8% |
| Cash at bank and in hand | 54/58 | €21,516 | €22,751 | +€1,234 | +5.7% |
| Deferred charges and accrued income | 490/1 | - | €598 | +€598 | |
| Total equity and liabilities | 10/49 | €1,550,197 | €1,370,365 | -€179,832 | -11.6% |
| Equity | 10/15 | -€83,260 | -€87,105 | -€3,845 | -4.6% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€183,260 | -€187,105 | -€3,845 | -2.1% |
| Amounts payable | 17/49 | €1,633,458 | €1,457,470 | -€175,988 | -10.8% |
| Amounts payable after more than one year | 17 | €529,246 | €507,644 | -€21,602 | -4.1% |
| Financial debts | 170/4 | €529,246 | €507,644 | -€21,602 | -4.1% |
| Amounts payable within one year | 42/48 | €1,102,366 | €949,826 | -€152,539 | -13.8% |
| Current portion of amounts payable after more than one year | 42 | €20,966 | €21,602 | +€636 | +3.0% |
| Financial debts | 43 | €400,000 | €250,727 | -€149,273 | -37.3% |
| Credit institutions | 430/8 | €400,000 | €250,727 | -€149,273 | -37.3% |
| Trade debts | 44 | €3,930 | €2,665 | -€1,265 | -32.2% |
| Suppliers | 440/4 | €3,930 | €2,665 | -€1,265 | -32.2% |
| Advances received on contracts in progress | 46 | - | €1,245 | +€1,245 | |
| Taxes, remuneration and social security | 45 | €2,233 | €1,964 | -€269 | -12.1% |
| Taxes | 450/3 | €2,233 | €1,964 | -€269 | -12.1% |
| Other amounts payable | 47/48 | €675,236 | €671,624 | -€3,612 | -0.5% |
| Accrued charges and deferred income | 492/3 | €1,846 | - | -€1,846 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,808 | €27,009 | +€1,201 | +4.7% |
| Other operating charges | 640/8 | €10,924 | €2,638 | -€8,286 | -75.9% |
| Gross operating margin | 9900 | €8,015 | €54,205 | +€46,190 | +576.3% |
| Operating profit (loss) | 9901 | -€28,718 | €24,557 | +€53,275 | |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €21,245 | €28,412 | +€7,167 | +33.7% |
| Recurring financial charges | 65 | €21,245 | €28,412 | +€7,167 | +33.7% |
| Profit (loss) for the period before taxes | 9903 | -€49,962 | -€3,845 | +€46,118 | +92.3% |
| Profit (loss) for the period | 9904 | -€49,962 | -€3,845 | +€46,118 | +92.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€49,962 | -€3,845 | +€46,118 | +92.3% |
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 2 October 2026 via checked.be.