THREE LION: 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.
What changed
THREE LION
NACE 49.410, Freight transport by road
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€162,311
2024 · €471,016-€308,705
Equity
€5.3m
2024 · €4.9m+€345,062
Cash
€57,816
2024 · €58,368-€552
Balance sheet total
€6.2m
2024 · €6.1m+€161,089
Largest movements
Assets
- Receivables within one year +€337,160
up €337,160 (+49.4%), from €682,173 to €1.0m
of which Other amounts receivable: +€330,434
- Financial fixed assets -€233,400
down €233,400 (-30.1%), from €775,370 to €541,970
- Tangible fixed assets +€131,859
up €131,859 (+4.1%), from €3.2m to €3.3m
of which Land and buildings: +€268,147
Equity and liabilities
- Profit (loss) carried forward +€353,954
up €353,954 (+9.1%), from €3.9m to €4.2m
- Reserves -€191,643
down €191,643 (-20.9%), from €916,444 to €724,801
of which Tax-exempt reserves: -€191,643
- Revaluation surpluses +€182,751
new in 2025: €182,751
- Tax, wage and social debts -€80,077
down €80,077 (-54.8%), from €146,202 to €66,124
Income statement
- Taxes +€82,101
up €82,101 (+42.2%), from €194,645 to €276,746
- Depreciation +€19,917
up €19,917 (+8.1%), from €245,341 to €265,258
- Gross operating margin +€17,512
up €17,512 (+1.8%), from €959,472 to €976,984
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.
Result 2024
€471,016
Gross operating margin
+€17,512
Depreciation
-€19,917
Other operating charges
-€1,530
Other operating items
-€264,953
Financial income
-€1,943
Financial charges
+€7,632
Taxes
-€82,101
Deferred taxes and other
+€36,594
Result 2025
€162,311
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.
From operations
+€22,660
Investment
-€138,923
Financing
+€115,711
Cash 2024
€58,368
From operations (derived)
+€22,660
Net result for the year
+€162,311
Depreciation
+€265,258
Receivables within one year
-€337,160
Deferred charges and accrued income
+€49,183
Provisions
-€49,020
Trade debts
+€14,368
Tax, wage and social debts
-€80,077
Other debts
+€23,400
Accrued charges and deferred income
-€25,604
Investment (derived)
-€138,923
Investment in fixed assets (net)
-€138,923
Financing
+€115,711
Debts after one year
-€52,190
Current portion of long-term debt
-€14,850
Contributions, distributions and other
+€182,751
Cash 2025
€57,816
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,088,631 | €6,249,720 | +€161,089 | +2.6% |
| Fixed assets | 21/28 | €4,081,322 | €3,954,988 | -€126,335 | -3.1% |
| Intangible fixed assets | 21 | €99,174 | €74,380 | -€24,793 | -25.0% |
| Tangible fixed assets | 22/27 | €3,206,779 | €3,338,638 | +€131,859 | +4.1% |
| Land and buildings | 22 | €2,750,056 | €3,018,203 | +€268,147 | +9.8% |
| Plant, machinery and equipment | 23 | €155,936 | €83,700 | -€72,236 | -46.3% |
| Furniture and vehicles | 24 | €300,787 | €236,735 | -€64,052 | -21.3% |
| Financial fixed assets | 28 | €775,370 | €541,970 | -€233,400 | -30.1% |
| Current assets | 29/58 | €2,007,308 | €2,294,732 | +€287,424 | +14.3% |
| Amounts receivable within one year | 40/41 | €682,173 | €1,019,333 | +€337,160 | +49.4% |
| Trade receivables | 40 | €3,433 | €10,159 | +€6,726 | +195.9% |
| Other amounts receivable | 41 | €678,740 | €1,009,174 | +€330,434 | +48.7% |
| Cash at bank and in hand | 54/58 | €58,368 | €57,816 | -€552 | -0.9% |
| Deferred charges and accrued income | 490/1 | €1,266,767 | €1,217,584 | -€49,183 | -3.9% |
| Total equity and liabilities | 10/49 | €6,088,631 | €6,249,720 | +€161,089 | +2.6% |
| Equity | 10/15 | €4,944,752 | €5,289,814 | +€345,062 | +7.0% |
| Contributions | 10/11 | €138,820 | €138,820 | = | 0.0% |
| Capital | 10 | €138,820 | €138,820 | = | 0.0% |
| Issued capital | 100 | €138,820 | €138,820 | = | 0.0% |
| Revaluation surpluses | 12 | - | €182,751 | +€182,751 | |
| Reserves | 13 | €916,444 | €724,801 | -€191,643 | -20.9% |
| Non-distributable reserves | 130/1 | €13,882 | €13,882 | = | 0.0% |
| Legal reserve | 130 | €13,882 | €13,882 | = | 0.0% |
| Tax-exempt reserves | 132 | €589,245 | €397,602 | -€191,643 | -32.5% |
| Distributable reserves | 133 | €313,317 | €313,317 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,889,487 | €4,243,441 | +€353,954 | +9.1% |
| Provisions and deferred taxes | 16 | €172,114 | €123,094 | -€49,020 | -28.5% |
| Deferred taxes | 168 | €172,114 | €123,094 | -€49,020 | -28.5% |
| Amounts payable | 17/49 | €971,765 | €836,812 | -€134,953 | -13.9% |
| Amounts payable after more than one year | 17 | €440,263 | €388,073 | -€52,190 | -11.9% |
| Financial debts | 170/4 | €440,263 | €388,073 | -€52,190 | -11.9% |
| Amounts payable within one year | 42/48 | €457,978 | €400,820 | -€57,159 | -12.5% |
| Current portion of amounts payable after more than one year | 42 | €100,693 | €85,843 | -€14,850 | -14.7% |
| Trade debts | 44 | €1,162 | €15,531 | +€14,368 | +1236.1% |
| Suppliers | 440/4 | €1,162 | €15,531 | +€14,368 | +1236.1% |
| Taxes, remuneration and social security | 45 | €146,202 | €66,124 | -€80,077 | -54.8% |
| Taxes | 450/3 | €146,202 | €66,124 | -€80,077 | -54.8% |
| Other amounts payable | 47/48 | €209,921 | €233,321 | +€23,400 | +11.1% |
| Accrued charges and deferred income | 492/3 | €73,524 | €47,920 | -€25,604 | -34.8% |
| Non-recurring operating income | 76A | €2,824 | €9,988 | +€7,163 | +253.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €245,341 | €265,258 | +€19,917 | +8.1% |
| Other operating charges | 640/8 | €25,678 | €27,208 | +€1,530 | +6.0% |
| Non-recurring operating charges | 66A | €27,180 | €292,133 | +€264,953 | +974.8% |
| Gross operating margin | 9900 | €959,472 | €976,984 | +€17,512 | +1.8% |
| Operating profit (loss) | 9901 | €661,272 | €392,385 | -€268,887 | -40.7% |
| Financial income | 75/76B | €13,524 | €11,581 | -€1,943 | -14.4% |
| Recurring financial income | 75 | €13,524 | €11,581 | -€1,943 | -14.4% |
| Financial charges | 65/66B | €21,561 | €13,929 | -€7,632 | -35.4% |
| Recurring financial charges | 65 | €21,561 | €13,929 | -€7,632 | -35.4% |
| Profit (loss) for the period before taxes | 9903 | €653,234 | €390,037 | -€263,197 | -40.3% |
| Transfer from deferred taxes | 780 | €12,426 | €49,020 | +€36,594 | +294.5% |
| Income taxes | 67/77 | €194,645 | €276,746 | +€82,101 | +42.2% |
| Profit (loss) for the period | 9904 | €471,016 | €162,311 | -€308,705 | -65.5% |
| Transfer from tax-exempt reserves | 789 | €45,268 | €191,643 | +€146,375 | +323.4% |
| Profit (loss) for the period to be appropriated | 9905 | €516,284 | €353,954 | -€162,330 | -31.4% |
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 7 October 2026 via checked.be.