LISO: what changed
LISO
Largest movements
- Tangible fixed assets -€116,629
down €116,629 (-33.8%), from €345,141 to €228,512
of which Leasing and similar rights: -€84,743
- Receivables after one year +€35,142
up €35,142 (+10.2%), from €343,204 to €378,346
- Financial fixed assets +€20,994
new in 2026: €20,994
- Receivables within one year -€13,743
down €13,743 (-83.7%), from €16,423 to €2,680
of which Other amounts receivable: -€13,571
- Cash +€7,118
up €7,118 (+125%), from €5,679 to €12,797
mainly Depreciation (+€97,729) and Trade debts (+€21,782)
- Debts after one year -€68,307
down €68,307 (-48.8%), from €139,905 to €71,598
of which Financial debts: -€68,307
- Short-term financial debts -€27,500
no longer reported in 2026 (was €27,500)
- Trade debts +€21,782
up €21,782 (+307%), from €7,096 to €28,878
- Tax, wage and social debts +€19,345
new in 2026: €19,345
- Provisions -€18,871
down €18,871 (-34.3%), from €55,043 to €36,173
- Depreciation -€8,091
down €8,091 (-7.6%), from €105,819 to €97,729
- Gross operating margin -€4,730
down €4,730 (-3.8%), from €124,432 to €119,702
- Financial charges -€3,390
down €3,390 (-30.1%), from €11,270 to €7,879
- Other operating charges -€2,423
down €2,423 (-50.1%), from €4,839 to €2,416
- Taxes -€1,760
down €1,760 (-7.1%), from €24,795 to €23,035
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €710,447 | €643,328 | -€67,118 | -9.4% |
| Fixed assets | 21/28 | €345,141 | €249,506 | -€95,635 | -27.7% |
| Tangible fixed assets | 22/27 | €345,141 | €228,512 | -€116,629 | -33.8% |
| Land and buildings | 22 | €148,425 | €116,540 | -€31,886 | -21.5% |
| Leasing and similar rights | 25 | €196,716 | €111,972 | -€84,743 | -43.1% |
| Financial fixed assets | 28 | - | €20,994 | +€20,994 | |
| Current assets | 29/58 | €365,306 | €393,823 | +€28,517 | +7.8% |
| Amounts receivable after more than one year | 29 | €343,204 | €378,346 | +€35,142 | +10.2% |
| Other amounts receivable | 291 | €343,204 | €378,346 | +€35,142 | +10.2% |
| Amounts receivable within one year | 40/41 | €16,423 | €2,680 | -€13,743 | -83.7% |
| Trade receivables | 40 | €2,852 | €2,680 | -€172 | -6.0% |
| Other amounts receivable | 41 | €13,571 | - | -€13,571 | |
| Cash at bank and in hand | 54/58 | €5,679 | €12,797 | +€7,118 | +125% |
| Total equity and liabilities | 10/49 | €710,447 | €643,328 | -€67,118 | -9.4% |
| Equity | 10/15 | €400,590 | €408,978 | +€8,388 | +2.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €381,990 | €390,378 | +€8,388 | +2.2% |
| Tax-exempt reserves | 132 | €165,130 | €108,518 | -€56,612 | -34.3% |
| Distributable reserves | 133 | €216,860 | €281,860 | +€65,000 | +30.0% |
| Provisions and deferred taxes | 16 | €55,043 | €36,173 | -€18,871 | -34.3% |
| Deferred taxes | 168 | €55,043 | €36,173 | -€18,871 | -34.3% |
| Amounts payable | 17/49 | €254,814 | €198,178 | -€56,636 | -22.2% |
| Amounts payable after more than one year | 17 | €139,905 | €71,598 | -€68,307 | -48.8% |
| Financial debts | 170/4 | €131,159 | €62,852 | -€68,307 | -52.1% |
| Other amounts payable | 178/9 | €8,746 | €8,746 | = | 0.0% |
| Amounts payable within one year | 42/48 | €108,909 | €120,580 | +€11,671 | +10.7% |
| Current portion of amounts payable after more than one year | 42 | €68,291 | €63,893 | -€4,398 | -6.4% |
| Financial debts | 43 | €27,500 | - | -€27,500 | |
| Other loans | 439 | €27,500 | - | -€27,500 | |
| Trade debts | 44 | €7,096 | €28,878 | +€21,782 | +307% |
| Suppliers | 440/4 | €7,096 | €28,878 | +€21,782 | +307% |
| Advances received on contracts in progress | 46 | €3,982 | €7,450 | +€3,468 | +87.1% |
| Taxes, remuneration and social security | 45 | - | €19,345 | +€19,345 | |
| Taxes | 450/3 | - | €19,345 | +€19,345 | |
| Other amounts payable | 47/48 | €2,040 | €1,014 | -€1,026 | -50.3% |
| Accrued charges and deferred income | 492/3 | €6,000 | €6,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,819 | €97,729 | -€8,091 | -7.6% |
| Other operating charges | 640/8 | €4,839 | €2,416 | -€2,423 | -50.1% |
| Gross operating margin | 9900 | €124,432 | €119,702 | -€4,730 | -3.8% |
| Operating profit (loss) | 9901 | €13,774 | €19,558 | +€5,784 | +42.0% |
| Financial income | 75/76B | €808 | €874 | +€66 | +8.1% |
| Recurring financial income | 75 | €808 | €874 | +€66 | +8.1% |
| Financial charges | 65/66B | €11,270 | €7,879 | -€3,390 | -30.1% |
| Recurring financial charges | 65 | €11,270 | €7,879 | -€3,390 | -30.1% |
| Profit (loss) for the period before taxes | 9903 | €3,313 | €12,553 | +€9,240 | +279% |
| Transfer from deferred taxes | 780 | €18,871 | €18,871 | = | 0.0% |
| Income taxes | 67/77 | €24,795 | €23,035 | -€1,760 | -7.1% |
| Profit (loss) for the period | 9904 | -€2,612 | €8,388 | +€11,000 | |
| Transfer from tax-exempt reserves | 789 | €56,612 | €56,612 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €54,000 | €65,000 | +€11,000 | +20.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.