Dr. LSMAES: 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.
Dr. LSMAES
Largest movements
- Deferred charges and accrued income +€16,705
up €16,705 (+20.0%), from €83,353 to €100,058
- Tangible fixed assets -€3,462
down €3,462 (-29.7%), from €11,641 to €8,179
of which Furniture and vehicles: -€1,947
- Receivables within one year -€3,289
no longer reported in 2025 (was €3,289)
- Tax, wage and social debts +€16,983
new in 2025: €16,983
- Other debts -€7,927
down €7,927 (-7.7%), from €102,299 to €94,372
- Reserves +€1,508
up €1,508 (+56.7%), from €2,662 to €4,170
- Gross operating margin +€18,226
up €18,226 (+13.6%), from €134,321 to €152,547
- Taxes +€2,522
up €2,522 (+8.8%), from €28,711 to €31,233
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 | €107,010 | €116,950 | +€9,939 | +9.3% |
| Fixed assets | 21/28 | €11,641 | €8,179 | -€3,462 | -29.7% |
| Tangible fixed assets | 22/27 | €11,641 | €8,179 | -€3,462 | -29.7% |
| Land and buildings | 22 | €1,692 | €1,278 | -€414 | -24.4% |
| Plant, machinery and equipment | 23 | €3,890 | €2,789 | -€1,101 | -28.3% |
| Furniture and vehicles | 24 | €6,058 | €4,111 | -€1,947 | -32.1% |
| Current assets | 29/58 | €95,370 | €108,771 | +€13,401 | +14.1% |
| Amounts receivable within one year | 40/41 | €3,289 | - | -€3,289 | |
| Other amounts receivable | 41 | €3,289 | - | -€3,289 | |
| Cash at bank and in hand | 54/58 | €8,728 | €8,713 | -€15 | -0.2% |
| Deferred charges and accrued income | 490/1 | €83,353 | €100,058 | +€16,705 | +20.0% |
| Total equity and liabilities | 10/49 | €107,010 | €116,950 | +€9,939 | +9.3% |
| Equity | 10/15 | €3,162 | €4,670 | +€1,508 | +47.7% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €2,662 | €4,170 | +€1,508 | +56.7% |
| Distributable reserves | 133 | €2,662 | €4,170 | +€1,508 | +56.7% |
| Amounts payable | 17/49 | €103,849 | €112,280 | +€8,431 | +8.1% |
| Amounts payable within one year | 42/48 | €103,849 | €112,280 | +€8,431 | +8.1% |
| Trade debts | 44 | €1,550 | €925 | -€625 | -40.3% |
| Suppliers | 440/4 | €1,550 | €925 | -€625 | -40.3% |
| Taxes, remuneration and social security | 45 | - | €16,983 | +€16,983 | |
| Taxes | 450/3 | - | €16,983 | +€16,983 | |
| Other amounts payable | 47/48 | €102,299 | €94,372 | -€7,927 | -7.7% |
| Remuneration, social security and pensions | 62 | €105 | €35 | -€70 | -66.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,074 | €3,462 | +€387 | +12.6% |
| Other operating charges | 640/8 | €577 | €147 | -€431 | -74.6% |
| Non-recurring operating charges | 66A | - | €11,239 | +€11,239 | |
| Gross operating margin | 9900 | €134,321 | €152,547 | +€18,226 | +13.6% |
| Operating profit (loss) | 9901 | €130,564 | €137,664 | +€7,100 | +5.4% |
| Financial income | 75/76B | - | €257 | +€257 | |
| Recurring financial income | 75 | - | €257 | +€257 | |
| Financial charges | 65/66B | €66 | €180 | +€114 | +174.0% |
| Recurring financial charges | 65 | €66 | €180 | +€114 | +174.0% |
| Profit (loss) for the period before taxes | 9903 | €130,499 | €137,741 | +€7,242 | +5.5% |
| Income taxes | 67/77 | €28,711 | €31,233 | +€2,522 | +8.8% |
| Profit (loss) for the period | 9904 | €101,788 | €106,508 | +€4,721 | +4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €101,788 | €106,508 | +€4,721 | +4.6% |
Source: filed annual accounts (NBB), financial years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.