L.A.R.D.: 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.
L.A.R.D.
Largest movements
- Current investments +€25,000
up €25,000 (+106%), from €23,639 to €48,639
- Receivables within one year +€17,261
up €17,261 (+4.0%), from €426,194 to €443,455
of which Other amounts receivable: +€17,261
- Tangible fixed assets +€12,692
up €12,692 (+20.5%), from €61,824 to €74,515
of which Furniture and vehicles: +€11,682
- Reserves +€58,293
up €58,293 (+13.8%), from €422,365 to €480,658
of which Distributable reserves: +€58,293
- Gross operating margin +€111,791
up €111,791, from -€31,957 to €79,834
- Taxes +€20,655
up €20,655 (+10,909%), from €189 to €20,844
- Financial income +€9,595
up €9,595 (+104%), from €9,192 to €18,788
- Depreciation +€4,481
up €4,481 (+33.9%), from €13,218 to €17,699
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 | €515,645 | €573,404 | +€57,759 | +11.2% |
| Fixed assets | 21/28 | €61,824 | €74,515 | +€12,692 | +20.5% |
| Tangible fixed assets | 22/27 | €61,824 | €74,515 | +€12,692 | +20.5% |
| Land and buildings | 22 | €48,408 | €46,443 | -€1,965 | -4.1% |
| Furniture and vehicles | 24 | €12,341 | €24,023 | +€11,682 | +94.7% |
| Other tangible fixed assets | 26 | €1,075 | €4,049 | +€2,975 | +277% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €453,821 | €498,888 | +€45,067 | +9.9% |
| Amounts receivable within one year | 40/41 | €426,194 | €443,455 | +€17,261 | +4.0% |
| Trade receivables | 40 | €1,500 | €1,500 | = | 0.0% |
| Other amounts receivable | 41 | €424,694 | €441,955 | +€17,261 | +4.1% |
| Current investments | 50/53 | €23,639 | €48,639 | +€25,000 | +106% |
| Cash at bank and in hand | 54/58 | €3,988 | €6,760 | +€2,772 | +69.5% |
| Deferred charges and accrued income | 490/1 | - | €34 | +€34 | |
| Total equity and liabilities | 10/49 | €515,645 | €573,404 | +€57,759 | +11.2% |
| Equity | 10/15 | €512,950 | €571,243 | +€58,293 | +11.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €422,365 | €480,658 | +€58,293 | +13.8% |
| Non-distributable reserves | 130/1 | €23,639 | €23,639 | = | 0.0% |
| Own shares acquired | 1312 | €23,639 | €23,639 | = | 0.0% |
| Distributable reserves | 133 | €398,725 | €457,018 | +€58,293 | +14.6% |
| Profit (loss) carried forward | 14 | €84,385 | €84,385 | = | 0.0% |
| Amounts payable | 17/49 | €2,695 | €2,161 | -€534 | -19.8% |
| Amounts payable within one year | 42/48 | €2,695 | €2,161 | -€534 | -19.8% |
| Trade debts | 44 | €2,179 | €1,817 | -€362 | -16.6% |
| Suppliers | 440/4 | €2,179 | €1,817 | -€362 | -16.6% |
| Taxes, remuneration and social security | 45 | €516 | €344 | -€172 | -33.4% |
| Taxes | 450/3 | €516 | €344 | -€172 | -33.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €18,788 | +€18,788 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,218 | €17,699 | +€4,481 | +33.9% |
| Other operating charges | 640/8 | €1,058 | €1,373 | +€315 | +29.8% |
| Gross operating margin | 9900 | -€31,957 | €79,834 | +€111,791 | |
| Operating profit (loss) | 9901 | -€46,233 | €60,761 | +€106,995 | |
| Financial income | 75/76B | €9,192 | €18,788 | +€9,595 | +104% |
| Recurring financial income | 75 | €9,192 | €18,788 | +€9,595 | +104% |
| Financial charges | 65/66B | €329 | €412 | +€83 | +25.3% |
| Recurring financial charges | 65 | €329 | €412 | +€83 | +25.3% |
| Profit (loss) for the period before taxes | 9903 | -€37,370 | €79,137 | +€116,507 | |
| Income taxes | 67/77 | €189 | €20,844 | +€20,655 | +10,909% |
| Profit (loss) for the period | 9904 | -€37,559 | €58,293 | +€95,852 | |
| Profit (loss) for the period to be appropriated | 9905 | -€37,559 | €58,293 | +€95,852 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.