L.C.M-A: 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.C.M-A
Largest movements
- Receivables within one year +€571,714
up €571,714 (+46.1%), from €1.2m to €1.8m
of which Trade receivables: +€425,263
- Cash -€395,475
down €395,475 (-37.9%), from €1.0m to €649,091
mainly Other debts (-€2.0m) and Receivables within one year (-€571,714)
- Stocks and contracts +€384,091
up €384,091 (+175%), from €219,983 to €604,074
- Current investments +€191,012
up €191,012 (+23.4%), from €818,021 to €1.0m
- Tangible fixed assets -€126,628
down €126,628 (-8.1%), from €1.6m to €1.4m
of which Land and buildings: -€123,326
- Profit (loss) carried forward +€2.8m
up €2.8m (+110%), from €2.6m to €5.4m
- Other debts -€2.0m
down €2.0m (-62.5%), from €3.2m to €1.2m
- Trade debts -€147,653
down €147,653 (-7.7%), from €1.9m to €1.8m
- Financial income +€2.5m
up €2.5m (+1,713%), from €147,977 to €2.7m
of which Financial income: +€2.5m
- Gross operating margin +€174,277
up €174,277 (+51.6%), from €337,439 to €511,716
- Financial charges -€83,344
down €83,344 (-46.0%), from €181,052 to €97,708
- Staff costs +€10,265
up €10,265 (+38.2%), from €26,854 to €37,119
- Taxes -€6,104
down €6,104 (-8.4%), from €72,245 to €66,141
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 | €10,910,146 | €11,534,310 | +€624,164 | +5.7% |
| Fixed assets | 21/28 | €7,583,317 | €7,456,398 | -€126,919 | -1.7% |
| Intangible fixed assets | 21 | €727 | €436 | -€291 | -40.1% |
| Tangible fixed assets | 22/27 | €1,564,589 | €1,437,962 | -€126,628 | -8.1% |
| Land and buildings | 22 | €1,377,557 | €1,254,231 | -€123,326 | -9.0% |
| Plant, machinery and equipment | 23 | €10,315 | €7,258 | -€3,057 | -29.6% |
| Furniture and vehicles | 24 | €34,517 | €26,089 | -€8,429 | -24.4% |
| Other tangible fixed assets | 26 | €142,200 | €142,200 | = | 0.0% |
| Assets under construction and advance payments | 27 | - | €8,183 | +€8,183 | |
| Financial fixed assets | 28 | €6,018,000 | €6,018,000 | = | 0.0% |
| Current assets | 29/58 | €3,326,829 | €4,077,912 | +€751,083 | +22.6% |
| Stocks and contracts in progress | 3 | €219,983 | €604,074 | +€384,091 | +175% |
| Stocks | 30/36 | €219,983 | €604,074 | +€384,091 | +175% |
| Amounts receivable within one year | 40/41 | €1,240,561 | €1,812,274 | +€571,714 | +46.1% |
| Trade receivables | 40 | - | €425,263 | +€425,263 | |
| Other amounts receivable | 41 | €1,240,561 | €1,387,012 | +€146,451 | +11.8% |
| Current investments | 50/53 | €818,021 | €1,009,033 | +€191,012 | +23.4% |
| Cash at bank and in hand | 54/58 | €1,044,565 | €649,091 | -€395,475 | -37.9% |
| Deferred charges and accrued income | 490/1 | €3,700 | €3,441 | -€259 | -7.0% |
| Total equity and liabilities | 10/49 | €10,910,146 | €11,534,310 | +€624,164 | +5.7% |
| Equity | 10/15 | €5,209,240 | €8,051,979 | +€2.8m | +54.6% |
| Contributions | 10/11 | €2,222,000 | €2,222,000 | = | 0.0% |
| Reserves | 13 | €400,000 | €400,000 | = | 0.0% |
| Distributable reserves | 133 | €400,000 | €400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,587,240 | €5,429,979 | +€2.8m | +110% |
| Amounts payable | 17/49 | €5,700,906 | €3,482,331 | -€2.2m | -38.9% |
| Amounts payable after more than one year | 17 | €490,319 | €421,868 | -€68,451 | -14.0% |
| Financial debts | 170/4 | €490,319 | €421,868 | -€68,451 | -14.0% |
| Amounts payable within one year | 42/48 | €5,204,194 | €3,059,023 | -€2.1m | -41.2% |
| Current portion of amounts payable after more than one year | 42 | €67,365 | €68,451 | +€1,086 | +1.6% |
| Trade debts | 44 | €1,929,447 | €1,781,793 | -€147,653 | -7.7% |
| Suppliers | 440/4 | €1,929,447 | €1,781,793 | -€147,653 | -7.7% |
| Taxes, remuneration and social security | 45 | €4,429 | €6,135 | +€1,705 | +38.5% |
| Remuneration and social security | 454/9 | €4,429 | €6,135 | +€1,705 | +38.5% |
| Other amounts payable | 47/48 | €3,202,952 | €1,202,644 | -€2.0m | -62.5% |
| Accrued charges and deferred income | 492/3 | €6,394 | €1,440 | -€4,953 | -77.5% |
| Remuneration, social security and pensions | 62 | €26,854 | €37,119 | +€10,265 | +38.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,872 | €136,387 | +€4,515 | +3.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,646 | +€1,646 | |
| Other operating charges | 640/8 | €12,202 | €13,283 | +€1,082 | +8.9% |
| Gross operating margin | 9900 | €337,439 | €511,716 | +€174,277 | +51.6% |
| Operating profit (loss) | 9901 | €166,511 | €323,280 | +€156,769 | +94.1% |
| Financial income | 75/76B | €147,977 | €2,683,308 | +€2.5m | +1,713% |
| Recurring financial income | 75 | €147,977 | €2,680,093 | +€2.5m | +1,711% |
| Non-recurring financial income | 76B | - | €3,215 | +€3,215 | |
| Financial charges | 65/66B | €181,052 | €97,708 | -€83,344 | -46.0% |
| Recurring financial charges | 65 | €181,052 | €97,708 | -€83,344 | -46.0% |
| Profit (loss) for the period before taxes | 9903 | €133,436 | €2,908,880 | +€2.8m | +2,080% |
| Income taxes | 67/77 | €72,245 | €66,141 | -€6,104 | -8.4% |
| Profit (loss) for the period | 9904 | €61,191 | €2,842,739 | +€2.8m | +4,546% |
| Profit (loss) for the period to be appropriated | 9905 | €61,191 | €2,842,739 | +€2.8m | +4,546% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.