L.G.M.: 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.G.M.
Largest movements
- Tangible fixed assets +€69,679
up €69,679 (+373%), from €18,689 to €88,368
- Receivables within one year +€20,871
up €20,871 (+37.6%), from €55,484 to €76,356
of which Trade receivables: +€20,844
- Cash -€6,338
down €6,338 (-74.3%), from €8,532 to €2,194
mainly Investment in fixed assets (net) (-€87,058) and Receivables within one year (-€20,871)
- Other debts +€58,249
new in 2025: €58,249
- Trade debts +€29,155
up €29,155 (+73.7%), from €39,537 to €68,691
- Tax, wage and social debts -€6,214
down €6,214 (-66.1%), from €9,399 to €3,185
of which Taxes: -€6,214
- Profit (loss) carried forward +€2,664
up €2,664 (+8.4%), from €31,670 to €34,334
- Gross operating margin -€71,496
down €71,496 (-65.1%), from €109,775 to €38,279
- Write-downs -€67,311
no longer reported in 2025 (was €67,311)
- Staff costs -€16,623
down €16,623 (-73.9%), from €22,506 to €5,883
- Depreciation +€14,177
up €14,177 (+443%), from €3,202 to €17,380
- Other operating charges +€4,611
up €4,611 (+75.9%), from €6,077 to €10,687
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 | €83,106 | €166,960 | +€83,854 | +101% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €18,689 | €88,368 | +€69,679 | +373% |
| Tangible fixed assets | 22/27 | €18,689 | €88,368 | +€69,679 | +373% |
| Land and buildings | 22 | - | €11,012 | +€11,012 | |
| Plant, machinery and equipment | 23 | €5,685 | €33,408 | +€27,723 | +488% |
| Furniture and vehicles | 24 | €13,004 | €43,948 | +€30,944 | +238% |
| Current assets | 29/58 | €64,417 | €78,592 | +€14,175 | +22.0% |
| Amounts receivable within one year | 40/41 | €55,484 | €76,356 | +€20,871 | +37.6% |
| Trade receivables | 40 | €32,978 | €53,823 | +€20,844 | +63.2% |
| Other amounts receivable | 41 | €22,506 | €22,533 | +€27 | +0.1% |
| Cash at bank and in hand | 54/58 | €8,532 | €2,194 | -€6,338 | -74.3% |
| Deferred charges and accrued income | 490/1 | €400 | €42 | -€358 | -89.5% |
| Total equity and liabilities | 10/49 | €83,106 | €166,960 | +€83,854 | +101% |
| Equity | 10/15 | €34,170 | €36,834 | +€2,664 | +7.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,670 | €34,334 | +€2,664 | +8.4% |
| Amounts payable | 17/49 | €48,936 | €130,126 | +€81,190 | +166% |
| Amounts payable within one year | 42/48 | €48,936 | €130,126 | +€81,190 | +166% |
| Trade debts | 44 | €39,537 | €68,691 | +€29,155 | +73.7% |
| Suppliers | 440/4 | €39,537 | €68,691 | +€29,155 | +73.7% |
| Taxes, remuneration and social security | 45 | €9,399 | €3,185 | -€6,214 | -66.1% |
| Taxes | 450/3 | €9,399 | €3,185 | -€6,214 | -66.1% |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Other amounts payable | 47/48 | - | €58,249 | +€58,249 | |
| Remuneration, social security and pensions | 62 | €22,506 | €5,883 | -€16,623 | -73.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,202 | €17,380 | +€14,177 | +443% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €67,311 | - | -€67,311 | |
| Other operating charges | 640/8 | €6,077 | €10,687 | +€4,611 | +75.9% |
| Gross operating margin | 9900 | €109,775 | €38,279 | -€71,496 | -65.1% |
| Operating profit (loss) | 9901 | €10,680 | €4,330 | -€6,349 | -59.5% |
| Financial income | 75/76B | €9 | - | -€9 | |
| Recurring financial income | 75 | €9 | - | -€9 | |
| Financial charges | 65/66B | €3,058 | €1,417 | -€1,641 | -53.7% |
| Recurring financial charges | 65 | €3,058 | €1,417 | -€1,641 | -53.7% |
| Profit (loss) for the period before taxes | 9903 | €7,631 | €2,913 | -€4,718 | -61.8% |
| Income taxes | 67/77 | €2,662 | €249 | -€2,413 | -90.6% |
| Profit (loss) for the period | 9904 | €4,969 | €2,664 | -€2,305 | -46.4% |
| Profit (loss) for the period to be appropriated | 9905 | €4,969 | €2,664 | -€2,305 | -46.4% |
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 19 October 2026 via checked.be.