L.H.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.
What changed
L.H.M.
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.7m
2024 · €337,891+€3.3m
Equity
€5.3m
2024 · €2.3m+€2.9m
Cash
€1.4m
2024 · €58,210+€1.4m
Balance sheet total
€6.9m
2024 · €4.0m+€3.0m
Largest movements
Assets
- Current investments +€3.4m
up €3.4m (+348%), from €985,456 to €4.4m
- Financial fixed assets -€2.0m
down €2.0m (-100%), from €2.0m to €0
- Cash +€1.4m
up €1.4m (+2,338%), from €58,210 to €1.4m
mainly Net result for the year (+€3.7m) and Investment in fixed assets (net) (+€2.3m)
- Receivables after one year +€700,000
new in 2025: €700,000
- Tangible fixed assets -€325,715
down €325,715 (-46.0%), from €708,518 to €382,803
of which Land and buildings: -€635,950
Equity and liabilities
- Reserves +€2.9m
up €2.9m (+132%), from €2.2m to €5.2m
of which Distributable reserves: +€3.0m
- Tax, wage and social debts +€244,991
up €244,991 (+234%), from €104,898 to €349,889
- Other debts -€202,383
down €202,383 (-22.5%), from €898,404 to €696,021
- Debts after one year -€86,506
down €86,506 (-16.9%), from €510,865 to €424,358
Income statement
- Turnover -€430,000
down €430,000 (-62.5%), from €688,000 to €258,000
- Taxes +€318,500
up €318,500 (+511%), from €62,374 to €380,874
- Financial income -€48,520
down €48,520 (-30.1%), from €161,241 to €112,722
- Other operating income -€43,781
down €43,781 (-83.2%), from €52,597 to €8,816
- Services and other goods -€41,305
down €41,305 (-10.0%), from €414,584 to €373,279
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.
Result 2024
€337,891
Turnover
-€430,000
Other operating income
-€43,781
Services and other goods
+€41,305
Depreciation
-€20,596
Other operating charges
-€18
Other operating items
+€4.1m
Financial income
-€48,520
Financial charges
+€5,956
Taxes
-€318,500
Deferred taxes and other
+€41,732
Result 2025
€3.7m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€3.2m
Investment
-€1.1m
Financing
-€743,055
Cash 2024
€58,210
From operations (derived)
+€3.2m
Net result for the year
+€3.7m
Depreciation
+€24,218
Receivables after one year
-€700,000
Receivables within one year
+€184,867
Smaller working-capital items
+€5,127
Tax, wage and social debts
+€244,991
Other debts
-€202,383
Investment (derived)
-€1.1m
Investment in fixed assets (net)
+€2.3m
Current investments
-€3.4m
Financing
-€743,055
Debts after one year
-€86,506
Current portion of long-term debt
+€65,680
Contributions, distributions and other
-€722,229
Cash 2025
€1.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,965,114 | €6,937,059 | +€3.0m | +75.0% |
| Fixed assets | 21/28 | €2,708,518 | €382,803 | -€2.3m | -85.9% |
| Tangible fixed assets | 22/27 | €708,518 | €382,803 | -€325,715 | -46.0% |
| Land and buildings | 22 | €635,950 | €0 | -€635,950 | -100% |
| Leasing and similar rights | 25 | €72,568 | €382,803 | +€310,235 | +428% |
| Financial fixed assets | 28 | €2,000,000 | €0 | -€2.0m | -100% |
| Affiliated companies | 280/1 | €2,000,000 | €0 | -€2.0m | -100% |
| Participating interests | 280 | €2,000,000 | €0 | -€2.0m | -100% |
| Current assets | 29/58 | €1,256,596 | €6,554,256 | +€5.3m | +422% |
| Amounts receivable after more than one year | 29 | - | €700,000 | +€700,000 | |
| Trade receivables | 290 | - | €700,000 | +€700,000 | |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €203,017 | €18,150 | -€184,867 | -91.1% |
| Trade receivables | 40 | €0 | €18,150 | +€18,150 | |
| Other amounts receivable | 41 | €203,017 | €0 | -€203,017 | -100.0% |
| Current investments | 50/53 | €985,456 | €4,410,434 | +€3.4m | +348% |
| Other investments | 51/53 | €985,456 | €4,410,434 | +€3.4m | +348% |
| Cash at bank and in hand | 54/58 | €58,210 | €1,419,440 | +€1.4m | +2,338% |
| Deferred charges and accrued income | 490/1 | €9,913 | €6,232 | -€3,681 | -37.1% |
| Total equity and liabilities | 10/49 | €3,965,114 | €6,937,059 | +€3.0m | +75.0% |
| Equity | 10/15 | €2,339,009 | €5,287,726 | +€2.9m | +126% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €2,239,009 | €5,187,726 | +€2.9m | +132% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €252,600 | €210,868 | -€41,732 | -16.5% |
| Distributable reserves | 133 | €1,986,409 | €4,976,857 | +€3.0m | +151% |
| Amounts payable | 17/49 | €1,626,105 | €1,649,333 | +€23,229 | +1.4% |
| Amounts payable after more than one year | 17 | €510,865 | €424,358 | -€86,506 | -16.9% |
| Financial debts | 170/4 | €510,865 | €424,358 | -€86,506 | -16.9% |
| Leasing and similar obligations | 172 | - | €261,849 | +€261,849 | |
| Credit institutions | 173 | €277,722 | €162,509 | -€115,213 | -41.5% |
| Other loans | 174 | €233,143 | €0 | -€233,143 | -100% |
| Amounts payable within one year | 42/48 | €1,115,240 | €1,224,975 | +€109,735 | +9.8% |
| Current portion of amounts payable after more than one year | 42 | €111,931 | €177,611 | +€65,680 | +58.7% |
| Trade debts | 44 | €7 | €1,454 | +€1,447 | +20,607% |
| Suppliers | 440/4 | €7 | €1,454 | +€1,447 | +20,607% |
| Taxes, remuneration and social security | 45 | €104,898 | €349,889 | +€244,991 | +234% |
| Taxes | 450/3 | €104,898 | €349,889 | +€244,991 | +234% |
| Other amounts payable | 47/48 | €898,404 | €696,021 | -€202,383 | -22.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Operating income | 70/76A | €754,172 | €4,385,866 | +€3.6m | +482% |
| Turnover | 70 | €688,000 | €258,000 | -€430,000 | -62.5% |
| Other operating income | 74 | €52,597 | €8,816 | -€43,781 | -83.2% |
| Non-recurring operating income | 76A | €13,575 | €4,119,050 | +€4.1m | +30,244% |
| Operating charges | 60/66A | €419,556 | €398,864 | -€20,691 | -4.9% |
| Services and other goods | 61 | €414,584 | €373,279 | -€41,305 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,622 | €24,218 | +€20,596 | +569% |
| Other operating charges | 640/8 | €1,350 | €1,367 | +€18 | +1.3% |
| Operating profit (loss) | 9901 | €334,616 | €3,987,002 | +€3.7m | +1,092% |
| Financial income | 75/76B | €161,241 | €112,722 | -€48,520 | -30.1% |
| Recurring financial income | 75 | €161,241 | €112,722 | -€48,520 | -30.1% |
| Income from financial fixed assets | 750 | €157,553 | €37,558 | -€119,995 | -76.2% |
| Income from current assets | 751 | - | €75,164 | +€75,164 | |
| Other financial income | 752/9 | €3,688 | €0 | -€3,688 | -100% |
| Financial charges | 65/66B | €95,592 | €89,636 | -€5,956 | -6.2% |
| Recurring financial charges | 65 | €95,592 | €89,636 | -€5,956 | -6.2% |
| Debt charges | 650 | €89,217 | €89,478 | +€260 | +0.3% |
| Other financial charges | 652/9 | €6,374 | €158 | -€6,216 | -97.5% |
| Profit (loss) for the period before taxes | 9903 | €400,266 | €4,010,088 | +€3.6m | +902% |
| Transfer from deferred taxes | 780 | - | €41,732 | +€41,732 | |
| Income taxes | 67/77 | €62,374 | €380,874 | +€318,500 | +511% |
| Taxes | 670/3 | €62,374 | €380,874 | +€318,500 | +511% |
| Profit (loss) for the period | 9904 | €337,891 | €3,670,945 | +€3.3m | +986% |
| Transfer to tax-exempt reserves | 689 | €210,500 | €0 | -€210,500 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €127,391 | €3,670,945 | +€3.5m | +2,782% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.