L.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.M.
NACE 46.190, Agents in non-specialised wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€13,211
2024 · -€24,497+€37,708
Equity
€34,644
2024 · €21,432+€13,211
Cash
€7,898
2024 · €7,045+€853
Balance sheet total
€1.0m
2024 · €1.0m-€10,803
Largest movements
Assets
- Tangible fixed assets -€16,851
down €16,851 (-1.7%), from €974,167 to €957,315
of which Land and buildings: -€15,296
Equity and liabilities
- Other debts -€26,830
down €26,830 (-19.2%), from €139,724 to €112,894
- Debts after one year -€23,688
down €23,688 (-3.1%), from €765,412 to €741,723
- Trade debts +€18,117
up €18,117 (+119%), from €15,225 to €33,342
- Profit (loss) carried forward +€13,211
up €13,211 (+44.7%), from -€29,568 to -€16,356
Income statement
- Gross operating margin +€50,495
up €50,495 (+38.7%), from €130,477 to €180,972
- Staff costs +€11,753
up €11,753 (+14.2%), from €83,012 to €94,765
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
-€24,497
Gross operating margin
+€50,495
Staff costs
-€11,753
Depreciation
+€41
Other operating charges
+€261
Financial income
+€31
Financial charges
+€167
Taxes
-€1,533
Result 2025
€13,211
raises the resultlowers the result
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
+€39,244
Investment
-€19,149
Financing
-€19,241
Cash 2024
€7,045
From operations (derived)
+€39,244
Net result for the year
+€13,211
Depreciation
+€38,690
Receivables within one year
-€3,303
Deferred charges and accrued income
-€4,581
Trade debts
+€18,117
Tax, wage and social debts
+€4,956
Other debts
-€26,830
Accrued charges and deferred income
-€1,017
Investment (derived)
-€19,149
Investment in fixed assets (net)
-€19,149
Financing
-€19,241
Debts after one year
-€23,688
Current portion of long-term debt
-€3,606
Short-term financial debts
+€8,053
Cash 2025
€7,898
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,017,239 | €1,006,436 | -€10,803 | -1.1% |
| Fixed assets | 21/28 | €982,851 | €963,310 | -€19,541 | -2.0% |
| Intangible fixed assets | 21 | €8,147 | €3,957 | -€4,190 | -51.4% |
| Tangible fixed assets | 22/27 | €974,167 | €957,315 | -€16,851 | -1.7% |
| Land and buildings | 22 | €959,056 | €943,760 | -€15,296 | -1.6% |
| Plant, machinery and equipment | 23 | €549 | €348 | -€201 | -36.6% |
| Furniture and vehicles | 24 | €14,562 | €13,208 | -€1,354 | -9.3% |
| Financial fixed assets | 28 | €537 | €2,037 | +€1,500 | +279% |
| Current assets | 29/58 | €34,389 | €43,126 | +€8,738 | +25.4% |
| Amounts receivable within one year | 40/41 | €12,230 | €15,534 | +€3,303 | +27.0% |
| Trade receivables | 40 | €12,230 | €15,534 | +€3,303 | +27.0% |
| Cash at bank and in hand | 54/58 | €7,045 | €7,898 | +€853 | +12.1% |
| Deferred charges and accrued income | 490/1 | €15,113 | €19,695 | +€4,581 | +30.3% |
| Total equity and liabilities | 10/49 | €1,017,239 | €1,006,436 | -€10,803 | -1.1% |
| Equity | 10/15 | €21,432 | €34,644 | +€13,211 | +61.6% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €39,000 | €39,000 | = | 0.0% |
| Distributable reserves | 133 | €39,000 | €39,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,568 | -€16,356 | +€13,211 | +44.7% |
| Amounts payable | 17/49 | €995,807 | €971,792 | -€24,015 | -2.4% |
| Amounts payable after more than one year | 17 | €765,412 | €741,723 | -€23,688 | -3.1% |
| Financial debts | 170/4 | €765,412 | €741,723 | -€23,688 | -3.1% |
| Amounts payable within one year | 42/48 | €228,310 | €229,001 | +€690 | +0.3% |
| Current portion of amounts payable after more than one year | 42 | €27,294 | €23,688 | -€3,606 | -13.2% |
| Financial debts | 43 | €25,000 | €33,053 | +€8,053 | +32.2% |
| Credit institutions | 430/8 | €25,000 | €30,000 | +€5,000 | +20.0% |
| Other loans | 439 | - | €3,053 | +€3,053 | |
| Trade debts | 44 | €15,225 | €33,342 | +€18,117 | +119% |
| Suppliers | 440/4 | €15,225 | €33,342 | +€18,117 | +119% |
| Taxes, remuneration and social security | 45 | €21,067 | €26,024 | +€4,956 | +23.5% |
| Taxes | 450/3 | €10,274 | €12,086 | +€1,812 | +17.6% |
| Remuneration and social security | 454/9 | €10,793 | €13,937 | +€3,144 | +29.1% |
| Other amounts payable | 47/48 | €139,724 | €112,894 | -€26,830 | -19.2% |
| Accrued charges and deferred income | 492/3 | €2,085 | €1,068 | -€1,017 | -48.8% |
| Remuneration, social security and pensions | 62 | €83,012 | €94,765 | +€11,753 | +14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,731 | €38,690 | -€41 | -0.1% |
| Other operating charges | 640/8 | €3,663 | €3,402 | -€261 | -7.1% |
| Gross operating margin | 9900 | €130,477 | €180,972 | +€50,495 | +38.7% |
| Operating profit (loss) | 9901 | €5,071 | €44,114 | +€39,044 | +770% |
| Financial income | 75/76B | €11 | €42 | +€31 | +286% |
| Recurring financial income | 75 | €11 | €42 | +€31 | +286% |
| Financial charges | 65/66B | €30,594 | €30,428 | -€167 | -0.5% |
| Recurring financial charges | 65 | €30,594 | €30,428 | -€167 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | -€25,513 | €13,729 | +€39,242 | |
| Income taxes | 67/77 | -€1,016 | €517 | +€1,533 | |
| Profit (loss) for the period | 9904 | -€24,497 | €13,211 | +€37,708 | |
| Profit (loss) for the period to be appropriated | 9905 | -€24,497 | €13,211 | +€37,708 |
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 30 October 2026 via checked.be.