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.
L&M
Largest movements
- Deferred charges and accrued income +€3,017
up €3,017 (+78.4%), from €3,848 to €6,865
- Cash -€2,398
down €2,398 (-7.0%), from €34,185 to €31,787
mainly Investment in fixed assets (net) (-€10,810) and Other debts (-€4,131)
- Tangible fixed assets +€2,205
up €2,205 (+12.1%), from €18,292 to €20,498
of which Plant, machinery and equipment: +€7,225
- Receivables within one year -€2,044
down €2,044 (-15.7%), from €12,987 to €10,943
- Other debts -€4,131
down €4,131 (-82.5%), from €5,006 to €875
- Tax, wage and social debts +€2,305
up €2,305 (+83.8%), from €2,752 to €5,058
- Trade debts +€1,623
up €1,623 (+148.7%), from €1,092 to €2,715
- Gross operating margin +€2,775
up €2,775 (+32.0%), from €8,677 to €11,452
- Depreciation +€1,788
up €1,788 (+24.2%), from €7,400 to €9,187
- Other operating charges -€356
down €356 (-54.5%), from €654 to €298
- Taxes +€133
up €133 (+10.8%), from €1,228 to €1,361
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.
Cash bridge derived
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 | €74,102 | €74,300 | +€197 | +0.3% |
| Fixed assets | 21/28 | €23,083 | €24,706 | +€1,622 | +7.0% |
| Intangible fixed assets | 21 | €4,791 | €4,208 | -€583 | -12.2% |
| Tangible fixed assets | 22/27 | €18,292 | €20,498 | +€2,205 | +12.1% |
| Plant, machinery and equipment | 23 | €2,903 | €10,128 | +€7,225 | +248.9% |
| Furniture and vehicles | 24 | €15,390 | €10,369 | -€5,020 | -32.6% |
| Current assets | 29/58 | €51,019 | €49,594 | -€1,425 | -2.8% |
| Amounts receivable within one year | 40/41 | €12,987 | €10,943 | -€2,044 | -15.7% |
| Trade receivables | 40 | €12,987 | €10,943 | -€2,044 | -15.7% |
| Cash at bank and in hand | 54/58 | €34,185 | €31,787 | -€2,398 | -7.0% |
| Deferred charges and accrued income | 490/1 | €3,848 | €6,865 | +€3,017 | +78.4% |
| Total equity and liabilities | 10/49 | €74,102 | €74,300 | +€197 | +0.3% |
| Equity | 10/15 | €63,252 | €63,652 | +€400 | +0.6% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €59,252 | €59,652 | +€400 | +0.7% |
| Distributable reserves | 133 | €59,252 | €59,652 | +€400 | +0.7% |
| Amounts payable | 17/49 | €10,850 | €10,648 | -€203 | -1.9% |
| Amounts payable after more than one year | 17 | €2,000 | €2,000 | = | 0.0% |
| Financial debts | 170/4 | €2,000 | €2,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €8,850 | €8,648 | -€203 | -2.3% |
| Trade debts | 44 | €1,092 | €2,715 | +€1,623 | +148.7% |
| Suppliers | 440/4 | €1,092 | €2,715 | +€1,623 | +148.7% |
| Taxes, remuneration and social security | 45 | €2,752 | €5,058 | +€2,305 | +83.8% |
| Taxes | 450/3 | €2,752 | €5,058 | +€2,305 | +83.8% |
| Other amounts payable | 47/48 | €5,006 | €875 | -€4,131 | -82.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,400 | €9,187 | +€1,788 | +24.2% |
| Other operating charges | 640/8 | €654 | €298 | -€356 | -54.5% |
| Gross operating margin | 9900 | €8,677 | €11,452 | +€2,775 | +32.0% |
| Operating profit (loss) | 9901 | €624 | €1,967 | +€1,344 | +215.4% |
| Financial income | 75/76B | €22 | €0 | -€22 | -99.6% |
| Recurring financial income | 75 | €22 | €0 | -€22 | -99.6% |
| Financial charges | 65/66B | €151 | €207 | +€56 | +37.0% |
| Recurring financial charges | 65 | €151 | €207 | +€56 | +37.0% |
| Profit (loss) for the period before taxes | 9903 | €495 | €1,761 | +€1,266 | +255.9% |
| Income taxes | 67/77 | €1,228 | €1,361 | +€133 | +10.8% |
| Profit (loss) for the period | 9904 | -€733 | €400 | +€1,133 | |
| Profit (loss) for the period to be appropriated | 9905 | -€733 | €400 | +€1,133 |
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 12 October 2026 via checked.be.