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
- Tangible fixed assets -€19,093
down €19,093 (-11.5%), from €166,652 to €147,559
of which Land and buildings: -€37,894
- Cash -€9,967
down €9,967 (-35.0%), from €28,465 to €18,498
mainly Debts after one year (-€34,762) and Net result for the year (-€30,426)
- Stocks and contracts -€5,502
no longer reported in 2025 (was €5,502)
- Receivables within one year -€5,033
down €5,033 (-43.3%), from €11,632 to €6,599
of which Trade receivables: -€10,403
- Debts after one year -€34,762
down €34,762 (-10.5%), from €331,032 to €296,270
of which Other amounts payable: -€175,000
- Profit (loss) carried forward -€30,426
down €30,426 (-17.4%), from -€174,605 to -€205,031
- Other debts +€24,062
up €24,062 (+1,689%), from €1,424 to €25,486
- Gross operating margin -€48,340
down €48,340 (-69.4%), from €69,638 to €21,298
- Depreciation +€1,540
up €1,540 (+3.6%), from €42,364 to €43,904
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 | €212,958 | €174,251 | -€38,707 | -18.2% |
| Fixed assets | 21/28 | €166,652 | €147,559 | -€19,093 | -11.5% |
| Tangible fixed assets | 22/27 | €166,652 | €147,559 | -€19,093 | -11.5% |
| Land and buildings | 22 | €154,495 | €116,601 | -€37,894 | -24.5% |
| Plant, machinery and equipment | 23 | €10,225 | €8,725 | -€1,500 | -14.7% |
| Furniture and vehicles | 24 | €1,932 | €22,233 | +€20,301 | +1,051% |
| Current assets | 29/58 | €46,306 | €26,692 | -€19,614 | -42.4% |
| Stocks and contracts in progress | 3 | €5,502 | - | -€5,502 | |
| Stocks | 30/36 | €5,502 | - | -€5,502 | |
| Amounts receivable within one year | 40/41 | €11,632 | €6,599 | -€5,033 | -43.3% |
| Trade receivables | 40 | €10,668 | €266 | -€10,403 | -97.5% |
| Other amounts receivable | 41 | €964 | €6,334 | +€5,370 | +557% |
| Cash at bank and in hand | 54/58 | €28,465 | €18,498 | -€9,967 | -35.0% |
| Deferred charges and accrued income | 490/1 | €706 | €1,595 | +€888 | +126% |
| Total equity and liabilities | 10/49 | €212,958 | €174,251 | -€38,707 | -18.2% |
| Equity | 10/15 | -€154,544 | -€184,970 | -€30,426 | -19.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,461 | €1,461 | = | 0.0% |
| Distributable reserves | 133 | €1,461 | €1,461 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€174,605 | -€205,031 | -€30,426 | -17.4% |
| Amounts payable | 17/49 | €367,501 | €359,221 | -€8,281 | -2.3% |
| Amounts payable after more than one year | 17 | €331,032 | €296,270 | -€34,762 | -10.5% |
| Financial debts | 170/4 | €156,032 | €296,270 | +€140,238 | +89.9% |
| Other amounts payable | 178/9 | €175,000 | - | -€175,000 | |
| Amounts payable within one year | 42/48 | €36,469 | €62,951 | +€26,481 | +72.6% |
| Current portion of amounts payable after more than one year | 42 | €33,873 | €34,762 | +€889 | +2.6% |
| Trade debts | 44 | €1,172 | €1,785 | +€613 | +52.3% |
| Suppliers | 440/4 | €1,172 | €1,785 | +€613 | +52.3% |
| Taxes, remuneration and social security | 45 | - | €918 | +€918 | |
| Remuneration and social security | 454/9 | - | €918 | +€918 | |
| Other amounts payable | 47/48 | €1,424 | €25,486 | +€24,062 | +1,689% |
| Non-recurring operating income | 76A | - | €100 | +€100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,364 | €43,904 | +€1,540 | +3.6% |
| Other operating charges | 640/8 | €2,708 | €2,154 | -€554 | -20.4% |
| Gross operating margin | 9900 | €69,638 | €21,298 | -€48,340 | -69.4% |
| Operating profit (loss) | 9901 | €24,566 | -€24,761 | -€49,327 | |
| Financial income | 75/76B | €22 | €1 | -€21 | -96.7% |
| Recurring financial income | 75 | €22 | €1 | -€21 | -96.7% |
| Financial charges | 65/66B | €5,370 | €5,342 | -€28 | -0.5% |
| Recurring financial charges | 65 | €5,370 | €5,342 | -€28 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €19,217 | -€30,102 | -€49,319 | |
| Income taxes | 67/77 | €307 | €325 | +€18 | +5.7% |
| Profit (loss) for the period | 9904 | €18,910 | -€30,426 | -€49,337 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,910 | -€30,426 | -€49,337 |
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 13 October 2026 via checked.be.