L. M. & D. PROJECT: 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. & D. PROJECT
Largest movements
- Tangible fixed assets +€25,809
up €25,809 (+3.6%), from €720,506 to €746,315
- Other debts +€59,598
up €59,598 (+25.3%), from €235,892 to €295,490
- Debts after one year -€36,328
down €36,328 (-15.4%), from €236,319 to €199,992
of which Financial debts: -€36,328
- Trade debts +€26,194
up €26,194 (+627%), from €4,176 to €30,369
- Current portion of long-term debt -€12,056
down €12,056 (-24.4%), from €49,365 to €37,309
- Tax, wage and social debts -€7,674
down €7,674 (-100%), from €7,674 to €0
- Gross operating margin -€6,661
down €6,661 (-9.1%), from €73,332 to €66,671
- Depreciation +€3,106
up €3,106 (+6.8%), from €45,988 to €49,094
- Taxes -€2,481
down €2,481, from €2,204 to -€277
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 | €730,515 | €761,079 | +€30,564 | +4.2% |
| Fixed assets | 21/28 | €724,032 | €750,637 | +€26,605 | +3.7% |
| Tangible fixed assets | 22/27 | €720,506 | €746,315 | +€25,809 | +3.6% |
| Land and buildings | 22 | €720,506 | €746,315 | +€25,809 | +3.6% |
| Financial fixed assets | 28 | €3,526 | €4,322 | +€796 | +22.6% |
| Current assets | 29/58 | €6,483 | €10,442 | +€3,959 | +61.1% |
| Amounts receivable within one year | 40/41 | €520 | €3,462 | +€2,942 | +566% |
| Other amounts receivable | 41 | €520 | €3,462 | +€2,942 | +566% |
| Cash at bank and in hand | 54/58 | €3,143 | €4,874 | +€1,732 | +55.1% |
| Deferred charges and accrued income | 490/1 | €2,821 | €2,106 | -€715 | -25.3% |
| Total equity and liabilities | 10/49 | €730,515 | €761,079 | +€30,564 | +4.2% |
| Equity | 10/15 | €195,283 | €197,920 | +€2,637 | +1.4% |
| Contributions | 10/11 | €99,157 | €99,157 | = | 0.0% |
| Capital | 10 | €99,157 | €99,157 | = | 0.0% |
| Issued capital | 100 | €99,157 | €99,157 | = | 0.0% |
| Reserves | 13 | €18,944 | €18,944 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,916 | €9,916 | = | 0.0% |
| Legal reserve | 130 | €9,916 | €9,916 | = | 0.0% |
| Distributable reserves | 133 | €9,028 | €9,028 | = | 0.0% |
| Profit (loss) carried forward | 14 | €77,182 | €79,818 | +€2,637 | +3.4% |
| Amounts payable | 17/49 | €535,232 | €563,160 | +€27,928 | +5.2% |
| Amounts payable after more than one year | 17 | €236,319 | €199,992 | -€36,328 | -15.4% |
| Financial debts | 170/4 | €236,259 | €199,932 | -€36,328 | -15.4% |
| Other amounts payable | 178/9 | €60 | €60 | = | 0.0% |
| Amounts payable within one year | 42/48 | €297,106 | €363,168 | +€66,062 | +22.2% |
| Current portion of amounts payable after more than one year | 42 | €49,365 | €37,309 | -€12,056 | -24.4% |
| Trade debts | 44 | €4,176 | €30,369 | +€26,194 | +627% |
| Suppliers | 440/4 | €4,176 | €30,369 | +€26,194 | +627% |
| Taxes, remuneration and social security | 45 | €7,674 | €0 | -€7,674 | -100% |
| Taxes | 450/3 | €7,674 | €0 | -€7,674 | -100% |
| Other amounts payable | 47/48 | €235,892 | €295,490 | +€59,598 | +25.3% |
| Accrued charges and deferred income | 492/3 | €1,807 | €0 | -€1,807 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,988 | €49,094 | +€3,106 | +6.8% |
| Other operating charges | 640/8 | €6,518 | €6,282 | -€237 | -3.6% |
| Gross operating margin | 9900 | €73,332 | €66,671 | -€6,661 | -9.1% |
| Operating profit (loss) | 9901 | €20,826 | €11,296 | -€9,531 | -45.8% |
| Financial income | 75/76B | €0 | €30 | +€30 | +299,900% |
| Recurring financial income | 75 | €0 | €30 | +€30 | +299,900% |
| Financial charges | 65/66B | €9,594 | €8,966 | -€628 | -6.6% |
| Recurring financial charges | 65 | €9,594 | €8,966 | -€628 | -6.6% |
| Profit (loss) for the period before taxes | 9903 | €11,232 | €2,360 | -€8,872 | -79.0% |
| Income taxes | 67/77 | €2,204 | -€277 | -€2,481 | |
| Profit (loss) for the period | 9904 | €9,028 | €2,637 | -€6,392 | -70.8% |
| Profit (loss) for the period to be appropriated | 9905 | €9,028 | €2,637 | -€6,392 | -70.8% |
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 16 October 2026 via checked.be.