L&M EVOLUTION: what changed
Two fiscal 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 EVOLUTION
Largest movements
- Receivables within one year +€84,115
up €84,115 (+31.3%), from €269,068 to €353,183
of which Trade receivables: +€75,663
- Cash +€14,974
up €14,974 (+25.5%), from €58,666 to €73,640
mainly Tax, wage and social debts (+€301,384) and Depreciation (+€984)
- Tax, wage and social debts +€301,384
up €301,384 (+138.4%), from €217,705 to €519,089
of which Taxes: +€207,876
- Profit (loss) carried forward -€188,136
down €188,136, from €24,131 to -€164,006
- Trade debts -€12,979
down €12,979 (-27.1%), from €47,817 to €34,838
- Staff costs +€273,976
up €273,976 (+29.8%), from €920,120 to €1.2m
- Gross operating margin +€77,809
up €77,809 (+8.3%), from €936,853 to €1.0m
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 | €329,216 | €429,484 | +€100,268 | +30.5% |
| Fixed assets | 21/28 | €1,482 | €2,662 | +€1,180 | +79.6% |
| Tangible fixed assets | 22/27 | €1,482 | €2,662 | +€1,180 | +79.6% |
| Furniture and vehicles | 24 | €1,482 | €2,662 | +€1,180 | +79.6% |
| Current assets | 29/58 | €327,734 | €426,822 | +€99,089 | +30.2% |
| Amounts receivable within one year | 40/41 | €269,068 | €353,183 | +€84,115 | +31.3% |
| Trade receivables | 40 | €260,218 | €335,881 | +€75,663 | +29.1% |
| Other amounts receivable | 41 | €8,850 | €17,302 | +€8,452 | +95.5% |
| Cash at bank and in hand | 54/58 | €58,666 | €73,640 | +€14,974 | +25.5% |
| Total equity and liabilities | 10/49 | €329,216 | €429,484 | +€100,268 | +30.5% |
| Equity | 10/15 | €29,131 | -€159,006 | -€188,136 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,131 | -€164,006 | -€188,136 | |
| Amounts payable | 17/49 | €300,086 | €588,490 | +€288,405 | +96.1% |
| Amounts payable within one year | 42/48 | €300,086 | €588,490 | +€288,405 | +96.1% |
| Trade debts | 44 | €47,817 | €34,838 | -€12,979 | -27.1% |
| Suppliers | 440/4 | €47,817 | €34,838 | -€12,979 | -27.1% |
| Taxes, remuneration and social security | 45 | €217,705 | €519,089 | +€301,384 | +138.4% |
| Taxes | 450/3 | €142,305 | €350,181 | +€207,876 | +146.1% |
| Remuneration and social security | 454/9 | €75,400 | €168,908 | +€93,508 | +124.0% |
| Other amounts payable | 47/48 | €34,563 | €34,563 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €920,120 | €1,194,097 | +€273,976 | +29.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €607 | €984 | +€377 | +62.1% |
| Other operating charges | 640/8 | €9,177 | €1,170 | -€8,008 | -87.3% |
| Gross operating margin | 9900 | €936,853 | €1,014,662 | +€77,809 | +8.3% |
| Operating profit (loss) | 9901 | €6,949 | -€181,588 | -€188,537 | |
| Financial income | 75/76B | €129 | €0 | -€129 | -99.9% |
| Recurring financial income | 75 | €129 | €0 | -€129 | -99.9% |
| Financial charges | 65/66B | €926 | €1,654 | +€728 | +78.6% |
| Recurring financial charges | 65 | €926 | €1,654 | +€728 | +78.6% |
| Profit (loss) for the period before taxes | 9903 | €6,152 | -€183,242 | -€189,394 | |
| Income taxes | 67/77 | €3,320 | €4,894 | +€1,575 | +47.4% |
| Profit (loss) for the period | 9904 | €2,832 | -€188,136 | -€190,968 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,832 | -€188,136 | -€190,968 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.