L.M.G.: 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.G.
Largest movements
- Cash -€33,869
down €33,869 (-47.3%), from €71,590 to €37,721
mainly Debts after one year (-€83,720) and Short-term financial debts (-€19,366)
- Stocks and contracts -€21,550
down €21,550 (-7.7%), from €279,550 to €258,000
- Tangible fixed assets +€10,224
up €10,224 (+4.3%), from €238,200 to €248,424
of which Furniture and vehicles: +€10,992
- Debts after one year -€83,720
down €83,720 (-68.2%), from €122,694 to €38,974
- Trade debts +€40,102
up €40,102 (+34.3%), from €116,746 to €156,848
- Profit (loss) carried forward +€27,618
up €27,618 (+11.5%), from -€239,641 to -€212,023
- Short-term financial debts -€19,366
down €19,366 (-7.7%), from €250,000 to €230,634
- Tax, wage and social debts -€11,064
down €11,064 (-24.3%), from €45,560 to €34,496
of which Taxes: -€13,122
- Gross operating margin +€32,552
up €32,552 (+10.0%), from €324,831 to €357,383
- Staff costs +€24,913
up €24,913 (+9.9%), from €252,787 to €277,699
- Financial income -€6,537
down €6,537 (-71.0%), from €9,204 to €2,667
- Depreciation -€4,625
down €4,625 (-38.8%), from €11,922 to €7,297
- Taxes +€3,819
up €3,819 (+39.9%), from €9,574 to €13,393
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 | €774,284 | €724,528 | -€49,756 | -6.4% |
| Fixed assets | 21/28 | €277,413 | €287,564 | +€10,150 | +3.7% |
| Tangible fixed assets | 22/27 | €238,200 | €248,424 | +€10,224 | +4.3% |
| Land and buildings | 22 | €225,583 | €225,583 | = | 0.0% |
| Plant, machinery and equipment | 23 | €3,172 | €2,404 | -€768 | -24.2% |
| Furniture and vehicles | 24 | €9,445 | €20,437 | +€10,992 | +116% |
| Financial fixed assets | 28 | €39,213 | €39,140 | -€73 | -0.2% |
| Current assets | 29/58 | €496,871 | €436,964 | -€59,906 | -12.1% |
| Stocks and contracts in progress | 3 | €279,550 | €258,000 | -€21,550 | -7.7% |
| Stocks | 30/36 | €279,550 | €258,000 | -€21,550 | -7.7% |
| Amounts receivable within one year | 40/41 | €141,488 | €134,764 | -€6,724 | -4.8% |
| Trade receivables | 40 | €130,796 | €105,283 | -€25,513 | -19.5% |
| Other amounts receivable | 41 | €10,692 | €29,481 | +€18,789 | +176% |
| Cash at bank and in hand | 54/58 | €71,590 | €37,721 | -€33,869 | -47.3% |
| Deferred charges and accrued income | 490/1 | €4,242 | €6,479 | +€2,237 | +52.7% |
| Total equity and liabilities | 10/49 | €774,284 | €724,528 | -€49,756 | -6.4% |
| Equity | 10/15 | €237,864 | €258,294 | +€20,429 | +8.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Revaluation surpluses | 12 | €225,583 | €225,583 | = | 0.0% |
| Reserves | 13 | €190,422 | €183,234 | -€7,189 | -3.8% |
| Non-distributable reserves | 130/1 | €6,000 | €6,000 | = | 0.0% |
| Legal reserve | 130 | €6,000 | €6,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,189 | €0 | -€7,189 | -100% |
| Distributable reserves | 133 | €177,234 | €177,234 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€239,641 | -€212,023 | +€27,618 | +11.5% |
| Amounts payable | 17/49 | €536,420 | €466,234 | -€70,185 | -13.1% |
| Amounts payable after more than one year | 17 | €122,694 | €38,974 | -€83,720 | -68.2% |
| Financial debts | 170/4 | €122,694 | €38,974 | -€83,720 | -68.2% |
| Amounts payable within one year | 42/48 | €412,688 | €425,487 | +€12,799 | +3.1% |
| Financial debts | 43 | €250,000 | €230,634 | -€19,366 | -7.7% |
| Credit institutions | 430/8 | €250,000 | €230,634 | -€19,366 | -7.7% |
| Trade debts | 44 | €116,746 | €156,848 | +€40,102 | +34.3% |
| Suppliers | 440/4 | €116,746 | €156,848 | +€40,102 | +34.3% |
| Taxes, remuneration and social security | 45 | €45,560 | €34,496 | -€11,064 | -24.3% |
| Taxes | 450/3 | €19,225 | €6,103 | -€13,122 | -68.3% |
| Remuneration and social security | 454/9 | €26,335 | €28,394 | +€2,059 | +7.8% |
| Other amounts payable | 47/48 | €382 | €3,509 | +€3,127 | +819% |
| Accrued charges and deferred income | 492/3 | €1,038 | €1,773 | +€735 | +70.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €252,787 | €277,699 | +€24,913 | +9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,922 | €7,297 | -€4,625 | -38.8% |
| Other operating charges | 640/8 | €12,180 | €11,216 | -€964 | -7.9% |
| Gross operating margin | 9900 | €324,831 | €357,383 | +€32,552 | +10.0% |
| Operating profit (loss) | 9901 | €47,943 | €61,171 | +€13,228 | +27.6% |
| Financial income | 75/76B | €9,204 | €2,667 | -€6,537 | -71.0% |
| Recurring financial income | 75 | €9,204 | €2,667 | -€6,537 | -71.0% |
| Financial charges | 65/66B | €29,495 | €30,015 | +€520 | +1.8% |
| Recurring financial charges | 65 | €29,495 | €30,015 | +€520 | +1.8% |
| Profit (loss) for the period before taxes | 9903 | €27,652 | €33,822 | +€6,171 | +22.3% |
| Income taxes | 67/77 | €9,574 | €13,393 | +€3,819 | +39.9% |
| Profit (loss) for the period | 9904 | €18,077 | €20,429 | +€2,352 | +13.0% |
| Transfer from tax-exempt reserves | 789 | - | €7,189 | +€7,189 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,077 | €27,618 | +€9,541 | +52.8% |
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 20 October 2026 via checked.be.