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
- Tangible fixed assets +€225,809
up €225,809 (+445%), from €50,703 to €276,512
of which Other tangible fixed assets: +€142,303
- Cash +€31,934
up €31,934 (+322%), from €9,912 to €41,846
mainly Net result for the year (+€116,360) and Debts after one year (+€73,903)
- Receivables within one year +€17,784
up €17,784 (+2,947%), from €603 to €18,387
of which Trade receivables: +€9,533
- Current investments -€15,348
down €15,348 (-100%), from €15,348 to €0
- Stocks and contracts +€6,598
up €6,598 (+25.3%), from €26,110 to €32,707
- Profit (loss) carried forward +€116,360
up €116,360, from -€11,987 to €104,373
- Debts after one year +€73,903
up €73,903 (+841%), from €8,785 to €82,688
- Trade debts +€50,803
up €50,803 (+153%), from €33,235 to €84,038
- Current portion of long-term debt +€8,884
up €8,884 (+88.2%), from €10,075 to €18,958
- Tax, wage and social debts +€8,284
up €8,284 (+34.7%), from €23,903 to €32,187
of which Taxes: +€5,383
- Gross operating margin +€129,002
up €129,002 (+73.2%), from €176,319 to €305,322
- Taxes +€30,201
new in 2025: €30,201
- Staff costs +€26,654
up €26,654 (+28.6%), from €93,326 to €119,980
- Depreciation +€12,515
up €12,515 (+100%), from €12,477 to €24,992
- Other operating charges +€3,661
up €3,661 (+104%), from €3,504 to €7,166
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 | €108,104 | €369,752 | +€261,648 | +242% |
| Fixed assets | 21/28 | €50,907 | €276,812 | +€225,905 | +444% |
| Tangible fixed assets | 22/27 | €50,703 | €276,512 | +€225,809 | +445% |
| Plant, machinery and equipment | 23 | €50,703 | €131,914 | +€81,211 | +160% |
| Furniture and vehicles | 24 | - | €2,294 | +€2,294 | |
| Other tangible fixed assets | 26 | - | €142,303 | +€142,303 | |
| Financial fixed assets | 28 | €204 | €300 | +€96 | +47.4% |
| Current assets | 29/58 | €57,198 | €92,940 | +€35,743 | +62.5% |
| Stocks and contracts in progress | 3 | €26,110 | €32,707 | +€6,598 | +25.3% |
| Stocks | 30/36 | €26,110 | €32,707 | +€6,598 | +25.3% |
| Amounts receivable within one year | 40/41 | €603 | €18,387 | +€17,784 | +2,947% |
| Trade receivables | 40 | €120 | €9,653 | +€9,533 | +7,944% |
| Other amounts receivable | 41 | €483 | €8,734 | +€8,251 | +1,707% |
| Current investments | 50/53 | €15,348 | €0 | -€15,348 | -100% |
| Cash at bank and in hand | 54/58 | €9,912 | €41,846 | +€31,934 | +322% |
| Deferred charges and accrued income | 490/1 | €5,224 | €0 | -€5,224 | -100% |
| Total equity and liabilities | 10/49 | €108,104 | €369,752 | +€261,648 | +242% |
| Equity | 10/15 | €8,013 | €124,373 | +€116,360 | +1,452% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,987 | €104,373 | +€116,360 | |
| Amounts payable | 17/49 | €100,091 | €245,379 | +€145,288 | +145% |
| Amounts payable after more than one year | 17 | €8,785 | €82,688 | +€73,903 | +841% |
| Financial debts | 170/4 | €8,785 | €82,688 | +€73,903 | +841% |
| Amounts payable within one year | 42/48 | €91,306 | €162,692 | +€71,386 | +78.2% |
| Current portion of amounts payable after more than one year | 42 | €10,075 | €18,958 | +€8,884 | +88.2% |
| Trade debts | 44 | €33,235 | €84,038 | +€50,803 | +153% |
| Suppliers | 440/4 | €33,235 | €84,038 | +€50,803 | +153% |
| Advances received on contracts in progress | 46 | €2,300 | €0 | -€2,300 | -100% |
| Taxes, remuneration and social security | 45 | €23,903 | €32,187 | +€8,284 | +34.7% |
| Taxes | 450/3 | €13,974 | €19,357 | +€5,383 | +38.5% |
| Remuneration and social security | 454/9 | €9,929 | €12,830 | +€2,901 | +29.2% |
| Other amounts payable | 47/48 | €21,793 | €27,508 | +€5,715 | +26.2% |
| Remuneration, social security and pensions | 62 | €93,326 | €119,980 | +€26,654 | +28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,477 | €24,992 | +€12,515 | +100% |
| Other operating charges | 640/8 | €3,504 | €7,166 | +€3,661 | +104% |
| Gross operating margin | 9900 | €176,319 | €305,322 | +€129,002 | +73.2% |
| Operating profit (loss) | 9901 | €67,012 | €153,184 | +€86,172 | +129% |
| Financial income | 75/76B | €119 | €72 | -€47 | -39.5% |
| Recurring financial income | 75 | €119 | €72 | -€47 | -39.5% |
| Financial charges | 65/66B | €5,278 | €6,695 | +€1,417 | +26.8% |
| Recurring financial charges | 65 | €5,278 | €6,695 | +€1,417 | +26.8% |
| Profit (loss) for the period before taxes | 9903 | €61,853 | €146,561 | +€84,708 | +137% |
| Income taxes | 67/77 | - | €30,201 | +€30,201 | |
| Profit (loss) for the period | 9904 | €61,853 | €116,360 | +€54,507 | +88.1% |
| Profit (loss) for the period to be appropriated | 9905 | €61,853 | €116,360 | +€54,507 | +88.1% |
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 1 November 2026 via checked.be.