L.M.S.: 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.S.
Largest movements
- Deferred charges and accrued income +€67,050
up €67,050 (+555%), from €12,080 to €79,130
- Cash -€36,713
down €36,713 (-24.6%), from €149,112 to €112,399
mainly Deferred charges and accrued income (-€67,050) and Stocks and contracts (-€23,416)
- Stocks and contracts +€23,416
up €23,416 (+40.9%), from €57,243 to €80,659
- Tangible fixed assets -€13,638
down €13,638 (-27.9%), from €48,806 to €35,168
of which Furniture and vehicles: -€12,979
- Receivables within one year +€11,218
up €11,218 (+35.7%), from €31,398 to €42,616
of which Other amounts receivable: +€11,577
- Trade debts +€52,996
up €52,996 (+87.2%), from €60,754 to €113,750
- Debts after one year -€17,073
down €17,073 (-46.1%), from €37,024 to €19,951
- Reserves +€13,572
up €13,572 (+54.1%), from €25,083 to €38,655
of which Distributable reserves: +€13,572
- Current portion of long-term debt +€10,028
up €10,028 (+38.4%), from €26,116 to €36,144
- Tax, wage and social debts -€8,752
down €8,752 (-18.5%), from €47,383 to €38,631
of which Remuneration and social security: -€5,873
- Gross operating margin +€61,303
up €61,303 (+33.8%), from €181,133 to €242,436
- Staff costs +€50,449
up €50,449 (+32.4%), from €155,945 to €206,394
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 | €298,639 | €349,972 | +€51,333 | +17.2% |
| Fixed assets | 21/28 | €48,806 | €35,168 | -€13,638 | -27.9% |
| Tangible fixed assets | 22/27 | €48,806 | €35,168 | -€13,638 | -27.9% |
| Plant, machinery and equipment | 23 | €659 | - | -€659 | |
| Furniture and vehicles | 24 | €48,147 | €35,168 | -€12,979 | -27.0% |
| Current assets | 29/58 | €249,833 | €314,804 | +€64,971 | +26.0% |
| Stocks and contracts in progress | 3 | €57,243 | €80,659 | +€23,416 | +40.9% |
| Stocks | 30/36 | €57,243 | €80,659 | +€23,416 | +40.9% |
| Amounts receivable within one year | 40/41 | €31,398 | €42,616 | +€11,218 | +35.7% |
| Trade receivables | 40 | €13,311 | €12,952 | -€359 | -2.7% |
| Other amounts receivable | 41 | €18,087 | €29,664 | +€11,577 | +64.0% |
| Cash at bank and in hand | 54/58 | €149,112 | €112,399 | -€36,713 | -24.6% |
| Deferred charges and accrued income | 490/1 | €12,080 | €79,130 | +€67,050 | +555% |
| Total equity and liabilities | 10/49 | €298,639 | €349,972 | +€51,333 | +17.2% |
| Equity | 10/15 | €127,362 | €140,934 | +€13,572 | +10.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €25,083 | €38,655 | +€13,572 | +54.1% |
| Non-distributable reserves | 130/1 | €17,353 | €17,353 | = | 0.0% |
| Legal reserve | 130 | €17,353 | €17,353 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,730 | €7,730 | = | 0.0% |
| Distributable reserves | 133 | - | €13,572 | +€13,572 | |
| Profit (loss) carried forward | 14 | €2,279 | €2,279 | = | 0.0% |
| Amounts payable | 17/49 | €171,277 | €209,038 | +€37,761 | +22.0% |
| Amounts payable after more than one year | 17 | €37,024 | €19,951 | -€17,073 | -46.1% |
| Financial debts | 170/4 | €37,024 | €19,951 | -€17,073 | -46.1% |
| Amounts payable within one year | 42/48 | €134,253 | €188,525 | +€54,272 | +40.4% |
| Current portion of amounts payable after more than one year | 42 | €26,116 | €36,144 | +€10,028 | +38.4% |
| Trade debts | 44 | €60,754 | €113,750 | +€52,996 | +87.2% |
| Suppliers | 440/4 | €60,754 | €113,750 | +€52,996 | +87.2% |
| Taxes, remuneration and social security | 45 | €47,383 | €38,631 | -€8,752 | -18.5% |
| Taxes | 450/3 | €11,336 | €8,457 | -€2,879 | -25.4% |
| Remuneration and social security | 454/9 | €36,047 | €30,174 | -€5,873 | -16.3% |
| Accrued charges and deferred income | 492/3 | - | €562 | +€562 | |
| Remuneration, social security and pensions | 62 | €155,945 | €206,394 | +€50,449 | +32.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,801 | €12,979 | -€822 | -6.0% |
| Other operating charges | 640/8 | €2,469 | €2,516 | +€47 | +1.9% |
| Gross operating margin | 9900 | €181,133 | €242,436 | +€61,303 | +33.8% |
| Operating profit (loss) | 9901 | €8,918 | €20,547 | +€11,629 | +130% |
| Financial income | 75/76B | €594 | €280 | -€314 | -52.9% |
| Recurring financial income | 75 | €594 | €280 | -€314 | -52.9% |
| Financial charges | 65/66B | €2,756 | €4,200 | +€1,444 | +52.4% |
| Recurring financial charges | 65 | €2,756 | €4,200 | +€1,444 | +52.4% |
| Profit (loss) for the period before taxes | 9903 | €6,756 | €16,627 | +€9,871 | +146% |
| Income taxes | 67/77 | €2,127 | €3,055 | +€928 | +43.6% |
| Profit (loss) for the period | 9904 | €4,629 | €13,572 | +€8,943 | +193% |
| Profit (loss) for the period to be appropriated | 9905 | €4,629 | €13,572 | +€8,943 | +193% |
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 17 October 2026 via checked.be.