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
- Tangible fixed assets -€17,585
down €17,585 (-6.2%), from €284,475 to €266,890
- Other debts -€26,502
down €26,502 (-88.0%), from €30,123 to €3,621
- Profit (loss) carried forward +€14,837
up €14,837 (+14.8%), from -€99,947 to -€85,110
- Short-term financial debts -€12,211
down €12,211 (-7.3%), from €168,173 to €155,962
of which Other loans: -€14,567
- Gross operating margin +€9,319
up €9,319 (+24.0%), from €38,846 to €48,165
- Taxes -€2,064
down €2,064 (-22.5%), from €9,159 to €7,095
- Financial charges -€953
down €953 (-14.2%), from €6,712 to €5,759
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 | €485,758 | €470,170 | -€15,588 | -3.2% |
| Fixed assets | 21/28 | €484,475 | €466,890 | -€17,585 | -3.6% |
| Tangible fixed assets | 22/27 | €284,475 | €266,890 | -€17,585 | -6.2% |
| Land and buildings | 22 | €284,475 | €266,890 | -€17,585 | -6.2% |
| Financial fixed assets | 28 | €200,000 | €200,000 | = | 0.0% |
| Current assets | 29/58 | €1,283 | €3,280 | +€1,997 | +156% |
| Amounts receivable within one year | 40/41 | €190 | €790 | +€600 | +316% |
| Trade receivables | 40 | - | €600 | +€600 | |
| Other amounts receivable | 41 | €190 | €190 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,093 | - | -€1,093 | |
| Deferred charges and accrued income | 490/1 | - | €2,490 | +€2,490 | |
| Total equity and liabilities | 10/49 | €485,758 | €470,170 | -€15,588 | -3.2% |
| Equity | 10/15 | €162,453 | €177,290 | +€14,837 | +9.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Revaluation surpluses | 12 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€99,947 | -€85,110 | +€14,837 | +14.8% |
| Amounts payable | 17/49 | €323,305 | €292,880 | -€30,425 | -9.4% |
| Amounts payable after more than one year | 17 | €91,948 | €95,661 | +€3,713 | +4.0% |
| Financial debts | 170/4 | €22,789 | - | -€22,789 | |
| Other amounts payable | 178/9 | €69,159 | €95,661 | +€26,502 | +38.3% |
| Amounts payable within one year | 42/48 | €231,357 | €197,219 | -€34,138 | -14.8% |
| Current portion of amounts payable after more than one year | 42 | €23,659 | €22,789 | -€870 | -3.7% |
| Financial debts | 43 | €168,173 | €155,962 | -€12,211 | -7.3% |
| Credit institutions | 430/8 | - | €2,356 | +€2,356 | |
| Other loans | 439 | €168,173 | €153,606 | -€14,567 | -8.7% |
| Trade debts | 44 | €243 | €2,400 | +€2,157 | +888% |
| Suppliers | 440/4 | €243 | €2,400 | +€2,157 | +888% |
| Taxes, remuneration and social security | 45 | €9,159 | €12,447 | +€3,288 | +35.9% |
| Taxes | 450/3 | €9,159 | €12,447 | +€3,288 | +35.9% |
| Other amounts payable | 47/48 | €30,123 | €3,621 | -€26,502 | -88.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,584 | €17,585 | +€1 | 0.0% |
| Other operating charges | 640/8 | €2,821 | €2,889 | +€68 | +2.4% |
| Gross operating margin | 9900 | €38,846 | €48,165 | +€9,319 | +24.0% |
| Operating profit (loss) | 9901 | €18,441 | €27,691 | +€9,250 | +50.2% |
| Financial charges | 65/66B | €6,712 | €5,759 | -€953 | -14.2% |
| Recurring financial charges | 65 | €6,712 | €5,759 | -€953 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €11,729 | €21,932 | +€10,203 | +87.0% |
| Income taxes | 67/77 | €9,159 | €7,095 | -€2,064 | -22.5% |
| Profit (loss) for the period | 9904 | €2,570 | €14,837 | +€12,267 | +477% |
| Profit (loss) for the period to be appropriated | 9905 | €2,570 | €14,837 | +€12,267 | +477% |
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.