L.S.K.: 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.
What changed
L.S.K.
NACE 64.910, Financial service activities, except insurance and pension funding
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.5m
2024 · €486,742+€2.1m
Equity
€17.3m
2024 · €14.7m+€2.5m
Cash
€217,126
2024 · €412,802-€195,676
Balance sheet total
€21.0m
2024 · €21.1m-€179,976
Largest movements
Assets
- Financial fixed assets -€3.0m
no longer reported in 2025 (was €3.0m)
- Tangible fixed assets +€2.0m
up €2.0m (+11.8%), from €16.6m to €18.5m
of which Assets under construction and advance payments: +€2.3m
- Current investments +€850,000
up €850,000 (+89.5%), from €950,000 to €1.8m
Equity and liabilities
- Debts after one year -€3.0m
down €3.0m (-73.5%), from €4.0m to €1.1m
of which Other amounts payable: -€2.8m
- Reserves +€2.5m
up €2.5m (+20.0%), from €12.7m to €15.3m
of which Distributable reserves: +€2.6m
Income statement
- Financial income +€1.5m
up €1.5m (+10,629%), from €14,434 to €1.5m
- Gross operating margin +€617,803
up €617,803 (+32.2%), from €1.9m to €2.5m
- Taxes +€118,382
up €118,382 (+47.3%), from €250,202 to €368,584
- Depreciation -€60,896
down €60,896 (-6.1%), from €1.0m to €939,133
- Financial charges -€44,827
down €44,827 (-52.0%), from €86,162 to €41,335
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.
Result 2024
€486,742
Gross operating margin
+€617,803
Depreciation
+€60,896
Other operating charges
-€2,001
Other operating items
-€2,500
Financial income
+€1.5m
Financial charges
+€44,827
Taxes
-€118,382
Deferred taxes and other
-€73,711
Result 2025
€2.5m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€3.5m
Investment
-€755,923
Financing
-€3.0m
Cash 2024
€412,802
From operations (derived)
+€3.5m
Net result for the year
+€2.5m
Depreciation
+€939,133
Receivables within one year
-€193,921
Smaller working-capital items
-€4,190
Provisions
-€22,160
Trade debts
+€139,524
Tax, wage and social debts
+€120,690
Other debts
-€200,571
Accrued charges and deferred income
+€190,517
Investment (derived)
-€755,923
Investment in fixed assets (net)
+€94,077
Current investments
-€850,000
Financing
-€3.0m
Debts after one year
-€3.0m
Current portion of long-term debt
+€4,966
Contributions, distributions and other
+€0
Cash 2025
€217,126
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,137,757 | €20,957,781 | -€179,976 | -0.9% |
| Fixed assets | 21/28 | €19,570,868 | €18,537,657 | -€1.0m | -5.3% |
| Tangible fixed assets | 22/27 | €16,581,368 | €18,537,657 | +€2.0m | +11.8% |
| Land and buildings | 22 | €15,750,942 | €15,356,484 | -€394,458 | -2.5% |
| Plant, machinery and equipment | 23 | €445,145 | €380,620 | -€64,526 | -14.5% |
| Furniture and vehicles | 24 | €32,357 | €104,178 | +€71,821 | +222% |
| Assets under construction and advance payments | 27 | €352,923 | €2,696,375 | +€2.3m | +664% |
| Financial fixed assets | 28 | €2,989,500 | - | -€3.0m | |
| Current assets | 29/58 | €1,566,889 | €2,420,124 | +€853,235 | +54.5% |
| Amounts receivable within one year | 40/41 | €183,324 | €377,244 | +€193,921 | +106% |
| Trade receivables | 40 | €178,212 | €244,155 | +€65,943 | +37.0% |
| Other amounts receivable | 41 | €5,112 | €133,089 | +€127,978 | +2,504% |
| Current investments | 50/53 | €950,000 | €1,800,000 | +€850,000 | +89.5% |
| Cash at bank and in hand | 54/58 | €412,802 | €217,126 | -€195,676 | -47.4% |
| Deferred charges and accrued income | 490/1 | €20,763 | €25,753 | +€4,990 | +24.0% |
| Total equity and liabilities | 10/49 | €21,137,757 | €20,957,781 | -€179,976 | -0.9% |
| Equity | 10/15 | €14,727,512 | €17,275,472 | +€2.5m | +17.3% |
| Contributions | 10/11 | €2,018,886 | €2,018,886 | = | 0.0% |
| Capital | 10 | €1,910,000 | €1,910,000 | = | 0.0% |
| Issued capital | 100 | €1,910,000 | €1,910,000 | = | 0.0% |
| Contributions outside capital | 11 | €108,886 | €108,886 | = | 0.0% |
| Share premium | 1100/10 | €108,886 | €108,886 | = | 0.0% |
| Reserves | 13 | €12,708,627 | €15,256,587 | +€2.5m | +20.0% |
| Non-distributable reserves | 130/1 | €261,744 | €261,744 | = | 0.0% |
| Legal reserve | 130 | €261,744 | €261,744 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,604,890 | €3,588,946 | -€15,943 | -0.4% |
| Distributable reserves | 133 | €8,841,993 | €11,405,896 | +€2.6m | +29.0% |
| Provisions and deferred taxes | 16 | €1,400,618 | €1,378,458 | -€22,160 | -1.6% |
| Deferred taxes | 168 | €1,400,618 | €1,378,458 | -€22,160 | -1.6% |
| Amounts payable | 17/49 | €5,009,627 | €2,303,850 | -€2.7m | -54.0% |
| Amounts payable after more than one year | 17 | €4,028,496 | €1,066,795 | -€3.0m | -73.5% |
| Financial debts | 170/4 | €1,228,251 | €1,053,983 | -€174,269 | -14.2% |
| Other amounts payable | 178/9 | €2,800,245 | €12,812 | -€2.8m | -99.5% |
| Amounts payable within one year | 42/48 | €892,575 | €957,984 | +€65,409 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €169,302 | €174,269 | +€4,966 | +2.9% |
| Trade debts | 44 | €121,257 | €260,781 | +€139,524 | +115% |
| Suppliers | 440/4 | €121,257 | €260,781 | +€139,524 | +115% |
| Advances received on contracts in progress | 46 | - | €800 | +€800 | |
| Taxes, remuneration and social security | 45 | €29,957 | €150,646 | +€120,690 | +403% |
| Taxes | 450/3 | €29,957 | €150,646 | +€120,690 | +403% |
| Other amounts payable | 47/48 | €572,059 | €371,488 | -€200,571 | -35.1% |
| Accrued charges and deferred income | 492/3 | €88,555 | €279,072 | +€190,517 | +215% |
| Non-recurring operating income | 76A | €10,340 | €313,491 | +€303,152 | +2,932% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,000,029 | €939,133 | -€60,896 | -6.1% |
| Other operating charges | 640/8 | €204,205 | €206,206 | +€2,001 | +1.0% |
| Non-recurring operating charges | 66A | - | €2,500 | +€2,500 | |
| Gross operating margin | 9900 | €1,917,035 | €2,534,838 | +€617,803 | +32.2% |
| Operating profit (loss) | 9901 | €712,801 | €1,386,999 | +€674,198 | +94.6% |
| Financial income | 75/76B | €14,434 | €1,548,720 | +€1.5m | +10,629% |
| Recurring financial income | 75 | €14,434 | €1,548,720 | +€1.5m | +10,629% |
| Financial charges | 65/66B | €86,162 | €41,335 | -€44,827 | -52.0% |
| Recurring financial charges | 65 | €86,162 | €41,335 | -€44,827 | -52.0% |
| Profit (loss) for the period before taxes | 9903 | €641,073 | €2,894,384 | +€2.3m | +351% |
| Transfer from deferred taxes | 780 | €95,871 | €95,871 | = | 0.0% |
| Transfer to deferred taxes | 680 | - | €73,711 | +€73,711 | |
| Income taxes | 67/77 | €250,202 | €368,584 | +€118,382 | +47.3% |
| Profit (loss) for the period | 9904 | €486,742 | €2,547,960 | +€2.1m | +423% |
| Transfer from tax-exempt reserves | 789 | €237,076 | €237,076 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €221,133 | +€221,133 | |
| Profit (loss) for the period to be appropriated | 9905 | €723,818 | €2,563,903 | +€1.8m | +254% |
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 24 October 2026 via checked.be.