L.S.P.: 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.S.P.
Largest movements
- Current investments +€200,000
new in 2025: €200,000
- Cash -€138,981
down €138,981 (-45.1%), from €307,842 to €168,861
mainly Current investments (-€200,000) and Investment in fixed assets (net) (-€109,261)
- Intangible fixed assets +€42,342
up €42,342 (+1,160%), from €3,651 to €45,993
- Tangible fixed assets +€35,702
up €35,702 (+17.6%), from €202,469 to €238,171
of which Furniture and vehicles: +€50,592
- Stocks and contracts -€35,419
down €35,419 (-5.2%), from €676,445 to €641,025
- Reserves +€93,573
up €93,573 (+9.2%), from €1.0m to €1.1m
of which Distributable reserves: +€93,573
- Other debts +€35,541
up €35,541 (+509%), from €6,987 to €42,527
- Debts after one year +€33,462
up €33,462 (+26.5%), from €126,076 to €159,538
of which Financial debts: +€29,314
- Advances received -€23,613
down €23,613 (-88.6%), from €26,637 to €3,024
- Gross operating margin +€29,727
up €29,727 (+6.9%), from €428,819 to €458,546
- Staff costs -€8,832
down €8,832 (-4.2%), from €208,731 to €199,898
- Taxes +€6,640
up €6,640 (+21.2%), from €31,394 to €38,034
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 | €1,619,100 | €1,741,944 | +€122,843 | +7.6% |
| Fixed assets | 21/28 | €206,120 | €284,164 | +€78,044 | +37.9% |
| Intangible fixed assets | 21 | €3,651 | €45,993 | +€42,342 | +1,160% |
| Tangible fixed assets | 22/27 | €202,469 | €238,171 | +€35,702 | +17.6% |
| Land and buildings | 22 | €122,827 | €114,411 | -€8,415 | -6.9% |
| Plant, machinery and equipment | 23 | €17,091 | €10,617 | -€6,475 | -37.9% |
| Furniture and vehicles | 24 | €62,550 | €113,143 | +€50,592 | +80.9% |
| Current assets | 29/58 | €1,412,980 | €1,457,780 | +€44,799 | +3.2% |
| Stocks and contracts in progress | 3 | €676,445 | €641,025 | -€35,419 | -5.2% |
| Stocks | 30/36 | €676,445 | €641,025 | -€35,419 | -5.2% |
| Amounts receivable within one year | 40/41 | €419,129 | €435,765 | +€16,636 | +4.0% |
| Trade receivables | 40 | €384,189 | €396,929 | +€12,740 | +3.3% |
| Other amounts receivable | 41 | €34,940 | €38,837 | +€3,897 | +11.2% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €307,842 | €168,861 | -€138,981 | -45.1% |
| Deferred charges and accrued income | 490/1 | €9,565 | €12,128 | +€2,563 | +26.8% |
| Total equity and liabilities | 10/49 | €1,619,100 | €1,741,944 | +€122,843 | +7.6% |
| Equity | 10/15 | €1,078,794 | €1,172,367 | +€93,573 | +8.7% |
| Contributions | 10/11 | €64,447 | €64,447 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Contributions outside capital | 11 | €2,447 | €2,447 | = | 0.0% |
| Share premium | 1100/10 | €2,447 | €2,447 | = | 0.0% |
| Reserves | 13 | €1,014,346 | €1,107,920 | +€93,573 | +9.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,831 | €9,831 | = | 0.0% |
| Distributable reserves | 133 | €998,315 | €1,091,888 | +€93,573 | +9.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €540,307 | €569,577 | +€29,270 | +5.4% |
| Amounts payable after more than one year | 17 | €126,076 | €159,538 | +€33,462 | +26.5% |
| Financial debts | 170/4 | €36,801 | €66,115 | +€29,314 | +79.7% |
| Other amounts payable | 178/9 | €89,275 | €93,423 | +€4,148 | +4.6% |
| Amounts payable within one year | 42/48 | €414,231 | €410,039 | -€4,192 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €9,395 | €19,153 | +€9,758 | +104% |
| Financial debts | 43 | €8,452 | €8,409 | -€43 | -0.5% |
| Credit institutions | 430/8 | €8,452 | €8,409 | -€43 | -0.5% |
| Trade debts | 44 | €313,389 | €296,769 | -€16,620 | -5.3% |
| Suppliers | 440/4 | €313,389 | €296,769 | -€16,620 | -5.3% |
| Advances received on contracts in progress | 46 | €26,637 | €3,024 | -€23,613 | -88.6% |
| Taxes, remuneration and social security | 45 | €49,371 | €40,157 | -€9,215 | -18.7% |
| Taxes | 450/3 | €21,366 | €18,220 | -€3,146 | -14.7% |
| Remuneration and social security | 454/9 | €28,006 | €21,937 | -€6,069 | -21.7% |
| Other amounts payable | 47/48 | €6,987 | €42,527 | +€35,541 | +509% |
| Non-recurring operating income | 76A | €4,162 | €0 | -€4,162 | -100% |
| Remuneration, social security and pensions | 62 | €208,731 | €199,898 | -€8,832 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,857 | €31,217 | +€2,361 | +8.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €4,196 | €6,448 | +€2,252 | +53.7% |
| Gross operating margin | 9900 | €428,819 | €458,546 | +€29,727 | +6.9% |
| Operating profit (loss) | 9901 | €187,036 | €220,983 | +€33,947 | +18.1% |
| Financial income | 75/76B | €1,526 | €1,781 | +€255 | +16.7% |
| Recurring financial income | 75 | €1,526 | €1,781 | +€255 | +16.7% |
| Financial charges | 65/66B | €49,639 | €53,156 | +€3,517 | +7.1% |
| Recurring financial charges | 65 | €49,639 | €53,156 | +€3,517 | +7.1% |
| Profit (loss) for the period before taxes | 9903 | €138,923 | €169,607 | +€30,684 | +22.1% |
| Income taxes | 67/77 | €31,394 | €38,034 | +€6,640 | +21.2% |
| Profit (loss) for the period | 9904 | €107,529 | €131,573 | +€24,044 | +22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €107,529 | €131,573 | +€24,044 | +22.4% |
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.