L.S.T.: 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.T.
Largest movements
- Stocks and contracts +€50,073
new in 2025: €50,073
- Cash -€49,812
down €49,812 (-50.6%), from €98,531 to €48,719
mainly Investment in fixed assets (net) (-€112,500) and Debts after one year (-€62,744)
- Tangible fixed assets -€38,975
down €38,975 (-9.7%), from €403,800 to €364,825
of which Furniture and vehicles: -€30,975
- Receivables within one year -€24,609
down €24,609 (-11.9%), from €206,833 to €182,224
of which Trade receivables: -€15,080
- Debts after one year -€62,744
down €62,744 (-13.1%), from €478,196 to €415,452
- Trade debts -€40,202
down €40,202 (-34.2%), from €117,541 to €77,339
- Reserves +€36,701
up €36,701 (+39.1%), from €93,832 to €130,533
of which Distributable reserves: +€36,701
- Taxes -€31,695
down €31,695 (-92.4%), from €34,286 to €2,592
- Depreciation +€16,875
up €16,875 (+12.5%), from €134,600 to €151,475
- Gross operating margin -€8,133
down €8,133 (-3.7%), from €217,877 to €209,744
- Other operating charges +€4,334
up €4,334 (+3,673%), from €118 to €4,452
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 | €709,569 | €646,246 | -€63,323 | -8.9% |
| Fixed assets | 21/28 | €404,205 | €365,230 | -€38,975 | -9.6% |
| Tangible fixed assets | 22/27 | €403,800 | €364,825 | -€38,975 | -9.7% |
| Plant, machinery and equipment | 23 | €24,000 | €16,000 | -€8,000 | -33.3% |
| Furniture and vehicles | 24 | €379,800 | €348,825 | -€30,975 | -8.2% |
| Financial fixed assets | 28 | €405 | €405 | = | 0.0% |
| Current assets | 29/58 | €305,364 | €281,016 | -€24,348 | -8.0% |
| Stocks and contracts in progress | 3 | - | €50,073 | +€50,073 | |
| Contracts in progress | 37 | - | €50,073 | +€50,073 | |
| Amounts receivable within one year | 40/41 | €206,833 | €182,224 | -€24,609 | -11.9% |
| Trade receivables | 40 | €164,709 | €149,628 | -€15,080 | -9.2% |
| Other amounts receivable | 41 | €42,125 | €32,596 | -€9,529 | -22.6% |
| Cash at bank and in hand | 54/58 | €98,531 | €48,719 | -€49,812 | -50.6% |
| Total equity and liabilities | 10/49 | €709,569 | €646,246 | -€63,323 | -8.9% |
| Equity | 10/15 | €113,832 | €150,533 | +€36,701 | +32.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €93,832 | €130,533 | +€36,701 | +39.1% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €91,832 | €128,533 | +€36,701 | +40.0% |
| Amounts payable | 17/49 | €595,737 | €495,714 | -€100,024 | -16.8% |
| Amounts payable after more than one year | 17 | €478,196 | €415,452 | -€62,744 | -13.1% |
| Financial debts | 170/4 | €478,196 | €415,452 | -€62,744 | -13.1% |
| Amounts payable within one year | 42/48 | €117,541 | €77,339 | -€40,202 | -34.2% |
| Trade debts | 44 | €117,541 | €77,339 | -€40,202 | -34.2% |
| Suppliers | 440/4 | €117,541 | €77,339 | -€40,202 | -34.2% |
| Accrued charges and deferred income | 492/3 | - | €2,922 | +€2,922 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €134,600 | €151,475 | +€16,875 | +12.5% |
| Other operating charges | 640/8 | €118 | €4,452 | +€4,334 | +3,673% |
| Gross operating margin | 9900 | €217,877 | €209,744 | -€8,133 | -3.7% |
| Operating profit (loss) | 9901 | €83,159 | €53,817 | -€29,342 | -35.3% |
| Financial income | 75/76B | €8 | €202 | +€194 | +2,480% |
| Recurring financial income | 75 | €8 | €202 | +€194 | +2,480% |
| Financial charges | 65/66B | €13,979 | €14,727 | +€748 | +5.3% |
| Recurring financial charges | 65 | €13,979 | €14,727 | +€748 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €69,188 | €39,292 | -€29,895 | -43.2% |
| Income taxes | 67/77 | €34,286 | €2,592 | -€31,695 | -92.4% |
| Profit (loss) for the period | 9904 | €34,902 | €36,701 | +€1,799 | +5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €34,902 | €36,701 | +€1,799 | +5.2% |
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.