L T M: 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 T M
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Trade debts -€40,643
down €40,643 (-20.6%), from €197,232 to €156,589
- Profit (loss) carried forward +€29,188
up €29,188 (+40.3%), from -€72,486 to -€43,298
- Other debts +€10,473
new in 2025: €10,473
- Staff costs -€18,909
down €18,909 (-19.9%), from €95,021 to €76,111
- Gross operating margin +€11,936
up €11,936 (+12.3%), from €96,934 to €108,870
- Taxes -€7,601
no longer reported in 2025 (was €7,601)
- Other operating charges -€6,073
down €6,073 (-67.5%), from €9,002 to €2,928
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 | €255,895 | €254,070 | -€1,825 | -0.7% |
| Fixed assets | 21/28 | €5,218 | €5,218 | = | 0.0% |
| Financial fixed assets | 28 | €5,218 | €5,218 | = | 0.0% |
| Current assets | 29/58 | €250,677 | €248,852 | -€1,825 | -0.7% |
| Amounts receivable within one year | 40/41 | €246,170 | €246,170 | +€0 | 0.0% |
| Trade receivables | 40 | €227,820 | €227,820 | +€0 | 0.0% |
| Other amounts receivable | 41 | €18,350 | €18,350 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €4,086 | €2,261 | -€1,825 | -44.7% |
| Deferred charges and accrued income | 490/1 | €421 | €421 | = | 0.0% |
| Total equity and liabilities | 10/49 | €255,895 | €254,070 | -€1,825 | -0.7% |
| Equity | 10/15 | -€52,026 | -€22,838 | +€29,188 | +56.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€72,486 | -€43,298 | +€29,188 | +40.3% |
| Amounts payable | 17/49 | €307,921 | €276,908 | -€31,013 | -10.1% |
| Amounts payable after more than one year | 17 | €77,852 | €77,852 | = | 0.0% |
| Financial debts | 170/4 | €77,852 | €77,852 | = | 0.0% |
| Amounts payable within one year | 42/48 | €230,069 | €199,056 | -€31,013 | -13.5% |
| Trade debts | 44 | €197,232 | €156,589 | -€40,643 | -20.6% |
| Suppliers | 440/4 | €197,232 | €156,589 | -€40,643 | -20.6% |
| Advances received on contracts in progress | 46 | €5,000 | €5,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €27,837 | €26,994 | -€843 | -3.0% |
| Taxes | 450/3 | €1,778 | €6,947 | +€5,169 | +291% |
| Remuneration and social security | 454/9 | €26,059 | €20,047 | -€6,012 | -23.1% |
| Other amounts payable | 47/48 | - | €10,473 | +€10,473 | |
| Remuneration, social security and pensions | 62 | €95,021 | €76,111 | -€18,909 | -19.9% |
| Other operating charges | 640/8 | €9,002 | €2,928 | -€6,073 | -67.5% |
| Gross operating margin | 9900 | €96,934 | €108,870 | +€11,936 | +12.3% |
| Operating profit (loss) | 9901 | -€7,089 | €29,830 | +€36,919 | |
| Financial income | 75/76B | - | €27 | +€27 | |
| Recurring financial income | 75 | - | €27 | +€27 | |
| Financial charges | 65/66B | €213 | €669 | +€457 | +215% |
| Recurring financial charges | 65 | €213 | €669 | +€457 | +215% |
| Profit (loss) for the period before taxes | 9903 | -€7,301 | €29,188 | +€36,489 | |
| Income taxes | 67/77 | €7,601 | - | -€7,601 | |
| Profit (loss) for the period | 9904 | -€14,902 | €29,188 | +€44,090 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,902 | €29,188 | +€44,090 |
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 15 October 2026 via checked.be.