LADY M: what changed
Two fiscal 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.
LADY M
Largest movements
- Tangible fixed assets -€9,480
down €9,480 (-29.9%), from €31,728 to €22,248
of which Furniture and vehicles: -€6,790
- Stocks and contracts -€6,593
down €6,593 (-5.9%), from €111,049 to €104,456
- Profit (loss) carried forward -€13,755
down €13,755 (-441.5%), from -€3,115 to -€16,870
- Other debts +€3,559
up €3,559 (+4.3%), from €82,188 to €85,747
- Gross operating margin -€10,231
down €10,231 (-27.3%), from €37,513 to €27,282
- Staff costs +€1,223
up €1,223 (+4.7%), from €25,938 to €27,161
- Taxes -€469
down €469 (-69.6%), from €674 to €205
- Financial charges -€437
down €437 (-6.2%), from €7,100 to €6,663
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.
Cash bridge derived
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 | €267,380 | €254,896 | -€12,484 | -4.7% |
| Fixed assets | 21/28 | €31,728 | €22,248 | -€9,480 | -29.9% |
| Tangible fixed assets | 22/27 | €31,728 | €22,248 | -€9,480 | -29.9% |
| Land and buildings | 22 | €14,785 | €12,095 | -€2,690 | -18.2% |
| Furniture and vehicles | 24 | €16,943 | €10,152 | -€6,790 | -40.1% |
| Current assets | 29/58 | €235,652 | €232,648 | -€3,004 | -1.3% |
| Stocks and contracts in progress | 3 | €111,049 | €104,456 | -€6,593 | -5.9% |
| Stocks | 30/36 | €111,049 | €104,456 | -€6,593 | -5.9% |
| Amounts receivable within one year | 40/41 | €1,932 | €3,939 | +€2,007 | +103.9% |
| Trade receivables | 40 | €1,612 | €2,019 | +€407 | +25.3% |
| Other amounts receivable | 41 | €320 | €1,920 | +€1,600 | +500.1% |
| Cash at bank and in hand | 54/58 | €121,724 | €122,970 | +€1,246 | +1.0% |
| Deferred charges and accrued income | 490/1 | €946 | €1,283 | +€337 | +35.6% |
| Total equity and liabilities | 10/49 | €267,380 | €254,896 | -€12,484 | -4.7% |
| Equity | 10/15 | €160,598 | €146,843 | -€13,755 | -8.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €143,713 | €143,713 | = | 0.0% |
| Distributable reserves | 133 | €143,713 | €143,713 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,115 | -€16,870 | -€13,755 | -441.5% |
| Amounts payable | 17/49 | €106,782 | €108,052 | +€1,271 | +1.2% |
| Amounts payable within one year | 42/48 | €106,782 | €108,052 | +€1,271 | +1.2% |
| Trade debts | 44 | €5,854 | €3,664 | -€2,190 | -37.4% |
| Suppliers | 440/4 | €5,854 | €3,664 | -€2,190 | -37.4% |
| Taxes, remuneration and social security | 45 | €18,740 | €18,642 | -€98 | -0.5% |
| Taxes | 450/3 | €9,567 | €8,994 | -€574 | -6.0% |
| Remuneration and social security | 454/9 | €9,172 | €9,648 | +€476 | +5.2% |
| Other amounts payable | 47/48 | €82,188 | €85,747 | +€3,559 | +4.3% |
| Remuneration, social security and pensions | 62 | €25,938 | €27,161 | +€1,223 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,340 | €9,480 | +€141 | +1.5% |
| Other operating charges | 640/8 | €802 | €821 | +€19 | +2.4% |
| Gross operating margin | 9900 | €37,513 | €27,282 | -€10,231 | -27.3% |
| Operating profit (loss) | 9901 | €1,433 | -€10,181 | -€11,614 | |
| Financial income | 75/76B | €3,225 | €3,294 | +€69 | +2.1% |
| Recurring financial income | 75 | €3,225 | €3,294 | +€69 | +2.1% |
| Financial charges | 65/66B | €7,100 | €6,663 | -€437 | -6.2% |
| Recurring financial charges | 65 | €7,100 | €6,663 | -€437 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,442 | -€13,550 | -€11,109 | -455.0% |
| Income taxes | 67/77 | €674 | €205 | -€469 | -69.6% |
| Profit (loss) for the period | 9904 | -€3,115 | -€13,755 | -€10,640 | -341.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,115 | -€13,755 | -€10,640 | -341.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.