LAED MAER: 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.
LAED MAER
Largest movements
- Tangible fixed assets +€44,768
up €44,768 (+310%), from €14,444 to €59,212
of which Furniture and vehicles: +€45,782
- Cash +€38,355
up €38,355 (+169%), from €22,648 to €61,002
mainly Net result for the year (+€81,353) and Trade debts (+€20,004)
- Receivables within one year +€32,298
up €32,298 (+52.9%), from €61,107 to €93,405
of which Trade receivables: +€28,937
- Profit (loss) carried forward +€147,053
new in 2025: €147,053
- Reserves -€65,699
no longer reported in 2025 (was €65,699)
- Trade debts +€20,004
up €20,004 (+134%), from €14,920 to €34,924
- Debts after one year +€16,813
new in 2025: €16,813
- Accrued charges and deferred income -€12,461
no longer reported in 2025 (was €12,461)
- Taxes -€18,000
no longer reported in 2025 (was €18,000)
- Gross operating margin -€4,293
down €4,293 (-4.7%), from €91,666 to €87,373
- Depreciation -€1,577
down €1,577 (-21.6%), from €7,285 to €5,708
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 | €99,222 | €214,477 | +€115,255 | +116% |
| Formation expenses | 20 | €1,023 | €716 | -€307 | -30.0% |
| Fixed assets | 21/28 | €14,444 | €59,212 | +€44,768 | +310% |
| Tangible fixed assets | 22/27 | €14,444 | €59,212 | +€44,768 | +310% |
| Plant, machinery and equipment | 23 | €7,289 | €7,036 | -€253 | -3.5% |
| Furniture and vehicles | 24 | €4,544 | €50,325 | +€45,782 | +1,008% |
| Leasing and similar rights | 25 | €2,612 | €1,850 | -€761 | -29.2% |
| Current assets | 29/58 | €83,755 | €154,549 | +€70,794 | +84.5% |
| Amounts receivable within one year | 40/41 | €61,107 | €93,405 | +€32,298 | +52.9% |
| Trade receivables | 40 | €44,649 | €73,586 | +€28,937 | +64.8% |
| Other amounts receivable | 41 | €16,458 | €19,820 | +€3,362 | +20.4% |
| Cash at bank and in hand | 54/58 | €22,648 | €61,002 | +€38,355 | +169% |
| Deferred charges and accrued income | 490/1 | - | €141 | +€141 | |
| Total equity and liabilities | 10/49 | €99,222 | €214,477 | +€115,255 | +116% |
| Equity | 10/15 | €70,699 | €152,053 | +€81,353 | +115% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €65,699 | - | -€65,699 | |
| Non-distributable reserves | 130/1 | €65,699 | - | -€65,699 | |
| Other | 1319 | €65,699 | - | -€65,699 | |
| Profit (loss) carried forward | 14 | - | €147,053 | +€147,053 | |
| Amounts payable | 17/49 | €28,523 | €62,424 | +€33,902 | +119% |
| Amounts payable after more than one year | 17 | - | €16,813 | +€16,813 | |
| Financial debts | 170/4 | - | €16,813 | +€16,813 | |
| Amounts payable within one year | 42/48 | €16,062 | €45,611 | +€29,549 | +184% |
| Current portion of amounts payable after more than one year | 42 | - | €10,687 | +€10,687 | |
| Trade debts | 44 | €14,920 | €34,924 | +€20,004 | +134% |
| Suppliers | 440/4 | €14,920 | €34,924 | +€20,004 | +134% |
| Other amounts payable | 47/48 | €1,142 | - | -€1,142 | |
| Accrued charges and deferred income | 492/3 | €12,461 | - | -€12,461 | |
| Remuneration, social security and pensions | 62 | - | €83 | +€83 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,285 | €5,708 | -€1,577 | -21.6% |
| Other operating charges | 640/8 | €625 | €186 | -€439 | -70.3% |
| Gross operating margin | 9900 | €91,666 | €87,373 | -€4,293 | -4.7% |
| Operating profit (loss) | 9901 | €83,756 | €81,396 | -€2,360 | -2.8% |
| Financial income | 75/76B | €351 | €43 | -€308 | -87.8% |
| Recurring financial income | 75 | €351 | €43 | -€308 | -87.8% |
| Financial charges | 65/66B | €407 | €85 | -€322 | -79.1% |
| Recurring financial charges | 65 | €407 | €85 | -€322 | -79.1% |
| Profit (loss) for the period before taxes | 9903 | €83,699 | €81,353 | -€2,346 | -2.8% |
| Income taxes | 67/77 | €18,000 | - | -€18,000 | |
| Profit (loss) for the period | 9904 | €65,699 | €81,353 | +€15,654 | +23.8% |
| Profit (loss) for the period to be appropriated | 9905 | €65,699 | €81,353 | +€15,654 | +23.8% |
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.