LAGACO: 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.
LAGACO
Largest movements
- Financial fixed assets +€2.3m
up €2.3m (+262.9%), from €875,000 to €3.2m
- Tangible fixed assets +€1.1m
up €1.1m (+55.0%), from €2.0m to €3.1m
of which Plant, machinery and equipment: +€1.1m
- Current investments -€750,000
down €750,000 (-100.0%), from €750,000 to €0
- Intangible fixed assets +€705,735
up €705,735 (+318.9%), from €221,327 to €927,062
- Cash +€593,495
up €593,495 (+75.1%), from €790,547 to €1.4m
mainly Net result for the year (+€2.6m) and Trade debts (+€2.3m)
- Reserves +€2.6m
up €2.6m (+30.1%), from €8.6m to €11.2m
of which Distributable reserves: +€2.6m
- Trade debts +€2.3m
up €2.3m (+13160.7%), from €17,395 to €2.3m
- Other debts -€262,251
down €262,251 (-100.0%), from €262,251 to €0
- Debts after one year -€211,514
down €211,514 (-28.3%), from €747,996 to €536,482
- Gross operating margin -€396,682
down €396,682 (-27.6%), from €1.4m to €1.0m
- Taxes -€93,609
down €93,609 (-30.5%), from €307,152 to €213,543
- Financial charges -€35,243
down €35,243 (-72.2%), from €48,834 to €13,591
- Other operating charges -€17,355
down €17,355 (-35.4%), from €49,034 to €31,678
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 | €10,199,191 | €14,536,460 | +€4.3m | +42.5% |
| Fixed assets | 21/28 | €3,084,939 | €7,183,419 | +€4.1m | +132.9% |
| Intangible fixed assets | 21 | €221,327 | €927,062 | +€705,735 | +318.9% |
| Tangible fixed assets | 22/27 | €1,988,612 | €3,081,357 | +€1.1m | +55.0% |
| Land and buildings | 22 | €1,887,636 | €1,831,357 | -€56,280 | -3.0% |
| Plant, machinery and equipment | 23 | €975 | €1,150,000 | +€1.1m | +117800.3% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €100,000 | €100,000 | = | 0.0% |
| Financial fixed assets | 28 | €875,000 | €3,175,000 | +€2.3m | +262.9% |
| Current assets | 29/58 | €7,114,252 | €7,353,041 | +€238,790 | +3.4% |
| Stocks and contracts in progress | 3 | - | €369,915 | +€369,915 | |
| Stocks | 30/36 | - | €369,915 | +€369,915 | |
| Amounts receivable within one year | 40/41 | €5,552,528 | €5,584,233 | +€31,705 | +0.6% |
| Trade receivables | 40 | €1,493,037 | €38,248 | -€1.5m | -97.4% |
| Other amounts receivable | 41 | €4,059,491 | €5,545,985 | +€1.5m | +36.6% |
| Current investments | 50/53 | €750,000 | €0 | -€750,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €790,547 | €1,384,042 | +€593,495 | +75.1% |
| Deferred charges and accrued income | 490/1 | €21,177 | €14,851 | -€6,325 | -29.9% |
| Total equity and liabilities | 10/49 | €10,199,191 | €14,536,460 | +€4.3m | +42.5% |
| Equity | 10/15 | €8,637,613 | €11,226,533 | +€2.6m | +30.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €8,587,613 | €11,176,533 | +€2.6m | +30.1% |
| Tax-exempt reserves | 132 | €435 | €0 | -€435 | -100.0% |
| Distributable reserves | 133 | €8,587,177 | €11,176,533 | +€2.6m | +30.2% |
| Provisions and deferred taxes | 16 | €145 | €0 | -€145 | -100.0% |
| Deferred taxes | 168 | €145 | €0 | -€145 | -100.0% |
| Amounts payable | 17/49 | €1,561,433 | €3,309,927 | +€1.7m | +112.0% |
| Amounts payable after more than one year | 17 | €747,996 | €536,482 | -€211,514 | -28.3% |
| Financial debts | 170/4 | €747,996 | €536,482 | -€211,514 | -28.3% |
| Amounts payable within one year | 42/48 | €781,859 | €2,767,623 | +€2.0m | +254.0% |
| Current portion of amounts payable after more than one year | 42 | €211,015 | €214,419 | +€3,405 | +1.6% |
| Trade debts | 44 | €17,395 | €2,306,759 | +€2.3m | +13160.7% |
| Suppliers | 440/4 | €17,395 | €2,306,759 | +€2.3m | +13160.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €291,197 | €246,445 | -€44,753 | -15.4% |
| Taxes | 450/3 | €278,721 | €239,222 | -€39,499 | -14.2% |
| Remuneration and social security | 454/9 | €12,476 | €7,222 | -€5,254 | -42.1% |
| Other amounts payable | 47/48 | €262,251 | €0 | -€262,251 | -100.0% |
| Accrued charges and deferred income | 492/3 | €31,578 | €5,822 | -€25,756 | -81.6% |
| Remuneration, social security and pensions | 62 | €96,238 | €94,941 | -€1,297 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,322 | €143,270 | -€1,053 | -0.7% |
| Other operating charges | 640/8 | €49,034 | €31,678 | -€17,355 | -35.4% |
| Gross operating margin | 9900 | €1,435,543 | €1,038,861 | -€396,682 | -27.6% |
| Operating profit (loss) | 9901 | €1,145,950 | €768,973 | -€376,977 | -32.9% |
| Financial income | 75/76B | €2,051,260 | €2,046,936 | -€4,324 | -0.2% |
| Recurring financial income | 75 | €2,051,260 | €2,046,936 | -€4,324 | -0.2% |
| Financial charges | 65/66B | €48,834 | €13,591 | -€35,243 | -72.2% |
| Recurring financial charges | 65 | €48,834 | €13,591 | -€35,243 | -72.2% |
| Profit (loss) for the period before taxes | 9903 | €3,148,376 | €2,802,318 | -€346,058 | -11.0% |
| Transfer from deferred taxes | 780 | €29 | €145 | +€116 | +400.2% |
| Income taxes | 67/77 | €307,152 | €213,543 | -€93,609 | -30.5% |
| Profit (loss) for the period | 9904 | €2,841,253 | €2,588,920 | -€252,333 | -8.9% |
| Transfer from tax-exempt reserves | 789 | €1,131 | €435 | -€696 | -61.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,842,384 | €2,589,355 | -€253,029 | -8.9% |
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.