LAGO: 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.
LAGO
Largest movements
- Cash -€35,251
down €35,251 (-34.7%), from €101,482 to €66,231
mainly Net result for the year (-€68,040) and Provisions (-€1,694)
- Tangible fixed assets -€24,314
down €24,314 (-1.5%), from €1.6m to €1.6m
of which Land and buildings: -€19,767
- Profit (loss) carried forward -€64,751
down €64,751 (-23.9%), from -€270,716 to -€335,466
- Gross operating margin +€43,923
up €43,923 (+51.8%), from -€84,717 to -€40,794
- Depreciation -€4,483
down €4,483 (-15.6%), from €28,797 to €24,314
- Other operating charges -€2,822
down €2,822 (-37.4%), from €7,541 to €4,719
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 | €1,700,645 | €1,633,360 | -€67,285 | -4.0% |
| Fixed assets | 21/28 | €1,591,284 | €1,566,970 | -€24,314 | -1.5% |
| Tangible fixed assets | 22/27 | €1,591,284 | €1,566,970 | -€24,314 | -1.5% |
| Land and buildings | 22 | €1,574,291 | €1,554,525 | -€19,767 | -1.3% |
| Plant, machinery and equipment | 23 | €16,992 | €12,445 | -€4,547 | -26.8% |
| Current assets | 29/58 | €109,361 | €66,390 | -€42,971 | -39.3% |
| Amounts receivable within one year | 40/41 | €353 | €159 | -€194 | -55.0% |
| Other amounts receivable | 41 | €353 | €159 | -€194 | -55.0% |
| Cash at bank and in hand | 54/58 | €101,482 | €66,231 | -€35,251 | -34.7% |
| Deferred charges and accrued income | 490/1 | €7,526 | €0 | -€7,526 | -100.0% |
| Total equity and liabilities | 10/49 | €1,700,645 | €1,633,360 | -€67,285 | -4.0% |
| Equity | 10/15 | €388,553 | €320,513 | -€68,040 | -17.5% |
| Contributions | 10/11 | €396,630 | €396,630 | = | 0.0% |
| Capital | 10 | €396,630 | €396,630 | = | 0.0% |
| Issued capital | 100 | €396,630 | €396,630 | = | 0.0% |
| Reserves | 13 | €262,638 | €259,350 | -€3,289 | -1.3% |
| Tax-exempt reserves | 132 | €253,249 | €249,960 | -€3,289 | -1.3% |
| Distributable reserves | 133 | €9,389 | €9,389 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€270,716 | -€335,466 | -€64,751 | -23.9% |
| Provisions and deferred taxes | 16 | €130,403 | €128,710 | -€1,694 | -1.3% |
| Deferred taxes | 168 | €130,403 | €128,710 | -€1,694 | -1.3% |
| Amounts payable | 17/49 | €1,181,689 | €1,184,137 | +€2,448 | +0.2% |
| Amounts payable within one year | 42/48 | €1,181,689 | €1,184,137 | +€2,448 | +0.2% |
| Trade debts | 44 | €1,043 | €1,314 | +€271 | +26.0% |
| Suppliers | 440/4 | €1,043 | €1,314 | +€271 | +26.0% |
| Other amounts payable | 47/48 | €1,180,646 | €1,182,823 | +€2,177 | +0.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,797 | €24,314 | -€4,483 | -15.6% |
| Other operating charges | 640/8 | €7,541 | €4,719 | -€2,822 | -37.4% |
| Gross operating margin | 9900 | -€84,717 | -€40,794 | +€43,923 | +51.8% |
| Operating profit (loss) | 9901 | -€121,056 | -€69,827 | +€51,229 | +42.3% |
| Financial income | 75/76B | €793 | €529 | -€264 | -33.3% |
| Recurring financial income | 75 | €793 | €529 | -€264 | -33.3% |
| Financial charges | 65/66B | €297 | €435 | +€138 | +46.5% |
| Recurring financial charges | 65 | €297 | €435 | +€138 | +46.5% |
| Profit (loss) for the period before taxes | 9903 | -€120,560 | -€69,733 | +€50,827 | +42.2% |
| Transfer from deferred taxes | 780 | €1,694 | €1,694 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€118,866 | -€68,040 | +€50,827 | +42.8% |
| Transfer from tax-exempt reserves | 789 | €3,289 | €3,289 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€115,577 | -€64,751 | +€50,827 | +44.0% |
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 30 September 2026 via checked.be.