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
- Receivables within one year -€40,251
down €40,251 (-38.3%), from €105,014 to €64,763
- Cash -€16,819
down €16,819 (-12.1%), from €138,862 to €122,043
mainly Tax, wage and social debts (-€67,637) and Other debts (-€1,549)
- Tangible fixed assets -€7,193
down €7,193 (-92.4%), from €7,788 to €595
of which Other tangible fixed assets: -€3,764
- Tax, wage and social debts -€67,637
no longer reported in 2025 (was €67,637)
- Profit (loss) carried forward +€4,089
up €4,089 (+5.1%), from -€80,080 to -€75,991
- Gross operating margin +€62,951
up €62,951, from -€45,735 to €17,216
- Taxes -€10,310
down €10,310 (-98.1%), from €10,508 to €198
- Staff costs -€5,608
no longer reported in 2025 (was €5,608)
- Depreciation -€4,527
down €4,527 (-41.2%), from €11,001 to €6,474
- Financial charges +€4,265
up €4,265 (+1844.5%), from €231 to €4,496
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 | €254,908 | €189,407 | -€65,501 | -25.7% |
| Fixed assets | 21/28 | €7,862 | €669 | -€7,193 | -91.5% |
| Tangible fixed assets | 22/27 | €7,788 | €595 | -€7,193 | -92.4% |
| Plant, machinery and equipment | 23 | €2,073 | - | -€2,073 | |
| Furniture and vehicles | 24 | €1,951 | €595 | -€1,356 | -69.5% |
| Other tangible fixed assets | 26 | €3,764 | - | -€3,764 | |
| Financial fixed assets | 28 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €247,046 | €188,738 | -€58,309 | -23.6% |
| Stocks and contracts in progress | 3 | €1,170 | - | -€1,170 | |
| Stocks | 30/36 | €1,170 | - | -€1,170 | |
| Amounts receivable within one year | 40/41 | €105,014 | €64,763 | -€40,251 | -38.3% |
| Other amounts receivable | 41 | €105,014 | €64,763 | -€40,251 | -38.3% |
| Cash at bank and in hand | 54/58 | €138,862 | €122,043 | -€16,819 | -12.1% |
| Deferred charges and accrued income | 490/1 | €2,001 | €1,931 | -€69 | -3.5% |
| Total equity and liabilities | 10/49 | €254,908 | €189,407 | -€65,501 | -25.7% |
| Equity | 10/15 | €10,238 | €14,326 | +€4,089 | +39.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €28,318 | €28,318 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €22,118 | €22,118 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€80,080 | -€75,991 | +€4,089 | +5.1% |
| Amounts payable | 17/49 | €244,670 | €175,081 | -€69,590 | -28.4% |
| Amounts payable within one year | 42/48 | €244,670 | €175,081 | -€69,590 | -28.4% |
| Trade debts | 44 | €887 | €483 | -€404 | -45.5% |
| Suppliers | 440/4 | €887 | €483 | -€404 | -45.5% |
| Taxes, remuneration and social security | 45 | €67,637 | - | -€67,637 | |
| Taxes | 450/3 | €67,637 | - | -€67,637 | |
| Other amounts payable | 47/48 | €176,146 | €174,598 | -€1,549 | -0.9% |
| Non-recurring operating income | 76A | €2,995 | €557 | -€2,438 | -81.4% |
| Remuneration, social security and pensions | 62 | €5,608 | - | -€5,608 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,001 | €6,474 | -€4,527 | -41.2% |
| Other operating charges | 640/8 | €1,784 | €1,241 | -€543 | -30.4% |
| Non-recurring operating charges | 66A | €5,213 | €719 | -€4,494 | -86.2% |
| Gross operating margin | 9900 | -€45,735 | €17,216 | +€62,951 | |
| Operating profit (loss) | 9901 | -€69,341 | €8,783 | +€78,124 | |
| Financial charges | 65/66B | €231 | €4,496 | +€4,265 | +1844.5% |
| Recurring financial charges | 65 | €231 | €4,496 | +€4,265 | +1844.5% |
| Profit (loss) for the period before taxes | 9903 | -€69,572 | €4,286 | +€73,859 | |
| Income taxes | 67/77 | €10,508 | €198 | -€10,310 | -98.1% |
| Profit (loss) for the period | 9904 | -€80,080 | €4,089 | +€84,168 | |
| Profit (loss) for the period to be appropriated | 9905 | -€80,080 | €4,089 | +€84,168 |
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 3 October 2026 via checked.be.