LAKER: 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.
LAKER
Largest movements
- Stocks and contracts -€231,310
no longer reported in 2025 (was €231,310)
of which Contracts in progress: -€118,000
- Receivables within one year -€188,513
down €188,513 (-12.7%), from €1.5m to €1.3m
of which Trade receivables: -€180,739
- Cash -€37,527
down €37,527 (-70.8%), from €52,989 to €15,463
mainly Short-term financial debts (-€206,494) and Advances received (-€156,500)
- Short-term financial debts -€206,494
no longer reported in 2025 (was €206,494)
- Advances received -€156,500
no longer reported in 2025 (was €156,500)
- Profit (loss) carried forward -€57,205
down €57,205 (-13.6%), from €420,203 to €362,998
- Tax, wage and social debts -€36,423
down €36,423 (-66.5%), from €54,772 to €18,349
of which Remuneration and social security: -€38,780
- Staff costs +€180,987
up €180,987 (+42.2%), from €429,079 to €610,065
- Gross operating margin +€96,269
up €96,269 (+17.3%), from €555,653 to €651,922
- Depreciation -€9,500
down €9,500 (-63.9%), from €14,874 to €5,375
- Financial charges +€8,106
up €8,106 (+30.0%), from €27,055 to €35,162
- Taxes +€7,375
up €7,375 (+49.2%), from €15,000 to €22,375
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 | €1,843,165 | €1,381,667 | -€461,499 | -25.0% |
| Fixed assets | 21/28 | €75,737 | €71,588 | -€4,149 | -5.5% |
| Tangible fixed assets | 22/27 | €64,615 | €60,465 | -€4,149 | -6.4% |
| Land and buildings | 22 | €60,465 | €60,465 | = | 0.0% |
| Furniture and vehicles | 24 | €4,149 | - | -€4,149 | |
| Financial fixed assets | 28 | €11,123 | €11,123 | = | 0.0% |
| Current assets | 29/58 | €1,767,428 | €1,310,079 | -€457,349 | -25.9% |
| Stocks and contracts in progress | 3 | €231,310 | - | -€231,310 | |
| Stocks | 30/36 | €113,310 | - | -€113,310 | |
| Contracts in progress | 37 | €118,000 | - | -€118,000 | |
| Amounts receivable within one year | 40/41 | €1,483,129 | €1,294,616 | -€188,513 | -12.7% |
| Trade receivables | 40 | €550,797 | €370,058 | -€180,739 | -32.8% |
| Other amounts receivable | 41 | €932,331 | €924,558 | -€7,773 | -0.8% |
| Cash at bank and in hand | 54/58 | €52,989 | €15,463 | -€37,527 | -70.8% |
| Total equity and liabilities | 10/49 | €1,843,165 | €1,381,667 | -€461,499 | -25.0% |
| Equity | 10/15 | €1,000,460 | €943,255 | -€57,205 | -5.7% |
| Contributions | 10/11 | €223,104 | €223,104 | = | 0.0% |
| Capital | 10 | €223,104 | €223,104 | = | 0.0% |
| Issued capital | 100 | €223,104 | €223,104 | = | 0.0% |
| Reserves | 13 | €357,153 | €357,153 | = | 0.0% |
| Non-distributable reserves | 130/1 | €21,583 | €21,583 | = | 0.0% |
| Legal reserve | 130 | €21,583 | €21,583 | = | 0.0% |
| Distributable reserves | 133 | €335,570 | €335,570 | = | 0.0% |
| Profit (loss) carried forward | 14 | €420,203 | €362,998 | -€57,205 | -13.6% |
| Amounts payable | 17/49 | €842,705 | €438,411 | -€404,294 | -48.0% |
| Amounts payable after more than one year | 17 | €250,000 | €250,000 | = | 0.0% |
| Financial debts | 170/4 | €250,000 | €250,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €592,705 | €188,411 | -€404,294 | -68.2% |
| Financial debts | 43 | €206,494 | - | -€206,494 | |
| Credit institutions | 430/8 | €206,494 | - | -€206,494 | |
| Trade debts | 44 | €174,939 | €170,062 | -€4,877 | -2.8% |
| Suppliers | 440/4 | €174,939 | €170,062 | -€4,877 | -2.8% |
| Advances received on contracts in progress | 46 | €156,500 | - | -€156,500 | |
| Taxes, remuneration and social security | 45 | €54,772 | €18,349 | -€36,423 | -66.5% |
| Taxes | 450/3 | - | €2,357 | +€2,357 | |
| Remuneration and social security | 454/9 | €54,772 | €15,992 | -€38,780 | -70.8% |
| Non-recurring operating income | 76A | €1,633 | €211,936 | +€210,303 | +12,880% |
| Remuneration, social security and pensions | 62 | €429,079 | €610,065 | +€180,987 | +42.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,874 | €5,375 | -€9,500 | -63.9% |
| Other operating charges | 640/8 | €33,197 | €36,236 | +€3,039 | +9.2% |
| Gross operating margin | 9900 | €555,653 | €651,922 | +€96,269 | +17.3% |
| Operating profit (loss) | 9901 | €78,503 | €247 | -€78,256 | -99.7% |
| Financial income | 75/76B | €102 | €84 | -€18 | -17.4% |
| Recurring financial income | 75 | €102 | €84 | -€18 | -17.4% |
| Financial charges | 65/66B | €27,055 | €35,162 | +€8,106 | +30.0% |
| Recurring financial charges | 65 | €27,055 | €35,162 | +€8,106 | +30.0% |
| Profit (loss) for the period before taxes | 9903 | €51,550 | -€34,830 | -€86,381 | |
| Income taxes | 67/77 | €15,000 | €22,375 | +€7,375 | +49.2% |
| Profit (loss) for the period | 9904 | €36,550 | -€57,205 | -€93,755 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,550 | -€57,205 | -€93,755 |
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.