LAMA: 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.
LAMA
Largest movements
- Stocks and contracts -€2.6m
down €2.6m (-35.9%), from €7.3m to €4.7m
- Receivables within one year +€2.1m
up €2.1m (+70.4%), from €3.0m to €5.1m
of which Other amounts receivable: +€2.1m
- Short-term financial debts -€852,383
down €852,383 (-14.8%), from €5.8m to €4.9m
- Other debts +€255,262
up €255,262 (+12.9%), from €2.0m to €2.2m
- Reserves +€223,118
up €223,118 (+9.1%), from €2.4m to €2.7m
of which Distributable reserves: +€223,118
- Accrued charges and deferred income -€184,136
down €184,136 (-100%), from €184,136 to €0
- Gross operating margin -€1.0m
down €1.0m (-78.5%), from €1.3m to €284,328
- Taxes -€257,800
down €257,800 (-77.6%), from €332,173 to €74,373
- Financial income +€13,705
up €13,705 (+56.3%), from €24,321 to €38,026
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 | €10,417,162 | €9,850,900 | -€566,262 | -5.4% |
| Fixed assets | 21/28 | - | €3,000 | +€3,000 | |
| Financial fixed assets | 28 | - | €3,000 | +€3,000 | |
| Current assets | 29/58 | €10,417,162 | €9,847,900 | -€569,262 | -5.5% |
| Stocks and contracts in progress | 3 | €7,275,466 | €4,660,076 | -€2.6m | -35.9% |
| Stocks | 30/36 | €7,275,466 | €4,660,076 | -€2.6m | -35.9% |
| Amounts receivable within one year | 40/41 | €2,984,875 | €5,087,168 | +€2.1m | +70.4% |
| Trade receivables | 40 | €0 | €22,932 | +€22,932 | |
| Other amounts receivable | 41 | €2,984,875 | €5,064,236 | +€2.1m | +69.7% |
| Cash at bank and in hand | 54/58 | €97,845 | €100,656 | +€2,811 | +2.9% |
| Deferred charges and accrued income | 490/1 | €58,976 | €0 | -€58,976 | -100% |
| Total equity and liabilities | 10/49 | €10,417,162 | €9,850,900 | -€566,262 | -5.4% |
| Equity | 10/15 | €2,457,381 | €2,680,499 | +€223,118 | +9.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,444,981 | €2,668,099 | +€223,118 | +9.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €2,443,121 | €2,666,239 | +€223,118 | +9.1% |
| Amounts payable | 17/49 | €7,959,781 | €7,170,401 | -€789,380 | -9.9% |
| Amounts payable within one year | 42/48 | €7,775,644 | €7,170,401 | -€605,244 | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €5,750,118 | €4,897,735 | -€852,383 | -14.8% |
| Credit institutions | 430/8 | €5,750,118 | €4,897,735 | -€852,383 | -14.8% |
| Trade debts | 44 | €7,157 | €4,303 | -€2,854 | -39.9% |
| Suppliers | 440/4 | €7,157 | €4,303 | -€2,854 | -39.9% |
| Taxes, remuneration and social security | 45 | €37,600 | €32,331 | -€5,270 | -14.0% |
| Taxes | 450/3 | €37,600 | €32,331 | -€5,270 | -14.0% |
| Other amounts payable | 47/48 | €1,980,769 | €2,236,032 | +€255,262 | +12.9% |
| Accrued charges and deferred income | 492/3 | €184,136 | €0 | -€184,136 | -100% |
| Other operating charges | 640/8 | €4,377 | €1,484 | -€2,893 | -66.1% |
| Gross operating margin | 9900 | €1,324,084 | €284,328 | -€1.0m | -78.5% |
| Operating profit (loss) | 9901 | €1,319,708 | €282,844 | -€1.0m | -78.6% |
| Financial income | 75/76B | €24,321 | €38,026 | +€13,705 | +56.3% |
| Recurring financial income | 75 | €24,321 | €38,026 | +€13,705 | +56.3% |
| Financial charges | 65/66B | €15,338 | €23,379 | +€8,041 | +52.4% |
| Recurring financial charges | 65 | €15,338 | €23,379 | +€8,041 | +52.4% |
| Profit (loss) for the period before taxes | 9903 | €1,328,691 | €297,490 | -€1.0m | -77.6% |
| Income taxes | 67/77 | €332,173 | €74,373 | -€257,800 | -77.6% |
| Profit (loss) for the period | 9904 | €996,518 | €223,118 | -€773,400 | -77.6% |
| Profit (loss) for the period to be appropriated | 9905 | €996,518 | €223,118 | -€773,400 | -77.6% |
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 28 October 2026 via checked.be.