LAMA PROJECT: 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 PROJECT
Largest movements
- Tangible fixed assets +€62,709
up €62,709 (+841%), from €7,461 to €70,170
- Receivables within one year -€41,938
down €41,938 (-73.1%), from €57,399 to €15,461
of which Trade receivables: -€42,685
- Cash -€23,870
down €23,870 (-45.2%), from €52,809 to €28,939
mainly Investment in fixed assets (net) (-€83,252) and Trade debts (-€20,593)
- Deferred charges and accrued income +€2,335
new in 2025: €2,335
- Trade debts -€20,593
down €20,593 (-19.2%), from €106,975 to €86,383
- Profit (loss) carried forward +€9,768
up €9,768 (+172%), from €5,695 to €15,463
- Tax, wage and social debts +€9,599
up €9,599 (+250%), from €3,845 to €13,444
of which Taxes: +€6,098
- Gross operating margin +€61,762
up €61,762 (+197%), from €31,361 to €93,122
- Staff costs +€30,425
up €30,425 (+135%), from €22,549 to €52,975
- Depreciation +€19,802
up €19,802 (+1,648%), from €1,202 to €21,004
- Taxes +€6,078
up €6,078 (+409%), from €1,486 to €7,564
- Other operating charges +€1,385
up €1,385 (+421%), from €329 to €1,715
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 | €119,515 | €118,290 | -€1,226 | -1.0% |
| Fixed assets | 21/28 | €9,306 | €71,554 | +€62,248 | +669% |
| Intangible fixed assets | 21 | €1,846 | €1,384 | -€461 | -25.0% |
| Tangible fixed assets | 22/27 | €7,461 | €70,170 | +€62,709 | +841% |
| Furniture and vehicles | 24 | €7,461 | €70,170 | +€62,709 | +841% |
| Current assets | 29/58 | €110,209 | €46,735 | -€63,474 | -57.6% |
| Amounts receivable within one year | 40/41 | €57,399 | €15,461 | -€41,938 | -73.1% |
| Trade receivables | 40 | €55,039 | €12,354 | -€42,685 | -77.6% |
| Other amounts receivable | 41 | €2,360 | €3,107 | +€747 | +31.6% |
| Cash at bank and in hand | 54/58 | €52,809 | €28,939 | -€23,870 | -45.2% |
| Deferred charges and accrued income | 490/1 | - | €2,335 | +€2,335 | |
| Total equity and liabilities | 10/49 | €119,515 | €118,290 | -€1,226 | -1.0% |
| Equity | 10/15 | €8,695 | €18,463 | +€9,768 | +112% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,695 | €15,463 | +€9,768 | +172% |
| Amounts payable | 17/49 | €110,821 | €99,827 | -€10,994 | -9.9% |
| Amounts payable within one year | 42/48 | €110,821 | €99,827 | -€10,994 | -9.9% |
| Trade debts | 44 | €106,975 | €86,383 | -€20,593 | -19.2% |
| Suppliers | 440/4 | €106,975 | €86,383 | -€20,593 | -19.2% |
| Taxes, remuneration and social security | 45 | €3,845 | €13,444 | +€9,599 | +250% |
| Taxes | 450/3 | €1,486 | €7,584 | +€6,098 | +410% |
| Remuneration and social security | 454/9 | €2,359 | €5,860 | +€3,501 | +148% |
| Remuneration, social security and pensions | 62 | €22,549 | €52,975 | +€30,425 | +135% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,202 | €21,004 | +€19,802 | +1,648% |
| Other operating charges | 640/8 | €329 | €1,715 | +€1,385 | +421% |
| Gross operating margin | 9900 | €31,361 | €93,122 | +€61,762 | +197% |
| Operating profit (loss) | 9901 | €7,280 | €17,429 | +€10,149 | +139% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €99 | €99 | -€1 | -0.9% |
| Recurring financial charges | 65 | €99 | €99 | -€1 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €7,181 | €17,332 | +€10,151 | +141% |
| Income taxes | 67/77 | €1,486 | €7,564 | +€6,078 | +409% |
| Profit (loss) for the period | 9904 | €5,695 | €9,768 | +€4,073 | +71.5% |
| Profit (loss) for the period to be appropriated | 9905 | €5,695 | €9,768 | +€4,073 | +71.5% |
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 18 October 2026 via checked.be.