LAMAO: 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.
LAMAO
Largest movements
- Tangible fixed assets -€178,206
down €178,206 (-96.2%), from €185,266 to €7,060
of which Plant, machinery and equipment: -€145,353
- Stocks and contracts -€72,161
down €72,161 (-89.8%), from €80,341 to €8,180
- Cash -€3,901
down €3,901 (-33.8%), from €11,543 to €7,642
mainly Net result for the year (-€242,741) and Trade debts (-€38,556)
- Profit (loss) carried forward -€242,741
down €242,741 (-96.3%), from -€252,005 to -€494,746
- Debts after one year +€43,326
up €43,326 (+23.5%), from €184,648 to €227,974
of which Financial debts: +€227,974
- Trade debts -€38,556
down €38,556 (-98.9%), from €38,966 to €410
- Tax, wage and social debts -€14,341
down €14,341 (-62.5%), from €22,958 to €8,617
of which Taxes: -€21,376
- Current portion of long-term debt +€6,674
new in 2025: €6,674
- Gross operating margin -€55,221
down €55,221, from €8,801 to -€46,421
- Depreciation -€21,013
down €21,013 (-60.7%), from €34,621 to €13,608
- Financial charges +€15,373
up €15,373 (+151.0%), from €10,182 to €25,555
of which Non-recurring financial charges: +€19,889
- Staff costs -€7,527
down €7,527 (-40.0%), from €18,808 to €11,280
- Financial income -€2,739
no longer reported in 2025 (was €2,739)
of which Financial income: -€2,739
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 | €277,684 | €25,638 | -€252,046 | -90.8% |
| Fixed assets | 21/28 | €185,395 | €7,189 | -€178,206 | -96.1% |
| Tangible fixed assets | 22/27 | €185,266 | €7,060 | -€178,206 | -96.2% |
| Plant, machinery and equipment | 23 | €145,795 | €442 | -€145,353 | -99.7% |
| Furniture and vehicles | 24 | €39,471 | €6,618 | -€32,853 | -83.2% |
| Financial fixed assets | 28 | €129 | €129 | = | 0.0% |
| Current assets | 29/58 | €92,289 | €18,449 | -€73,840 | -80.0% |
| Stocks and contracts in progress | 3 | €80,341 | €8,180 | -€72,161 | -89.8% |
| Stocks | 30/36 | €80,341 | €8,180 | -€72,161 | -89.8% |
| Amounts receivable within one year | 40/41 | €405 | €1,347 | +€942 | +232.6% |
| Trade receivables | 40 | €405 | €1,273 | +€868 | +214.3% |
| Other amounts receivable | 41 | - | €74 | +€74 | |
| Cash at bank and in hand | 54/58 | €11,543 | €7,642 | -€3,901 | -33.8% |
| Deferred charges and accrued income | 490/1 | - | €1,280 | +€1,280 | |
| Total equity and liabilities | 10/49 | €277,684 | €25,638 | -€252,046 | -90.8% |
| Equity | 10/15 | -€222,005 | -€464,746 | -€242,741 | -109.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€252,005 | -€494,746 | -€242,741 | -96.3% |
| Amounts payable | 17/49 | €499,689 | €490,384 | -€9,305 | -1.9% |
| Amounts payable after more than one year | 17 | €184,648 | €227,974 | +€43,326 | +23.5% |
| Financial debts | 170/4 | - | €227,974 | +€227,974 | |
| Other amounts payable | 178/9 | €184,648 | - | -€184,648 | |
| Amounts payable within one year | 42/48 | €315,041 | €262,411 | -€52,631 | -16.7% |
| Current portion of amounts payable after more than one year | 42 | - | €6,674 | +€6,674 | |
| Financial debts | 43 | €6,408 | - | -€6,408 | |
| Other loans | 439 | €6,408 | - | -€6,408 | |
| Trade debts | 44 | €38,966 | €410 | -€38,556 | -98.9% |
| Suppliers | 440/4 | €38,966 | €410 | -€38,556 | -98.9% |
| Taxes, remuneration and social security | 45 | €22,958 | €8,617 | -€14,341 | -62.5% |
| Taxes | 450/3 | €21,735 | €360 | -€21,376 | -98.3% |
| Remuneration and social security | 454/9 | €1,223 | €8,258 | +€7,035 | +575.2% |
| Other amounts payable | 47/48 | €246,709 | €246,709 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €18,808 | €11,280 | -€7,527 | -40.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,621 | €13,608 | -€21,013 | -60.7% |
| Other operating charges | 640/8 | - | €960 | +€960 | |
| Non-recurring operating charges | 66A | - | €144,709 | +€144,709 | |
| Gross operating margin | 9900 | €8,801 | -€46,421 | -€55,221 | |
| Operating profit (loss) | 9901 | -€44,628 | -€216,978 | -€172,350 | -386.2% |
| Financial income | 75/76B | €2,739 | - | -€2,739 | |
| Recurring financial income | 75 | €2,739 | - | -€2,739 | |
| Non-recurring financial income | 76B | €2,739 | - | -€2,739 | |
| Financial charges | 65/66B | €10,182 | €25,555 | +€15,373 | +151.0% |
| Recurring financial charges | 65 | €10,182 | €5,666 | -€4,515 | -44.3% |
| Non-recurring financial charges | 66B | - | €19,889 | +€19,889 | |
| Profit (loss) for the period before taxes | 9903 | -€52,070 | -€242,533 | -€190,463 | -365.8% |
| Income taxes | 67/77 | €151 | €208 | +€57 | +37.6% |
| Profit (loss) for the period | 9904 | -€52,222 | -€242,741 | -€190,519 | -364.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€52,222 | -€242,741 | -€190,519 | -364.8% |
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 1 October 2026 via checked.be.