LANDMAX: 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.
LANDMAX
Largest movements
- Receivables within one year +€100,247
up €100,247 (+48.8%), from €205,357 to €305,604
of which Trade receivables: +€100,247
- Tangible fixed assets +€20,495
up €20,495 (+49.2%), from €41,668 to €62,163
of which Plant, machinery and equipment: +€23,688
- Cash +€17,920
up €17,920 (+11.6%), from €154,613 to €172,533
mainly Net result for the year (+€131,641) and Tax, wage and social debts (+€38,915)
- Reserves +€131,641
up €131,641 (+58.1%), from €226,614 to €358,256
- Other debts -€77,367
down €77,367 (-27.8%), from €278,382 to €201,014
- Tax, wage and social debts +€38,915
up €38,915 (+20.7%), from €188,074 to €226,990
of which Remuneration and social security: +€24,044
- Short-term financial debts +€38,097
new in 2025: €38,097
- Current portion of long-term debt -€25,313
down €25,313 (-81.8%), from €30,947 to €5,634
- Gross operating margin +€225,396
up €225,396 (+25.2%), from €893,926 to €1.1m
- Staff costs +€169,869
up €169,869 (+23.3%), from €730,499 to €900,368
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 | €796,176 | €930,077 | +€133,900 | +16.8% |
| Fixed assets | 21/28 | €68,805 | €84,439 | +€15,634 | +22.7% |
| Intangible fixed assets | 21 | €17,487 | €13,486 | -€4,001 | -22.9% |
| Tangible fixed assets | 22/27 | €41,668 | €62,163 | +€20,495 | +49.2% |
| Plant, machinery and equipment | 23 | €13,444 | €37,132 | +€23,688 | +176.2% |
| Furniture and vehicles | 24 | €28,224 | €25,032 | -€3,193 | -11.3% |
| Financial fixed assets | 28 | €9,650 | €8,790 | -€860 | -8.9% |
| Current assets | 29/58 | €727,372 | €845,638 | +€118,266 | +16.3% |
| Stocks and contracts in progress | 3 | €364,397 | €360,840 | -€3,557 | -1.0% |
| Contracts in progress | 37 | €364,397 | €360,840 | -€3,557 | -1.0% |
| Amounts receivable within one year | 40/41 | €205,357 | €305,604 | +€100,247 | +48.8% |
| Trade receivables | 40 | €205,357 | €305,604 | +€100,247 | +48.8% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €154,613 | €172,533 | +€17,920 | +11.6% |
| Deferred charges and accrued income | 490/1 | €3,004 | €6,661 | +€3,657 | +121.7% |
| Total equity and liabilities | 10/49 | €796,176 | €930,077 | +€133,900 | +16.8% |
| Equity | 10/15 | €245,214 | €376,856 | +€131,641 | +53.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €226,614 | €358,256 | +€131,641 | +58.1% |
| Distributable reserves | 133 | €226,614 | €358,256 | +€131,641 | +58.1% |
| Amounts payable | 17/49 | €550,962 | €553,221 | +€2,259 | +0.4% |
| Amounts payable after more than one year | 17 | €9,526 | €3,893 | -€5,634 | -59.1% |
| Financial debts | 170/4 | €9,526 | €3,893 | -€5,634 | -59.1% |
| Amounts payable within one year | 42/48 | €541,302 | €549,328 | +€8,027 | +1.5% |
| Current portion of amounts payable after more than one year | 42 | €30,947 | €5,634 | -€25,313 | -81.8% |
| Financial debts | 43 | - | €38,097 | +€38,097 | |
| Credit institutions | 430/8 | - | €38,097 | +€38,097 | |
| Trade debts | 44 | €43,899 | €64,763 | +€20,864 | +47.5% |
| Suppliers | 440/4 | €43,899 | €64,763 | +€20,864 | +47.5% |
| Advances received on contracts in progress | 46 | - | €12,830 | +€12,830 | |
| Taxes, remuneration and social security | 45 | €188,074 | €226,990 | +€38,915 | +20.7% |
| Taxes | 450/3 | €115,382 | €130,253 | +€14,871 | +12.9% |
| Remuneration and social security | 454/9 | €72,692 | €96,737 | +€24,044 | +33.1% |
| Other amounts payable | 47/48 | €278,382 | €201,014 | -€77,367 | -27.8% |
| Accrued charges and deferred income | 492/3 | €134 | €0 | -€134 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €730,499 | €900,368 | +€169,869 | +23.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,573 | €20,652 | +€5,079 | +32.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,494 | €0 | +€5,494 | |
| Other operating charges | 640/8 | €1,703 | €1,590 | -€113 | -6.7% |
| Non-recurring operating charges | 66A | €1,527 | €0 | -€1,527 | -100.0% |
| Gross operating margin | 9900 | €893,926 | €1,119,322 | +€225,396 | +25.2% |
| Operating profit (loss) | 9901 | €150,117 | €196,712 | +€46,595 | +31.0% |
| Financial income | 75/76B | €3,840 | €159 | -€3,680 | -95.8% |
| Recurring financial income | 75 | €3,840 | €159 | -€3,680 | -95.8% |
| Financial charges | 65/66B | €5,095 | €6,802 | +€1,707 | +33.5% |
| Recurring financial charges | 65 | €5,095 | €6,802 | +€1,707 | +33.5% |
| Profit (loss) for the period before taxes | 9903 | €148,862 | €190,069 | +€41,207 | +27.7% |
| Income taxes | 67/77 | €47,505 | €58,428 | +€10,922 | +23.0% |
| Profit (loss) for the period | 9904 | €101,356 | €131,641 | +€30,285 | +29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €101,356 | €131,641 | +€30,285 | +29.9% |
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 12 October 2026 via checked.be.