LARES: 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.
LARES
Largest movements
- Current investments +€176,479
up €176,479 (+65.1%), from €270,897 to €447,376
- Cash -€83,952
down €83,952 (-48.6%), from €172,883 to €88,931
mainly Current investments (-€176,479) and Contributions, distributions and other (-€104,988)
- Tangible fixed assets -€70,887
down €70,887 (-13.1%), from €540,324 to €469,437
- Receivables after one year -€11,000
down €11,000 (-21.8%), from €50,500 to €39,500
- Tax, wage and social debts -€36,921
down €36,921 (-61.8%), from €59,765 to €22,844
of which Taxes: -€29,667
- Reserves +€22,695
up €22,695 (+2.4%), from €936,370 to €959,066
of which Distributable reserves: +€27,988
- Accrued charges and deferred income +€12,421
up €12,421 (+122.7%), from €10,121 to €22,542
- Gross operating margin +€32,193
up €32,193 (+8.2%), from €390,465 to €422,658
- Taxes +€9,147
up €9,147 (+18.5%), from €49,544 to €58,691
- Staff costs +€4,360
up €4,360 (+3.5%), from €124,774 to €129,134
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 | €1,088,859 | €1,086,911 | -€1,947 | -0.2% |
| Fixed assets | 21/28 | €540,663 | €469,775 | -€70,887 | -13.1% |
| Tangible fixed assets | 22/27 | €540,324 | €469,437 | -€70,887 | -13.1% |
| Land and buildings | 22 | €397,942 | €369,857 | -€28,085 | -7.1% |
| Plant, machinery and equipment | 23 | €125,919 | €91,746 | -€34,173 | -27.1% |
| Furniture and vehicles | 24 | €16,463 | €7,833 | -€8,630 | -52.4% |
| Financial fixed assets | 28 | €339 | €339 | = | 0.0% |
| Current assets | 29/58 | €548,196 | €617,136 | +€68,940 | +12.6% |
| Amounts receivable after more than one year | 29 | €50,500 | €39,500 | -€11,000 | -21.8% |
| Other amounts receivable | 291 | €50,500 | €39,500 | -€11,000 | -21.8% |
| Stocks and contracts in progress | 3 | €2,478 | €2,478 | = | 0.0% |
| Stocks | 30/36 | €2,478 | €2,478 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €25,646 | €18,920 | -€6,726 | -26.2% |
| Trade receivables | 40 | €8,467 | €1,741 | -€6,726 | -79.4% |
| Other amounts receivable | 41 | €17,179 | €17,179 | = | 0.0% |
| Current investments | 50/53 | €270,897 | €447,376 | +€176,479 | +65.1% |
| Cash at bank and in hand | 54/58 | €172,883 | €88,931 | -€83,952 | -48.6% |
| Deferred charges and accrued income | 490/1 | €25,791 | €19,931 | -€5,861 | -22.7% |
| Total equity and liabilities | 10/49 | €1,088,859 | €1,086,911 | -€1,947 | -0.2% |
| Equity | 10/15 | €973,970 | €996,666 | +€22,695 | +2.3% |
| Contributions | 10/11 | €37,600 | €37,600 | = | 0.0% |
| Reserves | 13 | €936,370 | €959,066 | +€22,695 | +2.4% |
| Tax-exempt reserves | 132 | €79,568 | €74,275 | -€5,293 | -6.7% |
| Distributable reserves | 133 | €856,802 | €884,790 | +€27,988 | +3.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €20,827 | €18,604 | -€2,223 | -10.7% |
| Deferred taxes | 168 | €20,827 | €18,604 | -€2,223 | -10.7% |
| Amounts payable | 17/49 | €94,061 | €71,642 | -€22,419 | -23.8% |
| Amounts payable within one year | 42/48 | €83,940 | €49,100 | -€34,840 | -41.5% |
| Financial debts | 43 | €702 | €630 | -€72 | -10.2% |
| Credit institutions | 430/8 | €702 | €630 | -€72 | -10.2% |
| Trade debts | 44 | €18,298 | €16,491 | -€1,808 | -9.9% |
| Suppliers | 440/4 | €18,298 | €16,491 | -€1,808 | -9.9% |
| Taxes, remuneration and social security | 45 | €59,765 | €22,844 | -€36,921 | -61.8% |
| Taxes | 450/3 | €37,308 | €7,641 | -€29,667 | -79.5% |
| Remuneration and social security | 454/9 | €22,457 | €15,203 | -€7,254 | -32.3% |
| Other amounts payable | 47/48 | €5,174 | €9,135 | +€3,960 | +76.5% |
| Accrued charges and deferred income | 492/3 | €10,121 | €22,542 | +€12,421 | +122.7% |
| Remuneration, social security and pensions | 62 | €124,774 | €129,134 | +€4,360 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,337 | €105,570 | -€2,766 | -2.6% |
| Other operating charges | 640/8 | €4,580 | €4,118 | -€462 | -10.1% |
| Non-recurring operating charges | 66A | - | €1,922 | +€1,922 | |
| Gross operating margin | 9900 | €390,465 | €422,658 | +€32,193 | +8.2% |
| Operating profit (loss) | 9901 | €152,774 | €181,915 | +€29,140 | +19.1% |
| Financial income | 75/76B | €6,303 | €4,445 | -€1,858 | -29.5% |
| Recurring financial income | 75 | €6,303 | €4,445 | -€1,858 | -29.5% |
| Financial charges | 65/66B | €1,620 | €2,209 | +€589 | +36.4% |
| Recurring financial charges | 65 | €1,620 | €2,209 | +€589 | +36.4% |
| Profit (loss) for the period before taxes | 9903 | €157,458 | €184,151 | +€26,693 | +17.0% |
| Transfer from deferred taxes | 780 | €2,223 | €2,223 | = | 0.0% |
| Income taxes | 67/77 | €49,544 | €58,691 | +€9,147 | +18.5% |
| Profit (loss) for the period | 9904 | €110,137 | €127,683 | +€17,546 | +15.9% |
| Transfer from tax-exempt reserves | 789 | €5,293 | €5,293 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €115,430 | €132,976 | +€17,546 | +15.2% |
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 8 October 2026 via checked.be.