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
- Receivables within one year +€1.1m
up €1.1m (+14.9%), from €7.4m to €8.6m
of which Other amounts receivable: +€1.3m
- Other debts +€1.3m
up €1.3m (+9.5%), from €13.3m to €14.6m
- Financial charges +€137,424
up €137,424 (+106.0%), from €129,603 to €267,027
- Financial income +€50,074
up €50,074 (+58.4%), from €85,676 to €135,750
- Gross operating margin +€502
up €502 (+18.5%), from -€2,710 to -€2,208
- Other operating charges +€103
up €103 (+63.7%), from €162 to €266
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 | €17,262,617 | €18,389,723 | +€1.1m | +6.5% |
| Fixed assets | 21/28 | €9,800,470 | €9,799,701 | -€769 | 0.0% |
| Tangible fixed assets | 22/27 | €20,904 | €20,136 | -€769 | -3.7% |
| Land and buildings | 22 | €20,904 | €20,136 | -€769 | -3.7% |
| Financial fixed assets | 28 | €9,779,565 | €9,779,565 | = | 0.0% |
| Current assets | 29/58 | €7,462,147 | €8,590,022 | +€1.1m | +15.1% |
| Amounts receivable within one year | 40/41 | €7,448,456 | €8,554,723 | +€1.1m | +14.9% |
| Trade receivables | 40 | €230,000 | €5 | -€229,995 | -100.0% |
| Other amounts receivable | 41 | €7,218,456 | €8,554,718 | +€1.3m | +18.5% |
| Cash at bank and in hand | 54/58 | €13,690 | €35,299 | +€21,608 | +157.8% |
| Total equity and liabilities | 10/49 | €17,262,617 | €18,389,723 | +€1.1m | +6.5% |
| Equity | 10/15 | €3,932,282 | €3,797,761 | -€134,520 | -3.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €4,137,346 | €4,137,346 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €4,131,146 | €4,131,146 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€267,065 | -€401,585 | -€134,520 | -50.4% |
| Amounts payable | 17/49 | €13,330,335 | €14,591,962 | +€1.3m | +9.5% |
| Amounts payable within one year | 42/48 | €13,330,335 | €14,591,962 | +€1.3m | +9.5% |
| Trade debts | 44 | €80 | €0 | -€80 | -100.0% |
| Suppliers | 440/4 | €80 | €0 | -€80 | -100.0% |
| Other amounts payable | 47/48 | €13,330,255 | €14,591,962 | +€1.3m | +9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €769 | €769 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €162 | €266 | +€103 | +63.7% |
| Gross operating margin | 9900 | -€2,710 | -€2,208 | +€502 | +18.5% |
| Operating profit (loss) | 9901 | -€3,641 | -€3,243 | +€399 | +10.9% |
| Financial income | 75/76B | €85,676 | €135,750 | +€50,074 | +58.4% |
| Recurring financial income | 75 | €85,676 | €135,750 | +€50,074 | +58.4% |
| Financial charges | 65/66B | €129,603 | €267,027 | +€137,424 | +106.0% |
| Recurring financial charges | 65 | €129,603 | €267,027 | +€137,424 | +106.0% |
| Profit (loss) for the period before taxes | 9903 | -€47,569 | -€134,520 | -€86,952 | -182.8% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€47,569 | -€134,520 | -€86,952 | -182.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€47,569 | -€134,520 | -€86,952 | -182.8% |
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.