LARES: 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.
LARES
Largest movements
- Cash -€209,630
down €209,630 (-82.1%), from €255,380 to €45,750
mainly Other debts (-€155,471) and Tax, wage and social debts (-€48,505)
- Stocks and contracts -€30,431
down €30,431 (-12.6%), from €240,590 to €210,159
- Receivables within one year +€21,945
up €21,945 (+37.3%), from €58,768 to €80,713
of which Other amounts receivable: +€28,593
- Other debts -€155,471
down €155,471 (-38.8%), from €400,327 to €244,856
- Tax, wage and social debts -€48,505
down €48,505 (-85.5%), from €56,725 to €8,220
- Trade debts -€10,295
down €10,295 (-89.1%), from €11,556 to €1,261
- Gross operating margin -€41,104
down €41,104, from €39,418 to -€1,685
- Taxes -€8,220
no longer reported in 2025 (was €8,220)
- Financial charges -€6,703
down €6,703 (-92.3%), from €7,262 to €559
- Other operating charges -€1,256
down €1,256 (-62.0%), from €2,025 to €769
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 | €557,436 | €338,621 | -€218,815 | -39.3% |
| Fixed assets | 21/28 | €2,000 | €2,000 | = | 0.0% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €555,436 | €336,621 | -€218,815 | -39.4% |
| Stocks and contracts in progress | 3 | €240,590 | €210,159 | -€30,431 | -12.6% |
| Stocks | 30/36 | €240,590 | €210,159 | -€30,431 | -12.6% |
| Amounts receivable within one year | 40/41 | €58,768 | €80,713 | +€21,945 | +37.3% |
| Trade receivables | 40 | €12,192 | €5,545 | -€6,648 | -54.5% |
| Other amounts receivable | 41 | €46,575 | €75,168 | +€28,593 | +61.4% |
| Cash at bank and in hand | 54/58 | €255,380 | €45,750 | -€209,630 | -82.1% |
| Deferred charges and accrued income | 490/1 | €699 | - | -€699 | |
| Total equity and liabilities | 10/49 | €557,436 | €338,621 | -€218,815 | -39.3% |
| Equity | 10/15 | €83,626 | €80,613 | -€3,012 | -3.6% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €48,626 | €45,613 | -€3,012 | -6.2% |
| Amounts payable | 17/49 | €473,811 | €258,008 | -€215,803 | -45.5% |
| Amounts payable after more than one year | 17 | €3,671 | €3,671 | = | 0.0% |
| Other amounts payable | 178/9 | €3,671 | €3,671 | = | 0.0% |
| Amounts payable within one year | 42/48 | €468,608 | €254,337 | -€214,271 | -45.7% |
| Trade debts | 44 | €11,556 | €1,261 | -€10,295 | -89.1% |
| Suppliers | 440/4 | €11,556 | €1,261 | -€10,295 | -89.1% |
| Taxes, remuneration and social security | 45 | €56,725 | €8,220 | -€48,505 | -85.5% |
| Taxes | 450/3 | €56,725 | €8,220 | -€48,505 | -85.5% |
| Other amounts payable | 47/48 | €400,327 | €244,856 | -€155,471 | -38.8% |
| Accrued charges and deferred income | 492/3 | €1,532 | - | -€1,532 | |
| Other operating charges | 640/8 | €2,025 | €769 | -€1,256 | -62.0% |
| Gross operating margin | 9900 | €39,418 | -€1,685 | -€41,104 | |
| Operating profit (loss) | 9901 | €37,394 | -€2,454 | -€39,847 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €7,262 | €559 | -€6,703 | -92.3% |
| Recurring financial charges | 65 | €7,262 | €559 | -€6,703 | -92.3% |
| Profit (loss) for the period before taxes | 9903 | €30,132 | -€3,012 | -€33,144 | |
| Income taxes | 67/77 | €8,220 | - | -€8,220 | |
| Profit (loss) for the period | 9904 | €21,912 | -€3,012 | -€24,925 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,912 | -€3,012 | -€24,925 |
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 30 October 2026 via checked.be.