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
- Receivables within one year -€120,385
down €120,385 (-80.5%), from €149,503 to €29,119
of which Trade receivables: -€129,504
- Deferred charges and accrued income -€46,320
down €46,320 (-86.3%), from €53,663 to €7,343
- Tangible fixed assets -€29,912
down €29,912 (-9.2%), from €325,060 to €295,148
- Cash -€26,964
down €26,964 (-14.3%), from €188,472 to €161,508
mainly Net result for the year (-€164,664) and Trade debts (-€61,997)
- Intangible fixed assets -€17,364
down €17,364 (-53.9%), from €32,216 to €14,852
- Profit (loss) carried forward -€164,664
new in 2025: -€164,664
- Trade debts -€61,997
down €61,997 (-45.4%), from €136,448 to €74,452
- Debts after one year -€28,205
down €28,205 (-9.9%), from €285,560 to €257,355
- Advances received +€26,015
new in 2025: €26,015
- Tax, wage and social debts -€12,066
down €12,066 (-19.4%), from €62,296 to €50,230
of which Taxes: -€14,562
- Gross operating margin -€154,720
down €154,720 (-37.7%), from €409,907 to €255,186
- Staff costs +€14,033
up €14,033 (+4.2%), from €330,525 to €344,558
- Depreciation +€12,311
up €12,311 (+23.0%), from €53,489 to €65,800
- Taxes -€7,338
down €7,338 (-96.2%), from €7,630 to €292
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 | €748,914 | €507,971 | -€240,943 | -32.2% |
| Fixed assets | 21/28 | €357,276 | €310,001 | -€47,275 | -13.2% |
| Intangible fixed assets | 21 | €32,216 | €14,852 | -€17,364 | -53.9% |
| Tangible fixed assets | 22/27 | €325,060 | €295,148 | -€29,912 | -9.2% |
| Land and buildings | 22 | €216,596 | €201,983 | -€14,614 | -6.7% |
| Plant, machinery and equipment | 23 | €25,901 | €21,127 | -€4,775 | -18.4% |
| Furniture and vehicles | 24 | €82,562 | €72,039 | -€10,524 | -12.7% |
| Current assets | 29/58 | €391,638 | €197,970 | -€193,668 | -49.5% |
| Amounts receivable within one year | 40/41 | €149,503 | €29,119 | -€120,385 | -80.5% |
| Trade receivables | 40 | €142,083 | €12,579 | -€129,504 | -91.1% |
| Other amounts receivable | 41 | €7,420 | €16,540 | +€9,120 | +123% |
| Cash at bank and in hand | 54/58 | €188,472 | €161,508 | -€26,964 | -14.3% |
| Deferred charges and accrued income | 490/1 | €53,663 | €7,343 | -€46,320 | -86.3% |
| Total equity and liabilities | 10/49 | €748,914 | €507,971 | -€240,943 | -32.2% |
| Equity | 10/15 | €211,538 | €46,873 | -€164,664 | -77.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €199,138 | €199,138 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €197,283 | €197,283 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€164,664 | -€164,664 | |
| Amounts payable | 17/49 | €537,376 | €461,097 | -€76,279 | -14.2% |
| Amounts payable after more than one year | 17 | €285,560 | €257,355 | -€28,205 | -9.9% |
| Financial debts | 170/4 | €285,560 | €257,355 | -€28,205 | -9.9% |
| Amounts payable within one year | 42/48 | €251,816 | €203,742 | -€48,074 | -19.1% |
| Current portion of amounts payable after more than one year | 42 | €27,390 | €28,205 | +€814 | +3.0% |
| Trade debts | 44 | €136,448 | €74,452 | -€61,997 | -45.4% |
| Suppliers | 440/4 | €136,448 | €74,452 | -€61,997 | -45.4% |
| Advances received on contracts in progress | 46 | - | €26,015 | +€26,015 | |
| Taxes, remuneration and social security | 45 | €62,296 | €50,230 | -€12,066 | -19.4% |
| Taxes | 450/3 | €14,854 | €292 | -€14,562 | -98.0% |
| Remuneration and social security | 454/9 | €47,442 | €49,938 | +€2,496 | +5.3% |
| Other amounts payable | 47/48 | €25,682 | €24,841 | -€841 | -3.3% |
| Remuneration, social security and pensions | 62 | €330,525 | €344,558 | +€14,033 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,489 | €65,800 | +€12,311 | +23.0% |
| Other operating charges | 640/8 | €4,083 | €2,025 | -€2,058 | -50.4% |
| Gross operating margin | 9900 | €409,907 | €255,186 | -€154,720 | -37.7% |
| Operating profit (loss) | 9901 | €21,810 | -€157,197 | -€179,007 | |
| Financial income | 75/76B | €100 | €82 | -€18 | -18.1% |
| Recurring financial income | 75 | €100 | €82 | -€18 | -18.1% |
| Financial charges | 65/66B | €6,287 | €7,257 | +€970 | +15.4% |
| Recurring financial charges | 65 | €6,287 | €7,257 | +€970 | +15.4% |
| Profit (loss) for the period before taxes | 9903 | €15,623 | -€164,372 | -€179,995 | |
| Income taxes | 67/77 | €7,630 | €292 | -€7,338 | -96.2% |
| Profit (loss) for the period | 9904 | €7,993 | -€164,664 | -€172,657 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,993 | -€164,664 | -€172,657 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.