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 +€200,643
up €200,643 (+26.0%), from €773,166 to €973,809
of which Other amounts receivable: +€192,102
- Receivables after one year +€18,198
up €18,198 (+5.2%), from €350,098 to €368,296
- Cash -€14,713
down €14,713 (-75.7%), from €19,431 to €4,718
mainly Receivables within one year (-€200,643) and Tax, wage and social debts (-€101,232)
- Trade debts +€290,472
up €290,472 (+206%), from €141,325 to €431,797
- Tax, wage and social debts -€101,232
down €101,232 (-58.7%), from €172,476 to €71,244
- Reserves +€38,587
up €38,587 (+6.2%), from €619,076 to €657,663
- Short-term financial debts -€16,677
down €16,677 (-66.7%), from €25,000 to €8,323
- Gross operating margin -€318,525
down €318,525 (-83.6%), from €380,935 to €62,409
- Taxes -€83,069
down €83,069 (-86.3%), from €96,244 to €13,175
- Financial income +€17,612
up €17,612 (+76.4%), from €23,061 to €40,673
- Financial charges +€13,845
up €13,845 (+260%), from €5,318 to €19,163
- Write-downs +€13,204
new in 2025: €13,204
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 | €1,195,130 | €1,396,864 | +€201,734 | +16.9% |
| Fixed assets | 21/28 | €52,435 | €40,247 | -€12,188 | -23.2% |
| Tangible fixed assets | 22/27 | €52,435 | €40,247 | -€12,188 | -23.2% |
| Furniture and vehicles | 24 | €1,928 | €2,600 | +€672 | +34.9% |
| Leasing and similar rights | 25 | €50,507 | €37,647 | -€12,860 | -25.5% |
| Current assets | 29/58 | €1,142,695 | €1,356,617 | +€213,922 | +18.7% |
| Amounts receivable after more than one year | 29 | €350,098 | €368,296 | +€18,198 | +5.2% |
| Other amounts receivable | 291 | €350,098 | €368,296 | +€18,198 | +5.2% |
| Amounts receivable within one year | 40/41 | €773,166 | €973,809 | +€200,643 | +26.0% |
| Trade receivables | 40 | €264,062 | €272,603 | +€8,541 | +3.2% |
| Other amounts receivable | 41 | €509,104 | €701,206 | +€192,102 | +37.7% |
| Cash at bank and in hand | 54/58 | €19,431 | €4,718 | -€14,713 | -75.7% |
| Deferred charges and accrued income | 490/1 | - | €9,794 | +€9,794 | |
| Total equity and liabilities | 10/49 | €1,195,130 | €1,396,864 | +€201,734 | +16.9% |
| Equity | 10/15 | €624,576 | €663,163 | +€38,587 | +6.2% |
| Contributions | 10/11 | €5,500 | €5,500 | = | 0.0% |
| Reserves | 13 | €619,076 | €657,663 | +€38,587 | +6.2% |
| Distributable reserves | 133 | €619,076 | €657,663 | +€38,587 | +6.2% |
| Amounts payable | 17/49 | €570,554 | €733,701 | +€163,147 | +28.6% |
| Amounts payable after more than one year | 17 | €35,339 | €24,253 | -€11,087 | -31.4% |
| Financial debts | 170/4 | €35,339 | €24,253 | -€11,087 | -31.4% |
| Amounts payable within one year | 42/48 | €535,215 | €709,448 | +€174,234 | +32.6% |
| Current portion of amounts payable after more than one year | 42 | €10,447 | €11,087 | +€640 | +6.1% |
| Financial debts | 43 | €25,000 | €8,323 | -€16,677 | -66.7% |
| Credit institutions | 430/8 | €25,000 | €8,323 | -€16,677 | -66.7% |
| Trade debts | 44 | €141,325 | €431,797 | +€290,472 | +206% |
| Suppliers | 440/4 | €141,325 | €431,797 | +€290,472 | +206% |
| Taxes, remuneration and social security | 45 | €172,476 | €71,244 | -€101,232 | -58.7% |
| Taxes | 450/3 | €172,476 | €71,244 | -€101,232 | -58.7% |
| Other amounts payable | 47/48 | €185,966 | €186,997 | +€1,031 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,763 | €13,774 | +€11 | +0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €13,204 | +€13,204 | |
| Other operating charges | 640/8 | €1,066 | €5,180 | +€4,114 | +386% |
| Gross operating margin | 9900 | €380,935 | €62,409 | -€318,525 | -83.6% |
| Operating profit (loss) | 9901 | €366,106 | €30,252 | -€335,854 | -91.7% |
| Financial income | 75/76B | €23,061 | €40,673 | +€17,612 | +76.4% |
| Recurring financial income | 75 | €23,061 | €40,673 | +€17,612 | +76.4% |
| Financial charges | 65/66B | €5,318 | €19,163 | +€13,845 | +260% |
| Recurring financial charges | 65 | €5,318 | €19,163 | +€13,845 | +260% |
| Profit (loss) for the period before taxes | 9903 | €383,849 | €51,762 | -€332,087 | -86.5% |
| Income taxes | 67/77 | €96,244 | €13,175 | -€83,069 | -86.3% |
| Profit (loss) for the period | 9904 | €287,605 | €38,587 | -€249,018 | -86.6% |
| Profit (loss) for the period to be appropriated | 9905 | €287,605 | €38,587 | -€249,018 | -86.6% |
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 24 October 2026 via checked.be.