LARESS: 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.
LARESS
Largest movements
- Cash -€142,791
down €142,791 (-56.6%), from €252,169 to €109,378
mainly Investment in fixed assets (net) (-€140,484) and Receivables within one year (-€81,010)
- Tangible fixed assets +€124,609
up €124,609 (+36.1%), from €345,586 to €470,195
of which Assets under construction and advance payments: +€134,084
- Receivables within one year +€81,010
up €81,010 (+1138.5%), from €7,115 to €88,126
of which Trade receivables: +€88,126
- Reserves +€70,783
up €70,783 (+36.9%), from €191,956 to €262,738
- Debts after one year +€58,228
up €58,228 (+20.5%), from €283,922 to €342,150
- Other debts -€56,343
down €56,343 (-98.5%), from €57,175 to €831
- Current portion of long-term debt -€39,810
down €39,810 (-62.6%), from €63,626 to €23,816
- Trade debts +€18,436
up €18,436 (+179.4%), from €10,277 to €28,713
- Gross operating margin -€89,947
down €89,947 (-37.7%), from €238,730 to €148,782
- Other operating charges -€36,852
down €36,852 (-92.2%), from €39,974 to €3,122
- Taxes -€27,315
down €27,315 (-51.6%), from €52,979 to €25,664
- Staff costs +€15,845
new in 2025: €15,845
- Financial charges +€7,243
up €7,243 (+108.1%), from €6,702 to €13,945
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 | €630,575 | €690,496 | +€59,921 | +9.5% |
| Fixed assets | 21/28 | €354,438 | €475,461 | +€121,023 | +34.1% |
| Intangible fixed assets | 21 | €8,852 | €5,266 | -€3,585 | -40.5% |
| Tangible fixed assets | 22/27 | €345,586 | €470,195 | +€124,609 | +36.1% |
| Land and buildings | 22 | €331,474 | €323,250 | -€8,224 | -2.5% |
| Furniture and vehicles | 24 | €14,113 | €12,861 | -€1,252 | -8.9% |
| Assets under construction and advance payments | 27 | - | €134,084 | +€134,084 | |
| Current assets | 29/58 | €276,137 | €215,035 | -€61,103 | -22.1% |
| Amounts receivable within one year | 40/41 | €7,115 | €88,126 | +€81,010 | +1138.5% |
| Trade receivables | 40 | - | €88,126 | +€88,126 | |
| Other amounts receivable | 41 | €7,115 | - | -€7,115 | |
| Cash at bank and in hand | 54/58 | €252,169 | €109,378 | -€142,791 | -56.6% |
| Deferred charges and accrued income | 490/1 | €16,853 | €17,531 | +€678 | +4.0% |
| Total equity and liabilities | 10/49 | €630,575 | €690,496 | +€59,921 | +9.5% |
| Equity | 10/15 | €210,556 | €281,338 | +€70,783 | +33.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €191,956 | €262,738 | +€70,783 | +36.9% |
| Distributable reserves | 133 | €191,956 | €262,738 | +€70,783 | +36.9% |
| Amounts payable | 17/49 | €420,020 | €409,158 | -€10,862 | -2.6% |
| Amounts payable after more than one year | 17 | €283,922 | €342,150 | +€58,228 | +20.5% |
| Financial debts | 170/4 | €283,922 | €342,150 | +€58,228 | +20.5% |
| Amounts payable within one year | 42/48 | €136,025 | €66,211 | -€69,814 | -51.3% |
| Current portion of amounts payable after more than one year | 42 | €63,626 | €23,816 | -€39,810 | -62.6% |
| Trade debts | 44 | €10,277 | €28,713 | +€18,436 | +179.4% |
| Suppliers | 440/4 | €10,277 | €28,713 | +€18,436 | +179.4% |
| Taxes, remuneration and social security | 45 | €4,948 | €12,850 | +€7,902 | +159.7% |
| Taxes | 450/3 | €2,978 | €9,247 | +€6,269 | +210.5% |
| Remuneration and social security | 454/9 | €1,970 | €3,603 | +€1,633 | +82.9% |
| Other amounts payable | 47/48 | €57,175 | €831 | -€56,343 | -98.5% |
| Accrued charges and deferred income | 492/3 | €72 | €796 | +€724 | +1006.0% |
| Remuneration, social security and pensions | 62 | - | €15,845 | +€15,845 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,489 | €19,461 | +€1,972 | +11.3% |
| Other operating charges | 640/8 | €39,974 | €3,122 | -€36,852 | -92.2% |
| Gross operating margin | 9900 | €238,730 | €148,782 | -€89,947 | -37.7% |
| Operating profit (loss) | 9901 | €181,266 | €110,354 | -€70,912 | -39.1% |
| Financial income | 75/76B | €114 | €39 | -€75 | -65.9% |
| Recurring financial income | 75 | €114 | €39 | -€75 | -65.9% |
| Financial charges | 65/66B | €6,702 | €13,945 | +€7,243 | +108.1% |
| Recurring financial charges | 65 | €6,702 | €13,945 | +€7,243 | +108.1% |
| Profit (loss) for the period before taxes | 9903 | €174,678 | €96,447 | -€78,230 | -44.8% |
| Income taxes | 67/77 | €52,979 | €25,664 | -€27,315 | -51.6% |
| Profit (loss) for the period | 9904 | €121,698 | €70,783 | -€50,915 | -41.8% |
| Profit (loss) for the period to be appropriated | 9905 | €121,698 | €70,783 | -€50,915 | -41.8% |
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 8 October 2026 via checked.be.